O&G Journal: IEA: China seen doubling gas demand by 2017

China will more than double its gas consumption over the next 5 years, while lower prices from the unconventional gas revolution will continue to benefit the US, according to a new report from the International Energy Agency.

IEA’s Medium-Term Gas Market Report 2012, released June 5 at the World Gas Conference 2012 (WGC 2012) in Kuala Lumpur, says China will become the third-largest importer of gas behind Europe and Asia Oceania, driving a 2.7%/year average growth in global gas demand through 2017. This is up from the 2.4%/year growth rate predicted in last year's report.

Also during the period, North America will become a net exporter of LNG, although low gas prices will result in gas generating almost as much electricity as coal in the US by 2017, according to IEA.

Japanese imports will increase, although by how much will hinge on the country's nuclear policies, IEA said.  MORE