Natural Gas to Make Up Half of CNPC's Needs

Natural gas will account for half of the energy consumption in future for China National Petroleum Corporation, China Daily reported quoting Jiang Jiemin, chairman of the country's largest oil and gas producer and supplier.

Talking at a session during the 18th National Congress of the Communist Party of China on Sunday, Jiang said globally, natural gas accounts for an average 24 percent of national energy use, but for China the level is only 5 percent at the moment.

He added that 70 percent of China's natural gas consumption was imported this year, or more than 100 billion cubic meters, suggesting there is huge potential in China's natural gas market, the Chinese daily said.

According to the Ministry of Land and Resources, China's latest verified reserves of natural gas in 2011 were 766 billion cu m, a 30 percent rise year-on-year.

Jiang said the CNPC will continue to develop its natural gas businesses, and future natural gas usage will account for half of the company's total oil and gas consumption.