Peter, head of natural gas, coal and electricity markets at the International Energy Agency (IEA)? Peter Fraser, introducing the latest report of the International Energy Agency (IEA) on the natural gas market on June 16, said that China’s natural gas production is expected to increase by 82 billion cubic meters by 2024, about 50% more than that in 2018.
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Fraser told reporters that this production forecast includes both conventional and unconventional gas production growth. China’s natural gas exploration and development activities increased significantly in 2018, and it is expected that China’s natural gas production will achieve this growth.
Fraser said that China’s recent announcement of opening up its oil and gas exploration and development business to foreign investors will undoubtedly benefit China’s domestic production.
The International Energy Agency predicts that Asia will continue to lead the growth of global natural gas consumption in the next five years. China is expected to account for 40% of the growth of global natural gas consumption and will become the world’s largest LNG importer in 2024. The United States, China and Middle East countries will dominate the growth of global natural gas production, while the growth of natural gas exports will mainly come from the United States. China and Russia, the United States will produce 1 trillion cubic meters of natural gas in 2024, and become the largest LNG exporter in the world.
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Fraser also believes that despite the convergence of spot gas prices in North America, Europe and Asia this year, it is still too early to say that the integration of global gas market prices, and winter weather may soon pull gas prices in different regions apart again.
Leslie Palti-Guzman, founder and President of GasVista, a LNG market consultancy, said that due to problems such as excessive technology and market supply, construction of several LNG projects in the United States has been delayed to varying degrees. The ability of China, India and Pakistan to absorb new LNG supply is limited, and LNG exporters need to develop new small markets from South America.
Ella, head of S&P’s global natural gas and power business? Ira Joseph said that the price gap between the United States and Asia-Pacific LNG did not support exports to the Asia-Pacific market because of the sharp decline in LNG prices in the Asia-Pacific region. At present, the United States mainly exports LNG to the European market.
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