Relationships between Natural Gas Production in Persian Gulf States and Natural Gas Consumption in the European Union

In 2020, the spot prices of natural gas hit a record low in the US, reaching the lowest annual average price in more than a decade. Based on US Energy Information Administration (EIA) data, the average annual spot price reported in 2020 was $2.05 per million British thermal units (MMBtu). In the first few months of the year, reports from the EIA showed that natural gas prices started declining amid mild winter temperatures that resulted in a decline in the demand for natural gas for space heating. In March 2020, following the onset of the COVID-19 pandemic, the already declining natural gas prices plummeted further. This decline continued through the first half of the year. The EIA reported the average monthly Henry Hub spot price in the first 6 months at $1.81/MMBtu. June saw the lowest monthly natural gas price in decades (Henry Hub price aver-aged $1.66/MMBtu). Natural gas prices recovered in the second half of the year as natural gas production decreased and global exports of liquefied natural gas increased. Natural gas consumption in the residential, commercial, and industrial sectors declined in 2020, according to the EIA. Milder winter temperatures were a major contributor in the first quarter of the year, but overall declining consumption was attributed to reduced economic activities as a result of the COVID-19 pandemic. On the other hand, the consumption of natural gas for electric power generation registered an overall increase of 2% more than the 2019 average. According to the EIA, citing S&P Global Platts, this increase was attributed to power producers switching to cheaper natural gas from coal to meet the increased demand for electric power for cooling as summer temperatures increased. The EIA in its Annual Energy Outlook 2021 projects that the industrial and electric power sectors and net exports will drive the growth in US energy consumption between 2020 and 2050. Natural gas consumption in other sectors is expected to increase steadily or remain flat. The EIA forecasts that natural gas production will increase as consumption increases and prices will stay low relative to past prices. The EIA expects continued growth in natural gas exports as natural gas production surpasses natural gas consumption. Globally, the International Energy Agency forecasts a recovery in global demand for natural gas in 2021 led by growth in the Asia Pacific region as emerging markets recover. The US will continue to play a significant role as one of the largest producers and contributors to natural gas supply growth. Recommended additional reading at OnePetro: www.onepetro.org. SPE 200300 - Overcoming Challenges in the Development of Underground Gas Storage by Ammar Alali, Saudi Aramco, et al. OTC 30602 - Offshore LNG and Gas Monetization by Femi Adeoye Alabi, Total SPE 200147 - Development of the Underground Gas Storage and Construction of the Salt Cavern Storage in China by Peng Chen, CNPC, et al.

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EXPERIENCE, PROSPECTS AND PROBLEMS OF COOPERATION BETWEEN CHINA AND TURKMENISTAN IN THE FIELDOF NATURAL GAS

Political Science Issues ◽

10.35775/psi.2019.33.3.012 ◽

2019 ◽

pp. 323-329

Author(s):

Y. JIA

Keyword(s):

Natural Gas ◽

Central Asia ◽

Oil And Gas ◽

The European Union ◽

Multilateral Cooperation ◽

Industrial Chain ◽

The Usa ◽

Gas Consumption ◽

Slow Progress ◽

Natural Gas Consumption

Since 2007, the use of natural gas in China depends on the import, and with an increase in natural gas consumption, gas imports are also constantly growing. In 2018, Chinas natural gas imports approached 100 billion cubic meters, which is 70 times more than in 2006. In recent years, increasing attention has been paid to the use of natural gas in China. Turkmenistan is Chinas main source of pipeline gas imports, and China is Turkmenistans largest exporter of natural gas. In the framework of the traditional model of oil and gas cooperation, China and Turkmenistan are facing such problems as the uniform content of cooperation, lack of close ties in the field of multilateral cooperation and slow progress in the development of the entire industrial chain. Cooperation between China and Central Asia in the field of oil and gas is increasingly affecting the nerves of other countries, except the five countries of Central Asia, but including Russia, Afghanistan, Pakistan, India, Iran and other countries of the Middle East, Japan, South Korea, etc. and even the European Union and the USA. Despite the favorable trading environment for both parties, there are also problems in the domestic market of Turkmenistan and the risks of international competition.

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Scenario Prediction of China’s Natural Gas Consumption and Carbon Emissions in the Next Ten Years

Frontiers of Economics in China ◽

10.54605/fec20210307 ◽

2021 ◽

Vol 16 (3) ◽

pp. 569-587

Author(s):

Chunzi Wang ◽

◽

Mingxiong Zhu ◽

Keyword(s):

Economic Growth ◽

Natural Gas ◽

Emission Reduction ◽

Carbon Emission ◽

Gas Production ◽

High Rate ◽

Carbon Emission Reduction ◽

Gas Consumption ◽

Natural Gas Consumption ◽

Low Rate

Based on Johansen Cointegration Test, this paper sheds light on the long-run equilibrium relationship between natural gas consumption, gas production, and GDP in China. Three different natural gas demand scenarios of low, medium and high rates in the next ten years are considered, and a Neural Network Autoregression Model is used to predict the future carbon dioxide emission. We conclude: (1) In all three scenarios, the growth rates of natural gas consumption are all higher than those of natural gas production, while the gap between demand and domestic supply will gradually turn broader and China will largely rely on imports ; (2) In the scenario of low-rate economic growth, natural gas consumption will grow slowly, and it will be difficult to realize the carbon emission reduction targets by 2030 due to low-rate substitution of natural gas for coal; (3) If medium-rate to high-rate economic growth sustains, coupled with rapid increase in natural gas consumption and production, China’s Carbon Emission Reduction Targets for 2030 can be achieved with high-rate substitution of natural gas for coal.

