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Summary of the provided text:
China and Gazprom: Golden Business, but with a Shift in Strategy
China and Gazprom are enjoying strong business relations, but Beijing is also developing its own energy security strategy.
Recent Development:
- China announced the discovery of a large gas field in the South China Sea, adding 1 trillion cubic meters to its proven reserves.
- This discovery raises questions about the impact on Russian gas exports and Gazprom’s development projects.
China’s Energy Strategy:
- China aims to reduce its dependence on imports by increasing domestic gas production.
- While offshore gas production has increased significantly in the past five years, it still accounts for only 7.5% of China’s total volumes.
Impact on Gazprom:
- Gazprom is expected to continue supplying 38 billion cubic meters of gas per year through the Power of Siberia pipeline in 2024.
- Future projects could further increase gas supply to China.
- Gazprom officials express confidence in the stability of gas imports despite China’s growing energy independence.
Conclusion:
China’s pursuit of energy security through increased gas production may impact Gazprom’s export business, but the company remains optimistic about its partnership with China.