Regional Report - China: NOCs scramble to narrow the ever-widening supply-demand gap ///

With China’s oil and gas giants continuing their global buying bender and showing no signs of closing their wallets anytime soon, it’s easy to overlook the spirited onshore and offshore drilling campaign taking place within the country’s ample borders as it struggles to quench an unequaled thirst for energy. Even as its once otherworldly economy falls back to earth, China’s world-leading appetite for oil and gas is projected to only intensify over the next two decades, so much so that it promises to be the wild card in future global oil price scenarios. In its World Energy Outlook 2012, released on Nov. 12, Paris-based International Energy Agency (IEA) went so far as to forecast that by 2035, China, alone, would account for 50% of the net increase in global oil demand. Despite its ranking as the world’s fourth-largest oil producer, China is also the second largest net importer, and one of the premier markets for liquefied natural gas (LNG).

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