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04 Apr 2019, EMIS Insights Industry Report Extract

China Oil & Gas Sector 2018/2022

Sector Overview

As the world’s most populous country with a fast-expanding economy, China is a major energy consumer. The country was the second-largest consumer of crude oil and the third biggest consumer of natural gas in 2017. China is also a significant energy supplier, ranking as the sixth-biggest producer of natural gas and the seventh biggest producer of crude oil in the world.

Sector Snapshot

China's crude oil production fell by 4.1% y/y to 191.5mn tonnes in 2017, decreasing for two straight years. High maintenance costs of mature oilfields and the government's shift from fossil fuels to cleaner energy are the main reasons for the downtrend of crude oil output. The output of processed crude and other oil products experienced moderate single-digit growth during the year. Natural gas output, on the other hand, increased by 8.2% y/y to reach 149bcm in 2017, continuing an upward trend that has been in place since 1980. The output of LNG expanded dramatically by 21.1%, driven by the country's strong demand for gas.

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Original source: China Oil & Gas Sector 2018/2022