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

Insight from Shanghai: Can shale gas secure China’s energy security?

As China’s energy imports rise, so energy security climbs up the political agenda.In 2014 Xi Jinping, General Secretary of the Communist Party of China, outlined a long-term energy strategy that included strengthening the domestic and overseas supply of oil and gas.More recently, external pressures, notably a more bellicose United States, China’s key strategic competitor, have only heightened China’s vulnerability as energy imports continue to climb.It is against this backdrop that in July 2018, Xi Jinping called on China’s major oil and gas companies to take measures to boost domestic output

ECF China Shale Weekly Review - April 26

Energy China Forum releases weekly review of China shale gas and oil updates every Sunday. For more China shale gas and oil information, please contact ECF editor. Energy China Forum WeChat: chinashalegasEditor WeChat: ecfenergyPolicy & Industry1. Ministry of natural resources: Approval and decentralization of some mineral mining rights, The Ministry of Natural Resources announced on the 17th that from May 1, 2020, the same level of management shall be implemented for the registration of prospecting rights and mining rights of the same mineral.From May 1, 2020, 14 mineral resources of petrole

2020-04-27

China's Sinopec to accelerate 2020 gas business development amid higher revenue

China's Sinopec to accelerate 2020 gas business development amid higher revenue

Sinopec 2020-04-01

Some Oil in Canada Has Already Tumbled Below $10 a Barrel

(Bloomberg) -- As global oil benchmarks crash below $25 a barrel, some crude from Canada is already trading below $10 for the first time ever.Heavy Canadian crude, which typically trades at a discount to U.S.

Global Market 2020-03-19

Halliburton to furlough 3,500 workers as shale producers cut spending

March 17 (Reuters) - Top U.S. oilfield services provider Halliburton said on Tuesday it will furlough about 3,500 employees in Houston for 60 days as shale producers slash spending amid falling oil prices.The affected staff will alternate working one-week on and one-week off during the two-month period, a spokeswoman said. Dozens of U.S. shale producers this month have cut between 25% and 50% of planned spending as U.S. crude futures have fallen to about $26 a barrel, down more than 50% this year.

Few U.S. shale firms can withstand prolonged oil price war

HOUSTON (Reuters) - For the last five years, U.S. shale oil producers have been battling suppliers for lower costs and running equipment and crews hard to drive drilling costs down by about $20 a barrel.The oil market rout last week, however, has left most shale firms facing prices below their costs of production. The Organization of the Petroleum Exporting Countries (OPEC) and major oil producers including Russia have turned on each other to launch a price war that threatens to sink shale companies burdened with higher costs.The cause of OPEC and Russia's disagreement was what to do about plu

Global Market 2020-03-17

U.S. Shale Drillers Ask Service Providers For Major Price Cuts

U.S. shale oil companies have asked oilfield service providers for price cuts of at least 25 percent as they grapple with tanking oil prices and pessimistic oil demand forecasts, Reuters reports, citing industry executives and a letter sent to oilfield service companies.

Global Market 2020-03-16

The Great U.S. Shale Decline Has Already Begun

U.S. shale companies are moving quickly to ax their budgets, hoping to staunch the bleeding as the oil market continues to melt down.It has only been a few days after the OPEC+ debacle, but with oil trading at around $30 per barrel, and with good odds of falling even lower, the entire energy industry has little option but to make deep cuts to their operations.“Most companies will go into maintenance mode,” Pioneer Natural Resources CEO Scott Sheffield told Bloomberg. Companies will cut down to the bone, hoping to merely keep production from falling. Almost no shale well drilled today makes any

Global Market 2020-03-13

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

Feds may offer aid to shale companies

WASHINGTON — The White House is strongly considering pushing federal assistance for oil and natural gas producers hit by plummeting oil prices amid the coronavirus outbreak, according to four people familiar with internal administration deliberations.President Donald Trump has touted the growth of oil and natural gas production under his administration, celebrating their rise in politically crucial swing states such as Pennsylvania. But many oil and gas firms were hammered Monday by the price war that broke out between Saudi Arabia and Russia, driving oil prices down to their steepest one-day

OPEC Global Market 2020-03-11

China cancels January trade data release, will combine with February

The Customs Administration of China says it will combine trade data for January and February, removing volatility over the Lunar New Year periodThe adjustment brings it in line with the way other major indicators are released, including consumption and industrial productionA container carrying supplies for virus-hit Hubei Province is lifted at a railway port. Photo: XinhuaChina’s customs agency said on Friday it would not release trade data for January, but would instead combine it with import and export figures for February.The Customs Administration of China said it would release data for Ja

2020-02-28

China to Offer Tariff Exemptions; Global Gas Outlook Dims Further

China said Tuesday it would offer tariff exemptions for hundreds of U.S. goods, including crude oil and liquefied natural gas (LNG), as part of efforts to ease trade tensions.The country plans to accept applications from Chinese buyers starting early next month.

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

China’s gas demand to fall by 6-14 Bcm in 2020

China’s natural gas demand could drop between 6 billion cubic meters (Bcm) and 14 Bcm this year, depending on how long it takes the government to contain the coronavirus outbreak, Wood Mackenzie said Tuesday.

Gazprom hopes bulk of US LNG flows to be diverted to China, not Europe

Russian gas giant Gazprom hopes China rather than Europe will take the bulk of US LNG volumes after a trade deal between Washington and Beijing,

Global Market 2020-02-13

Analysts cut China's gas demand estimates as virus outbreak weighs

Several analysts cut their gas demand forecasts for China, the world’s top gas importer, as the fast-spreading coronavirus outbreak is expected to depress industrial, commercial and transportation appetite over the next few months.Estimates for the impact varied among five analysts who provided views for China’s gas demand to Reuters. Two of them expected demand to expand by just 6% thi

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

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

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

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