【ECF News】China NEA Director: Establish "14th Five-Year" Energy Plan ASAP; Accelerate More Oil and Gas Supporting Policies

On August 13, Zhang Jianhua, director of the National Energy Administration, wrote a signed article "Promoting the high-quality development of energy industry in the new era (in-depth study and implementation of Xi Jinping's new era of socialism with Chinese characteristics)" in China's official newspaper People's Daily.The article pointed out that the energy development plan during the "14th Five-Year" and a longer period of time should be established as soon as possible, and the guiding opinions for promoting the high-quality development of the energy industry should be formulated. It is nec

2019-08-14

ECF China Shale Weekly Review - August 11, 2019

ECF China Shale Weekly Review - August 11, 2019

【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 China Shale Weekly Review - July 28, 2019

ECF China Shale Weekly Review - July 28, 2019

【ECF News】 China Oil Drilling Market Analysis

In the next few years, the workload of China's oil industry is expected to maintain rapid growth.

ECF China Shale Weekly Review - July 14, 2019

ECF China Shale Weekly Review - July 14, 2019

【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 not signing deals to buy U.S. crude oil: Enterprise CEO

Chinese companies looking to sign long-term agreements to buy crude oil from U.S. oil exporters have virtually disappeared, the chief executive of Enterprise Products Partners LP said on Tuesday.The United States and China have been embroiled in an increasingly bitter trade dispute for nearly a year, and it escalated recently with the U.S. imposition of 25% tariffs on $200 billion of Chinese goods.The trade war has all but shut down shipments of U.S. crude to China, and it is unlikely Chinese buyers will sign long-term offtake agreements with U.S. crude exporters right now, Enterprise CEO Jim

China Oil Import 2019-05-22

China posts rising crude oil output in first four months

China's crude oil output edged up 0.6 percent year on year to 63.06 million tonnes in the first four months, according to official data.In April alone, the crude oil output rose 0.6 percent year on year to 15.71 million tonnes, with the growth rate down 1.5 percentage points from March, data from the National Bureau of Statistics (NBS) showed.Meanwhile, China's crude oil imports expanded faster last month, surging 10.8 percent from the same period of previous year to 43.73 million tonnes.The amount of processed crude oil saw a 5.1-percent increase year on year in April, with a daily average pr

China Oil Output 2019-05-21

Chinese Oil Majors Backtrack On Pledge To Buy Iranian Oil

It was a question that just as recently as last week was still undecided. Would Beijing kowtow to Washington’s demand that it stop importing Iranian oil at the start of May after the 180-day import waiver period ended? The answer, at least for now, is that Beijing will comply.Oil majors Sinopec Group and CNPC, China’s two top oil refiners, are reportedly skipping purchases of Iranian oil for loading in May, Reuters reported on Friday, citing people familiar with the deal. On April 22, President Trump surprised oil markets when said he would end 180-day Iranian oil import waivers put in place i

China Oil Import 2019-05-13

What Explains China’s Thirst For Saudi Oil

China stepped up purchases of Saudi oil in the first four months of this year as a private refiner is raising crude intake from the Kingdom that has secured term deals to grab more market share in the world’s top oil importing market.Hengli Petrochemical, a privately held refiner, has stepped up purchases of Saudi crude oil for April and May and is close to ramping up its new 400,000-bpd refinery to full capacity later this month, Reuters reported on Monday, citing ship-tracking data and officials at Hengli Petrochemical.The new Chinese refinery, which started trial runs at the end of last yea

China Oil Import 2019-05-08

India, China step on the gas on oil sourcing plan

China and India, the world’s second and third largest oil importers, respectively, are nearing an arrangement to form a buyers’ bloc to bargain collectively for oil supplies and reduce the influence of the Saudi Arabia-led cartel on oil prices, according to three officials aware of the development.The two strategic rivals have made progress on joint sourcing of crude oil, with Li Fanrong, deputy administrator of China’s National Energy Administration, visiting New Delhi last month.India and China are attempting to form a buyers’ club that may also persuade the Organization of Petroleum Exporti

China Crude Oil 2019-04-29

China's crude oil output edges up in Q1

China's crude oil output edged up 0.6 percent year on year to 47.35 million tonnes in the first quarter, data from the National Bureau of Statistics (NBS) showed.The pace of growth was up from a 2 percent drop in the same period last year.In March alone, China's crude oil output rose 2.1 percent year on year to 16.54 million tonnes, up from a 0.5 percent rise in the first two months.Meanwhile, China's natural gas output totaled 44 billion cubic meters in the first quarter, up 9.4 percent year on year.China aims to increase domestic crude oil output to 200 million tonnes by 2020. Major tasks fo

