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New Century Oil Extraction Project Technical Services Co., Daqing City
Reports from China, March 2007, Pages: 5
This report is a company overview containing contact and financial summary data. This company is one of the 175 key enterprises in China oil and natural gas extracting industry.
China’s energy needs are growing with incredible speed, and the Chinese government knows it. By 2030 natural gas will surpass oil to become the worlds number one energy resource, especially in the power generation industry. According to government forecasts, China will need to invest over 220 billion RMB in natural gas infrastructure, pipelines, and liquefied natural gas (LNG) facilities between 2002 and 2020. Opportunities will be created in the reconstruction and expansion of old power plants as well as in refitting existing power generation equipment. In coal bed gas exploration, foreign investment and advanced technologies will be key. Natural gas in China offers attractive prospects for investment. In the near future, it will become one of the most vibrant areas of cooperation between China and foreign countries.
The demand for natural gas, as a clean and efficient fuel, is expected to reach 200 billion cubic meters by 2020. With demand growth outpacing supply, China will have a supply gap of about 80 billion cubic meters by 2020. The Chinese government is currently drafting plans for the mid to long-term development of the natural gas industry. Objectives include the further acceleration of exploration, development and use, optimization of energy supply structures and enhancing national energy security.
One important issue for foreign companies interested in China’s natural gas infrastructure is the level of openness to foreign businesses. The Chinese government encourages foreign companies to participate in the construction and operation of natural gas exploration, shipping, storage, power generation, urban use and related industries. A number of laws and regulations have been modified to relax restrictions on foreign investment. In fact, in recent years almost all major international petroleum and petrochemical companies have invested in development in China.
Please also see 'Chinas Natural Gas Industry: Current Status and Future Prospects, 2007 to 2010' for a detailed industry analysis.
With the industry analysis and key enterprises contact and financial information, investors will obtain direct communication with Chinas oil and natural gas industry.
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