Bloomberg. China will rely on oil for more than 50% of its energy within five years. Coal currently supplies two-thirds of China’s energy.
Speaking at the International Petroleum Week conference in London, Gao Shixian, Director of Center for Energy Economics and Development Strategy of Energy Research Institute in China, said the country’s net oil imports would almost double to beween 180–200 million tons—equivalent to some 4.3 million barrels per day—by 2010.
Last year, China imported more than 100 million tons (about 2.2 million barrels per day), of which about half came from the Middle East. The US last year imported approximately 10 million barrels per day.
“China should import more energy—that’s the picture for oil and gas. Energy diversification is a priority for China.”
By 2010, oil will account for between 51.4 percent to 52.6 percent of China’s energy needs, up from 29.1 percent in 2000, Shixian said.
China’s natural gas consumption is rising even more dramatically. From no imports in 2000, China is projected to have net gas imports of between 20 billion cubic meters and 25 billion cubic meters in 2010. Natural gas should provide some 20% of China’s energy by 2010, according to Shixian.
That’s a fairly dramatic change in the relative energy composition of the country in five years—coal dropping from two-thirds to about one-quarter.