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The industry consulting firm W ood McKenzie concluded that after 2020, China's new LNG demand will be only half of the next 10 years, and since 2020, China will no longer need to increase pipeline-transmitted natural gas.
The report said: "After 2020, we expect to see a large amount of local unconventional natural gas entering the market, which is sufficient to meet most of the new demand in China."
It is estimated that by 2030, the daily supply of coal-based gas, coalbed methane, and especially shale gas in China will exceed 12 billion cubic feet per day. From 2020, China’s new demand for shipping LNG will be reduced to annual 8 million tons.
For international oil and gas companies wishing to expand their LNG operations, such as the British Natural Gas Group, British Petroleum, and ExxonMobil, the sudden emergence of shale gas in China will make their situation particularly difficult. Since 2005, the United States has become the most important market for natural gas companies as the United States has closed its doors to imports due to its huge reserves of shale gas, while the use of natural gas in Europe has begun to stagnate.
Wood McKenzie said: “LNG sellers obviously need to complete deals with Chinese buyers in the next two or three years, otherwise China may disappear from the list of potential cornerstone buyers for its projects.â€
China will greatly reduce the dependence on imported natural gas
According to a new study, as China actively develops its huge natural gas reserves and drastically cuts its natural gas import requirements, over the next 10 years, the international gas company that considers China as the largest source of demand will lose billions of dollars in sales revenue.