Recently, with the arrival of 60,000 tons of liquefied natural gas (LN G) at the LN G receiving terminal of CNOOC Fujian, the “Songlu†has exceeded 50 million tons of imported CNOOC LN G, making it the second leading buyer of international LNG .
“Natural gas as a clean energy source is an important direction for energy development in the future.†Huang Hulong, deputy general manager of CNOOC Gas & Power Group, pointed out that CNOOC is building a coastal natural gas artery that will run through Jilin, Liaoning, Tianjin, Shandong, Jiangsu and Shanghai. Zhejiang, Fujian, Guangdong, Guangxi and Hainan provinces.
It is not just CNOOC that has this plan. According to the reporter’s understanding, despite the current natural gas import and LNG G filling stations still operating at a loss, the three major oil giants of PetroChina, Sinopec and CNOOC are accelerating the entire natural gas industry under double-digit growth in consumer demand and rising natural gas prices. The chain layout will compete for upstream gas sources in the upstream and the downstream “staking†LNG refueling stations will involve capital investment exceeding RMB 1 trillion.
In recent years, with the increasing environmental protection in various countries, the share of natural gas in the use of primary energy has continuously increased. "As of 2012, the use of natural gas in primary energy has increased to 24.5% from the world average, while China's share is only 5.5%," said Wang Haiwei, general manager of China Shipping Fujian Natural Gas Co., Ltd.
The reporter learned that in the first half of 2013, the apparent consumption of natural gas in China reached 81.5 billion cubic meters, an increase of 13% year-on-year, of which 24.7 billion cubic meters of natural gas were imported, a year-on-year increase of nearly 25%. According to the forecast of related departments, by 2015, domestic natural gas demand will reach 250 billion cubic meters, of which, the compound gas growth rate of household gas and natural gas vehicles will be higher than 8% and 29%, respectively, maintaining a rapid growth.
It is the gap between the world level and the rapid growth of domestic use that have enabled major oil companies to see a broad market space for natural gas development in the future and competing to “staking their way†at the downstream LNG filling stations. Anxun SiSheng Energy statistics, as of the end of 2012, CNPC has put into production about 300 LNG filling stations, while CNOOC has exceeded 100. In May 2011, there were only 100 LN G filling stations across the country.
"The speed of building a station at this stage cannot keep up with the growth rate of use, and the refueling is relatively tight." Yang Shunhu, general manager of China Shipping Fujian Gas Power Generation Co., Ltd. said. According to reports, CNOOC plans to establish 1,000 LNG refueling stations by 2015. PetroChina will also deploy more than 5,000 refueling stations throughout the country. Sinopec also plans to construct LN G filling stations in Zhejiang and Shandong. .
With the increasing import of natural gas, the control of upstream supplies and prices has become increasingly important. In 2012, China’s dependence on foreign gas reached 28% or more, approaching the internationally recognized 30% energy security cordon. At the same time, during the period from 2010 to 2012, China's imported gas prices rose by 68.6%, and the phenomenon of inverting domestic sales prices and import costs has become increasingly serious.
Due to the high degree of international natural gas marketization, with the increase in the demand of various countries, the upstream has the absolute right to speak about prices. "Although CNOOC has become the second leading buyer of international LN G, the right to speak in terms of price is still missing," Wang Haiwei said.
Taking CNOOC as an example, in 2002, it signed a 25-year long-term agreement with Indonesia's Donggu LN G project with 13.9% participation in its own shares. Although it is still in the agreement period, Donggu has raised prices twice, the latest price increase. Even up to 70%. In addition, Australia has also proposed raising prices.
"As a result, CNOOC's overseas development in the next phase will need to be transformed from being a shareholder to a controlling shareholder and fighting for the initiative to control the source of natural gas prices." Huang Hulong said that CNOOC Limited has been negotiating gas fields and unconventional gas development with parts of Australia, Russia, and the Middle East. From the previous equity participation, it was converted into mergers and acquisitions, acquisitions or direct bids in the original block. At this stage, substantial progress has been made in Australia and Canada.
Zhou Jiping, chairman of CNPC, also said earlier that CNPC will focus its investment on upstream development this year, including natural gas and overseas development, and plan to increase natural gas imports. He pointed out that CNPC's investment in natural gas is as high as 140 billion to 150 billion yuan each year.
According to statistics, the cumulative value of China's oil companies in 2012 totaled US$34 billion, a record high. In 2013, the three major oil companies further accelerated the pace of overseas air raiding. In March, PetroChina spent US$4.2 billion to acquire a 20% interest in the Mozambique project in East Africa operated by the Italian oil group Eni, and East Africa is also one of the most coveted new areas of natural gas development in the world. On June 24, CNPC and Novatek signed an agreement to obtain a 20% interest in its leading Russian Arctic project, Yamal LN G.
After Sinopec spent US$1.02 billion in February to acquire Chesapeake Energy’s Oklahoma company’s 50% interest in land and oil-rich land assets, it plans to take a stake in Malaysia’s national oil company in Canada. $20 billion in LN G projects. CNOOC just signed a memorandum of understanding on cooperation with the Royal Dutch Shell Group on July 26. Both sides agreed to seek opportunities in the oil sands, liquefied natural gas and other business sectors in Canada.
"With the non-residential gas prices raised, China's natural gas prices are quietly approaching." Huang Hulong said. On July 10 this year, the price of non-residential natural gas stations has been the first to increase. This means that rising natural gas prices are inevitable.
At the same time, the construction of an LNG receiving station as an auxiliary facility is also underway. According to Zhuochuang, at present, China has put into operation 6 LNG receiving terminals, with a total capacity of 18.8 million tons/year, and about 15 LNG receiving stations are under preparation for the “three barrels of oilâ€. The total receiving capacity is 41.7 million tons.
“Currently, CNOOC has completed the layout of four LN G receiving stations in Guangdong, Fujian, Shanghai and Zhejiang, and LNG receiving stations in Zhuhai, Tianjin, Hainan, and Shenzhen will be put into operation one after another this year. By then, CNOOC's annual capacity for dismantling LN G will reach 3000. Ten thousand tons," Huang Hulong said.
In the future, domestic and overseas investment in natural gas will exceed RMB 1 trillion. Zhuo Chuang Wang Xiaokun, an information analyst, told reporters that building a gas station requires 10 million yuan. Take CNPC as an example, 5,000 seats will be built in the long term, which will require at least 50 billion investment. The investment in the receiving station in the middle of the industrial chain is even higher. From the perspective of the total project investment of Fujian LN G is about 30 billion yuan, the investment in three barrels of oil will exceed 400 billion. In addition, the investment is more of an overseas part, and it was as high as more than 200 billion yuan in 2012 alone. In this way, the future investment in natural gas companies will exceed trillions of yuan.
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