INDUSTRY NEWS

【ECF News】Sinopec Made Major Breakthrough at Rotational Steering Technology

On November 29, 2019, SINOMACS ATS I rotary steering equipment independently developed by Sinopec Shengli Petroleum Engineering Co., Ltd.'s MWD technology center successfully tested in Shengli oil field, marking a major breakthrough for Sinopec's rotary steering technology.For a long time, global oil service companies such as Schlumberger, Baker Hughes, and Halliburton have always occupied the high-end technical service market with their rotary guidance systems. Some domestic companies are conducting research and development, but have not yet formed large-scale application capabilities.Sinopec

Tech Sinopec 2019-12-13

【ECF News】Chinese shale gas poised to spring output surprise in 2020

China is on course to produce 15 billion cubic metres of shale gas in 2019, a year earlier than some estimates. This puts the country on track to surpass output expectations in 2020 – potentially by a wide margin.The 15 bcm forecast was given by PetroChina and Sinopec executives at separate industry events in Beijing on Thursday and Saturday. The predicted output would represent an increase of 37% from last year’s production of 10.8 bcm.PetroChina's vice president Li Luguang addressed an acceleration of PetroChina in upstream shale development, saying the company's shale gas production is esti

CNPC ECFShale China Shale Gas 2019-12-13

PetroChina Plans 50% Fracking Surge Next Year

PetroChina Co. Ltd. is aiming to produce 12 billion cubic meters of shale gas next year and is predicting 7.8 billion to 8 billion cubic meters of output for 2019, company Vice President Li Luguang said at an energy conference Thursday.The announcement comes amid Chinese government efforts to grow annual shale gas production (link in Chinese) capacity to 30 billion cubic meters by 2020, according to the Shale Gas Development Plan (2016-2020) published by National Energy Administration in 2016.Shale gas deposits lie underground within layers of shale rock and require extraction using methods su

CNPC 2019-12-12

Chinese buyers offer to resell LNG cargoes as they struggle with weak demand

Chinese companies are offering to resell liquefied natural gas cargoes in the spot market as they grapple with high inventory amid weak demand due to a slowing economy and a milder than usual winter, several trade sources said on Monday.The world’s second-largest buyer of LNG is currently facing high inventory of the super-chilled fuel in some areas, several sources familiar with the Chinese market told Reuters.“It’s quite warm in China and the demand is very bad,” one of the sources with a state-owned company said, declining to be named as he was not authorized to speak with media.He added th

China LNG 2019-12-11

China launches long-awaited National Pipeline Company Dec 9

China launched its long-awaited national pipeline company Monday, state-owned Xinhua news agency reported, a move that is set to expand infrastructure access to energy industry stakeholders.The new company is expected to break up long-existing monopolies in China's oil and gas sectors, with the ultimate goal of enhancing supply security and lowering the cost of the country's energy consumption, market sources said."[This is] a key step towards deepening China's oil and gas reforms by increasing suppliers and supply channels of upstream resources and building a more efficient and competitive pi

China Gas Pipeline 2019-12-10

ECF China Shale Weekly Review - December 8, 2019

ECF China Shale Weekly Review - December 8, 2019

ECFShale China Shale Gas 2019-12-09

Petrochina sees 2019 shale gas output at 7.8-8 bln cubic meters

Petrochina sees its shale gas production at 7.8-8 billion cubic meters in 2019, rising to 12 billion cubic meters next year, its vice president Li Luguang said at an industry conference on Thursday.Li also pegged the combined output of Petrochina and China Petroleum & Chemical Corporation, or Sinopec, at 15 billion cubic meters this year.

China Shale Gas 2019-12-06