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| Current Status and Prospects of China’s Natural Gas Industry |
| Gao Jie，Sun Chunliang |
| PetroChina Planning and Engineering Institute |
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Abstract In 2023, China’s natural gas sector experienced robust growth in both supply and demand dynamics, as consumption regained an upward trend, reaching 394.53 billion m3, reflecting a 7.6% year-on-year surge. Domestic gas production and reserves persistently progressed, hitting a production volume of 228.84 billion m3 and achieving a seven-year consecutive increment exceeding 10 billion m3. After an initial sharp decline, imported natural gas rebounded to record growth; the combined import volume of pipeline
gas and LNG climbed to 163.92 billion m3, a notable 11.3% rise compared to the previous year. As China’s policies for stable economic growth are further entrenched in 2024, the macroeconomic recovery is anticipated to continue. Bolstered by the dual-carbon strategy and the transformative policies targeting high-energy-consuming industries, the natural gas market is expected to sustain its rapid expansion, with estimated growth in demand ranging between 5.8% and 7.1%.
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Published: 26 December 2024
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2024, Vol. 31 
