Saturday, January 25, 2020

Chen Aizhu News

PetroChina's oil and gas trade turnover up 5% in 2019

(Photo: PetroChina)

PetroChina Co Ltd, China's leading energy firm, expanded its oil and gas trade in 2019, recording a rise of nearly 5% from prior year to exceed 500 million tonnes oil equivalent, according to a statement posted on the website of parent firm China National Petroleum Co on Thursday.PetroChina International, better known as Chinaoil, the trading arm under the state-run PetroChina, achieved "significant" growth in pre-tax profit last year, the report stated, without providing any numbers.Exports of refined fuel hit a record of more than 18 million tonnes, with first shipments of gasoline to Nigeria and India and firs

China Opens Up to Foreign E&P Firms

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For the first time, China will this year allow foreign companies to explore for and produce oil and gas in the country, opening up the industry to firms other than state-run energy giants, as Beijing looks to boost domestic energy supplies.The long-awaited opening accompanies a reshuffle of the so-called "midstream" pipeline business, but experts say it may not excite immediate interest from global drillers because of the poor overall asset quality of China's hydrocarbon resources.From May 1, foreign firms registered in China with net assets of 300 million yuan ($43 million) will be allowed to take part in oil an

CNPC Pulls Staff from Iraq Oilfield

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China National Petroleum Corp (CNPC), a top investor in Iraqi oil, has withdrawn about 20 employees from the West Qurna-1 field operated by U.S. major Exxon Mobil because of tensions in the region, a company source familiar with the matter said.CNPC made the move on Sunday after last week's killing of Iranian general Qassem Soleimani in a U.S. drone strike in Iraq, the Beijing-based source said, adding that the state firm has kept staff in place at two other fields.Tehran retaliated with missile attacks on U.S.-led forces in Iraq on Wednesday…

China's Gasoline Exports Rise to Record

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China's gasoline exports in November nearly tripled from a year ago to an all-time high, as refiners processed crude at near record rates to take advantage of sturdy profit margins at home although domestic demand for the motor fuel remained sluggish.Gasoline shipments were 1.84 million tonnes last month, data from the General Administration of Customs showed on Monday. That compares to the previous record at 1.73 million tonnes in October and 630,000 tonnes in November 2018.Diesel exports climbed to 2.21 million tonnes…

Dalian Refinery Plans 45-day Overhaul

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PetroChina's subsidiary refinery, Dalian Petrochemical Corp, plans to have a major turnaround in April-May of 2020, four industry sources told Reuters.The maintenance is scheduled to start from late March or early April and will last for around one and a half months, the sources said.The 410,000 barrels-per-day (bpd) plant in the northeast Chinese port city of Dalian, PetroChina's biggest refinery, is linked to Russia's East Siberia Pacific Ocean (ESPO) pipeline and is China's largest processor of the pipeline ESPO blend crude.PetroChina did not immediately respond to a request for comment.Russian state oil giant

Sinopec Resumes Production at Sichuan Gas Processing Unit

China's Sinopec Corp last month resumed production at a key natural gas processing plant in southwestern Sichuan province after a planned maintenance, the parent company of the state oil and gas group said on Tuesday.By August-end, Sinopec had completed maintenance at a desulphurising facility at Puguang gas field - the firm's largest gas-producing asset in China - ahead of the heating season, which normally begins at mid-November.There will be a surge in the consumption of natural gas surge…

CNOOC Earnings on the Rise

(File photo: CNOOC)

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.

Sinopec Resumes Output at Most Wells Shut by Typhoon

Sinopec Corp has resumed operations at most of the oil and gas wells at its top-producing oilfield, Shengli in east China, after thousands were shut due to typhoon Lekima, parent company Sinopec Group said on Wednesday.The state oil and gas firm has resumed production at 15,318 of the 16,565 crude wells closed by the typhoon, which hit the weekend before last, Sinopec said on its website.The oil well closures caused total production losses of 44,604 tonnes, or about 325,600 barrels, Sinopec said.The group did not specify the loss in natural gas production.Typhoon Lekima…

​​​​BP Plans to Exit China's Shale Gas

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…

Sinopec to Develop Weirong Shale Gas Field

Sinopec Corp, China's biggest shale gas operator, said on Monday it plans to develop a new field this year able to produce 1 billion cubic meters (bcm) of shale gas annually.The state-run company said the field will tap a proven reserve equivalent to 124.7 bcm of gas at Weirong in the southwestern province of Sichuan. This marks its second major shale gas discovery after a flagship development at Fuling in the Chongqing region, situated in the same geological basin of Sichuan.The company is drilling for shale gas in a 20,000 square-kilometer area in southern Sichuan, as well as western Chongqing.

