"十四五"时期之前，我国传统勘探理论认为埋深超1500米的煤层储集能力差、含气量低、开发成本高， 将其视为煤层气开发"禁区"，全球范围内也鲜少关注这一深度的资源潜力。中石油煤层气公司2019年8 月在室内实验基础上，在首口煤岩试验井大吉3—7向2井探索酸压改造工艺。该井投产后，在埋深2000 米以下的8号煤岩段获得工业气流，突破以往"谈深色变"的传统认知，不仅揭示了煤岩气的开发价值， 更成为我国首口煤岩气发现井。 为破解煤岩气效益开发难题，中石油煤层气公司技术团队创新深部煤储层"大规模碎裂贯通式"改造理 念，构建"极限体积压裂"技术路径。2021年10月，吉深6—7平01井测试日产气10.1万立方米，成为我国 第一口深层煤岩气商业开发突破井，为后续大吉气田一系列水平井的成功奠定技术基础。 近年来，中石油煤层气公司科研团队深耕基础理论研究，揭示深部煤岩层段气体"吸附—游离"双相赋存 模式，在实践—认识—再实践—再认识中创新形成具有自主知识产权的五大核心技术，为国家级深层煤 岩气田——大吉气田的高效开发提供坚实支撑。2024年12月，该公司牵头完成的"鄂尔多斯盆地煤岩气 高效勘探全面突破"成果荣获中国石油勘探特等 ...

Core Insights - The article highlights the significant advancements in coalbed methane (CBM) production in China, particularly at the Daqi Gas Field, which has achieved a daily gas production of 1.012 million cubic meters, marking a 56% year-on-year increase [2] - The article emphasizes the strategic focus of China National Petroleum Corporation (CNPC) on coalbed methane development, showcasing innovative technologies that have propelled production and efficiency [2][6] Group 1: Production Achievements - The Daqi Gas Field has consistently surpassed production milestones, achieving daily outputs of over 700, 800, 900, and 1,000 million cubic meters throughout the year, demonstrating a robust upward trend in production capacity [2] - The field has reached an annual production capacity of 300,000 tons of oil equivalent, playing a crucial role in alleviating natural gas supply-demand imbalances and ensuring national energy security [2] Group 2: Technological Innovations - CNPC has developed key technologies such as "black gold target dense network fracturing" and "geological engineering integrated guidance," which have been instrumental in enhancing the scale of gas field development [2] - The company has successfully implemented a "large-scale fracturing penetration" approach, leading to the first commercial breakthrough in deep coalbed methane development with the Jishen 6-7 well, which achieved a daily gas production of 10.1 thousand cubic meters [6] Group 3: Research and Recognition - CNPC's research team has made significant contributions to the understanding of deep coalbed gas reservoirs, revealing a dual-phase gas storage model that supports efficient resource extraction [6] - The Daqi Gas Field has been recognized as a benchmark for coalbed methane development, with multiple high-yield wells achieving cumulative gas production exceeding 100 million cubic meters [8]

中石油煤层气公司12月12日发布消息，12月8日，我国最大的煤岩气田——大吉气田煤岩气日产气量1012万立方米，同比增长56%，彰显强劲上产势头。今 年以来，该气田煤岩气日产量连续突破700、800、900、1000万立方米关口，实现"每季换字头"的稳步跨越，已建成年产量300万吨油气当量规模，对缓解天 然气供需矛盾，保障国家能源安全具有重要意义。 作为引领煤层气产业发展的"排头兵"，中石油煤层气公司始终将煤岩气开发列为战略主攻方向，创新构建煤岩气富集理论体系，成功研发"黑金靶体织密缝 网压裂""地质工程一体化导向""3000米超长水平段"等关键核心技术，为气田规模开发注入硬核科技动力。 如今的大吉气田已成为煤岩气开发的示范标杆，高产井群效应凸显：单井最高日产气超10万立方米，较中浅层气井产量提升一个数量级；吉深11-6井台3口 井累产气超1亿立方米，成为该气田第15个累产破亿方的煤岩气高产井台；吉深10-8平01井作为"标杆井"，投产30个月累产突破7300万立方米，创下稳产时 间、稳产能力、单井EUR（最终可采储量）三项纪录。今年以来，吉深8-3平01井水平段完钻3036米，刷新国内煤岩气水平段最长纪录； ...

