China Oil & Gas: Above-Consensus Forecasts for Medium-Term Growth, but Electric Vehicles Loom Large
Consensus is missing the boat on China’s medium- and long-term oil demand but, interestingly, in different directions. Over the next five years, we’re bullish. We think that by relying on China’s inflated official GDP growth figures, other forecasters are underestimating China’s income elasticity of oil demand. Looking from the bottom up, near-term improvements in China's fuel-efficiency standards will be more modest than headline requirements suggest. Also, others have mistakenly identified the...Woodside Petroleum is engaged in hydrocarbon exploration, evaluation, development, production and marketing. Co.'s operating segments include: North West Shelf Project, which is engaged in the exploration, evaluation, development, production and sale of liquefied natural gas, pipeline natural gas, condensate, liquefied petroleum gas and crude oil from the North West Shelf ventures; Pluto LNG, which is engaged in the exploration, evaluation, development, production and sale of liquefied natural gas and condensate in assigned permit areas; Australia Oil; Browse FLNG; and Wheatstone LNG. As of Dec 31 2015, Co. had proved reserves of 1.15 billion barrels of oil equivalent.
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