Growth forecast in China’s LNG market
Published by Rosalie Starling,
Editor - Hydrocarbon Engineering
Hydrocarbon Engineering,
Research and Markets has announced the addition of the ‘China LNG Market Demand & Supply analysis, By End-User, By LNG Terminals Forecast and Opportunities, 2011 - 2021’ report to its offering.
According to the report, the market for imported LNG is projected to grow at a CAGR of over 15% during the 2016 - 2021 period, due to increasing peak saving demand from residential consumers for space heating requirements and rising demand for integrated LNG power plants.
China stands among the top 15 largest proved natural gas reserves, globally. The Chinese government is spending heavily on exploration and production activities, such as 2D and 3D seismic surveys, in order to explore proved reserves and address the growing domestic requirements for natural gas. In China, the majority of the natural gas fields are situated onshore in the Western and North-central parts of the country.
Over the next five years, the country's domestic natural gas production is expected to grow on account of various new gas discoveries in these two regions. Increasing consumption and limited natural gas production is projected to generate huge demand for LNG in the country. In 2015, domestic natural gas contributed around 69% share in total natural gas consumption in China, while the remaining was addressed by LNG and cross-country natural gas pipeline imports.
Some of the key consumers for LNG in China include the power, industrial, residential and transportation sectors. In 2015, the industrial sector accounted for the largest share of the country's total natural gas consumption, owing to rising natural gas demand from heavy industries, smelting and pressing of ferrous metals, petrochemical plants, processing of petroleum, coking and processing of nuclear fuel and petrochemical plants.
East China registered the highest consumption of LNG from the industrial, power and petrochemical sectors. The region has 14 natural gas based power plants, with an installed capacity of 13 843.6 MWe, and five operational LNG terminals, with a combined receiving capacity of 17.53 million tpy.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/05072016/growth-forecast-in-chinas-lng-market-3643/
You might also like
Repsol takes its multi-energy to major music festivals in Spain and Portugal
Repsol has joined forces with the six most important music promoters in Spain to jointly promote the use of different multi-energy solutions initially in 77 events.