China's Imported Natural Gas Resources Increase 1.9 Times in August

The National Development and Reform Commission of China announced that the import of natural gas and LNG (liquefied natural gas) in Central Asia continued to increase in August. The total amount of natural gas imported this month increased by 1.9 times year-on-year, but the apparent consumption of natural gas in August reached a new high since April, and it is expected that the winter peak will be reached. Gas supply is still facing some pressure.

The August production and sales of natural gas published on the website of the National Development and Reform Commission indicated that the imported natural gas (including LNG) was approximately 1.77 billion cubic meters, up 1.9 times year-on-year. From January to August, 2.38 billion cubic meters of imported natural gas from Central Asia and 5.79 million tons of LNG were imported. Total resources increased 1.4 times year-on-year.

"According to the report, the price of imported natural gas in Central Asia is currently significantly higher than the domestic sales price, and CNPC has undertaken a huge loss," the NDRC reported.

According to the National Development and Reform Commission, the Sichuan-to-East Gas Pipeline Project was put into commercial operation at the end of August and the daily gas supply was about 13 million cubic meters. The gas transmission capacity of the Central Asian Gas Pipeline has been successfully upgraded recently, with an average daily gas transmission of about 12 million cubic meters. Completed and put into production in the fourth quarter, the overall capacity for resource supply has been enhanced.

However, due to the rapid expansion of the consumer market this year and the large number of new users, the steady supply of gas during the peak season in winter is still facing some pressure.

Apparent consumption in August hit a new high since April

On the other hand, the domestic demand for gas increased significantly. In August, apparent consumption was 8.8 billion cubic meters, a new high since April, an increase of 23.8%. The apparent consumption in January-August was 69.2 billion cubic meters, a year-on-year increase of 21%. .

According to the report, the increase in gas demand is mainly due to the significant increase in gas consumption in existing consumer regions, such as Shanghai and Zhejiang, and the rapid growth of new markets. With the increase in the production of LNG and the increase in imported LNG, there is no resource supply. Jiangxi, Guangxi, Fujian and other places began to use natural gas widely.

In addition, gas storage resources have increased significantly. The Dagang gas storage, which is responsible for winter peaking tasks in North China, started gas injection from April. As of the end of August, the recoverable reserves of gas storages were 1.6 billion cubic meters, an increase of 400 million cubic meters from the same period of last year. .

In August, the output of natural gas reached 7.6 billion cubic meters, a year-on-year increase of 9.1%. Of these, due to a steady increase in production in the Puji field, the output of Sinopec increased by more than 50%; and the output of CNOOC increased by nearly 30%. From January to August, cumulative natural gas production was 62.4 billion cubic meters. , an increase of 13.4%.

CNPC is the parent company of China National Petroleum Corporation, and Sinopec Group is the parent company of Sinopec Corp. CNOOC is the parent company of CNOOC.