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

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

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

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

【ECF News】China oil giants signed over 80 billion USD during import EXPO

The 2nd China International Import Expo was held in Shanghai during Nov 5-10.More than 3,000 companies from more than 150 countries and regions participated in the exhibition.On November 6, the China Petroleum International Cooperation Forum and signing ceremony on the theme of “cooperative innovation and value creation” was held by CNPC in Shanghai. CNPC signed strategic cooperation agreements with SNAM and Schlumberger, and signed 21 procurement contracts with over 20 overseas suppliers including Kazakhstan Gas Transport, Saudi Aramco, Kuwait Petroleum, ABB, Schlumberger, Caterpillar, Honeyw

【ECF News】Oil & gas exploration and development in China: why is it difficult for new entrants?

Oil & gas exploration and development is a high-risk industry. Hundreds of millions could be invested with nothing coming out. Therefore, engaging in oil and gas exploration and development requires sufficient financial strength and anti-risk ability, in addition to the corresponding technology and experience. In these respects, many new entrants are seriously inadequate compared with the oil majors.As China's oil and gas system reform continues to deepen, the opening door to oil and gas exploration and development is also widening.From the Ministry of Natural Resources's (formerly the Ministr

【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

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

【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

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

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

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

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

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