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PetroChina - the big winner from China's gas price reforms

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Report summary

On 28 June 2013, China's National Development and Reform Commission (NDRC) announced a new two-tier gas pricing system for all onshore and imported gas, and an increase in city-gate prices for all non-residential sectors.  City gate prices for contracted volumes remain fixed and regulated, but have been increased by 15% (to an average US$8.90/mcf).  However, for incremental volumes (above 2012 contracted levels) the reform has indexed the price to LPG and fuel oil across the entire country,...

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    PetroChina the big winner from Chinas gas price reforms.xls

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Table of contents

    • NDRC reforms domestic gas pricing
    • Impact of reforms
    • Increased wellhead prices
    • Enhanced asset value
    • Sulige field is the biggest winner
    • Everyone's a winner
    • 2016 might be an ambitious target
    • Methodology

Tables and charts

This report includes 6 images and tables including:

Images

  • Wellhead price by asset (nominal terms)
  • Pre-reform price vs reform price
  • NPV increment in different roll-out scenarios

Tables

  • Changes in value*, by region/basin
  • Changes in value*, by field
  • Changes in total upstream value in China, by company

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