Are China's NOCs still over-contracted?

Table of contents

• Competition is changing China’s LNG market
• CNOOC – suffering expensive legacy LNG supply deals
  • China’s largest LNG importer
  • Emerging buyers are threatening CNOOC’s market share
  • CNOOC has been buying spot LNG to reduce its overall LNG cost
• PetroChina – relying on spot LNG in the winter, but for how long?
  • Seasonal gas demand and pipeline bottlenecks mean PetroChina requires spot LNG in winter
  • Alternative supply sources may limit future winter LNG opportunity
• Sinopec – the smallest NOC buyer has marketing challenges
  • Low uptake of gas makes marketing difficult for Sinopec in Guangxi
  • Equity in APLNG may give Sinopec additional supply flexibility
• Are the NOCs still over-contracted?
• Appendix:

Tables and charts

This report includes the following images and tables:

Are China's NOCs still over-contracted?: Image 1CNOOC monthly LNG imports in 2016CNOOC contracts offtake in 2016

What's included

This report contains:

• Are China's NOCs still over-contracted?

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