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Natural Gas to keep the Largest Oilfield of China in Business
The largest oil field in China, Daqing, is depleting fast. So it is
increasingly depending on natural gas to maintain its production level.
The field, located in Heilongjiang province of China, is building its
hopes on recently found deep natural gas reserves that nay be accessed
with advanced technologies.
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As per the National Development and Reform Commission (NDRC), the
principal economic planner, the China Daily reported, Natural gas will
be an important driving force to stabilize Daqing oilfield's production.
Daqing has set a target of discovering 200 Billion Cubic Meter of
natural gas during the 11th Five Year Plan (2006-10).
By 2005, Daqing had the proven gas reserves of 400 Billion Cubic Meter
but the focus has now shifted to extract deeply stored natural gas with
an estimated reserves of 1200 billion cubic meter.
Daqing operator China National Petroleum Corporation (CNPC) hopes that
natural gas will account for 9.5% of the total output in 2010, and 22.5%
in 2020, the paper reported. The current percentage was not given.
Daqing, that attained near-mythical status during the starting years of
communist rule as an example of the Maoist can-do spirit, has been
fighting with threats that it might be slowly losing its oil reserves.
CNPC recently said that it plans to expend $32 Billion (250 Billion
Yuan) to boost the oil production at main oilfields in the eastern parts
of China, while developing potential oilfields in the western parts of
the country.
In addition to keeping Daqing in the mainstream, the enhanced reliance
on natural gas also matches the Chinas energy strategies. China consumes
only 3% natural gas in its total fuel consumption as against 20% at
global level. Developm ent of LNG as a clean energy alternative is a
priority during the 11th Five Year Plan.
The RNCOS report Liquefied Natural Gas (LNG) in China states that
depleting fossil fuel reserves, rising gas fired power generation,
increasing demands, security & diversity of supply issues, and
environmental concerns all are working as basic growth drivers for the
China LNG industry.
The research report also discusses the detailed overview of China LNG
industry, LNG infrastructure, pricing, and supply & demand status in
China, factors driving growth in the sector, opportunities and
challenges for the sector, and future outlook of the market.
About RNCOS:
RNCOS, incorporated in the year 2002, is an industry research firm. It
has a team of industry experts who analyze data collected from credible
sources. They provide industry insights and analysis that helps
corporations to take timely and accurate business decision in today's
globally competitive environment.
For more information visit:
http://www.rncos.com/Report/IM0302.htmm
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