中化新网讯 11月26日，长庆油田年产油气当量突破6000万吨，这是继2020年长庆油田建成我国首个 6000万吨级特大型油气田后，连续6年保持这一高产规模。 图为长庆油田生产现场。 长庆油田勘探开发区域主要分布在鄂尔多斯盆地，此处油气藏具有低压、低渗、低丰度"三低"特点，开 发难度大。近年来，长庆油田持续加大勘探开发及科技攻关力度，突破"三低"油气藏效益开发极限，先 后建成国内首个300万吨页岩油生产基地、500亿立方米大气区。2024年，长庆油田年产油气当量创历史 新高，占国内当年油气总产量的1/6。 为加大页岩油气和煤岩气开采，长庆油田在庆城页岩油庆H41平台建成国内首个水力压裂试验场，为提 高单井产量、推进页岩油效益开发摸清了道路；在陕西米脂煤岩气生产现场，首次实施煤岩气"零支撑 剂"压裂作业，实现了煤岩气压裂由"液砂混合"到"纯液"的重大转变；在陇东元284区块建成中国石油首 个超低渗油藏转变注水开发方式示范区，采油速度提高4倍，区块年产油规模由4.8万吨提高到19.6万 吨。 ...

那么，究竟什么是"煤岩气"？其核心区别在于：传统煤层气以"吸附"状态为主，而煤岩气则是"游 离态和吸附态并存"，且"游离气含量高"。它呈现出一种"跨界"特征：赋存特征接近页岩气，开发方式 则与页岩气、致密气相似。 鉴于这种显著差异，中国石油勘探开发研究院研究团队根据勘探开发实践需要，正式提出了"煤岩 气"（Coal-rock Gas, CRG）这一全新概念。这一重大理论创新的背后，是更宏观的"全油气系统"理论的 支撑。传统石油地质学理论在解释无明确边界的非常规油气时存在局限。中国科学院贾承造院士于2014 年提出"全油气系统"理论，用统一的视角将常规与非常规油气资源统摄于一个完整体系中。在此框架 下，中国石油勘探开发研究院的科学家们提出了以含煤地层为核心的一种新类型全油气系统，即"煤系 全油气系统"。在该系统内，常常共生形成煤岩气、煤层气、致密气、页岩气等多种气藏的组合。这一 理论也科学地解释了煤岩气"开井即见气—中后期解吸接力"的典型产能过程。 来自中国石油煤岩气重点实验室的一项最新研究成果显示，我国煤岩气地质资源量可达50万亿立方 米，这是一个数十万亿方级别的"新粮仓"。其中鄂尔多斯盆地资源量超25万亿立 ...

