• 6 minutes Can the World Survive without Saudi Oil?
  • 10 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 34 mins U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 4 hours Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 22 mins WTI @ $75.75, headed for $64 - 67
  • 11 hours Judge Approves SEC Settlement With Tesla, Musk
  • 5 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 6 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 9 hours EU to Splash Billions on Battery Factories
  • 8 hours Iranian Sanctions - What Are The Facts?
  • 6 hours China Thirsty for Canadian Crude
  • 10 hours Porsche Says That it ‘Enters the Electric Era With The New Taycan’
  • 11 hours Gold price on a rise...
  • 7 hours Two Koreas: U.N. Command Wrap Up First Talks On Disarming Border
  • 6 hours Shell, partners approve huge $31 billion LNG Canada project. How long till Canadian Federal government Environmentalates it into the ground?
Russia To Resume Gas Imports From Turkmenistan

Russia To Resume Gas Imports From Turkmenistan

According to Aleksei Miller, Gazprom’s…

China Sets Stage For Spike In NatGas Imports

Oil

China’s natural gas imports rose last year and are expected to continue to increase in coming years as Beijing is increasingly using natural gas to replace dirtier coal in an effort to tackle air pollution from industrial and urbanization growth.  

According to a report by several Chinese state administrations and research centers, as carried by the Caixin Global outlet, Chinese natural gas imports rose by 6.6 percent last year, while domestic production increased a mere 1.7 percent.

In 2016, natural gas imports represented a record 35 percent of total natural gas consumption, according to the report issued on Saturday.

Chinese natural gas consumption in 2016 accounted for 6.4 percent of its total energy consumption, while the global natural gas energy consumption represented 24.1 percent of all energy consumption.

According to estimates by a think tank under China National Petroleum Corp (CNPC), Chinese natural gas consumption is seen rising by an annual 8.1 percent until 2030, compared to an expected 2.1-percent increase in global natural gas demand.

China is setting the stage for a spike in its natural gas imports as it proceeds with its agenda to replace dirtier fossil fuels like coal with cleaner-burning natural gas. The International Energy Agency said in July that China would account for 40 percent of the global annual growth in natural gas demand over the next five years. Imports of the bridge fuel in China are running at record rates as Beijing pushes on with its cleaner energy agenda that should see the country satisfy 10 percent of its energy needs with gas in 2020, from 5.9 percent in 2015. 

China’s LNG imports are surging, with imports this past May soaring 104 percent on the year.

According to a recent report by Research and Markets, China’s LNG imports will continue to rise in 2017 through 2021, due to the limited growth potential of the domestic natural gas output.

Related: Has Gulf Of Mexico Production Peaked?

Currently, Australian and Qatari LNG have large advantages over U.S. LNG—on which the U.S. and China agreed in May to allow firms to negotiate deliveries.

In the long term, the Qatari LNG market share in China could be gradually replaced by American LNG, Research and Markets said in June.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News