【ECF News】Joint operations - the new picture for China oil & gas development

Following the signing of the strategic alliance cooperation agreement between PetroChina and Sinopec on June 22 and the signing of another joint research framework agreement on Monday, Sinopec and CNOOC signed a new cooperation framework agreement Wednesday.In the past three months, PetroChina, Sinopec and CNOOC have continued to carry out large-scale cooperation in onshore and offshore oil and gas basins, indicating that the domestic upstream exploration and development has ushered in a new change.Sinopec & CNOOC: Offshore CooperationOn July 10, PetroChina and CNOOC (China) Co., Ltd., a subsi

Opinion China Oil Exploration SOEs CNPC Sinopec CNOOC 2019-07-12

China to Ease Ownership Rules on Oil Exploration, City Gas

China is easing foreign access to a range of industries including oil, mining and city gas pipelines as the government follows through on pledges to open up to overseas investors.China will scrap the need for joint ventures in oil and gas exploration, and for domestic control of gas networks in cities with more than 500,000 people, the National Development and Reform Commission said on its website Sunday. The statement formed an update to the commission’s so-called negative list of industries where overseas investors are restricted or banned.The new rules take effect July 30. The commission sa

China Investment China Oil Exploration China Policy 2019-07-01

【ECF News】Zhang Wei was elected as vice chairman of PetroChina

At PetroChina's Annual General Meeting for the Year 2018 on Jun 13, Mr. Zhang Wei as Vice Chairman and non-executive Director of PETROCHINA COMPANY LIMITED. Zhang Wei, aged 50, is currently a board member and general manager of China National Petroleum Corporation (CNPC Group). Mr. Zhang is a senior economist with a master's degree. He has nearly 25 years of working experience in energy and chemical engineering.

SOEs CNPC 2019-06-14

PetroChina raising gas prices ahead of pipeline reshuffle

PetroChina is bucking normal practice and raising its wholesale natural gas prices during the weak-demand spring season, several sources said, preparing for the coming consolidation of China’s pipeline assets and trying to recoup huge fuel import losses.The increases from PetroChina - which supplies more than 70 percent of China’s gas - come as spring brings warmer temperatures, when demand and prices typically fall.PetroChina is also under pressure to recoup continuing losses from its gas import business due to high input costs versus government-capped domestic prices, sources with knowledge

China Gas Pipeline CNPC 2019-05-24

Chinese energy giant Sinopec defends 41 per cent increase in oil and gas exploration budget, says guided by market forces

China Petroleum & Chemical, or Sinopec, one of the country’s Big Three state-backed oil and gas producers and the world’s largest oil refiner, sought to allay concerns it was putting an order by Beijing to raise domestic output ahead of profitability.“One of the central government’s requirements for economic reforms is that market forces must play a decisive role when deciding resources allocation,” Dai Houliang, its chairman, said on Monday. “Corporate investment must be based on this principle, and be economically efficient.”His comments came after the company on Friday unveiled an oil and g

Sinopec 2019-05-17

China Invests In Game-Changing Arctic LNG Project

Russia’s second largest natural gas producer, independent player Novatek, has signed up key participation from two state-owned Chinese oil majors in its massive Arctic LNG 2 project. The deals were inked last week at the Second Belt and Road Forum for International Co-operation held in China. This cements Novatek’s position as Russia’s leading liquefied natural gas (LNG) developer, moving it a step ahead of the country’s two state-backed companies, Rosneft and Gazprom. China National Offshore Oil Corp. (CNOOC) and China National Oil and Gas Development Co. (CNODC), a unit of China National Pet

China Investment China LNG 2019-05-07

China Acquires 20 Percent Stake in Novatek’s Latest Arctic LNG Project

Russia’s largest private natural gas company, Novatek, secured vital funding for its Arctic LNG 2 plant. The project will be the company’s second liquified natural gas (LNG) production facility in the Arctic following on the heels of the Yamal LNG plant. Construction began earlier this spring on the Gydan Peninsula, just across the Ob delta from the Yamal LNG project on the Yamal peninsula.Building on the success of that first project, Novatek is thus far sticking with the same project partners. As the company announced, the China National Petroleum Corporation (CNPC) and the China National Of

