CNPC adjusts its business scope!

Recently, CNPC announced that according to the actual situation of the company's business development, in order to meet the needs of oil and gas resources, geothermal resources exploration and exploitation, production and operation of some refining and chemical products, and meet the operation requirements of PetroChina's electronic sales platform, the following adjustments are proposed to the company's business scope.First, adjust "oil and natural gas exploration and production" to "exploration, exploitation and sales of oil, natural gas, coalbed methane, shale gas, shale oil, natural gas hyd

CNPC 2020-05-20

China's crude inventory decline may augur a rebalancing oil market

The great oil glut of 2020 may have already peaked in the world’s biggest crude importer.Crude inventories in China have shrunk in recent weeks after rising to record levels, according to analysts and satellite observations. Supplies have been drawn out of storage as refineries ramp up operations to meet rising demand from an economy emerging from lockdown.Inventories drawing in the world’s biggest importer is an early sign that rebalancing may have begun in the global oil market after an epic collapse in demand, according to Morgan Stanley. Stockpiles dwindled even as oil imports in April inc

China Oil 2020-05-12

Personality and Regional Politics Drive Digital Decision-Making in the Oil Sector

More than many other industries, the characteristics of regional oil markets depend substantially on the personalities of the oil majors present in them. Because of decades of government financial support, and often government ownership, regional oil markets behave very differently. These different identities shape how they react to change.The Covid-19 pandemic is one example of the differing strategies of regional oil players when under pressure. Another example has been the emergence of cheap U.S. shale oil and gas. Whenever price shocks occur due to demand changes or large new suppliers ent

Global Market 2020-04-23

CNPC: Accelerating digital transformation

On April 15, Dai Houliang, chairman of CNPC, presided over a meeting, listened to the report of CNPC's digital transformation and development framework, and arranged and deployed the key work of digital transformation. He stressed that we should thoroughly study and implement the spirit of speech by general secretary Xi Jinping on the Internet power, digital China and new infrastructure construction, deepen our understanding of the situation, enhance our sense of urgency, actively adapt to the trend of digital development, do overall design and implement step by step, accelerate the transforma

CNPC 2020-04-17

China removes import quotas on some tax-free oil and gas drilling equipment

China introduced an application-based import quota regime in 2016 to offer import tax waivers for nearly 400 pieces of equipment used in oil and gas exploration, in order to boost domestic energy outputBEIJING: China said it is to remove import quotas on some tax-free onshore and offshore oil and gas drilling equipments used in some specified regions, the finance ministry said in a statement on Monday.China introduced an application-based import quota regime in 2016 to offer import tax waivers for nearly 400 pieces of equipment used in oil and gas exploration, in order to boost domestic energy

China Policy 2020-03-31

Shale Drillers Are Staring Down Barrel at Worst Oil Bust Yet

(Bloomberg) -- America’s shale drillers have never faced an oil bust quite like this.The split between Russia and its one-time OPEC allies last week has ignited an all-out price war. U.S. crude prices plunged the most since the 1990s, falling to less than $28 a barrel and rendering vast swathes of the U.S. oil industry unprofitable. Shares and bonds of shale producers plunged Monday, with the S&P 500 Energy Index posting its worst intraday decline on record.It’s a disaster for U.S. frackers including Chesapeake Energy Corp. and Whiting Petroleum Corp., who were already trading at distressed le

OPEC 2020-03-12

Li Fanrong confirmed CNPC general manager

The Chinese government has appointed Li Fanrong as the general manager of state giant China National Petroleum Corporation (CNPC).

China Energy China Oil CNPC 2020-02-29

The Coronavirus May Mark The End Of Russia-OPEC Cooperation

A week ago, at an emergency meeting of the OPEC’s Joint Technical Committee, Russia refused to agree to the cartel’s proposal to reduce production by an additional 600 000 barrels per day (bpd). Explaining Russia’s position, Energy Minister Alexander Novak said that in order to make such a decision

OPEC China Oil Import 2020-02-18

Shell, Total reject China’s force majeure on LNG shipments

SINGAPORE (Bloomberg) - Two of Europe’s biggest energy companies rejected a Chinese force majeure on liquefied natural gas contracts in the latest twist to a drama that’s gripping global commodities markets.Shell and Total didn’t accept the legal grounds for the move by CNOOC that would have freed it from its contractual obligations to take delivery of the shipments, according to people with knowledge of the matter.While CNOOC is still likely to cancel delivery of the prompt cargoes, suppliers will probably seek compensation from the Chinese firm, said the people, who asked not to be identifie

China Oil Import Global Market 2020-02-12

Factbox: Coronavirus hits demand for oil, energy

A fast-spreading coronavirus in China has sent shockwaves through global commodity markets, prompting OPEC and its allies to consider deepening crude supply curbs and Asia’s largest oil refiner to slash over a tenth of its output.FILE PHOTO - An oil tanker unloads crude oil at a crude oil terminal in Zhoushan, Zhejiang province, China July 4, 2018. Picture taken July 4, 2018. REUTERS/StringerMARKETS EXPECT REDUCED OIL DEMANDThe oil market looks set for at least four months of depressed demand because of the coronavirus outbreak, with a large crude surplus not expected to clear at least until A

