BP mulls options to weather any further price falls

"The volume in the Chinese market is too large to be neglected," Sanyal said. About 61 percent of the year-on-year growth in energy consumption came from China last year.

Meanwhile, China faces challenges to meet greater energy demand with less carbon footprint as the country has pledged to cut greenhouse gas emissions per unit of gross domestic product by 60 percent to 65 percent by 2030 compared with the level in 2005.

The switching from coal to gas and increasing energy efficiency are essential to meet the goal, Sanyal said.

Natural gas accounts for more than 50 percent of BP's portfolio and the company is looking into more opportunities in the sector to support China's green agenda.