Oil and gas will retain their status as major energy sources in the global market until 2040, Hou Qijun, the president of China National Petroleum Corporation (CNPC), said on Wednesday
ASHGABAT (Pakistan Point News / Sputnik - 26th October, 2022) Oil and gas will retain their status as major energy sources in the global market until 2040, Hou Qijun, the president of China National Petroleum Corporation (CNPC), said on Wednesday.
"Oil and natural gas will still retain their status as major energy sources until 2040. Especially natural gas, as a low-carbon fossil energy source, has an important position and wide application for the low-carbon transition," the CNPC CEO said at the Oil & Gas of Turkmenistan-2022 international conference held in Ashgabat.
The CEO added that CNPC currently invests in the energy industry of over 30 countries and regions of the world and is a reliable partner of various international corporations.
Since 2021, energy prices in EU countries have been surging as part of a global trend. After the beginning of Russia's military operation in Ukraine in February 2022 and the adoption of several packages of sanctions against Moscow by the EU, energy prices have accelerated the growth, placing energy security high both on the global and national agenda and pushing many European governments to resort to contingency measures. The EU has been looking for alternatives to Russian natural gas as it has pledged to end dependence on fossil fuels.
In late September, Russian President Vladimir Putin said that the global and European energy crisis did not begin with Russia's special military operation in Ukraine and subsequent sanctions, but rather with the so-called "green" agenda.
