Commodities
Big Oil Morphs Into Big Gas in China as EVs Slash Fuel Demand
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China’s energy giants are increasingly pivoting to natural gas to raise production, as demand for oil slows and global trade tensions heighten the risks of relying too heavily on imports.
The nation’s gas output is poised to surpass that of crude oil for the first time this year, with each of the three state-owned majors — PetroChina Co., Cnooc Ltd. and Sinopec — setting higher production targets for the cleaner-burning fuel. To deliver that growth, the firms are expanding into technically challenging areas including unconventional shale fields and deep-water reserves.