2014-02-07 17:56:04 - China Oil and Gas Report Q1 2014 - a new market research report on companiesandmarkets.com
While China is increasingly dependent on energy imports - particularly gas - owing to rapid growth in its energy demand, there is considerable upside potential from its unconventional oil and gas resources. However, a more open environment to foreign investment is needed in order to meet the ambitious production targets set by the state, especially if its vast unconventional resources are to be maximised in light of difficult below-ground conditions. In the meantime, oil and gas demand could surprise to the downside if economic expansion comes under pressure.
The main trends and developments we highlight for China´s oil and gas sector are:
- Much of the China´s crude oil production upside will come from increased output from fields yet to reach peak
capacity, such as Tarim. Enhanced oil recovery (EOR) measures will also help to maintain production levels at older fields, such as PetroChina´s Daqing and Sinopec´s Shengli. We expect Chinese production (less refining gains) to rise over the next few years, peaking at 4.44mn barrels per day (b/d) in 2017 before declining to 4.31mn b/d in 2022.
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