1. Macroeconomic Data Overview - GDP growth rate in Q3 2025 was 4.8% year-on-year, down from 5.2% in the previous quarter but up from 4.6% in the same period last year [1] - In October 2025, the manufacturing PMI was 49.0%, down from 49.8% in the previous month and 50.1% in the same period last year [1] - The non-manufacturing PMI for business activities in October 2025 was 50.1%, up from 50.0% in the previous month but down from 50.2% in the same period last year [1] - The incremental social financing scale in October 2025 was 816.1 billion yuan, down from 3.5299 trillion yuan in the previous month and 1.412 trillion yuan in the same period last year [1] - In October 2025, the year-on-year growth rates of M0, M1, and M2 were 10.6%, 6.2%, and 8.2% respectively, showing a downward trend compared to the previous month [1] - New RMB loans in October 2025 were 220 billion yuan, down from 1.29 trillion yuan in the previous month and 500 billion yuan in the same period last year [1] - In October 2025, the year-on-year growth rates of CPI and PPI were 0.2% and -2.1% respectively [1] - The cumulative year-on-year growth rate of fixed asset investment (excluding rural households) from January to October 2025 was -1.7%, showing a decline [1] - The cumulative year-on-year growth rate of total retail sales of consumer goods from January to October 2025 was 4.28%, slightly down from the previous month but up from the same period last year [1] - In October 2025, the year-on-year growth rates of export and import values were -1.1% and 1.0% respectively, showing a significant change compared to the previous month [1] 2. Commodity Investment Reference Comprehensive - On the evening of November 24th, Chinese President Xi Jinping had a phone call with US President Trump, emphasizing the importance of Sino-US cooperation and clarifying China's stance on the Taiwan issue [2] - The National Development and Reform Commission issued a notice on the special management measures for central budgetary investment in rural revitalization, with different investment amounts allocated according to the rural population of each county [3] - Li Muchun, a member of the Party Committee and Deputy General Manager of the Guangzhou Futures Exchange, announced three key development directions, including enriching the variety system, strengthening market services and training, and promoting high-level opening-up [3] - On November 24th, 43 domestic commodity varieties had positive basis, while 24 had negative basis. Among them, Shanghai nickel, Zhengzhou cotton, and cast aluminum alloy had the largest basis, while butadiene rubber, apples, and strong wheat had the smallest [4][5] - San Francisco Fed President Daly supported a rate cut in December, and Fed Governor Waller's remarks alleviated market concerns about inflation, jointly boosting market expectations of a Fed policy shift [5] Metals - The Shenzhen Financial Commission warned the public about illegal gold investment activities [6] - On November 24th, international precious metal futures generally closed higher due to the Fed's monetary policy signals [6] - The Thai central bank plans to tighten gold trading reporting regulations [6] - According to LME inventory data on November 21st, lead and copper inventories increased, while aluminum, nickel, and tin inventories decreased [7][8] - Bank of America predicted that the gold price could reach $5000 per ounce by 2026 [8] - As of November 24th, the holdings of the SPDR Gold Trust increased by 0.03% [8] Coking Coal, Steel, and Minerals - As of mid-November, the prices of coke and coking coal increased month-on-month [9] - The fourth round of coke price hikes was implemented, squeezing steel mills' profits. Coke prices may face downward pressure at the end of the month or early December [9] - The US Commerce Secretary demanded that the EU change digital regulations to reduce steel and aluminum tariffs, but the EU refused [9] - From April to October, India's finished steel imports decreased year-on-year, and steel prices faced downward pressure in October [9] - BHP's acquisition offer for Anglo American Resources indicates intensifying competition in the global copper mining market [9] Energy and Chemicals - From November 10th to 21st, international oil prices fluctuated downward, and domestic gasoline and diesel prices were lowered on November 24th [10][11] - As of the end of October 2025, the cumulative proven geological reserves of coalbed methane in China exceeded 700 billion cubic meters [11] - As of the end of October, China's total installed power generation capacity was 3.75 billion kilowatts, with significant growth in solar and wind power [11] - Goldman Sachs predicted a decline in Dutch TTF natural gas prices from 2026 to 2027 and recommended shorting the Q3 2027 futures [11] - JPMorgan maintained its 2026 oil price forecast, with a target of $58 for Brent crude and $54 for WTI crude [11] Agricultural Products - In 2025, the domestic pig market was sluggish, with prices declining and supply increasing due to higher sow存栏 and production efficiency. Terminal demand was weak, and secondary fattening decreased [12] - From January to October, Russia's corn exports to China increased significantly, and in September, Russian corn accounted for about 34% of China's total corn imports [12] 3. Financial News Compilation Open Market - On November 24th, the central bank conducted 338.7 billion yuan of 7-day reverse repurchase operations, with a net investment of 55.7 billion yuan [14] - The central bank announced a 1 trillion yuan MLF operation on November 25th, with a net investment of 100 billion yuan for the month [14] - The central bank issued 45 billion yuan of RMB central bank bills in Hong Kong [14] - The Ministry of Finance and the central bank conducted treasury cash management commercial bank time deposit tenders, with a total winning amount of 200 billion yuan [15] Key News - President Xi Jinping emphasized the importance of Sino-US cooperation in a phone call with US President Trump [16] - China's Ministry of Foreign Affairs responded to Japan's proposal for a China-Japan-South Korea leaders' meeting, citing issues with the current conditions [16][17] - Chinese Vice Premier He Lifeng held a video call with French Minister of Economy, Finance, Industry, Energy, and Digital Sovereignty, expressing willingness to deepen economic and financial cooperation [17] - The National Development and Reform Commission issued a notice on central budgetary investment in rural revitalization [17] - In the first three quarters of this year, China's total foreign direct investment increased by 4.4% year-on-year, with investment in 151 countries and regions [18] - In October, China's new productive forces continued to grow, with high-tech industries showing double-digit growth [18] - As of the end of October, China's total installed power generation capacity increased by 17.3% year-on-year [18] - The Inner Mongolia Autonomous Region plans to resolve hidden debts and other risks [19] - The issuance of interbank science and technology innovation bonds exceeded 530 billion yuan, with increased participation from private enterprises [20] - The use of risk-sharing tools for science and technology innovation bonds is expanding, and new bonds are about to be issued [20] - The Shanghai Bill Exchange's comprehensive service platform was launched, and the first bill discounting business was completed [20] - Four private equity investment institutions plan to issue 930 million yuan of science and technology innovation bonds [21] - Inner Mongolia will issue 10.4 billion yuan of refinancing bonds on December 1st [21] - Fed Governor Waller and San Francisco Fed President Daly supported a rate cut in December [21] - Several companies had major bond events, including overdue debts, management changes, and regulatory measures [21][22] - Moody's and Fitch issued credit ratings for multiple companies [22] Bond Market Summary - China's bond market fluctuated narrowly, with bond futures rising and the money market easing [23] - Some bonds in the exchange market rose, while others fell. The real estate bond and high-yield urban investment bond indices increased slightly [23] - The CSI Convertible Bond Index rose by 0.22%, and some convertible bonds had significant price changes [24][25] - Money market interest rates showed mixed trends, with some rising and some falling [25] - Treasury bond and financial bond auctions had different winning yields and multiples [26] - European and US bond yields generally declined [27][28] Foreign Exchange Market - The onshore RMB against the US dollar rose by 47 points, and the central parity rate was raised by 28 points [29] - The US dollar index rose slightly, and most non-US currencies had mixed performance [29] Research Report Highlights - Yangtze River Fixed Income believed that the bond market may decline due to "fixed income +" fund redemptions but could rebound with rate cut expectations [30] - Xingzheng Fixed Income suggested focusing on credit bond liquidity and medium-term credit bonds [30] - Xingzheng Fixed Income analyzed the situation of treasury bond futures and provided trading strategies [30] - Huatai Fixed Income attributed the weak bond market to multiple factors and recommended trading strategies [31][32] - Huatai Fixed Income was cautious about convertible bonds in the short term and had a positive outlook in the medium term [32] - CITIC Securities analyzed the reasons for the simultaneous decline of stocks and bonds and predicted the range of the 10-year treasury bond yield [32] - CICC believed that the trend of household deposits moving to the market would support the A-share market [33] Today's Reminders - On November 25th, 220 bonds will be listed, 179 bonds will be issued, 108 bonds will be paid, and 242 bonds will have principal and interest repaid [34] 4. Stock Market News - The A-share market rose slightly, with military, AI, and other concepts performing well, while lithium mines declined. The trading volume reached 1.74 trillion yuan [35] - The Hong Kong Hang Seng Index rose by 1.97%, and the Hang Seng Technology Index soared by 2.78%. Southbound funds had a net purchase of 8.571 billion Hong Kong dollars [35] - As of November 24th, 800 listed companies received significant shareholder increases, with a total increase of 115.821 billion yuan, a year-on-year increase of 44.69% [35]

