China's Xinchao Energy Jumps as It Snaps Up Another Texas Oil Field for USD420 Million

China's Xinchao Energy Jumps as It Snaps Up Another Texas Oil Field for USD420 MillionShandong Xinchao Energy Corp.’s stock price leapt today on the news that the US unit of the Chinese oil and gas developer will pay USD420 million for an oil and gas field in Texas to expand its energy assets in the region.

Does China Need More Gas From Russia and Central Asia?

China’s commitment to full carbon neutrality by 2060 means that the country needs to reduce the consumption of all fossil fuels, including natural gas. What does that mean for Russia and Central Asia?Alexander Ryumin / TASSChinese President Xi Jinping announced to the UN General Assembly in September 2020 that in 40 years, China would achieve carbon neutrality. According to the road map prepared by China’s climate scientists, by 2060 the country will reduce oil consumption by 65% and natural gas consumption by 75%. Such plans jeopardize the future of large-scale gas pipeline projects to bring

China Gas Import 2021-01-13

China aims to attract shale gas investment

The Chinese government is subsidising costs and relaxing regulations surrounding shale gas exploration in the country in a bid to boost development of the sector. But it remains unclear if the latest move will attract much interest from state-owned or foreign firms.The Guizhou province in China has offered six shale gas exploration blocks ranging from 56.8-159.2sq km in a government auction. The bidding prices for exploration rights of the blocks ranged between Yn290,000-800,000 ($44,334-122,301). This price range is far lower than the starting bid of Yn42.36mn for a 695sq km block offered in

What China’s 14th Five‑Year Plan Means for Investors

China recently unveiled its 14th five-year plan (FYP) to guide the country’s economic development over the coming five years, along with the blueprint for a long-term strategy that outlines its vision for 2035.

Australia-China Row Halts Woodside Talks to Sell Gas Project Stake to Chinese Firms

MELBOURNE (Reuters) - Woodside Petroleum shelved talks to sell stakes in a gas field and liquefied natural gas (LNG) project to Chinese companies a few months ago because of a growing diplomatic row between Australia and China, the company’s chief said on Thursday.

Sinopec Sets Up First Fund Targeting New Materials, New Energy

China's Sinopec set up its first fund with a total size of 5 billion yuan ($732.28 million),

A Subsidiary of Honghua Group Signed Several Fracturing Engineering Service Agreements with Western Drilling, Involving Nearly 300 Million Yuan

Honghua Group announced that Honghua Oil Services, a subsidiary of the group, and Western Drilling, a subsidiary of China National Petroleum Corporation, have recently signed several fracturing engineering service agreements.

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

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

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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