China has became the world`s third largest consumer of natural gas
Source: www.mlr.gov.cn Citation: www.chinamining.com.cn Date: Jan.20, 2014
"2013 Domestic and International Oil and Gas Industry Development Report" (hereinafter referred to as the "report") compiled by China CNPC Research Institute of Economics and Technology released in Beijing on January 15th. It’s reported that In 2013 the dependence degree of China`s oil, natural gas reached 58.1% and 31.6% respectively. China has became the world`s third largest consumer of natural gas; it’s estimated that in 2014 international oil prices would be slightly down. The price gap would continue to narrow among the areas in America and the Eurasian. However, the demand for China oil would rebound slightly. The demand for natural gas would continue to increase rapidly which would increase to 6.3%.
The report pointed out in 2013 apparent consumption of petroleum and crude oil reached 0.498 billion tons and 0.487 billion tons respectively, with the growth of 1.7% and 2.8%. The growth rate fell 2.8% and 1.7%. Degree of dependence on foreign oil was 58.1%, basically the same as the previous year.
The report showed in 2013 the demand for natural gas increased rapidly. It’s estimated that apparent consumption reached 167.6billion cubic meters with an increase of 13.9%. A proportion of energy consumption would increase from last year’s 5.4% to 5.9%. Natural gas imports reached 53billion cubic meters and the foreign dependency rate reached 31.6%.
In production, the report pointed out in 2013 national crude oil production had steady growth, which estimated to reach 0.21billion tons with an increase of 2.1%. The output of conventional natural gas was about 117billion cubic meters with an increase of 8.6%. Shale gas production was expected to close to 0.2billion cubic. Compared with 2012, the equity yield of overseas oil and gas exceeded 0.11billion tons, a growth of more than 10%.
The report estimated in 2014 oil demand in China would grow at around 4%,up to 5.18 tons. Net imports of oil and crude oil would reach to 304million tons and 298million tons, increased 5.3% and 7.1% than that in 2013. Foreign oil dependence would reach to 58.8%. The supply and demand for natural gas in the market would still remain balanced. The apparent consumption was expected to reach 186billion cubic meters with an increase of 11%. A proportion of energy consumption would increase to 6.3%. (Wang Jun) （translated by TLRHVC）
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