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Will the contradiction between supply and demand cause gas shortage? Natural gas prices may usher in rise?

  • Categories:Company news
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  • Time of issue:2019-11-06
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(Summary description)  Three major oil companies fully start mutual resource supply

  Since the beginning of this year, PetroChina, Sinopec, and CNOOC have adopted a series of precautionary measures for winter heating, starting from domestic production increases, imports, accelerated interconnection projects and gas storage construction, etc. With a solid resource base, the guarantee plan can be delivered in the snow at any time.

Will the contradiction between supply and demand cause gas shortage? Natural gas prices may usher in rise?

(Summary description)  Three major oil companies fully start mutual resource supply

  Since the beginning of this year, PetroChina, Sinopec, and CNOOC have adopted a series of precautionary measures for winter heating, starting from domestic production increases, imports, accelerated interconnection projects and gas storage construction, etc. With a solid resource base, the guarantee plan can be delivered in the snow at any time.

  • Categories:Company news
  • Author:
  • Origin:
  • Time of issue:2019-11-06
  • Views:2
Information

  Three major oil companies fully start mutual resource supply

  Since the beginning of this year, PetroChina, Sinopec, and CNOOC have adopted a series of precautionary measures for winter heating, starting from domestic production increases, imports, accelerated interconnection projects and gas storage construction, etc. With a solid resource base, the guarantee plan can be delivered in the snow at any time.

  On November 11, Zhong Weirong, deputy chief economist of the China Petroleum Production and Operation Management Department, said: "PetroChina will gather many forces to mobilize domestic and foreign resources to ensure that there is a lot of gas for the people's livelihood and that the contract gas is not owed." CNOOC has also stated its position: to ensure that the people are warm through the winter and that residents are safe and stable in full gas consumption.

  数据 Data from the National Bureau of Statistics shows that in the first three quarters of this year, China produced 127.7 billion cubic meters of natural gas, a year-on-year increase of 9.5%. As the main force of gas supply, CNPC's natural gas production has been in an upward trend in recent years. After exceeding 100 billion cubic meters for the first time in 2017, it produced 109.37 billion cubic meters of natural gas in 2018, a year-on-year increase of 6.1 billion cubic meters. half. In 2019, it is estimated that 116 billion cubic meters of natural gas will be produced, an increase of nearly 7 billion cubic meters, which is the largest year for increasing production in recent years.

  Sinopec focused on increasing the natural gas supply in the seven northern provinces including Beijing, Tianjin, and Hebei this winter and next spring, raising resources of 8.81 billion cubic meters, a year-on-year increase of 15%.

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