Novatek Sell 20% Stake in Arctic LNG 2 to China
Russian gas producer Novatek said on that it had signed agreements with two Chinese companies to sell a combined 20 percent stake in its new liquefied natural gas project, Arctic LNG 2.Under the agreement, the Chinese firms -CNOOC and CNODC - will become shareholders in the Arctic LNG project with 10 percent each. Novatek gave no financial details in a statement announcing the agreements.According to a press release…
Gazprom to Start Gas Supply to China
Russian gas giant Gazprom will start supplying Russian natural gas to China via the Power of Siberia pipeline almost one month early than previously planned.Alexey Miller, Chairman of Gazprom Management Committee, said after the negotiations with representatives of Chinese partner CNPC in Beijing, “Construction of the Power of Siberia gas pipeline is going ahead of schedule…
UAE's Adnoc Awards USD 1.6bln Contract to China’s CNPC
The Abu Dhabi National Oil Company (ADNOC) has awarded contracts worth AED 5.88bn (US $1.6bn) for the world’s largest continuous 3D onshore and offshore seismic survey, covering an area up to 53,000 square kilometres, as the company continues to identify and unlock new opportunities and maximize value from its hydrocarbon resources and deliver on its 2030 smart growth strategy.Adding to the 2D and 3D seismic data already acquired across Abu Dhabi…
BP, CNPC Ink Second Chinese Shale Gas Deal
BP today announced that it has signed a second production sharing contract (PSC) for shale gas exploration, development and production with China National Petroleum Corporation (CNPC). The PSC, signed on 27th July, covers an area of approximately 1,000 square kilometres at Rong Chang Bei in the Sichuan Basin. In March 2016, BP and CNPC signed their first shale gas PSC on the adjoining Neijiang-Dazu block.
BP, CNPC Ink BP’s Gas Production Sharing Contract
BP and China National Petroleum Corporation (CNPC) today signed a production sharing contract (PSC) for shale gas exploration, development and production in the Neijiang-Dazu block in the Sichuan Basin, China. Witnessed by BP Group Chief Executive Bob Dudley and CNPC Chairman Wang Yilin, the contract is BP’s first shale gas PSC in China and covers an area of approximately 1,500 square kilometres. CNPC will be operator for this project.
Issues on China-Russia Gas Deal Addressed
A Gazprom delegation headed by Alexey Miller, Chairman of the Company's Management Committee, paid a working visit to China today. During the visit a meeting was held between Alexey Miller and Zhang Gaoli, First Vice Premier of China's State Council. The parties addressed strategic bilateral cooperation. It was noted that the collaboration between Gazprom and Chinese energy companies and financial institutions was consistently developing.
Gazprom, CNPC Ink Power of Siberia Gas Pipeline Deal
Alexey Miller, Chairman of the Gazprom Management Committee and Wang Yilin, Chairman of the Board of Directors of CNPC signed today in Beijing an Agreement to design and construct the cross-border section of the Power of Siberia gas pipeline, including its submerged crossing under the Amur River. Besides, a Memorandum of Understanding in the oil sector was entered into by Gazprom Neft and CNPC.
China backs Putin's idea of developing Russia's Far East
Chinese Vice Premier Wang Yang said on Saturday that Russia's push to revamp its run-down Far East region coincided with Beijing's strategy, backing President Vladimir Putin's drive for new sources of growth. At the Eastern Economic Forum in the Pacific Port of Vladivostok on Friday, Putin promised favourable business conditions and state support to Asian and domestic investors willing to come to Russia's most remote land.
Russian Gas Supply to China
At a meeting hosted by Beijing today the issues of bilateral cooperation, particularly the preparations for the contract on Russian natural gas supply to China via the western route were addressed. At today's working meetings Alexey Miller, Chairman of the Gazprom Management Committee, Zhang Gaoli, First Vice Premier of China’s State Council and Wang Yilin, Chairman of the Board of Directors of China National Petroleum Corporation (CNPC) participated.
PetroChina H1 Profit Plunges 63 Percent
PetroChina, China's biggest oil and gas producer, reported a 63 percent drop in first-half profits, with earnings upstream and in the marketing segment hit by lower prices, while earnings from natural gas jumped. Net profit declined to 25.4 billion yuan ($3.97 billion) in the first six months of 2015, from 68.1 billion yuan a year earlier, the state-controlled company said on Thursday in a filing with the Hong Kong bourse.
New Chairmen at Three Chinese Oil Firms
China has appointed new chairmen for the country's top three energy groups, according to company statements on Monday, in a top-down reshuffle of the industry which faces the challenges of spending cuts, low oil prices and easing demand. Earlier on Monday the state-owned Sinopec Group said its chairman, Fu Chengyu, has retired. Sinopec Group is the majority owner of Sinopec Corp , Asia's largest oil refiner.
CNOOC Profit Up, More Cost Cuts coming
China's top offshore oil producer CNOOC Ltd said on Friday its 2014 net profit rose 6.5 percent, beating forecasts, as cost cuts and higher output helped it offset the slide in global oil prices. CNOOC, China's third largest oil company, reported a net profit of 60.2 billion yuan ($9.69 billion) for last year, up from 56.5 billion yuan a year earlier. That beat a consensus forecast of 52.3 billion yuan from 23 analysts polled by Thomson Reuters.
Russia & China Agree on Gas Supplies
As part of the APEC summit in Beijing, a number of documents related to the Russian-Chinese cooperation in the energy sector were signed today in the presence of Russian President Vladimir Putin and Chinese President Xi Jinping. Alexey Miller, Chairman of the Gazprom Management Committee and Zhou Jiping, Chairman of China National Petroleum Corporation (CNPC) signed a Framework Agreement on gas supplies via the western route.
CNOOC"s Steady Development with Solid Performance in 1H 2014
CNOOC Limited today announced its interim results for the six months ended June 30, 2014. For the first half of the year, the Company's total net oil and gas production reached 211.6 million barrels of oil equivalent (BOE), up 6.8% year-on-year (yoy), with 36.3 million BOE contributed by Nexen. The Company's average realized oil price was US$106.30 per barrel in the first half of 2014…
BP & CNOOC Sign 20-yr LNG Deal
BP and the China National Offshore Oil Corporation (CNOOC) today announced a heads of agreement for the supply of up to 1.5 million tonnes of liquefied natural gas (LNG) per year over 20 years starting in 2019. The agreement was signed in London by BP Executive Vice President, Dev Sanyal and CNOOC Chairman, Wang Yilin, in the presence of UK Prime Minister David Cameron and Chinese Premier, Li Keqiang.
China Optimistic of Finding Gas off Vietnam
A Chinese oil rig whose deployment to waters claimed by Vietnam early this month triggered a rupture in ties has a good chance of finding enough gas to put the area into production, Chinese industry experts said. That would give China its first viable energy field in the disputed South China Sea, as well as make it a source of friction with Hanoi for years to come. For now, China has said nothing about the potential of the area.
