Shengli Oilfield has unique natural resource and advantage in gas storage,energy storage,hydrogen storage,and carbon sequestration,which can create more economic and social benefits.Therefore,the concept of emphasizing both extraction and storage,and efficiently utilizing oil and gas field reservoir to reduce carbon and emission was proposed.The necessity of developing new energy in Shengli Oilfield was discussed,the resource owned by Shengli Oilfield in developing new energy was introduced,the forward-looking research and practice in developing low concentration carbon dioxide capture and compressed air energy storage in oil and gas field were described.The complete industrial chain of new energy in Shengli Oilfield is developed and constructed by utilizing oil,gas and water reservoirs for storage,as well as shallow carbon fixation,middle layer energy storage,and deep layer hydrogen storage.