With the global energy transformation the international liquefied natural gas (LNG) market is undergoing profound changes. Due to world economic development, industrial restructuring, natural gas and alternative energy competition as well as other factors, global LNG supply and demand, LNG market structure and LNG prices will start to show new trends shortly. Hence, China, a major natural gas producer and an important LNG importer in the world, will face plenty of new opportunities and challenges in LNG imports. In response, we must take appropriate measures on industrial policies and regulations, prices and markets, etc.

In 2018, China's natural gas market reached a new level of development, with apparent consumption of 280.3 billion m³, up by 18.1% over the same period in the previous year. Domestic production grew steadily, reaching 157 billion m³, up by 7.2% over the same period in the previous year. Natural gas imports grew rapidly, with imports of pipeline gas and LNG totalling 124.2 billion m³. In terms of trade types, imports of LNG continue to exceed those of pipeline gas. In 2019, there has been downward pressure on the macro economy, and the development of the main gas sector has slowed down. Driven by environmental protection policies, the natural gas market continues to maintain rapid growth. However, it is difficult for the levels of increment and growth to reach those of the previous two years, and the growth rate of market demand is predicted to reach 10.7%.

 

Green and low-carbon development is the critical countermeasure to cope with climate change and to promote energy production and consumption revolution. China National Offshore Oil Corporation (“CNOOC”) has thoroughly implemented the requirements of the country’s ecological civilisation construction, highlighting the mission and responsibility of large central energy enterprises. Combined with the characteristics of its industry, CNOOC put forward a green low-carbon development strategy. CNOOC has put into practice the concept and practice of green and lowc-arbon development by optimising the design of management systems, innovating energy conservation and emission reduction management and practice, promoting the construction of a green manufacturing system, and strengthening the supply of low-carbon clean energy. The main path and direction of the follow-up of the sustainable development are clearly defined. These practices provide a useful reference for promoting the transformation of China’s economic development mode to being more green and low-carbon, constructing an ecological civilization and development that is sustainable.