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IEA investigates Chinese gas ambitions

Sept. 11, 2012 at 8:59 AM

BEIJING, Sept. 11 (UPI) -- Chinese ambitions to double the amount of natural gas used in the country might be complicated by external factors, the IEA said in a report.

The International Energy Agency published a 124-page report highlighting prospects and challenges in the Chinese natural gas sector.

The IEA notes that, under a five-year plan ending in 2015, Beijing aims to double the amount of gas it uses to around 9.2 trillion cubic feet per year. The IEA says that's twice the level of natural gas consumed in China last year.

The IEA described the target as "ambitious," stating natural gas supplies would need to be derived from all possible sources.

"This requires that all these supply sources deliver at the targeted level, whereby import levels depend crucially on the supply sources linked to long-term contracts to deliver supply in a timely manner at contracted levels," the report states.

China National Offshore Oil Corp. last month reported that oil and natural gas production was down more than 4 percent compared with last year. Beijing, however, aims to produce as much as 230 billion cubic feet of shale gas per year by 2015.

China this week hosts delegates from the World Economic Forum. Chinese leaders sought to allay concerns about economic growth in the country.

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