• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 6 hours OPEC will consider all options. What options do they have ?
  • 30 mins Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 3 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 9 hours What to tell my students
  • 2 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 6 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 13 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 7 hours China Threatens to Withhold Rare Earth Metals
  • 9 hours With Global Warming Greenland is Prime Real Estate
  • 1 day Russia Accuses U.S. Of Stoking Tensions With Missile Test
  • 22 hours TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
  • 21 hours Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents, building nukes * Too late now
  • 18 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
Global Renewables Investment To Hit $13.3 Trillion By 2050

Global Renewables Investment To Hit $13.3 Trillion By 2050

Global investments in renewable energy…

The Fastest Growing Energy Producer In The World

The Fastest Growing Energy Producer In The World

Production growth is a key…

China Makes Large Natural Gas Discovery

China National Petroleum Corporation (CNPC) announced the discovery of a large natural gas field in Sichuan province. The reserve, discovered by CNPC’s subsidiary PetroChina, could hold 440 billion cubic meters (bcm) of natural gas, 308 bcm of which is technically recoverable. That is equivalent to enough natural gas to fuel the entire Chinese economy for two years.

The discovery comes at a fortunate time for the Chinese government, which is desperately trying to find a solution to fix the nation’s horrendous air pollution. The government has sought to displace many of its coal-fired power plants with natural gas to cut down on smog, but has had to import much of the natural gas needed. Already the fourth largest consumer of natural gas in the world, China hopes to lean on gas further.

Related Article: China Optimistic on Peru Outlook, but Other Investors Wary

PetroChina is already producing 1.1 million cubic meters from a test well at its new discovery, but hopes to quickly ramp up production. Its phase 1 calls for 4 bcm per year, followed by Phase 2 development which will increase production to 6 bcm per year. CNPC published a report on its web site and firmly stated that the discovery is “set to provide abundant gas resources to the national gas grids.”

PetroChina’s discovery and development, if successful, could displace some volume of LNG imports that have been expected to increase in the coming years. Out of a total annual consumption of 169 bcm, China imported 53 bcm in 2013, or 32%. While far from certain, achieving 10 bcm of natural gas production from its Sichuan find will obviate the need for some of those imports. It will also cut out some coal-fired power plants, according to the central government’s plan, with knock on effects in the international coal market.

By Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play