China’s Gas Consumption Growth Rate Expected to Slip in 2019
(REUTERS) — China’s natural gas consumption growth rate is expected slow to around 10 percent in 2019, from 17.5 percent last year, amid easing economic growth and pressure on the country’s production, storage and gas sales network, a government report showed.
The research report, conducted by the oil and gas department at the National Energy Administration, forecast gas consumption at almost 11 trillion cubic feet this year, and to continue growing until 2050.
Like the rest of the global economy, China’s growth prospects are being overshadowed by the lengthening trade dispute with the United States that has seen the world’s two biggest economic players apply tit-for-tat tariffs on each other’s goods, making trade more expensive and difficult.China, the world’s second-largest buyer of liquefied natural gas last year and this year, has imposed tariffs on imports of U.S. LNG.
The report, published Aug. 30, also called for a boost in domestic gas output, especially in the southwestern province of Sichuan, the Erdos basin and offshore basins to ensure security of supply. The report calls for building the Sichuan basin into the country’s top gas hub with its rich resource base in conventional and unconventional gas, such as shale gas and tight gas. “Through expanding development of deep-reservoir gas, tight gas and shale gas, Sichuan is likely to account for about a third of the country’s gas output,” the report said.
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