China National Petroleum Corp (CNPC), the country's largest oil and gas company, has been stepping up its equivalent overseas equity production of oil and gas in recent years to meet the surging demand at home, China Daily said.
It vowed to come up with more than 100 million tonnes of equivalent equity production of oil and gas abroad by 2020, especially in markets in Central Asia, Russia, the Middle East and Africa, said the company.
China's dependence on imports to meet domestic gas demand was expected to rise from 57% in 2017 to 75% in 2020, Bloomberg Intelligence data showed.
To ensure adequate gas supply, CNPC has been diversifying its channels to import more gas from abroad, including conventional gas, shale gas, tight gas and coal bed gas.
The China-Central Asia natural gas pipeline and the China-Myanmar gas pipeline are the only two international gas channels that bring fuel into China across land. They represent more than 15 % of the annual national gas consumption and more than 40% of national gas imports every year.
As of July of 2019, they transported 300 billion cubic meters of natural gas to China since beginning operations in 2009 and 2013, respectively.
Construction of the middle part of the China-Russia east-route natural gas pipeline, stretching from Jilin province to Hebei province, would also be completed next October and ease the gas shortage in Northeast China and the Beijing-Tianjin-Hebei region, providing China with 38 billion cubic meters of natural gas from Russia annually.
During the 2016-18, CNPC's additional recoverable reserves equivalent reached 230 million tonnes, with annual growth of equivalent production of oil and gas equity reaching 10 million tonnes.
Source:sxcoal
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