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China’s Natgas Consumption To Peak in 2040: CNOOC

NATGAS

China’s CNOOC expects domestic natural gas consumption to peak at 700 bcm/y in 2040, according to CNOOC’s senior economist, cited by Argus.

  • CNOOC also estimated that China’s gas consumption would hit 410 bcm in 2024.
  • The most recent projections are aligned with earlier estimates for CNPC which expected gas demand to rise by 24 bcm in 2024.
  • Gas consumption is expected to hit 500 bcm by 2030 and eventually 650 bcm by 2040, according to the International Gas Union.
  • IGU also indicated that the ideal price for Chinese buyers is no higher than $9-$9.50/MMBtu.
  • Spot prices are currently above that limit in China, with Platts putting the JKM price for July around $11.498/MMBtu. This is being buoyed by cooling demand in Southeast Asia.
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