PetroChina had supplied a record 7.4 billion cubic metres of natural gas from its underground storages during 2017’s winter supply crunch. At the moment, there are 25 underground gas storage (UGS) facilities in China. Compared with gas tanks above the ground, underground facilities are safer and more durable with larger storage capacity and lower costs. Most of these UGS are rebuilt from depleted natural gas fields which only cover 4% of the country’s consumption as of the end of 2017. This lags behind the international average of 12% and leaves it vulnerable to any supply shocks or extreme weather conditions. The restocking to fill up the 25 underground gas storage facilities before the next winter arrives will bolster LNG imports. Wood Mackenzie expects imports to go up by 25% to 48 million tonnes this year.
With the government policies to reduce air pollution by burning cleaner fuel to heat homes during winter, China’s natural gas consumption is expected to soar to 500 billion cubic metres by 2030 from 240 billion cubic metres in 2017. China is in need to speed up expanding its UGS facilities; the plan is to spend over $10 billion to nearly double the capacity over the next 5-8 years. Gas imports will rise substantially as a result.
Sources:Arrow
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