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Stock price for venture global lng8/11/2023 In 2006, China became a net importer of natural gas. However, China’s domestic production has not kept pace with consumption growth. ĭomestic gas accounts for over half of China’s supply and consumption, drawn from three gas production areas, namely the Ordos Basin, the Sichuan-Chongqing Basin, and the Tarim Basin in Xinjiang. But it is important to note that consumption volumes vary greatly across regions, depending on proximity to production areas and strength of import capacity, among other factors. ![]() Strong pockets of industrial demand can be found in the manufacturing hubs of Jiangsu, Guangdong, and Shandong provinces. Historically, the industrial sector has dominated gas demand in China, though in recent years the power generation and residential sectors have also recorded rapid consumption growth. Source: BP Statistical Review of World Energy 2022 20. Gas Consumption in China from 1998 to 2021 in billion cubic metres (bcm) Over the past decade, China’s natural gas consumption has sharply increased, amid a government campaign to combat pollution and encourage coal-to-gas switching. Although gas constitutes a modest share of China’s primary energy consumption, it nonetheless has become Beijing’s transition fuel of choice. China’s LNG AppetiteĬhina is the world’s sixth-largest natural gas producer, third-largest consumer, and second-largest importer. Developments in the Chinese gas market are of great significance to Qatar, which has sought to capitalize on China’s demand growth as well as its expanding overseas investment activities. ![]() As a result, China’s LNG imports have slowed, further contributing to a global LNG market of unprecedented volatility and uncertainty. This year, however, with the economy struggling, Chinese authorities have focused on securing supply and containing costs. China imported more LNG in 2021 than any other country, accounting for nearly 60% of global LNG demand growth. Last year, Chinese demand for natural gas grew at the fastest rate on record, with imports registering an increase of 19.9% year-on-year. ![]() Since 2017, natural gas consumption has surged in China, propelled by government efforts to move industry and households from coal to gas to combat pollution. Ĭhina is the world’s fastest growing gas market. The International Energy Agency (IEA), which has forecast that Asian economies will account for almost half of global gas consumption to 2025, expects LNG to play a pivotal role in meeting rising gas demand in Asia. Today, Asia is home to 59% of the world’s existing LNG import capacity and 70% of global capacity in development. During that time, the region has emerged as the primary driver of the growing world market for natural gas and liquefied natural gas (LNG). Read more .Īsia’s gas consumption has doubled in the past two decades. This piece is part of the series “All About China”-a journey into the history and diverse culture of China through short articles that shed light on the lasting imprint of China’s past encounters with the Islamic world as well as an exploration of the increasingly vibrant and complex dynamics of contemporary Sino-Middle Eastern relations.
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