NewswireToday - /newswire/ -
Delhi, New Delhi, India, 2007/03/20 - China’s crude reserves are on a decline but the country is in no tension as its natural gas reserves are skyrocketing to compensate for the decline.
The proven crude reserves of China declined 12.33% in 2006 to 2.19 Billion Tons from 2005 while the reserves for natural gas grew by over 50% to 2.27 Trillion Cubic Meter, much higher than the average rise of 1.15% in the world reserves, according to the recent data released by the National Development and Reform Commission (NDRC).
China’ natural gas deposits climbed to the 15th rank by 2006-end from 21st in 2005 in world ranking. China registered a consumption of 46 billion cubic meter of natural gas in 2005 and the demand is anticipated to clock in an annual growth rate of 15% through 2020.
Industry experts project the Chinese natural gas industry to develop with a fast pace in the next 15 years with both the deposits and yields continuing to swell at high rates.
Many attempts are being put in place to develop the Chinese natural gas industry. In addition to ever-growing fuel demands, offshore production of natural gas and petroleum production has reached a fixed level and has already been put into operations.
China National Offshore Oil Corporation (CNOOC) had implemented the LNG expansion projects in Guangdong, Fujian, Shanghai, and Zhejiang in procession. Guangdong LNG Project’s Phase I was put into LNG production in June ’06 and started its commercial operations in September ’06. The LNG Project of Fujian had completed the storage tank elevation successfully and the work of Shanghai LNG Project is gradually advancing.
As China is doing its best to conserve environment, LNG, with better efficiency (high calorific value and low discharge), can cut the pollution level to a significant level, optimize the energy sources consumption structure, and guarantees a constant supply of energy sources. Hence, LNG will take the shape of an extremely important component of the energy sources constitution in near future.
According to the RNCOS report “Liquefied Natural Gas (LNG) in China”, escalating demand for energy and rising needs for clean, safe and alternative energy sources will provide immense opportunities and propel the growth of LNG sector. It is projected that China’s rapid economic development will push its energy demand and take it to the new heights. The demand is anticipated to surge to 33.1 Million Tons oil equivalent in 2010 as against 28.3 Million Tons oil equivalent in 2006.
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.