INDUSTRY NEWS

Holiday Notice - Jan 24 - Jan 30, 2020

Holiday Notice - Jan 24 - Jan 30, 2020

ECFShale 2020-01-23

Sinopec (SNP) to Review Multi-Billion LNG Deal With Cheniere

China Petroleum & Chemical Corporation SNP or Sinopec is expected to review the terms of a $16-billion liquefied natural gas (“LNG”) deal with Cheniere Energy, Inc. LNG, per Reuters. The drop in LNG prices is expected to have triggered the review of the supply deal.Notably, while China is set to become the biggest LNG importer by the end of the decade, the United States is likely to be the largest exporter within 2025, ahead of Qatar and Australia. This makes the world’s two biggest economies a perfect fit. While China is expected to import $18.5 billion worth of U.S. energy products this year

China LNG Sinopec 2020-01-22

Chinese demand for U.S. LNG unlikely to surge as long as tariffs remain

Chinese purchases of U.S. liquefied natural gas (LNG) are unlikely to surge, despite an agreement for China to buy more U.S. energy supplies, because tariffs on gas from the United States remain in place, analysts and traders said.Under a Phase 1 trade deal between the world’s two largest economies signed this week, China has committed to buying an additional $52.4 billion worth of U.S. energy supplies, including LNG, over the next two years.But a 25% tariff imposed by China on U.S. LNG, which has pushed the price of U.S. gas above the spot market and restricted purchases, remains for now whil

China LNG 2020-01-22

China Finds Oil In Asia’s Deepest Onshore Well

China National Petroleum Corporation (CNPC) has found crude oil and natural gas in the deepest well drilled in Asia’s onshore, striking hydrocarbons in a pre-salt layer for the first time in China.The discovery was made in the Tarim oilfield in China’s northwestern region of Xinjiang in a well deep 8,882 meters (29,140 feet), which was first drilled in July last year.Production from the now spudded well in the pre-salt area is expected at 133.46 cubic meters of oil per day, while daily gas production is seen at 48,700 cubic meters, according to a CNPC statement carried by Reuters.It is rare fo

China Oil Exploration 2020-01-21

ECF China Shale Weekly Review - January 19, 2020

ECF China Shale Weekly Review - January 19, 2020

ECFShale China Shale Gas 2020-01-20

【ECF News】PetroChina shale oil and gas exploration progress and upstream business development strategy

1 Major advances in unconventional oil and gas exploration in the near future 1.1 Four major breakthroughs and new discoveries in unconventional oil and gas exploration a. A billion-ton extra-large conglomerate reservoir was discovered in the Mahu Sag, Junggar Basin. b. 1 billion ton-level shale oil Qingcheng oilfield discovered. c. A trillion bcm shale gas area has been formed. d. A new field for volcanic gas exploration opened as Yongchang 1 risk exploration well drilled in the Sichuan Basin. 1.2 Ten 100 million tons level reserves formedIn the past three y

China Shale Oil CNPC ECFShale China Shale Gas 2020-01-17

CNPC to increase output of oil and gas

China National Petroleum Corp, the State-owned energy giant, is planning to ramp up oil and gas output to more than 200 million metric tons of oil equivalent this year, while looking to raise the share of natural gas output to a record high of 50 percent.The company announced the annual goal during its work conference for 2020 held on Tuesday in Beijing. It plans to invest 5 billion yuan ($726 million) this year on oil and gas exploration.Natural gas capacity at CNPC's Tarim Oilfield and Southwest oil and gas field will exceed 30 billion cubic meters, while shale gas production will surpass 11

CNPC 2020-01-16