The oil and gas cooperation progress and proposals of countries of the Belt and Road

The oil and gas cooperation is an important part of the Belt and Road Initiative.The countries along the Belt and Road are rich in oil and gas resources, and the Belt and Road has become a core oil and gas cooperation zone for oil companies.China’s oil and gas production in the Belt and Road countries has gradually increased, the crude oil reached 148 Mt and the natural gas reached 45 billion cubic meters in 2017.Infrastructures such as onshore oil and gas pipelines and offshore ports have gradually taken shape.In 2017, China imported 420 Mt of crude oil, the countries of the Belt and Road accounted for 61.7%.The paper analyzes two opportunities for oil and gas cooperation under the current situation, including the domestic oil and gas demand continues to increase, and the oil and gas system reform process has been accelerating.The four aspects of the challenges are summarized, including more complex and ever-changing geopolitics, changes in the relationship of major countries’ interest relations, changes in the supply and demand pattern of the oil and gas market, and the transformation of the global energy structure.Four cooperation proposals are proposed, including the active construction of an energy cooperation platform between the governments, the oil and gas companies should continuously innovate cooperation methods and enhance core competitiveness.The Middle East, Central Asia and Russia are still important strategic targets for China’s oil and gas, and more attention should be paid to maintaining the safety of offshore oil and gas transmission.