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| China's demand for natural gas set to accelerate | China's demand for natural gas set to accelerate |
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| China’s domestic natural gas demand is set to grow faster this year, gaining 10 percent, Argus reports, citing state-owned energy majors PetroChina and Sinopec. | China’s domestic natural gas demand is set to grow faster this year, gaining 10 percent, Argus reports, citing state-owned energy majors PetroChina and Sinopec. |
| A senior PetroChina gas executive said demand for natural gas will be driven by the utility sector as gas-fired power plants ramp up production to back up intermittent solar and wind capacity. | A senior PetroChina gas executive said demand for natural gas will be driven by the utility sector as gas-fired power plants ramp up production to back up intermittent solar and wind capacity. |
| According to the executive, the country’s demand for natural gas will hit 350-356 billion cubic meters this year. Sinopec has almost identical numbers, expecting gas demand at 350-360 billion cubic meters. According to the major, the demand would come from power utilities and the industrial sector. | According to the executive, the country’s demand for natural gas will hit 350-356 billion cubic meters this year. Sinopec has almost identical numbers, expecting gas demand at 350-360 billion cubic meters. According to the major, the demand would come from power utilities and the industrial sector. |
| In 2020, China consumed 326.2 billion cubic meters of natural gas, of which 192.5 billion cubic meters came from domestic production. This was almost 10% higher than the domestic production figure for 2019. Imports also rose in 2020, by 5.3% to 140.3 billion cubic meters. | In 2020, China consumed 326.2 billion cubic meters of natural gas, of which 192.5 billion cubic meters came from domestic production. This was almost 10% higher than the domestic production figure for 2019. Imports also rose in 2020, by 5.3% to 140.3 billion cubic meters. |
| LNG imports specifically jumped by 10.3% over the first eight months of the first pandemic year as the Chinese economy rebounded a lot more quickly than others. As with oil, China was the driver of the recovery in gas demand last year. | LNG imports specifically jumped by 10.3% over the first eight months of the first pandemic year as the Chinese economy rebounded a lot more quickly than others. As with oil, China was the driver of the recovery in gas demand last year. |
| For this year, domestic production plans are for 202.5 billion cubic meters, which would be 5.2% higher than the 2020 figure. Of this total, PetroChina is seen producing 133.8 billion cubic meters. Sinopec, a much smaller gas producer, plans to extract 34 billion cubic meters of natural gas this year. | For this year, domestic production plans are for 202.5 billion cubic meters, which would be 5.2% higher than the 2020 figure. Of this total, PetroChina is seen producing 133.8 billion cubic meters. Sinopec, a much smaller gas producer, plans to extract 34 billion cubic meters of natural gas this year. |
| Even so, some in the gas industry in China are worried that demand is growing more slowly than it should. A recent poll carried out by Verdict and cited by Offshore Technology showed that for 35% of China’s gas and LNG industry, slow demand growth was the biggest concern. This was followed by LNG import project delays, which were the top concern for 21%. | Even so, some in the gas industry in China are worried that demand is growing more slowly than it should. A recent poll carried out by Verdict and cited by Offshore Technology showed that for 35% of China’s gas and LNG industry, slow demand growth was the biggest concern. This was followed by LNG import project delays, which were the top concern for 21%. |
| This article was originally published on Oilprice.com | This article was originally published on Oilprice.com |