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Introduction to this special section: Exploration geophysics in China

The Leading Edge ◽

10.1190/tle38080596.1 ◽

2019 ◽

Vol 38 (8) ◽

pp. 596-596

Author(s):

Yongyi Li ◽

Xiaogui Miao ◽

Shoudong Huo ◽

Jianwei Ma ◽

Danping Cao

Keyword(s):

Natural Gas ◽

Oil And Gas ◽

Special Section ◽

Petroleum Industry ◽

Gas Production ◽

Oil Consumption ◽

Oil And Gas Production ◽

Oil And Natural Gas ◽

Gas Consumption ◽

Natural Gas Consumption

China ranks second and third in global oil and natural gas consumption, and fifth and sixth in global oil and natural gas production, respectively ( U.S. EIA, 2018 ). In the past 25 years, China's oil consumption has increased 3.5 times, and natural gas consumption is rising rapidly as well. China is increasing its investment in the petroleum industry, with a goal of significantly expanding domestic oil and gas production. Complex geology, rough surface conditions, and the need to explore deep targets, unconventional resources, and offshore reservoirs pose great challenges to geophysical exploration. Geophysical technologies in China thus have advanced significantly in data acquisition, processing, and interpretation. To demonstrate the development and applications of geophysical technologies in the exploration, development, and production of oil and gas resources, we invited academic and industry experts to present recent studies on exploration geophysics in China.

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Natural Gas Consumption Forecasting Based on Combinatorial Optimization Model

Applied Mechanics and Materials ◽

10.4028/www.scientific.net/amm.596.174 ◽

2014 ◽

Vol 596 ◽

pp. 174-178

Author(s):

Jun Qi Wang ◽

Lei Chen ◽

Li Li ◽

Yi Xu Wang

Keyword(s):

Combinatorial Optimization ◽

Natural Gas ◽

Oil And Gas ◽

Economic Benefits ◽

Gas Production ◽

Oil And Gas Development ◽

Gas Field ◽

Development Management ◽

Gas Consumption ◽

Natural Gas Consumption

As the estimating of natural gas consumption can provide a better guidance target to gas production and market development ,its accuracy is playing an extremely important role in both the reasonable programming of oil and gas field development management and the promotion of economic benefits. This article builds a mathematical model of combinatorial optimization based on the natural gas consumption data of China, and solves it then by means of MATLAB .Compared with the actual value, the deviation of the combinatorial optimization worked out less than that in the single calculating method. When applied to the real production, this model can provide theoretical evidence to the programming of oil and gas development management and the adjustment of development project as well.

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The trade of energy commodities between the European Union and the United States – crude oil and natural gas

Gospodarka Surowcami Mineralnymi ◽

10.1515/gospo-2016-0035 ◽

2016 ◽

Vol 32 (4) ◽

pp. 141-156

Author(s):

Tadeusz Olkuski ◽

Adam Szurlej ◽

Barbara Tora

Keyword(s):

United States ◽

European Union ◽

Natural Gas ◽

Crude Oil ◽

Mutual Recognition ◽

The United States ◽

Gas Production ◽

Common Market ◽

The European Union ◽

Oil And Natural Gas

AbstractThe trend towards globalization can be observed for many years. It is reflected by the ongoing elimination of trade barriers between countries and the introduction of a system of mutual recognition of quality standards. The best example is the European Union, where a common market for many industries has been developed. Such a common market has already existed before in the United States of America and that this is why the negotiations on the merger of the largest and most developed economies in the world started in 2013. The currently negotiated agreement, the Transatlantic Trade and Investment Partnership (TTIP) is designed to eliminate barriers to trade and capital flows between the two mentioned markets. The article attempts to evaluate the trade of energy commodities, namely crude oil and natural gas, between the European Union and the United States. The estimates for the next years are based on historical data and the current state. The dynamics of natural gas and crude oil production in the European Union and the United States, as well as changes in the import and export of these energy resources, have been shown. The volume of gas production from the largest North American deposits was also subjected to analysis. Special attention was paid to natural gas from unconventional deposits, as its production is expected to grow continuously until 2040. Meanwhile, the production of gas from conventional deposits is expected to decrease. The rest of the paper is focused on the balance sheets of cash for oil and natural gas. It was pointed out that the market situation for both commodities is different. In the EU, the production and consumption of both crude oil and natural gas gradually decreases, while in the United States this trend is reversed. On the other hand, some similarities can be seen in the refining industry. In recent years, many refineries were closed both in the European Union and in the United States. However, though this trend was more pronounced in Europe. In the case of liquefied gas (LNG), the expansion of US gas to Europe can be expected. Currently, the United States is building about 30 export terminals and production surpluses will certainly be exported to Europe. Judging by the pace of development of export terminals, it can be assumed that the power of condensation can reach up to 110 million tons in the near future and, as a consequence, natural gas in the form of LNG will be supplied to the European market.

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