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Power of Siberia 2: deal or no deal?
There is a good strategic case for China to sign a deal for gas supplies via the proposed Power of Siberia 2 pipeline, but Beijing’s concerns over over-dependency on a single supplier and desire to drive down the price make it relatively unlikely that a contract will be finalised this year.
China creates two-tier oil dynamic
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
Albania’s long pursuit of gas
Gas is unlikely to assume a major role in Albania’s energy mix for years to come, but two priority projects are making headway and helping to establish the sector
Ammonia ambitions to help drive gas demand
The gas-hungry sector is set for rapid growth, and oil majors and some of the world’s largest LNG firms are investing in ammonia production and export facilities, though much depends on regulatory support
Australia gas security faces fitness test
Reassessment of the country’s export-facing gas policy coincides with worsening domestic market backdrop
Middle East Gas Conference 2025
The global energy community will converge in Dubai on 10 December for a landmark event dedicated to shaping the future of natural gas across the region
New Zealand backs gas, but results take time
Government is sending out the right policy signals to support increased domestic gas development, but policy takes time to implement and even longer to yield results
Gas pricing finds a new norm
Gas-on-gas competition pricing has grown its share of consumption significantly over the past two decades, primarily at the expense of oil-price-escalation pricing, according to the IGU
Namibia eyes diversifying energy mix as oil stalls
TotalEnergies’ delayed FID for its Venus project will likely set back first oil, but Windhoek has other irons in the fire
China’s oil output to scale new heights
New discoveries and stabilisation of legacy fields’ output have helped China reverse the decline and be a top-five producer in recent years
Soft market expectations for the upcoming heating season have been reflected in domestic LNG prices
China Petrochina Cnooc Gas
Shi Weijun
Shanghai
14 November 2022
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Bearish demand forecasts dominate China’s winter gas outlook

Economic headwinds and little sign of colder weather suggest continuing weakness

China’s gas demand—which has underpinned global LNG trade growth for the past dozen years—is on track to potentially shrink this year for the first time in at least two decades amid a sharp economic downturn. But the country’s biggest energy suppliers differ on the severity of the contraction and how long it will last. Company officials within Petrochina and Cnooc—China’s largest onshore and offshore gas producers respectively—have predicted at industry events in November that 2022 Chinese gas demand will at best grow at a rate sharply slower than historic levels, if not decline on an annual basis. Official statistics have pegged China’s apparent gas consumption at 269.48bn m³ in the first n

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Power of Siberia 2: deal or no deal?
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There is a good strategic case for China to sign a deal for gas supplies via the proposed Power of Siberia 2 pipeline, but Beijing’s concerns over over-dependency on a single supplier and desire to drive down the price make it relatively unlikely that a contract will be finalised this year.
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