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CNPC-PetroChina LNG corporate summary

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12 April 2018

CNPC-PetroChina LNG corporate summary

Report summary

CNPC-PetroChina is China's largest gas supplier, supplying 66% of domestic demand in 2017, with a responsibility to ensure security of gas supply. Its LNG imports are focused in Northern China, the fastest demand growth region due to coal to gas switching policies. CNPC/PetroChina requires additional LNG as demand is expected to continue to grow strongly in north China. While we expect spot procurement to continue, CNPC/PetroChina is clearly also now ready to sign new long-term contracts. It moved to sign the Cheniere contract in January 2018. This was the first contract signed in over 4 years since agreeing to take Yamal volumes. We expect additional deals will be done to close its uncontracted position.    

Table of contents

  • Executive summary
    • Corporate structure
    • Key figures
    • SWOT analysis
    • CNPC-PetroChina is the leading gas company in China
      • CNPC and PetroChina upstream presence and gas infrastructure in China
    • PetroChina's growing market share benefits from coal-to-gas switching in the north
    • PetroChina faces competitive pressures
    • Seasonal gas demand mean PetroChina requires spot LNG in winter
    • Alternative supply sources may limit future winter LNG opportunity
    • International LNG trading strategy is at an early stage
  • LNG shipping
  • LNG regas access
    • CNPC-PetroChina LNG related interests
    • PetroChina LNG Contracts
    • PetroChina has relied heavily on Qatar for LNG, is moving to diversify import sources
    • Has appetite for long-term supply returned?
    • Expensive legacy LNG contracts are an issue for CNPC/PetroChina
    • Opportunity for price renegotiations in an oversupplied market
  • Supply-demand balances
    • Detailed corporate structure

Tables and charts

This report includes 20 images and tables including:

  • CNPC-PetroChina LNG supply-demand forecast*
  • Contracted LNG by seller
  • PetroChina LNG imports vs market share
  • PetroChina’s LNG Terminals Regasification Capacity (mmtpa)
  • PetroChina LNG WACOG
  • Average cost of supply by seller (2018 to 2027)
  • CNPC-PetroChina firm gas supply
  • CNPC-PetroChina non-firm gas supply
  • Company profile: Table 1
  • Company profile: Table 2
  • PetroChina monthly LNG imports in 2017
  • PetroChina gas supply cost curve 2018
  • LNG supply: Image 1
  • CNPC-PetroChina LNG related equity interests
  • CNPC-PetroChina LNG supply contracts
  • Appendix: Image 1
  • Role in China: Image 1
  • China historical annual gas production (bcm)
  • 2017 PetroChina gas supply mix
  • Role in China: Table 1

What's included

This report contains:

  • Document

    CNPC-PetroChina LNG corporate.xlsx

    XLSX 255.41 KB

  • Document

    CNPC-PetroChina LNG corporate summary

    PDF 1.61 MB

  • Document

    CNPC-PetroChina LNG corporate summary

    ZIP 1.79 MB

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