Global Market China Oil 2020-02-12

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

USITC INSTITUTES SECTION 337 INVESTIGATION OF CERTAIN SHAKER SCREENS FOR DRILLING FLUIDS, COMPONENTS THEREOF, AND RELATED MARKETING MATERIALS from Chinese suppliers

USITC INSTITUTES SECTION 337 INVESTIGATION OF CERTAIN SHAKER SCREENS FOR DRILLING FLUIDS, COMPONENTS THEREOF, AND RELATED MARKETING MATERIALSThe U.S. International Trade Commission (USITC) has voted to institute an investigation of certain shaker screens for drilling fluids, components thereof, and related marketing materials. The products at issue in the investigation are described in the Commission’s notice of investigation.The investigation is based on an amended complaint filed by M-I L.L.C. of Houston, TX, on November 7, 2019. The amended complaint alleges violations of section 337 of t

China Petrochemical 2020-01-15

China Opens Up to Oil Majors at the Wrong Time

Broad new horizons in key markets are opening for the world’s energy companies. Don’t expect to see a land rush any time soon. China will allow all large domestic and foreign companies to apply for oil and gas exploration licenses that were previously only open to state-owned enterprises, the country’s resources ministry said at a briefing Thursday. In India, regulators will also let private and international companies bid for a group of coal blocks it’s putting up for auction starting this month, the country’s coal and mines minister Pralhad Joshi said this week, chipping away at a near-monop

China Investment China Oil Exploration China Policy 2020-01-14

Energy China Forum 2020 Recruitment Notification - International Project Officer

Energy China Forum 2020 Recruitment Notification - International Project Officer, Shanghai ChinaEnergy China ForumDowntown, Huangpu District, Shanghai, ChinaFull-timeResponsibility:1. Responsible for international project promotion, including planning, publicity and copywriting;2. Organize or provide assistance to international industry summit, global conferences and other events;3. Responsible for daily communication, marketing, maintenance and following up with global energy institute, governments, associations and energy companies;4. Responsible for market research, including industry dynam

China Gas China Shale Oil China Oil CNPC China Shale Gas 2020-01-12

China opens up oil and gas exploration, production to foreign firms

China will for the first time allow foreign companies to explore for and produce oil and gas in the country, opening up the industry to firms other than state-run energy giants as Beijing looks to boost domestic energy supplies.The long-awaited opening comes alongside Beijing’s reshuffle in the so-called “midstream” pipeline business, but experts say the policy relaxation may not draw immediate interest from international drillers due to overall poor asset quality of China’s hydrocarbon resources.From May 1, 2020, foreign firms registered in China with net assets no lower than 300 million yuan

China Policy 2020-01-09

【ECF News】China's oil and gas industry policy will enter a implemention stage in 2020

In 2019, the policies and regulations related to the reform of the oil and gas industry promulgated at the national level mainly involve the open of market access, market supervision, system reform, and price reform, and rarely involved industrial development and planning. The policies and regulations related to the oil and gas industry introduced in 2019 are basically based on the "big reform of the entire industrial chain".The year of 2020 is the ending year of the 13th five year plan period. After the first two years of top-level design, this year can be said to have truly entered the "comp

China Policy China Shale Oil ECFShale China Shale Gas 2020-01-03

China Discovered More than 1.8 Billion Tonnes of New Oil Reserves in 2019

China's national oil corporation, the country's largest oil and gas supplier, discovered a record high of 1.84 billion tonnes of reserves in 2019.More than 1 million tonnes of oil have been found in the Ordos basin, while over 1 trillion shale gas have been explored in the Sichuan and Tarim basins.According to the company, the results are due to intensive research and technological innovations.

China Oil Exploration 2020-01-02

China Set to Add 1.2 Billion Tonnes to Proved Petroleum Reserves This Year

China expects to add 1.2 billion tonnes to its proved petroleum reserves in 2019, 25% more than was added in 2018, the official Xinhua news agency said, citing an industry conference.The country also expects to add new natural gas reserves of 1.4 trillion cubic metres, 68% more than it added last year.Crude oil production is seen reaching 191 million tonnes (£36.77 billion), according to Xinhua.China will accelerate ocean and deep water oil and gas exploration in 2020, it added, after investment in upstream exploration and developments was seen reaching 332.1 billion yuan ($47.18 billion) this

China Crude Oil 2019-12-18

【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 China Shale Oil ECFShale China Shale Gas 2019-12-13

China Oct crude oil output flat, gas up 8.2% y/y -stats bureau

China’s October crude oil output was flat to a year earlier at 16.11 million tonnes, data from the National Bureau of Statistics showed on Thursday.Natural gas output in October rose 8.2% from the same month last year to 14.6 billion cubic metres, the data showed.

2019-11-15