Name: Are China's NOCs still over-contracted?
Brand: Wood Mackenzie
SKU: 70439
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Author: Wood Mackenzie

Insight 26 July 2017

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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The combination of high legacy-contract LNG prices, lower-than-expected demand and increasing competition is challenging China's NOCs' business models. In 2016, we saw the NOCs negotiate with suppliers to reduce offtake where they can, divert cargoes into the spot market, and put more effort into marketing gas domestically. In this analysis, we compare and contrast these strategies, and reflect on the NOCs' contract execution and spot activities.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

<li class="list__item-toggle font-semibold">
        Competition is changing China’s LNG market
    </li>

<li class="list__item-toggle">
        <a href="#daace4ca-0c12-4e5d-a0cc-6694ee2da3af" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="daace4ca-0c12-4e5d-a0cc-6694ee2da3af" aria-expanded="false">
            CNOOC – suffering expensive legacy LNG supply deals
        </a>
        <ul id="daace4ca-0c12-4e5d-a0cc-6694ee2da3af" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        China’s largest LNG importer
    </li>
    <li class="push-quarter--bottom">
        Emerging buyers are threatening CNOOC’s market share
    </li>
    <li class="push-quarter--bottom">
        CNOOC has been buying spot LNG to reduce its overall LNG cost
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#f73669cc-8868-4808-9db7-bbcedc33a313" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="f73669cc-8868-4808-9db7-bbcedc33a313" aria-expanded="false">
            PetroChina – relying on spot LNG in the winter, but for how long?
        </a>
        <ul id="f73669cc-8868-4808-9db7-bbcedc33a313" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Seasonal gas demand and pipeline bottlenecks mean PetroChina requires spot LNG in winter
            <ul id="bcf741fb-cf1e-4fee-bbf5-da74ce48a6cd" class="push-half--left">
                    <li class="push-quarter--bottom">
        
    </li>

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    </li>
    <li class="push-quarter--bottom">
        Alternative supply sources may limit future winter LNG opportunity
    </li>
    <li class="push-quarter--bottom">
        
    </li>

</ul>
    </li>

<li class="list__item-toggle">
        <a href="#2c0cdc51-ffd4-44c4-9b24-1dec41a785f7" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="2c0cdc51-ffd4-44c4-9b24-1dec41a785f7" aria-expanded="false">
            Sinopec – the smallest NOC buyer has marketing challenges
        </a>
        <ul id="2c0cdc51-ffd4-44c4-9b24-1dec41a785f7" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Low uptake of gas makes marketing difficult for Sinopec in Guangxi
    </li>
    <li class="push-quarter--bottom">
        Equity in APLNG may give Sinopec additional supply flexibility
    </li>

</ul>
    </li>

<li class="list__item-toggle font-semibold">
        Are the NOCs still over-contracted?
    </li>

<li class="list__item-toggle font-semibold">
        Appendix:
    </li>

</ul>

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<h3 class="alpha push-half--bottom">Tables and charts</h3>

<p class="push-half--bottom">This report includes the following images and tables:</p>

<ul class="list list--bullets">
         <li class="list__item push-quarter--bottom">Are China's NOCs still over-contracted?: Image 1</li><li class="list__item push-quarter--bottom">CNOOC monthly LNG imports in 2016</li><li class="list__item push-quarter--bottom">CNOOC contracts offtake in 2016</li>
     </ul>
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            View more tables and charts in this report
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        <ul class="list list--bullets panel-toggle" id="1b5d4e2293d54f3c8c08893b22cc9eb9">
            <li class="list__item push-quarter--bottom">2018 LNG contract price comparison*</li><li class="list__item push-quarter--bottom">Impact of purchasing spot LNG (April 2017)</li><li class="list__item push-quarter--bottom">Sinopec-APLNG monthly imports</li><li class="list__item push-quarter--bottom">Sinopec-PNG monthly imports</li><li class="list__item push-quarter--bottom">Are China's NOCs still over-contracted?: Image 6</li>
        </ul>
        
    </div>

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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
<ul class="list"><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Are China's NOCs still over-contracted?</p>
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