deugro Completes Heavy Lift Move for FPSO Project in China
deugro reports that it has delivered a 15.8 x 13.2 x 17.2-m, 392-metric ton CO2 removal system from Rizhao to the COSCO Shipyard Qidong, China.The journey began in Rizhao, China and concluded at the COSCO Shipyard Qidong, spanning a domestic inland road journey of 10km and a barge journey of two days. After the cargo arrived at the port, the roll-on operation from dockside to barge was completed and the cargo was successfully lashed and secured for its further ocean journey to Brazil. deugro employed Self-Propelled Modular Transporters (SPMTs) consisting of 36-axle lines.Qu Peng…
CNOOC Earnings on the Rise
China's national offshore producer CNOOC Ltd reported a near 19% rise in first-half profit on Thursday, as higher sales of oil and gas offset weaker global oil prices.The listed arm of state-owned China National Offshore Oil Corp said that it was able to manage the impact on its business of the China-U.S. trade war and CNOOC President Xu Keqiang said the company would boost oil output to offset currency effects amid the escalating trade tensions.CNOOC said its net profit totalled 30.25 billion yuan ($4.26 billion) for the six months through June.
CNOOC Starts New Oil Production at Penglai Field
China's CNOOC Ltd started producing crude oil at 1/3/8/9 block of the Penglai 19-3 oilfield off north China's Bohai Bay, the company said in a statement on Tuesday.The new block currently has two wells in production and daily output is expected to reach a peak rate of 58,700 barrels in 2020.CNOOC Ltd owns 51 percent of the block and acts as operator, while U.S. firm Conocophillips owns 49 percent.(Reporting by Chen Aizhu; Editing by Susan Fenton)
Trafigura's China Oil Chief Released on Bail
The head of Swiss trading giant Trafigura's Beijing office was released on bail this week after eight months in detention, while a probe into alleged fraudulent oil trading continues, two sources with direct knowledge of the matter said. Li Bo, a Singaporean national, was detained last June and has not been charged in the matter which relates to an alleged $32 million in losses by a private Chinese trader. Li was the second Trafigura employee to be detained after Chinese trader Qingdao United Energy filed a complaint to police, alleging it had suffered the losses through trade financing deals with Trafigura.