China Investment 2019-04-30

ECF China Shale Gas Weekly Review - April 26, 2019

1. China's Jereh launches new shale gas development solutionJereh Group, a leading oilfield equipment manufacturer, unveiled a new electric solution for shale gas development at Yantai, Jereh Headquarter, witnessed by over 130 clients, including Representatives from CNPC, Sinopec, CNOOC as well as international clients from Russia, Kuwait, Saudi Arabia, U.A.E and Oman. Also, the equipment start-up ceremony was held onsite for demonstration.Jereh successfully developed a full series of electric fracturing fleet to help reduce cost and enhance the efficiency of shale gas development.Jereh's new

China Shale Gas ECFShale 2019-04-26

Shanghai crude oil futures close higher

Crude oil futures closed higher Friday at the Shanghai International Energy Exchange.The most active crude oil contract for June delivery was up 1.9 yuan (about 28 U.S. cents) to close at 475.9 yuan a barrel.On friday, the total trading volume for five listed crude oil futures contracts on the exchange was 191,260 lots, with a turnover of 90.77 billion yuan.China launched the crude oil futures trading, which is open to overseas investment, on March 26 last year.

China Crude Futures 2019-04-23

CNPC overseas equity oil, gas output up 10 pct in Q1

Overseas equity of oil and gas production of China National Petroleum Corporation (CNPC) rose 10 percent year on year in the first quarter of 2019.Production came in at 26.09 million metric tonnes of oil equivalent in Q1, according to the international branch of CNPC, the country's largest oil and gas producer and supplier.The stable growth of oil and gas output is due to efforts made in enhancing quality, lowering cost and increasing efficiency, CNPC said.The listed firm has announced to focus on high-quality development of its overseas oil and gas operations, and reach its annual targets.The

CNPC 2019-04-22

Kunlun Energy aiming to complete oil and gas assets disposal by year end to focus on distribution

Kunlun Energy is aiming to complete the disposal of its oil and gas production assets by the end of this year to sharpen its focus as the listed natural gas distribution unit of oil and gas giant PetroChina, its chairman said on Friday.Huang Weihe said it will take time to execute the planned assets sale since it involves various jurisdictions, including in China, Thailand, Peru, Oman, Kazakhstan and Azerbaijan.“We are striving to complete the sale of some, if not all, of our upstream production assets before the end of this year,” he told reporters after the company’s annual shareholder meeti

China Investment 2019-04-18

Ukraine's Naftogaz, China's CNPC discuss prospects for cooperation

Ukraine's state-run energy company Naftogaz and China National Petroleum Corporation (CNPC) have discussed prospects for their cooperation in energy sector, the press service of the Ukrainian company said on Friday.A meeting between the senior executives of the two companies took place during the recent visit of Naftogaz chairman Andriy Kobolev to Beijing, Naftogaz said in a statement.During the talks, the two sides discussed practical steps for the start of cooperation between Naftogaz and CNPC -- increasing hydrocarbon production in Ukraine and supplying the latest equipment and technologies

CNPC 2019-04-15

China's ENN to scrap deal for Toshiba's U.S. LNG business

China’s ENN Ecological Holdings Co said on Thursday it would scrap a deal to buy Toshiba’s U.S. liquefied natural gas business due to a failure to obtain approvals from shareholders and a U.S. panel that monitors foreign investments.The cancellation is a new blow to Toshiba, the once-mighty Japanese conglomerate, as it must look for a new buyer for the business that it previously said could potentially cause losses as much as 1 trillion yen ($9 billion).A failure to find a buyer could derail Toshiba’s recovery from the fallout of the bankruptcy of its U.S. nuclear power unit Westinghouse.In a

