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Are China's NOCs still over-contracted?

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Report summary

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.

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    Are China's NOCs still over-contracted?

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Tables and charts

This report includes 8 images and tables including:

Images

  • Are China's NOCs still over-contracted?: Image 1
  • CNOOC monthly LNG imports in 2016
  • CNOOC contracts offtake in 2016
  • 2018 LNG contract price comparison*
  • Impact of purchasing spot LNG (April 2017)
  • Sinopec-APLNG monthly imports
  • Sinopec-PNG monthly imports
  • Are China's NOCs still over-contracted?: Image 6

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