DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/6dc889/china_oil_and_gas) has announced the addition of the "China Oil and Gas Report Q1 2012" report to their offering.
China is increasing dependent on imported oil and gas due to unbridled growth in energy demand. However, there is plenty of upside potential from its domestic resources and a more open relationship with foreign partners could reduce greatly the exposure to the import market.
The main trends and developments BMI highlight for China's Oil and Gas sector are:
- The South China Sea contains estimated reserves of 22bn boe and state-backed explorer China National Offshore Oil Corporation (CNOOC) plans to make the area a core production base in the coming years. According to a statement by CNOOC's chief development engineer in 2009, around CNY200bn (US$29.3bn) will need to be invested in exploring the area over the decade to 2018.
- Regulator National Development and Reform Commission (NDRC) has submitted plans to overhaul the country's current fuel pricing scheme to the State Council. The reforms, according to a Reuters report, would help raise retail fuel prices by making them more reflective of international crude prices. The move would limit refiners' losses and might even allow them to make small profits. In China, refining losses have been particularly high, with the NDRC announcing that the country's refining industry registered a record-breaking CNY4.8bn (US$752mn) loss in July 2011.
- Crude imports alone are expected to cost China some US$201.3bn in 2011, which could climb to an estimated US$259.7bn in 2016.
Companies Mentioned:
- China National Petroleum Corporation (CNPC)
- PetroChina
- China Petroleum & Chemical Corporation (Sinopec)
- China National Offshore Oil Corporation (CNOOC)
- Shell (China) Ltd
- BP China
- ExxonMobil China
- Husky Energy
- Chevron
- Total
- ConocoPhillips
- Eni
- BG Group
For more information visit http://www.researchandmarkets.com/research/6dc889/china_oil_and_gas