Page 15 - Oil&Gas-AustralAsia-2015-Issue-2
P. 15
C HINA
Saudi Arabia commits more supply to China
By Marie RYAN
Saudi Arabia has reiterated its commit- “Oil will retain its pre-eminent position for oil and gas products, according
ment to supply oil to meet increasing and Saudi Arabia will remain the num- Reuters.
demand in Asia with Oil Minister Ali ber one supplier,” Mr al-Naimi said. He said stable prices are important for
al-Naimi visiting China stating oil de- “We should not lose sight of these facts supply and demand to increase in a
mand in China was still strong noting and the importance of our ongoing sustainable matter.
the rising energy need in the country as relationship,” he said. China’s demand for oil and gas energy
the Chinese middle class grows. Saudi Arabia is the world’s second-big- has grown at a fast pace in the past dec-
It is expected with the rapid develop- gest exporter of petroleum products, ade. In the next decade, both produc-
ment of industry in China the country according to the US Energy Informa- tion and demand will continue to grow.
will need more energy sources and tion Administration. The Chinese economy maintains a high
move toward using natural gas to power With lower oil prices, Saudi Arabia speed growth which has been stimu-
the economy. acknowledges that cheap energy has lated by the consecutive increases of
The Saudi Oil Minister Ali al-Naimi helped Asia fulfill its energy demands, industrial output, import and export,
said the country’s partnership with Chi- but Naimi emphasised the need for a consumer consumption and capital
na would continue through this energy fair price on both sides of the market investment for over two decades. §
partnership.
China tipped to rival the US in shale gas
production by 2025
By Marie RYAN
Energy giant British Petroleum (BP) private capital to the industry is the key current 60 per cent and 30 per cent,
have predicted China will be the world’s for future development,” he said. respectively, making China the world’s
second-largest shale producer by 2035, The report forecast China will overtake biggest energy importer, according to
closely following North America as the United States as the largest oil con- the report.
the dominant force in the new energy sumer around 2030. The share of coal in China’s energy mix
source. By 2035, China’s dependence rates on will fall to 51 per cent from the current
According to the report China is ex- imports of oil and natural gas will rise 68 per cent by 2035. Natural gas will
pected to increase its shale gas output to 75 per cent and 40 per cent, from the take up 12 per cent and oil 18 per cent,
by around 30 per cent each year in the said the report.. §
ten year period from 2025 to 2035, and
by 2035, China and the United States The BP-operated purified terephthalic acid (PTA) plant located in Zhuhai. Image courtesy of BP
will supply an estimated 85 per cent of
the world’s shale gas supply.
Group chief economist at BP Spencer
Dale said the growth in the country’s
shale gas was due to China’s rich shale
gas resources, government policy sup-
port to exploration, and China’s current
achievements in shale gas development.
“Exploration of shale gas, an uncon-
ventional source of natural gas, has
gathered pace in China as the govern-
ment promotes the use of clean energy,
but high exploration costs and sophisti-
cated technological requirements have
substantially restrained the sector’s
growth,” Mr Spencer said.
“Whether China can bring in more
www.oilandgasaustralasia.com A AMAY/JUNE 2015 OIL & GAS ustral SIA 13
Saudi Arabia commits more supply to China
By Marie RYAN
Saudi Arabia has reiterated its commit- “Oil will retain its pre-eminent position for oil and gas products, according
ment to supply oil to meet increasing and Saudi Arabia will remain the num- Reuters.
demand in Asia with Oil Minister Ali ber one supplier,” Mr al-Naimi said. He said stable prices are important for
al-Naimi visiting China stating oil de- “We should not lose sight of these facts supply and demand to increase in a
mand in China was still strong noting and the importance of our ongoing sustainable matter.
the rising energy need in the country as relationship,” he said. China’s demand for oil and gas energy
the Chinese middle class grows. Saudi Arabia is the world’s second-big- has grown at a fast pace in the past dec-
It is expected with the rapid develop- gest exporter of petroleum products, ade. In the next decade, both produc-
ment of industry in China the country according to the US Energy Informa- tion and demand will continue to grow.
will need more energy sources and tion Administration. The Chinese economy maintains a high
move toward using natural gas to power With lower oil prices, Saudi Arabia speed growth which has been stimu-
the economy. acknowledges that cheap energy has lated by the consecutive increases of
The Saudi Oil Minister Ali al-Naimi helped Asia fulfill its energy demands, industrial output, import and export,
said the country’s partnership with Chi- but Naimi emphasised the need for a consumer consumption and capital
na would continue through this energy fair price on both sides of the market investment for over two decades. §
partnership.
China tipped to rival the US in shale gas
production by 2025
By Marie RYAN
Energy giant British Petroleum (BP) private capital to the industry is the key current 60 per cent and 30 per cent,
have predicted China will be the world’s for future development,” he said. respectively, making China the world’s
second-largest shale producer by 2035, The report forecast China will overtake biggest energy importer, according to
closely following North America as the United States as the largest oil con- the report.
the dominant force in the new energy sumer around 2030. The share of coal in China’s energy mix
source. By 2035, China’s dependence rates on will fall to 51 per cent from the current
According to the report China is ex- imports of oil and natural gas will rise 68 per cent by 2035. Natural gas will
pected to increase its shale gas output to 75 per cent and 40 per cent, from the take up 12 per cent and oil 18 per cent,
by around 30 per cent each year in the said the report.. §
ten year period from 2025 to 2035, and
by 2035, China and the United States The BP-operated purified terephthalic acid (PTA) plant located in Zhuhai. Image courtesy of BP
will supply an estimated 85 per cent of
the world’s shale gas supply.
Group chief economist at BP Spencer
Dale said the growth in the country’s
shale gas was due to China’s rich shale
gas resources, government policy sup-
port to exploration, and China’s current
achievements in shale gas development.
“Exploration of shale gas, an uncon-
ventional source of natural gas, has
gathered pace in China as the govern-
ment promotes the use of clean energy,
but high exploration costs and sophisti-
cated technological requirements have
substantially restrained the sector’s
growth,” Mr Spencer said.
“Whether China can bring in more
www.oilandgasaustralasia.com A AMAY/JUNE 2015 OIL & GAS ustral SIA 13
