Abstract: Under China's goal of "2030 carbon emission peak and 2060 carbon neutrality"，the efficient utilization of offshore oil and gas resources，which is the source of the largest growth potential of oil and gas resources in China，becomes more important. Based on the guidance of molecular engineering and molecular management of oil and gas resources，this paper analyzes the opportunities and challenges faced by the development of China's offshore oil and carbon-rich natural gas in the South China Sea，focusing on DPC technology for direct production of chemicals and materials from crude oil （heavy oil）, CO₂-CH₄ dry reforming （DRM） technology, CH₄ direct transformation, aldol production technology by hydroformylation of syngas and olefin, the technology of direct production of carbon-neutral fuels and chemicals from carbon-rich natural gas coupled with non-fossil energy （green power） hydrogen production （green hydrogen and green oxygen）. Based on the practice of CNOOC, the relevant scientific and engineering problems are discussed and corresponding suggestions and prospects are also given.

Key words: crude oil, chemicals, carbon-rich natural gas, dry reforming, CO₂ hydregenation, hydroformylation, green hydrogen, green oxygen, carbon neutral fuels