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China Oil and Gas Report Q1 2013 - Product Image

China Oil and Gas Report Q1 2013

  • Published: February 2013
  • Region: China
  • 156 pages
  • Business Monitor International

BMI View

While China is increasingly dependent on energy imports - particularly gas - owing to rapid growth in energy demand, there is considerable upside potential from its unconventional gas resources. 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 gas resources are to be maximised. 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 country's upside production potential will come from increased production 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 to rise over the next few years, peaking at 4.48mn barrels per day (b/d) in 2016 before declining to 4.36mn b/d in 2021.

- A slowdown in economic growth makes it unlikely for a reform in China's fuel price mechanism in the short term, as it could bring up domestic READ MORE >

BMI Industry View 7

SWOT 9

China O&G SWOT 9

Industry Forecast 10

Oil And Gas Reserves 10
Table: Table: China Proven Oil & Gas Reserves & Total Petroleum Data, 2010-2016 10
Table: Table: China Proven Oil & Gas Reserves & Total Petroleum Data, 2015-2021 11
Table: Estimates For Resources In East China And South China Sea 13

Oil Supply And Demand 16
Table: China Oil Production, Consumption & Net Exports, 2010-2016 16
Table: China Oil Production, Consumption & Net Exports, 2015-2021 16

Gas Supply And Demand 21
Table: Table: China Gas Production, Consumption & Net Exports, 2010-2016 21
Table: China Gas Production, Consumption & Net Exports, 2015-2021 22

LNG 33
Table: Major LNG Supply Deals 35

Refining And Oil Products Trade 36
Table: China Refining - Production & Consumption, 2010-2016 36
Table: China Refining - Production & Consumption, 2015-2021 36

Revenues/Import Costs 38

Key Risks To BMI's Forecast Scenario 38

Industry Risk Reward Ratings 39

China O&G Risk Reward Ratings 39

China Upstream Rating - Overview 39

China Upstream Rating - Rewards 39

China Upstream Rating - Risks 39

China Downstream Rating - Overview 39

Asia O&G Risk Reward Ratings 40
Table: Table: Asia's Oil & Gas Risk/Rewards Ratings 40

Upstream Hindrance 41

Crude Requirement 42

The Future's Gas 43
Table: Table: Asia Upstream Risk/Reward Ratings 46
Table: Table: Asia Downstream Risk/Reward Ratings 47

Market Overview 49

China Energy Market Overview 49

Overview/State Role 50

Government Policy 51

Licensing Rounds 54
Table: Companies Shortlisted In The Second Shale Gas Licensing Round 56
Table: Second Batch Of 2012 Open Blocks In Offshore China For Foreign Cooperation 57

International Energy Relations 59

Oil And Gas Infrastructure 66

Oil Refineries 66
Table: Refineries In China Of Over 200,000b/d Capacity 66

Coal-To-Liquids (CTL) Plants 72

Oil Storage Facilities 73
Table: China's Strategic Petroleum Reserve 73
Table: China's Commercial Oil- Storage Capacity 75

Oil Pipelines 76

LNG Receiving Terminals 78
Table: LNG Terminals In China 79

Gas Storage Facilities 86

Gas Pipelines 87

CBM Pipeline 90

Coal-To-Gas (CTG) Plants 91

Coal-To-Gas Pipeline 91

Competitive Landscape 92
Table: Key Players - Chinese Oil And Gas Sector 93
Table: Key Upstream Players 94
Table: Key Downstream Players 94

Company Profile 95

China National Petroleum Corporation (CNPC) 95

PetroChina 99

Sinopec 103

China National Offshore Oil Corporation (CNOOC) 107

Shell (China) Ltd 112

BP China 115

ExxonMobil China 117

Husky Energy 119

Chevron 122

Total 124

Other Companies - Summary 126

ConocoPhillips - Summary 126

Eni - Summary 126

BG Group - Summary 126

Others - Summary 127

Regional Overview 129
Table: Number of Rigs in Operation in Asia 130

Global Industry Overview 137

Global Energy Market Overview 137
Table: Global Oil Demand Forecasts - A Comparison 140

Inflection point 140

New Frontiers In Production 141

Appendix 145

Asia - Regional Appendix 145
Table: Table: Oil Consumption - Historical Data & Forecasts, 2009-2016 ('000b/d) 145
Table: Table: Oil Consumption - Long-Term Forecasts, 2014-2021 ('000b/d) 146
Table: Table: Oil Production - Historical Data & Forecasts, 2009-2016 ('000b/d) 146
Table: Table: Oil Production - Long-Term Forecasts, 2014-2021 ('000b/d) 147
Table: Table: Refining Capacity - Historical Data & Forecasts, 2009-2016 ('000b/d) 148
Table: Table: Refining Capacity - Long-Term Forecasts, 2014-2021 ('000b/d) 148
Table: Table: Gas Production - Historical Data & Forecasts, 2009-2016 (bcm) 149
Table: Table: Gas Production - Long-Term Forecasts, 2014-2021 (bcm) 149
Table: Table: Gas Consumption - Historical Data & Forecasts, 2009-2016 (bcm) 150
Table: Table: Gas Consumption - Long-Term Forecasts, 2014-2021 (bcm) 151
Table: Table: LNG Exports - Historical Data & Forecasts, 2009-2016 (bcm) 151
Table: Table: Net LNG Exports - Long-Term Forecasts, 2014-2021 (bcm) 152

Glossary 153
Table: Glossary Of Terms 153

Methodology 155

Energy Industry 155

Cross checks 156

Sources 156

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