China Oil Output 2019-04-22

PetroChina to step up oil, gas efforts

Firm intensifying measures to unlock fresh reserves, ensure energy securityChina National Petroleum Corp, also known as PetroChina, the country's largest oil and gas producer and supplier, is stepping up its oil and gas exploration focus to boost high quality development and further unlock the nation's oil and gas reserves to ensure energy security.The company's domestic crude output rose 1.34 percent year-on-year in February, while natural gas production grew 8.34 percent from the same period a year ago.The company is also planning to increase capital expenditure on domestic exploration to bo

CNPC 2019-04-17

China March crude imports ease on overhaul, fuel exports soar

China’s March crude oil imports fell from the previous month as state-owned refiners began maintenance, but refined fuel exports soared to the highest in at least seven years as a new private refinery ran at full capacity, customs data showed on Friday.Crude oil imports last month were 39.34 million tonnes, or 9.26 million barrels per day (bpd), the lowest since October 2018, data from the General Administration of Customs showed. That is down 9.4 percent from 10.23 million bpd in February but up 0.4 percent from a year earlier.At least six Chinese state-owned refineries plan to close for main

China Oil 2019-04-16

Surging Chinese crude imports boost stocks

Chinese crude imports have surpassed the 10mn b/d threshold for four months running, but supplies are expected to fall in April when a number of major refineries will close for maintenance.Chinese apparent oil demand — crude production plus net oil imports — hit 14.5mn b/d last month, close to November's record. Apparent demand calculations since November have masked major stockbuilds that followed a ramp-up in crude imports as China looked to counter expected supply losses in the wake of US sanctions on Iran. Implied crude stocks rose by 1mn b/d in the fourth quarter of last year, after drawi

China’s Mad Scramble To Boost Domestic Oil Production

For countries who have complete control over their oil industry through their state-run oil behemoths, it’s easy to order them to increase oil output—costs be damned. But sinking money into oil and aging oil fields or in new and cost-intensive plays comes with risks, and in China’s case, investors aren’t so sure that its onslaught of capex planned over the next five years is a winning bet.Still, China’s largest state-run oil majors, China Petroleum & Chemical (SINOPEC), China National Petroleum Corporation (CNPC), and China National Offshore Oil Corporation (CNOOC) have plans to shell out bill

China Oil Output 2019-04-01

Interview: China needs to enhance exploration, cooperation, innovation for energy security, IEF chief says

China needs to enhance energy exploration, international cooperation and technology innovation to improve energy security in an era of energy transformation, International Energy Forum (IEF) Secretary General Sun Xiansheng has said.China is having a heavy external dependence on energy at present, Sun said in an interview with Xinhua during the CERAWeek by the London-based information company IHS Markit. China has become the world's largest crude oil importer since 2017 and surpassed Japan to become the world's largest natural gas importer since the end of 2018.In order to meet new challenges i

Opinion 2019-03-18

China's Sinopec makes US crude oil purchases as trade summit looms

China's state-run Sinopec has made purchases of US crude oil after a lull of several months, in advance of a summit between the leaders of the two countries in the coming weeks, with VLCC deliveries expected as early as May, sources said.The purchases could potentially signal market confidence that the upcoming trade talks will result in some tariff concessions. They are also in line with other commodities like LNG, where counterparties are preparing to sign new contracts, and soybeans where purchase commitments have already been made.Sinopec's 9.2 million mt/year Hainan and 5 million mt/year

Sinopec 2019-03-13

CERAWeek: Chinese oil, gas company talks to US LNG partners about facilities: executive

China National Petroleum Corp. is talking with its US partners about the construction of LNG facilities, even as the trade war between Washington and Beijing presents challenges for the relationship, an executive for the state-run oil and gas company said Monday.Coal-to-gas switching that is being driven by environmental goals in the world's most populous nation is expected to boost gas demand in China by almost 70% between 2020 and 2030, CNPC Vice President Hou Qijun said through an interpreter during a panel discussion at the CERAWeek by IHS Markit conference in Houston.That reality is drivi

China LNG 2019-03-13
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