CNOOC president, China to speed up LNG development

President of China National Offshore Oil Corporation (CNOOC) Fu Chengyu said here Saturday that China needs to incorporate natural gas expansion into the fundamentals of energy strategy in order to alleviate environmental pressure, relieve energy security concerns and improve energy efficiency.

At one sideline of the Boao Forum for Asia 2005 annual conference, Fu estimated that China will consume 64.3 billion cubic meters of liquefied natural gas (LNG) in 2005 with 63 billion cubic meters churned out by domestic manufacturers.