ENN 2019-04-12

BP latest oil major to exit China's shale gas after poor drilling results

European oil major BP plans to exit from two production sharing contracts (PSC) for projects drilling for shale gas in the southwestern Chinese province of Sichuan, three sources with the knowledge of the matter said this week.BP is the last of the international oil majors, including Royal Dutch Shell, Exxon Mobil, ConocoPhillips and ENI, to quit exploring for shale gas in China because of poor drilling results. Its departure leaves the sector firmly in the hands of domestic companies.In March 2016, BP agreed with China National Petroleum Corp (CNPC) to explore and produce natural gas from sha

China Shale Gas 2019-04-12

Shell Ventures Into China’s Shale Oil

Oil supermajor Shell has signed an agreement with China’s Sinopec to jointly study the potential development of shale oil in eastern China—one of the few international majors venturing into the potentially vast but underexplored and underdeveloped Chinese shale oil resources.Shell and Sinopec will jointly study the potential of the Dongying trough in the eastern Chinese province of Shandong, Reuters reports, citing a brief statement from the Chinese company. Shell operates in shale oil and gas projects in North and South America, including in the Permian and in the Appalachia basin, in Albert

China Investment 2019-04-10

PetroChina profits surge over higher oil prices, gas demand

PetroChina, China's largest oil and gas producer, said Thursday its net profits surged over 130 percent last year due to higher global oil prices and strong natural gas demand domestically.Net profits attributable to equity holders came in at 52.6 billion yuan (about 7.9 billion U.S. dollars) in 2018, up 130.7 percent year on year, according to the company's financial results in line with international financial reporting standards.Revenue rose 16.8 percent year on year to 2.35 trillion yuan, according to the results.The company attributed the growth to factors including increased global oil p

CNPC 2019-03-22

China's CNOOC more than doubles 2018 net profit on oil and gas sales

China's state-run oil company CNOOC Ltd. more than doubled its 2018 net profit from the previous year on higher oil and gas sales, with higher gas output offsetting declines in crude oil production levels, it said Thursday.The company's net production for 2018 rose to 475 million boe (1.3 million boe/d), from 470.2 million boe in 2017. However, its crude production declined by 1.3% to 383.5 million boe/d, offset by a 12% increase in gas production to 530.2 Bcf.CNOOC's net profit for the year ended 31 December 2018 rose to Yuan 52.7 billion ($7.9 billion) from Yuan 24.7 billion ($3.7 billion) a

CNOOC 2019-03-22

Saudi Arabia strikes $10 bln China deal, talks de-radicalisation with Xi

Saudi Crown Prince Mohammed bin Salman cemented a $10 billion deal for a refining and petrochemical complex in China on Friday, meeting Chinese President Xi Jinping who urged joint efforts to counter extremism and terror.The Saudi delegation, including top executives from state-owned oil company Saudi Aramco, arrived on Thursday on an Asia tour that has already seen the kingdom pledge investment of $20 billion in Pakistan and seek to make additional investments in India’s refining industry.Saudi Arabia signed 35 economic cooperation agreements with China worth a total of $28 billion at a joint

China Oil 2019-02-26

CNOOC'S gas and power veteran moves to China's ENN

Gas and power veteran at China National Offshore Oil Corp (CNOOC) Zheng Hongtao has moved to China's ENN Group as president of its energy trading and marketing division, according to sources and his LinkedIn profile.Zheng was most recently executive vice president at CNOOC's gas and power trading and marketing division and has been with the company since at least 2008, according to his LinkedIn profile.His move was effective from January this year, according to the profile.Zheng, ENN and CNOOC did not immediately respond to a Reuters request for comment.ENN Group's senior vice president and h

CNOOC 2019-01-29

China’s record 2018 oil, gas imports may be cresting wave as industry slows down

Amid increasing signs of China’s industrial slowdown in 2019, data this week showing record oil and natural gas imports likely indicates a country at peak energy growth, with its thirst set to wane as the slowdown bites.China’s record intake for both crude oil and liquefied natural gas (LNG) in 2018 cemented its status as the world’s largest oil and second-largest LNG importer.But heading into this year, China’s trade war with the United States is taking a toll.On Tuesday, the National Development and Reform Commission, China’s top economic planner, warned that economic pressure will impact th

China Oil Import China Natural Gas 2019-01-24