CNPC, CNOOC and Sinopec Group have doubled the number of LNG stations nationwide since 2011.
Tougher energy conservation and emission reduction policies have been encouraging China’s largest energy companies, CNPC, CNOOC and Sinopec Group, to accelerate their LNG developments. As of the end of October, there were 385 liquefied natural gas stations in China, more than double the amount in 2011.
CNPC, parent of PetroChina, plans to build a further 126 stations in Henan province by 2015, as well as 720 in Shandong province. China National Offshore Oil Corporation (CNOOC) will also construct another 1,000 stations nationwide during the 12th Five-Year Plan period.
Meanwhile, PetroChina, has announced it will acquire an 8.33% stake in Woodside Petroleum Ltd’s proposed liquefied natural gas project in Western Australia. The Chinese oil giant has agreed to pay BHP Billiton Ltd $1.63 billion for its share in the East Browse joint venture, and a 20% stake of West Browse.
China is slated to drive global demand for natural gas and is expected to see consumption increase at an annual growth rate of 11% through to 2020. Overall, the nation’s three major oil and gas companies have been steadily increasing their investments in foreign energy throughout 2012, spending $26.63 billion so far this year.
PetroChina chairman Jiang Jiemin said in March that the group would invest at least $60 billion this decade in global oil and gas assets, a figure echoed by president Zhou Jiping, who told reporters he was “completely confident” of reaching that target.