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

Officially implemented! The Ministry of Natural Resources publishes "Opinions on Promoting the Reform of Mineral Resources Management (Trial)"

On May 1, the "Opinions on Promoting Reform of Mineral Resources Management (Trial)" (hereinafter referred to as "Opinions") issued by the Ministry of Natural Resources was formally implemented. This reform includes many measures-competitive transfer of mining rights, opening up the oil and gas market, and giving full play to the decisive role of the market in allocating resources; reducing materials and links in reserve management, loosening and reducing burdens for enterprises ... all decentralized It can be canceled resolutely, and a series of “deregulation and service” reform measures will

China Exploration China Policy 2020-05-13

China's crude inventory decline may augur a rebalancing oil market

The great oil glut of 2020 may have already peaked in the world’s biggest crude importer.Crude inventories in China have shrunk in recent weeks after rising to record levels, according to analysts and satellite observations. Supplies have been drawn out of storage as refineries ramp up operations to meet rising demand from an economy emerging from lockdown.Inventories drawing in the world’s biggest importer is an early sign that rebalancing may have begun in the global oil market after an epic collapse in demand, according to Morgan Stanley. Stockpiles dwindled even as oil imports in April inc

China Oil 2020-05-12

ECF China Shale Weekly Review - May 2

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. China set to issue first-ever export quotas for VLSFO of 10 mln T for 2020 -sources, April 28, China is set to release its first-ever quotas to export very low sulphur fuel oil (VLSFO) with total volumes of 10 million tonnes for this year, six industry officials with knowledge of the matter said on Tuesday. The quotas, which followed Beijing’s polic

ECFShale 2020-05-06

China set to issue first-ever export quotas for VLSFO of 10 mln T for 2020 -sources

SINGAPORE/BEIJING, April 28 (Reuters) - China is set to release its first-ever quotas to export very low sulphur fuel oil (VLSFO) with total volumes of 10 million tonnes for this year, six industry officials with knowledge of the matter said on Tuesday.The quotas, which followed Beijing’s policy in January to offer tax sweeteners to boost local production of the fuel, paves the way for Chinese refiners to almost fully cover the demand from its coastal bonded marine fuel market of 12 million tonnes annually.The quotas will be issued to four state-run firms - Sinopec Group, CNPC, China National

China Oil Output 2020-04-30

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

China Exploration China Shale Gas 2020-04-29

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

Argentina puts on hold policies for ramping up shale oil production

Decline in global demand limits export possibilitiesEfforts to focus on sustaining crude output at low levelsThis may be done by setting a minimum local price at $45/bBuenos Aires — Argentina has put on hold policies and incentives for ramping up oil production from the Vaca Muerta shale play as a global glut of crude supplies curbs export opportunities, Production Minister Matias Kulfas said."Vaca Muerta has huge potential, but is an issue that will have to wait because of the international situation," Kulfas, the country's chief energy strategist, said late Tuesday in reference to a plunge i

Global Market 2020-04-24

Personality and Regional Politics Drive Digital Decision-Making in the Oil Sector

More than many other industries, the characteristics of regional oil markets depend substantially on the personalities of the oil majors present in them. Because of decades of government financial support, and often government ownership, regional oil markets behave very differently. These different identities shape how they react to change.The Covid-19 pandemic is one example of the differing strategies of regional oil players when under pressure. Another example has been the emergence of cheap U.S. shale oil and gas. Whenever price shocks occur due to demand changes or large new suppliers ent

Global Market 2020-04-23

ECF China Shale Weekly Review - April 19

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. CNPC: Accelerating digital transformation, On April 15, Dai Houliang, chairman of CNPC, presided over a meeting, listened to the report of CNPC's digital transformation and development framework, and arranged and deployed the key work of digital transformation. He stressed that we should thoroughly study and implement the spirit of speech by general

ECF 2020-04-20

CNPC: Accelerating digital transformation

On April 15, Dai Houliang, chairman of CNPC, presided over a meeting, listened to the report of CNPC's digital transformation and development framework, and arranged and deployed the key work of digital transformation. He stressed that we should thoroughly study and implement the spirit of speech by general secretary Xi Jinping on the Internet power, digital China and new infrastructure construction, deepen our understanding of the situation, enhance our sense of urgency, actively adapt to the trend of digital development, do overall design and implement step by step, accelerate the transforma

CNPC 2020-04-17

ECF China Shale Weekly Review - April 5, 2020

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.China state-owned oil companies cut capital expenditures, "Increase storage and production" plan frustratedForced by the plunge in oil prices, CNPC, Sinopec and CNOOC had to adjust to implement only one-seventh of the plan to increase reserves and increase production. In the 2019 financial report released recently by CNPC, Sinopec and CNOOC, they rar

ECF ECFShale 2020-04-07

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

ECF China Shale Weekly Review - Mar 29, 2020

ECF China Shale Weekly Review - Mar 29, 2020

ECF 2020-03-30

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.

Global Market Halliburton 2020-03-18

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