• 45 mins Aramco In Talks With Chinese Petrochemical Producers
  • 2 hours Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 3 hours Maduro Names Chavez’ Cousin As Citgo Boss
  • 10 hours Bidding Action Heats Up In UK’s Continental Shelf
  • 15 hours Keystone Pipeline Restart Still Unknown
  • 19 hours UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 21 hours Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 23 hours Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 1 day German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 1 day Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 1 day Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 2 days Oil Prices Rise After API Reports Major Crude Draw
  • 2 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 2 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 2 days Statoil Looks To Lighter Oil To Boost Profitability
  • 2 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 2 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 2 days Whitefish Energy Suspends Work In Puerto Rico
  • 2 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 3 days Thanksgiving Gas Prices At 3-Year High
  • 3 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 3 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 3 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 3 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 3 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 3 days ConocoPhillips Sets Price Ceiling For New Projects
  • 6 days Shell Oil Trading Head Steps Down After 29 Years
  • 6 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 6 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 6 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 6 days Venezuela Officially In Default
  • 6 days Iran Prepares To Export LNG To Boost Trade Relations
  • 6 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 6 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 7 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 7 days Rosneft Announces Completion Of World’s Longest Well
  • 7 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 7 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 7 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 7 days Santos Admits It Rejected $7.2B Takeover Bid
Norway’s $35B Oil Stock Dump Could Hurt The Industry

Norway’s $35B Oil Stock Dump Could Hurt The Industry

The world’s largest sovereign wealth…

Can Argentina Replicate The U.S. Shale Boom?

Can Argentina Replicate The U.S. Shale Boom?

Much has been said about…

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