Beijing: Europe’s largest oil company Royal Dutch Shell said it will invest around US$1bn annually in its upstream businesses in China in an effort to meet China’s soaring demand for natural gas.
"There is huge potential to come in terms of the natural gas market in China," Peter Voser, the company's chief executive officer, said yesterday in Beijing. Meanwhile, he estimated that China's natural gas output will reach 200bn cu m before 2020.
Voser said the company's investment scale will change depending on how successful its current projects are in the following years, currently it is co-operating two gas blocks with CNPC.
China's natural gas imports for 2012 are expected to reach 42.59bn cu m, up 35.69% year-on-year, according to statistics from energy information consultancy ICIS C1 Energy. [21/11/12]