China has become one of the most emerging markets in oil and gas. It is one of the top 15 petroleum-rich countries consisting of 905 billion barrels of oil reserves and 3189 Trillion cubic feet of gas reserves. In 2016, China had reached reserve/production ratio of 30.4 and 11.9 natural gas and crude oil respectively. The demand for oil and gas is expected CAGR of 1.4% and 5.5% respectively by 2024.
The demand for crude oil expected to 6.45 Billion bbl (Bbbl) in 2024 from 3.96 Bbbl in 2015. Also, the demand for gas is expected to increase from 6.7 Trillion cubic feet (Tcf) to 10.9 Tcf in 2024. Considering the domestic production of oil around 4 million barrels per day, China is highly dependent on the global market of supply. In 2015, China imported 6.7 million of barrels per day which indicated that China reliance on oil importation is more the 60%. It is forecasted that by 2020, China’s crude oil consumption will be 12 million of barrels per day and by 2030, 80% of China’s crude oil dependency will be on importation.
Ministry of China is sparing no efforts in the search for new resources. Considering recoverable shale gas reserves and the gas which were commercially produced, China has total shale gas reserves of 4.6 Tcf. Total recoverable coal bed methane is 10.8 Tcf and total recoverable conventional natural gas is 1.79 Tcf.
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- Analyzing Published Information- Access to large pool of paid and unpaid published information via different sources and analyzing market trend.
- Setting Foundation- Input from analysis of secondary sources set our foundation to market analysis and helps in setting the scope for further research. Setting the scope involves Ameri Research proprietary statistical model, discussion with industry leaders, internal brain storming, key discussion pointers from various forums etc.
- Need Gap Analysis- Defining the gap between our scope and availability of information.
- KOL Panel Discussion- Focused Group Discussion with a structured discussion guide to fine tune the gap and deriving the factors driving/restraining the market trend.
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- Data Triangulation- We applies bottom-up demand approach or top-down estimation or a combined approach to triangulate the data points.
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