Core Insights - The article emphasizes the importance of developing a new energy system in China, focusing on increasing the share of renewable energy and ensuring a reliable transition from fossil fuels to a new power system [2][10]. Group 1: Energy Independence and Production - The U.S. achieved energy independence in 2019, with a consumption of 2.22 billion tons of oil equivalent and a production of 2.26 billion tons, marking the first time since 1957 that production exceeded consumption [2]. - Global oil and gas production is projected to reach 8.255 billion tons of oil equivalent in 2024, with crude oil at 4.817 billion tons and natural gas at 40,715 billion cubic meters [3]. Group 2: Unconventional Oil and Gas Development - The transition from conventional to unconventional oil and gas is a necessary trend, with China's unconventional oil and gas production reaching 110 million tons of oil equivalent, accounting for 27% of total oil and gas production [3]. - China's unconventional gas production has significantly increased from 2.4% in 2008 to 27% in 2024, with unconventional natural gas production at 1,077 billion cubic meters, representing 44% of total natural gas production [3]. Group 3: Coalbed Methane and Coal Rock Gas - The development of coal rock gas in China has progressed through four geological breakthroughs, leading to significant advancements in exploration and production techniques [4][6]. - China has made strategic breakthroughs in deep coal rock gas exploration, with initial average daily production exceeding 100,000 cubic meters from horizontal wells in the Daqi area since 2021 [5]. Group 4: Innovations in Coal Rock Gas - The coal rock gas revolution includes three major innovations: theoretical innovation defining coal rock gas types, technological innovation in horizontal well development, and management innovation for effective exploration [7]. - The concept of coal rock gas has been introduced as a new type of unconventional natural gas, with unique geological characteristics and development methods [6]. Group 5: Strategic Importance of Energy Development - The strategic significance of building an energy powerhouse in China includes ensuring energy security, achieving carbon neutrality, and supporting modernization efforts [10]. - The unconventional oil and gas sector is seen as a strategic resource for stabilizing oil supply and increasing gas production, with projections indicating that unconventional gas could exceed 50% of total production by 2030 [10][11]. Group 6: Exploration Potential - Major basins in China, such as Ordos, Sichuan, and Tarim, show promising exploration potential for coal rock gas, with estimated resources exceeding 20 trillion cubic meters in the Ordos basin alone [11]. - The global coal rock gas resources are abundant, with countries like the U.S., Russia, and Australia also having significant reserves, indicating a potential new growth area in the natural gas industry [11].

Core Insights - The emergence of "coal-rock gas" as a new unconventional natural gas resource is highlighted as a significant development in China's natural gas production [1][2] - As of October 2025, China's proven geological reserves of coal-rock gas are expected to exceed 700 billion cubic meters [1] - The concept of coal-rock gas was officially introduced at the 43rd "Cambridge Energy Week" in March 2025, distinguishing it from traditional coalbed methane [1][2] Group 1: Definition and Characteristics - Coal-rock gas is characterized by the coexistence of free and adsorbed gas, with a higher content of free gas compared to traditional coalbed methane, which primarily exists in an adsorbed state [1] - The new concept of coal-rock gas (Coal-rock Gas, CRG) was proposed based on exploration and development practices, reflecting its unique characteristics that align more closely with shale gas [1][2] Group 2: Theoretical Framework - The development of coal-rock gas is supported by the "total oil and gas system" theory, which integrates conventional and unconventional oil and gas resources into a unified framework [2] - The "coal system total oil and gas system" proposed by scientists at the China Petroleum Exploration and Development