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Introduction

China’s economic growth means it is now the second-largest importer of oil behind the US, and the proportion of imports is expected to rise steadily.

China’s phenomenal growth has resulted in a dramatic rise in demand for oil. The country consumed 350 million tons of crude oil in 2006, a 7% rise from 2005, but only 184 million tons was produced domestically.

Traditional domestic reserves are running out which means China now has to exploit more of its heavy crude reserves and import increasing quantities of heavy crude oil. This type of oil is more difficult to recover from the ground, more difficult to refine, and has a greater environmental impact than light crude. This requires advanced technology that is not available from domestic suppliers.

Additionally, the introduction of more stringent transportation fuel standards is forcing refiners to invest $6.2 billion in new equipment in order to meet the 2010 Cleaner Fuel targets.

Chinese oil companies have favourable opinions of western products and are eager to do business with foreign companies. Oil & Gas China provides an excellent opportunity to showcase products to Chinese buyers who are the key industry players in the upstream and downstream sectors.

China, Natural Gas Reserves, Billion Cubic Feet, 1996-2020

China, Exploration and Production Assets Map, 2008

South Asia, Country Standings, Oil and Gas Sector Performance

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