China to import half of gas supply by 2020

The head of China's largest offshore oil company said that the country will have to import nearly half of its liquefied natural gas by 2020. China National Offshore Oil Corp (CNOOC) general manager Fu Chengyu told the Asia Pacific Business Forum that importing natural gas will cost China upwards of US$60 million per year. Mainland demand for natural gas is projected to rise around 12% per year over the coming 15 years, reaching one trillion barrels by 2020. Fu said a total of 49% of China's natural gas will be imported, with 10% coming via a pipeline from Central Asia and Russia.