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

Huadian’s exit puts NOCs in shale gas driving seat

State-owned power utility China Huadian’s exit from shale gas licences it won in late 2012 could prompt other companies to reconsider entering China’s shale gas sector and the wider upstream segment.China Huadian has reportedly handed back acreage that it won in China’s second shale gas exploration licensing round held in late 2012.

China Shale Gas 2019-08-23

【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

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

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

【News Release】Day 1 - ECF2018 8th Asia-Pacific Shale Gas Summit

Energy China Forum 2018 8th Asia-Pacific Shale Gas Summit was held during in Shanghai Oct 17-19, 2018. This summit was jointly hosted by Shanghai United Institute for Unconventional Resources (SUI) and Shanghai Energy Economy Committee of SEA.

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