CHINA

(in North Asia)

CAPITAL: BEIJING

POPULATION: 85 mm

AREA (on): 1,315,000 km2

OIL PEAK: 2015 (forecast)

SUPPLY

Most of the oil production in China comes from old giant onshore fields, which are now struggling to maintain output. Consequently onshore production is at plateau despite the opening up of new areas on the west of the country.

Conversely offshore oil production is growing as western companies and local Chinese organisations develop the series of basins that lie on the Chinese continental shelf, especially in the Bohai Gulf.

Gas production is growing both onshore and offshore. Due to its large reserves of coal China has only recently begun full exploitation of its gas reserves with new pipelines and exploration of gas-prone basins in the western interior and offshore.

 

DEMAND

The exceptional economic growth of China since 2002 has led to dramatically increasing oil consumption. China is now second only to the USA in oil use but still lags very far behind in per capita consumption.

Rapid growth will continue over the next few years as new automobiles will likely hugely increase the country’s oil imports despite a slow down in 2009. Finally near 2020 higher prices will begin to constrain demand as cash-rich economies of the world struggle to get hold of reducing supplies.

Gas consumption is comparatively modest but will also grow very rapidly as new supplies are obtained within the country and as imports begin from the FSU by pipeline, and as LNG from elsewhere in Asia.

 

 

 

 

 

This is a simple forecast - detailed forecasts including offshore and onshore, deep water splits, sedimentary basins and major fields and drilling etc. can be purchased for most countries.

 

An onshore and offshore oil and gas production, consumption and drilling activity forecast report on this country can be commissioned,

including all relevant charts. Contact us for price and contents list.

 

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