Economy

Natural gas consumption to skyrocket in coming 10 years

(Xinhua)
Updated: 2010-06-08 21:41

BEIJING - Natural gas consumption will account for 10 percent of China's annual total primary energy consumption by 2020 from the current 3.9 percent level, PetroChina Company Limited Chairman Zhou Jiping forecast Tuesday.

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Chinese demand for natural gas will increase over the coming 10 years, and by 2020, China will consume 300 billion cubic meters of natural gas a year, Zhou said at the 2010 International Oil and Gas Conference held here.

Annual increases in PetroChina's natural gas proven reserves have exceeded 400 billion cubic meters for three years in a row, Zhou said.

The company produced 68.3 billion cubic meters of natural gas in 2009, accounting for 80 percent of the nation's total production.