China and the Global Energy Crisis

China and the Global Energy Crisis

Development and Prospects for China’s Oil and Natural Gas

Tatsu Kambara and Christopher Howe

This book examines China’s record of oil and gas development, its refining capacity, and energy prospects. The authors conclude that there are no fundamental reasons for anxiety about China’s demands on the world energy economy, but they emphasize that its energy future will depend critically on a continuation of reform and internationalization. China and the Global Energy Crisis is a concise but detailed study of these issues.

Chapter 7: Summing Up and Looking Ahead

Tatsu Kambara and Christopher Howe

Subjects: asian studies, asian development, asian economics, asian innovation and technology, asian politics and policy, development studies, asian development, economics and finance, asian economics, energy economics, environmental economics, environment, asian environment, environmental economics, innovation and technology, asian innovation, politics and public policy, asian politics

Extract

China is now the world’s second largest consumer of petroleum and will soon surpass Japan as the second largest importer of crude oil and petroleum products. Oil consumption in 2004 is estimated to have been 320 mmt, which represents a daily consumption of 6.4 million barrels. In 2005, it was estimated that China consumed about the same amount of oil as in the previous year. China’s total consumption of oil and LPG in 2004 and 2005 was supplied from the sources shown in Table 7.1. FORECASTING CHINA’S INDIGENOUS CRUDE OIL OUTPUT The statistics available for the study of the Chinese energy sector are in many respects still quite opaque. There are, for example, at least four official Table 7.1 China’s oil balance in 2004 and in 2005 (mmt) 2004 Domestic crude oil production Imports of crude oil Exports of crude oil Net imports of crude oil* Imports of petroleum products* Exports of petroleum products Net imports of petroleum products* Total oil supply Imports of LPG Domestic LPG supply Total LPG supply 174.72 122.81 5.49 117.32 37.86 11.45 26.41 318.45 6.38 12.39 18.77 2005 180.86 129.08 8.06 121.02 31.46 14.00 17.46 319.34 6.14 12.48 18.62 Note: * No allowance has been made in these data for illegal imports of crude oil, petroleum products or LPG although these are known to be significant, especially in southern China. Source: China Oil, Gas and Petrochemicals, various issues. 107 108 China and the global energy crisis series for crude oil output that appear in...

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