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Frontiers of Engineering Management

ISSN 2095-7513

ISSN 2096-0255(Online)

CN 10-1205/N

Postal Subscription Code 80-905

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Front. Eng    0, Vol. Issue () : 301-313    https://doi.org/10.15302/J-FEM-2016055
LARGE-SCALE PROJECTS MANAGEMENT
New Challenges, New Opportunities and New Measures for Oil and Gas Cooperation in the Belt and Road
Yu-pu Wang1, He Liu2()
1. Sinopec Group, Beijing 100728, China
2. Research Institute of Petroleum Exploration and Development, China National Petroleum Corporation, Beijing 100083, China
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Abstract

First-mover advantage and solid foundation of oil and gas cooperation is very important to the Belt and Road Initiative. Deeply studied opportunities and challenges of oil and gas cooperation have far-reaching significance to the cooperation in other industries in the Belt and Road. In this article, based on the systematic analysis of the oil and gas supply security, investment environment, regional win-win situation in oil and gas cooperation, new opportunities and challenges about upstream, pipeline, refining, trade, warehousing, engineering technology and equipment are studied. Enhancing capacities in four areas and implementing the 16 measures are given for deepening oil and gas cooperation in the future. Meanwhile, this article also gives suggestions and cooperation directions for countries and companies.
Keywords the Belt and Road      oil & gas cooperation      new challenges      new opportunities      new measures     
Corresponding Author(s): He Liu   
Online First Date: 08 December 2016    Issue Date: 27 December 2016
 Cite this article:   
Yu-pu Wang,He Liu. New Challenges, New Opportunities and New Measures for Oil and Gas Cooperation in the Belt and Road[J]. Front. Eng, 0, (): 301-313.
 URL:  
https://academic.hep.com.cn/fem/EN/10.15302/J-FEM-2016055
https://academic.hep.com.cn/fem/EN/Y0/V/I/301
Country Percentage of industrial output value in GDP Percentage of oil & gas export revenue
Iraq 60% 80%
Russia 17% 60%
Kazakhstan 31% 80%
UAE 30%–40% –
Turkmenistan – ＞70%
Oman 41% 75%
Kuwait 45% 92%
Tab.1  Percentage of Industrial Output Value and Oil & Gas Export Revenue in GDP for Key Resource Producing Countries along the Belt and Road (CIA, 2015; Ministry of Commerce of the People’s Republic of China, 2015)
Fig.1  Government revenues and expenditures and financial balance of some middle east countries (Wood Mackenzie, 2016). Transfer payment includes direct subsidy only, not including opportunity cost. e for estimation; f for forecast.
Major energy organization Defects of energy management
IEA It represents consuming countries’ interests. The US is becoming energy independent. It lacks large consuming countries such as China and India
OPEC It represents producing countries’ interests. Its function in coordination is decreasing, and its internal conflicts may intensify from time to time
Energy Charter It represents European countries’ interests, having distinctive regional features
Tab.2  Defects of Major International Energy Organizations
Fig.2  Oil & gas cooperation demands of china vs. major resource producing countries along the Belt and Road. O for oil; G for gas; U for upstream; D for downstream; E for equipment.
Region Petroleum Natural gas
Proved and probable reserves (billion tons) Cumulative peak production (million tons) Cumulative peak production (billion dollars) Proved and probable reserves (trillion cubic meters) Cumulative peak production (million cubic meters) Cumulative peak production (billion dollars)
Russia 1.6 80 56 8.4 0.35 220
Central Asia 0.4 10 7 2.1 0.06 40
Middle East 5.6 280 196 5.8 0.84 530
Asia-Pacific 0.3 30 21 2.9 0.34 210
Total 7.9 410 287 19.4 1.59 1000
Tab.3  Oil/Gas Reserve and Peak Production Forecast for Oil-Gas Fields Lacking Productivity Construction in Main Countries/Regions along the Belt and Road
Fig.3  Land oil and gas export passages in Russia-Central Asia Region.
1 BP. (2015). BP statistical review of world energy. Retrieved from
2 China’s General Administration of Customs. (2015). Statistics news flash. Retrieved from
3 CIA. (2015). The World Factbook. Retrieved from
4 EIA. (2015). Country overview. Retrieved from
5 IEA. (2016). World energy outlook 2015. Retrieved from
6 IHS. (2015). Global energy EDIN. Retrieved from Ministry of Commerce of the People’s Republic of China. (2015). Country (Region) guide. Retrieved from
7 Ministry of Commerce of the People’s Republic of China. Country (Region ) Guide [EB/OL]. 2015. Retrieved from
8 X. Tong, , G. Zhang, , & Z. Tian, (2011). Global conventional oil and gas resource evaluation research. “the 11th Five-Year Plan” National Special Research Findings Report.
9 Wood Mackenzie. (2016). Fiscal responses to lower oil prices. Retrieved from http://www.woodmac.com/web/woodmac/data-tools.
10 G. Zhai, , W. Hu, , & W. He, (2015). Research on strategies of safeguarding the safe supply of oil and gas resource (Internal Information of the Consultation Research Project of CAE). Beijing: The Chinese Academy of Engineering.
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