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 NORTH
ASIA
The bulk of oil and gas production in North Asia comes
from China. Onshore output here peaked in 2003. Its old giant fields are
struggling to maintain output.
 Although
offshore production is growing it will be insufficient to maintain
growth in output.
Again the bulk of gas production comes from China. Gas
reserves in the interior of the country are relatively undeveloped. With
demand picking up and the new East-West gas pipeline near to completion,
considerable growth in onshore output is forecast, along with growth in
offshore output as new regions are exploited.
Growth in oil consumption in China was the driving force
behind rising oil prices in 2004/05. High growth is forecast to continue
to 2012 albeit at decelerating levels as China massively increases its
automobile population.
Chinese oil imports along with those into the other
economies of North Asia make these countries together the biggest
importers in the world bar the USA. Rapid growth is forecast through to
2012, mainly due to Chinese economic growth.
Gas imports will also increase but less rapidly, with new
supplies coming chiefly from the former Soviet Union, Southeast Asia and
Australasia in both piped and LNG form.
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