Monday, July 13, 2020

China National Offshore Oil Corp News

Shell Weighs Sale of $2B-plus Share in Queensland LNG

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Royal Dutch Shell is considering raising more than $2 billion from the sale of a stake in the common facilities at its Queensland Curtis LNG plant in Australia, according to a sale flyer reviewed by Reuters."Royal Dutch Shell plc is considering a sale of a 26.25% interest…

CNOOC, Shell JV sign $5.6B Ethylene Plant Expansion Deal in China

Illustration - Image by ryanking999/AdobeStock

CNOOC and Shell Petrochemicals Company Ltd (CSPC), a joint venture established by China National Offshore Oil Corp(CNOOC) and Royal Dutch Shell, signed a framework agreement worth $5.6 billion with China's Huizhou city government to expand its ethylene project in the city.CSPC is expected to add 1.5 million tonnes per annum ethylene

China Issues Second Batch Fuel Export Quotas

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China has issued 28 million tonnes of refined fuel export quotas in the second allotment for this year, little changed from the first batch of 27.99 million tonnes issued last December, according to four sources with knowledge of the matter.The quotas were released last week to five state oil companies…

CNOOC to Trim 2020 Spending by Up To 15%

(File photo: CNOOC)

China National Offshore Oil Corp (CNOOC) will trim annual investment by 10% to 15% in 2020, while maintaining its goal of increasing domestic crude oil and natural gas production for the year, the company said in a statement on Wednesday.CNOOC Ltd, a listed arm of the national offshore energy producer…

Tankers Carrying U.S. LNG Heading to China After Tax Waivers Granted

SK Resolute LNG Carrier - Image by Geir Vinnes - MarineTraffic

Tankers carrying U.S. liquefied natural gas (LNG) are on their way to China after Beijing started granting tax waivers to some importers, according to shipping and trade sources.This is the first time since March 2019 that shipments have resumed after a long-standing trade…

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.

Williams Acquires Deepwater Gas Pipeline

Image: Williams

Williams, the provider of large-scale infrastructure connecting U.S. natural gas and natural gas products to growing demand for cleaner fuel and feedstocks, acquired a deepwater natural gas pipeline system that connects offshore output to its Mobile Bay processing plant.The…

CNOOC Gas Supply Hits New Record

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CNOOC Gas & Power, a unit of China National Offshore Oil Corp , said on Wednesday its daily supply of natural gas had surpassed 200 million cubic meters for the first time as temperatures in northern China plummet.CNOOC sent 205 million cubic meters of gas to the Chinese market on Dec.

Philippines Short-lists Three Groups for LNG Terminal Project

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The Philippines has short-listed three different groups to build and operate its first liquefied natural gas (LNG) import terminal and hopes to nominate one by November, its energy minister said on Tuesday.Short-listed companies were chosen from 18 groups that submitted proposals for the project…

China Oil Majors Eyeing Arctic Onshore Blocks

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China National Petroleum Corp (CNPC) and China National Offshore Oil Corp (CNOOC) have expressed interest in bidding for onshore oil and gas blocks in Greenland to be offered in 2021, officials from the island said on Tuesday.The Arctic island, a self-ruling part of Denmark…

China Willing to Invest $3 Bln in Nigerian Oil Operations

China National Offshore Oil Corp (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.During a visit to Nigeria's state-owned NNPC…

Phoenix Petroleum, CNOOC Partner for LNG Terminal

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Philippine fuel retailer Phoenix Petroleum said it had agreed to partner with a subsidiary of state-owned China National Offshore Oil Corp (CNOOC) to explore building a receiving terminal for liquefied natural gas in the country.The Philippines is seeking investors to…

CNOOC Leases Bigger FSRU to Boost LNG Imports

(Photo courtesy of Höegh LNG)

The trading arm of China National Offshore Oil Corp (CNOOC) struck a three-year lease for a bigger floating storage and regasification unit (FSRU) from Hoegh LNG as it seeks to boost imports of liquefied natural gas (LNG).In a statement, shipowner Hoegh LNG said its Esperanza…

CNOOC Seeks LNG Cargoes for up to 2022

File Image: Credit Robert Murphy

China National Offshore Oil Corp (CNOOC) is seeking liquefied natural gas (LNG) cargoes for delivery for up to 2022, two trade sources said on Monday. The company has given options for four different delivery time periods in the tender, which will close on April 16 and is valid until April 25, one of the sources said.

Philippines, China Mull South China Sea Energy Cooperation

The Philippines on Friday identified two areas in South China Sea where joint exploration for oil and gas may be undertaken with China, including one in territory that both sides have argued over for years. The two countries have agreed to set up a special panel to work…

Long wait Ends for Big Oil as Mexico Auctions Prized Blocks

Mexico will on Wednesday offer foreign energy firms the right to drill beneath prized deep waters in the Gulf of Mexico that may contain billions of barrels of oil, the climax of an historic energy reform just five months before a presidential election. The auction of…

China's Crude Splurge is OPEC's Best Friend

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China's crude oil imports surged to the second-highest on record in September, but this isn't a sign of supercharged demand in the world's second-biggest economy. It's rather a shuffling of where oil is being stored around the globe and a couple of factors that caused a temporary boost to Chinese import demand.

PXP Energy Eager to Resume South China Sea Drilling

Philippine oil and gas firm PXP Energy Corp expressed eagerness on Thursday to resume exploration in the disputed South China Sea and said any joint venture development would likely involve a Chinese company. Chairman Manuel Pangilinan told reporters he was looking to…

Top LNG Buyers Form Alliance to Push for Flexible Contracts

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The world's biggest liquefied natural gas (LNG) buyers are clubbing together to secure more flexible supply contracts in a move that further shifts power to buyers rather than producers. Japan, China and South Korea are the world's biggest LNG importers, accounting for about 55 percent of global purchases…

Oil Traders who know China, with good heads for liquor

Over 40 traders, others hired away from major Chinese firms. Chinese independent oil companies are luring traders, marketers and risk managers away from dominant state behemoths, offering better pay and perks in a hiring spree triggered by the freeing up of China's crude import trade.