Largest Chinese Oil Producer Headlines LNG Industry At LNG2019 Conference
Liquefied Natural Gas or LNG is just one of the many natural resources that China consumes on a massive scale. As such the country has a high demand for this particular resource. It is no wonder why the China National Offshore Oil Corporation is also headlining the country's LNG2019 conference.
CNOOC is widely considered as China's biggest offshore oil and gas producer. The company mainly facilitates the innovation of technology used in the LNG industry, as well as providing business and management solutions.
During the 19th International Conference and Exhibition on Liquefied National Gas (LNG2019) on April 2, CNOOC President Yang Hua said that the company continues to be committed to the development and delivery of stable and reliable clean energy. The LNG2019 was held in the city of Shanghai.
During his speech, Mr. Yang highlighted the importance of liquefied natural gas. He said that this particular natural resource has increasingly been adopted as the backbone of a global energy transition. He added that LNG has also been seen by many experts as the most active form of natural gas supply.
In China, LNG has long emerged as an important and primary source of natural gas. Mr. Yang said that LNG is one of China's natural gas source. He added that China also stands as the world's second largest importer of LNG. Over the span of several years and grew out of necessity, China has built 21 LNG terminals all across the country. These terminals have an annual receiving capacity of 80 million metric tons. Moreover, the country also imports more than 230 million tons of LNG from various trading partners and international sources.
Mr. Yang said that CNOOC now has 10 LNG terminals that are fully operational. He said that these terminals have a combined annual capacity of 45.2 million tons. On top of that, he added that the company continues to push further in the development and construction of new terminals in order to meet the growing demand.
CNOOC has had a quite productive year in 2018. The company reported 17 new oil and natural gas discoveries. Of these discoveries, 12 were in China while five were discovered in Guyana. The Guyana block has estimated recoverable resources of around 5.5 billion barrel of oil equivalent.
Earlier this year, CNOOC reported two major discoveries both in the Stabroek block in Guyana. One was discovered in Tilapia, while the other one was discovered in Haimara.