Shaanxi Yanchang Petroleum (Group) Co. (YCPC) in northwest China has achieved a major milestone in the country's energy sector, shattering its own production records by surpassing 20 million tonnes in crude oil and natural gas production.
YCPC, one of China's largest oil and natural gas producers, reported production of approximately 11.7 million tonnes of crude oil and 10.4 billion cubic meters of natural gas as of Saturday.
The company's production operations are primarily concentrated in the cities of Yan'an and Yulin in the northern part of Shaanxi.
After more than a century of extraction, most of the remaining reserves are unconventional, making further extraction increasingly challenging
To address these challenges, YCPC has focused on leveraging technology to efficiently explore oil and gas layers within complex geological formations, while accelerating its digital transformation.
"By integrating digital oilfields, gas fields, pipelines, and engineering processes into the exploration and extraction process, we can reduce both exploration costs and carbon emissions," said Wang Xiangzeng, principal scientist of YCPC.
"We remain committed to our core oil and natural gas business, with efforts to expand production capacity, including an increase of 1.227 million tonnes of oil and 2.8 billion cubic meters of natural gas," said Zhang Kaiyong, chairman of YCPC.
Chinese energy giant exceeds 20 mln tonnes of oil, gas output in 2024
China on Wednesday announced interim measures for the implementation of a flexible retirement system, in a move to enforce the previously adopted policy of incrementally raising the statutory retirement age.
The measures stipulated the procedures for applying for flexible retirement and the requirements for receiving basic pensions, among other details.
Under the new policy, individuals will be allowed to retire up to three years earlier than the new statutory retirement age once they have met the minimum pension contribution requirements. But it is not allowed to retire earlier than the previous statutory age.
Individuals will be able to postpone retirement to an even later date if they reach an agreement with their employers, though this delay must not exceed three years.
Experts say the new retirement system offers flexible options for workers with different situations.
"The flexible retirement policy takes into full consideration the needs of different groups, allowing workers to flexibly choose their own retirement time and to better balance life and work. The lower-aged elderly who have willingness, capabilities, and conditions, could continue to engage in social production and service roles to realize their personal value," said Li Chang'an, researcher with the Academy of China Open Economy Studies under the University of International Business and Economics.
Chinese lawmakers voted in last September to adopt a decision on gradually raising the statutory retirement age in the country, marking the first adjustment in the arrangement since the 1950s.
According to the decision adopted at the 11th session of the Standing Committee of the 14th National People's Congress, the statutory retirement age for men will be gradually raised from 60 to 63 in the course of 15 years starting 2025, while that for women cadres and women blue-collar workers will be raised from 55 to 58 and from 50 to 55, respectively.
Starting 2030, the minimum year of basic pension contributions required to receive monthly benefits will be gradually raised from 15 years to 20 years at the pace of an increase of six months annually.
China announces interim measures for introducing flexible retirement system
