China gas strategic planning outlook

China’s gas demand rebounded in 2023. The government’s greater focus on economic growth, combined with softening global LNG prices, keeps gas demand growth prospects firm. In the meantime, NOCs are continuing to ramp up domestic gas supply. Gas field explorations are targeting deep and super-deep formations, bringing upside potential for long-term supply. The pipeline imports are also increasing. As a result of the new supply and demand landscape, China's LNG market has evolved. Although Chinese companies have signed many long-term contracts since 2021, they still have further appetites given domestic market potential and pursuit of LNG trading positions. Read our China gas strategic planning outlook to understand the latest China gas market dynamics.