• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 hours U.S. Presidential Elections Status - Electoral Votes
  • 2 days Evergrande is going Belly Up.
  • 2 days World’s Biggest Battery In California Overheats, Shuts Down
  • 4 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 day Poland Expands LNG Powered Trucking and Fueling Stations
  • 12 hours The unexpected loss of output from wind turbines compels UK to turn to an alternative; It's not what you think!
  • 3 days And now, hybrid electric locomotives...
  • 3 days The Painful Death of Coal
  • 3 days Ozone layer destruction driving global warming
  • 3 days 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
  • 2 days Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
Get Ready For The Energy Price Shock

Get Ready For The Energy Price Shock

Natural gas supply concerns continue…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

PetroChina Makes Huge Gas Find

PetroChina discovered a natural gas field with reserves in excess of 100 billion cubic meters, Chinese states news agency Xinhua reported this weekend.

The agency cited a company official who said the field could produce 610,000 cubic meters of gas plus 106.3 cubic meters of crude oil daily.

"The discovery marks a major breakthrough in gas exploration in the southern rim of the Junggar Basin, which will further guarantee the gas supply of our company and contribute to the stability and prosperity of the region," Huo Jin, general manager of PetroChina's unit in the northwestern province of Xinjiang, said.

Last week, another subsidiary of PetroChina reported growing natural gas production this year, as Beijing aims for a greater share of domestic production in its gas consumption.

Southwest Oil and Gasfield Company said it had produced some 30 billion cubic meters of natural gas since the start of the year and expected the annual total to reach 31.6 billion cubic meters. This will represent a sixth of China's total natural gas output. By 2025, the company plans to boost this to 50 billion cubic meters per year.

China is one of the world's largest natural gas importers, and as demand for the fuel soars, so do imports.

Back in 2010, imports accounted for just 15 percent of China's natural gas supply. By 2018, the share of imports in the country's gas supply surged to nearly half—45 percent—of the total supply. As consumption has been vastly outpacing domestic natural gas production, China has been looking for three years to raise its own production.

This has prompted Beijing to double down on its efforts to expand domestic production, including both conventional and unconventional reserves. As a result of these efforts, Rystad Energy reported recently, China will become the top market for seismic exploration onshore over the next two years, while exploration activity remains subdued elsewhere in the world.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News