LNG Import: China is World's No. 2 buyer in 2018

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China's imports of liquefied natural gas (LNG) in December soared 25 percent from the same period a year earlier to a monthly record of 6.29 million tonnes, customs data showed on Wednesday.The previous record of 5.99 million tonnes was set in November.For the whole of 2018, imports grew 41 percent from 2017 to a record 53.78 million tonnes, according to the data from the General Administration of Customs. That saw China retain its position as the world's second-buyer buyer of the super-chilled fuel after Japan…

CNOOC Storing LNG Offshore

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China's state-owned CNOOC is temporarily storing liquefied natural gas (LNG) in a tanker off South Korea as a warmer than usual winter cuts expected spot demand for the fuel, industry sources said on Wednesday.China faced a severe winter gas shortage last year after switching millions of households to natural gas from coal for heating, prompting Chinese companies this winter to secure supply well ahead of time, they said.However, the winter so far has been relatively mild and weather data from Refinitiv Eikon largely points towards warmer than usual temperatures ahead…

PetroChina Strikes Large Flows in Tarim Exploration Well

PetroChina Co Ltd struck sizeable oil and gas flows in an exploration well in the Tarim basin of the remote northwestern region of Xinjiang, marking a breakthrough in exploring an earlier untapped region, parent CNPC said on Thursday.Zhongqiu-1 well tested a daily natural gas flow of 330,000 cubic metres and 21.4 cubic metres of condensate, a super light crude oil, CNPC said on its news portal news.cnpc.com.cn.The well is located in the southern part of Kuche trough in the Tarim basin and part of an exploration zone with a size of 5,200 square kilometers.PetroChina aims to build by 2020 an annual output of 30 mil

China CNOOC receives first LNG shipment from Russia's Yamal project

(Photo: Novatek)

China National Offshore Oil Co, or CNOOC, offloaded a liquefied natural gas (LNG) cargo on Nov. 11 shipped from Yamal, first of its kind the Chinese firm received from the Russian Arctic gas project, CNOOC said on its website on Tuesday.The cargo, purchased from Russian firm Novatek, was delivered into CNOOC's receiving terminal in Putian of southeastern province of Fujian.Novatek controls Yamal LNG, which is co-invested by France's Total, China's CNPC and the Silk Road Fund. Yamal launched its second LNG train in August with an annual capacity of 5.5 million tonnes.

Sinopec Starts Major Gas Pipeline Early

China's Sinopec Corp said on Thursday it had started to operate the first phase of the Erdos-Anping-Cangzhou pipeline project in northern China, ahead of an expected operational date of early 2019.The pipeline, which connects gas production in the Erdos basin and users in Hebei province, is expected to supply a maximum 10 million cubic metres of gas a day during peak heating season, Sinopec said on its social media platform.The project is designed to transport 30 billion cubic metres a year and includes one trunk line and five branch lines, with total length of 2,293 kilometers (1424.8 miles).The company said in

Changing Shale Field to Boost Gas Output

China's Changning shale gas field in southwestern Sichuan province will more than double its output during the winter heating season after putting new wells into operation, China's top oil and gas group CNPC said on Wednesday.Daily output at the field, which began operating in 2015, is expected to reach 12 million cubic metres during the heating season from mid-November through mid-March, CNPC said on its website.That represents an increase of 7.5 million cubic metres a day over last year, a rise of 166 percent, it said.China's Sinopec and PetroChina are speeding up drilling and exploration from major tight and s

China Names CNPC Exec Top Energy Official

China's government has appointed a senior oil industry executive as the country's top energy official, state-run media China Energy News reported on Wednesday.Zhang Jianhua, president of China's largest oil and gas group CNPC, has been named director of the National Energy Administration, according to China Energy News, becoming the first oil industry executive to take that role.Zhang, 54, has spent most of his career in the refining industry, including over a decade of work at the Shanghai Gaoqiao refinery before being promoted to the post of vice president at the country's largest refiner…

Zhenhua Buys First LNG Cargo from Chevron

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China's state-run Zhenhua Oil purchased its first liquefied natural gas (LNG) cargo from Chevron Corp to supply a South China-receiving terminal that it won access to in a recent auction, according to Zhenhua officials on Thursday.The 100-million-cubic-meter cargo was purchased at about $0.30 per million British thermal unit discount to Japan Korea Marker (JKM) quotes on a delivered basis, the officials added.The cargo, discharged at CNOOC's Yuedong terminal in Shenzhen, was sourced from the Australian Gorgon project operated by Chevron.Zhenhua and its local partner Longkou agreed in September to pay $26.5 millio

China's Top Gas Field to Produce Record Amount of Gas This Year

(Photo; PetroChina)

China's Changqing oil and gas field, operated by state energy giant PetroChina, is expected to produce record amount of natural gas this year exceeding 38 billion cubic meters (bcm), as more wells were brought online, its parent company CNPC said on Monday,Changqing, in northern China, the largest gas producer in the country, has nearly 11,000 wells in production by late September, after over 100 new wells started pumping, CNPC said on its news website.At 38 bcm, the output at Changqing makes up about a quarter of China's total gas production.State oil and gas firms have been stepping up domestic production as we

How Refiners Plan to Grapple With Fuel Oil Output After 2020

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High-sulphur fuel oil (HSFO), essentially the leftovers of an oil refiner's output, will still flow from refineries around the world even after new rules start up in 2020 curtailing its use in the global shipping fleet, a Reuters survey showed.Sixty percent of the 33 refineries contacted by Reuters in a global survey will still produce HSFO in 2020 although the supply will tighten as 70 percent of these refiners plan to reduce their output.Starting that year, ships will have to use marine fuel…