Research Institute explains the coexistence of various gas reservoirs, including coal-rock gas, coalbed methane, tight gas, and shale gas [2] Group 3: Exploration and Development Progress - China's coal-rock gas exploration has shown a trend of "multiple breakthroughs and rapid growth," with geological resource potential estimated at 50 trillion cubic meters [2] - Significant achievements have been made in the Ordos Basin, including the discovery of three large gas fields with geological reserves exceeding 500 billion cubic meters and the establishment of the first million-ton deep coal-rock gas field, the Daji Coal-rock Gas Field [2] Group 4: Production Forecast - National coal-rock gas production is projected to reach 2.7 billion cubic meters in 2024, with expectations to exceed 4 billion cubic meters in 2025 [3] - By 2035, China aims to establish a production capacity of over 30 billion cubic meters of coal-rock gas, with potential for further discoveries of condensate oil and gas reservoirs [3]

Core Insights - The rapid increase in natural gas production in China, from 30 billion cubic meters in 2000 to an expected 240 billion cubic meters in 2024, positions the country as the fourth-largest natural gas producer globally [1] - The discovery of coalbed gas has emerged as a significant opportunity to overcome the limitations of traditional coal seam gas development, with an estimated resource potential of 30 trillion cubic meters in specific geological formations [1][2] Industry Overview - The development of coalbed gas technology began in the 1990s, focusing on extracting gas from coal seams using techniques like horizontal drilling, but initial efforts yielded low production rates and economic viability [2] - Coal rock gas, a new type of gas reservoir, is characterized by its unique geological features and is distinct from traditional coal seam gas, offering higher production potential [2][3] Resource Potential - As of 2024, over 300 coal rock gas wells have been drilled in China, with proven geological reserves of 596.8 billion cubic meters and an expected production of 2.7 billion cubic meters, projected to reach 4 billion cubic meters in 2025 [3] - Preliminary evaluations indicate that the geological resource potential of coal rock gas could reach 38 trillion cubic meters, with a production potential of over 30 billion cubic meters by 2035, accounting for 60% of the planned increase in natural gas production [4] Development Challenges - Despite the economic viability of coal rock gas, challenges remain in scaling up production, including technical adaptability, resource evaluation, and coordination of mining rights [4] - A comprehensive exploration and phased development approach, leveraging the "whole oil and gas system" theory, is recommended to optimize the development of coal rock gas alongside other gas types [4]

Core Viewpoint - The Changqing Oilfield has achieved significant milestones in oil and gas production over its 55-year history, becoming China's largest oil and gas field and contributing substantially to the country's energy supply [1][4]. Group 1: Historical Development - In 1970, thousands of oil workers began exploration in the arid region of Longdong, facing extreme challenges due to the deep and dense oil and gas resources [3]. - The first generation of workers established the foundation for oil and gas exploration using rudimentary tools, leading to the breakthrough in production in 1979 when annual crude oil output surpassed 1 million tons [3]. - The discovery of major gas fields, such as Sulige, positioned Changqing as a key player in national natural gas supply [3][4]. Group 2: Production Milestones - By 2013, the annual oil and gas equivalent production exceeded 50 million tons, and by 2020, it reached 60 million tons, marking a new milestone in China's petroleum industry [4]. - The cumulative oil and gas output from Changqing could fill 80 West Lakes, and it supplies approximately 25% of the national natural gas production [4]. Group 3: Technological Innovations - Significant advancements in technology have been made, particularly in shale oil and coalbed methane development, with the establishment of the first domestic shale oil production area capable of producing over 10,000 tons per day [6]. - The discovery of the Mengshan coalbed methane field has opened new avenues for exploration, with the successful drilling of a 2,500-meter horizontal well setting records in China [6]. Group 4: Sustainable Practices - The integration of smart technology in oil and gas production has improved operational efficiency, allowing remote management of over 100,000 oil wells and pipelines [7]. - The implementation of renewable energy sources, such as over 2,600 solar power stations, has contributed to significant carbon reduction efforts, equivalent to the carbon absorption of 54 million trees [7].