Chinese state-run oil and gas producer China National Offshore Oil Corporation (CNOOC) predicts that the Chinese domestic gas demand will reach 360 bcm in 2020 and rise to 480 bcm by 2025, from the 275 bcm recorded in 2018. Besides, it estimates that the country has put itself under pressure by signing too many long-term supply contracts at relatively high prices. The company also estimates that LNG will continue to dominate China’s natural gas imports, as it already accounted for 60% of its gas imports in 2018.
The Chinese natural gas consumption has increased strongly since 2000 (15%/year over 2000-2014, on average), showing a slow-down in 2015 to 4% before accelerating again (+8% in 2016, +15% in 2017 and even +18% in 2018). Industry is the main consumer (30% including non-energy uses, in 2017). The share of the power sector is still low (18% in 2017), but is increasing (+11 points since 2005).