CNOOC Research: Chinese LNG Imports to See Notable Surge in 2023

SEATTLE (Oil Monster): The latest report published by the state-owned oil major, China National Offshore Oil Corporation (CNOOC) states that the country’s liquefied natural gas (LNG) imports are likely to surge higher by 10.9% in 2023 from the previous year to touch 70.79 million metric tons. The pipeline gas imports too are expected to see year-on-year jump by 10.7% from 2022 to reach 69.5 billion cubic metres (bcm). The country’s total gas demand for the current year is projected at 396.4 bcm.

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According to Xie Xuguang of CNOOC Gas and Power Group's research centre, the projected robust growth is mainly on account of the country’s economic recovery and cooling global LNG prices.

CNOOC expects recovery in industrial gas demand during the second half of 2023. The gas demand will be further stimulated by normalising global gas prices. The estimates provided by ICIS, Energy Aspects and SIA Energy indicate gas demand growth of between 5.7% and 7.4% this year.

The research team expects domestic production to record 4.6% jump in 2023 to touch 227.8 bcm.

CNOOC anticipates increase in imports of both piped gas and liquefied natural gas so as to meet rising domestic demand.