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​China to see rapidly rising demand for natural gas before 2040

Xinhua Financein CFBOND
2018-09-27 09:52

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China is expected to see a rapid growth in demand for natural gas before 2040, according to a recent report released by the China National Petroleum Corporation (CNPC) Economics & Technology Research Institute. 

The report, the 2018 version of the World and China Energy Outlook 2050, said the newly-added demand for natural gas in China before 2040 would be concentrated in industrial, residential and power sectors.

The report predicted that the ratio of the natural gas supply in the global primary energy sector, which refers to the energy found in nature that has not been converted or transformed, will rise from 23.5 percent in 2015 to 27.5 percent in 2050. 

However, in the decade between 2040 and 2050, this growth would slow down and witness a stable trend, said the report.

Wang Lining, the engineer in charge of the study of the petroleum market at the CNPC Economics & Technology Research Institute, estimated that the consumption volume of natural gas in China would reach 620 billion cubic meters in 2035 and 695 billion cubic meters in 2050.

The annual increase rate of China's natural gas consumption will reach 5.8 percent in the two decades between 2015 and 2035. However, the figure will decline to 0.7 percent from 2035 to 2050.

According to the report, China has entered a new era in energy development, which means clean energy such as non-fossil energy and natural gas will be used to satisfy the incremental demands and optimize the existing demands. 

In 2050, a new energy landscape will take shape in China with coal, oil and natural gas, and non-fossil energy as three major choices. 
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