ADNOC offers partners more Murban crude ahead of the OPEC+ meeting, sources and reports say
Abu Dhabi will 'export' more of its Murban crude, according to Bloomberg News and two trade sources. This will add to the already abundant supply from Middle East producers. Bloomberg reported that the state-owned Abu Dhabi National Oil Co. offered to increase volumes for partners in the onshore concession of the country, citing people who were familiar with the plans. It was not immediately apparent how much additional Murban will be supplied. Partners in Murban crude producer ADNOC Onshore include BP TotalEnergies China National Petroleum Corp Zhenhua oil and South Korea’s GS Energy.
What is the current status of international oil companies operating in Venezuela?
Here are some key facts about the international oil companies operating in Venezuela. The country has vast oil reserves, but a dilapidated infrastructure. Hugo Chavez, the then president, expropriated foreign oil companies in the 2000s to strengthen the control of the PDVSA, the state-owned oil company, over the oilfields. The U.S., after capturing President Nicolas Maduro, eased sanctions against Venezuela's energy industry this month by issuing general licences that allow global energy firms to operate oil projects and gas in the OPEC nation.
What is the current status of international oil companies operating in Venezuela?
Here are some key facts about the international oil companies operating in Venezuela. The country has vast oil reserves, but a dilapidated infrastructure. In the early 2000s, the then-President?Hugo Chavez took assets from foreign oil companies to strengthen the control of the state-owned PDVSA over the oilfields in Venezuela. The United States, after capturing Nicolas Maduro as President in January, eased sanctions against Venezuela's oil sector this month. They issued general licenses allowing global energy companies the opportunity to operate oil projects and gas in Venezuela.
Shell stops further Kazakhstan investment due to legal disputes, CEO states
Shell has halted new investments in Kazakhstan due to legal actions taken by the government against the oil giant and other international companies over cost disputes. CEO Wael sawan confirmed this. Kazakhstan has been in conflict with international oil companies for many years. It launched arbitration proceedings against the developers who developed its Kashagan oilfields and Karachaganak, claiming $13 billion of disputed costs and $3.5 billion. One claim?involves a field operated by the Karachaganak Petroleum Operating Consortium, in which Shell holds a 29,25% stake along with Eni, Chevron and KazMunayGaz.
Shell stops further Kazakhstan investment due to legal disputes, CEO states
Shell has halted new investments due to legal actions launched by the government against it and other international companies for cost disputes. CEO Wael Sawan said that Shell would halt its new investments because of the legal proceedings. Kazakhstan has been in conflict with international oil companies for many years. It launched arbitration proceedings against the developers who developed its Kashagan oilfield and Karachaganak, claiming $13 billion of disputed costs and $3.5 billion. Shell, Eni…
What is the current status of international oil firms in Venezuela following Maduro’s capture?
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro. Former President Hugo Chavez expropriated?assets?from foreign oil companies in the 2000s. This strengthened the state-owned PDVSA control over the oilfields of the country. Due to Washington's sanction, foreign companies must now obtain authorizations from the United States to negotiate, plan and operate projects in Venezuela. Oil exports from the OPEC nation are at a standstill.
Explainer: Status of Foreign Oil Companies in Venezuela After Maduro’s Arrest
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro.Hugo Chavez, the former president, expropriated foreign oil companies' assets in the 2000s. This strengthened the state-owned PDVSA?control over Venezuela's oilfields. Due to Washington's sanction, foreign companies must now obtain authorizations from the United States to negotiate, plan and operate projects within Venezuela.
Sources say ADNOC will restore most Murban oil to equity holders by July.
Multiple trade sources reported on Thursday that Abu Dhabi National Oil Company has restored the majority of Murban crude oil supplies going to equity holders for July, after a drastic cut in June. Traders said that partners in Murban crude producer ADNOC Onshore include BP TotalEnergies China National Petroleum Corp Inpex Zhenhua oil and South Korea's GS Energy. They are entitled to 40% of production, which is around 2.1million barrels per day. Sources said that during the conflict between Israel and Iran last month, ADNOC informed equity holders it would reduce its Murban crude oil supply by 3 to 4 million barrels.
Kazakhstan commits to reducing oil production after April. Russia claims OPEC+ could reverse output.
Alexander Novak, the deputy prime minister of Russia, said that the OPEC+ had agreed to increase oil production starting in April. However the group could change its mind if market imbalances occur. Officials from Kazakhstan, who have often exceeded the OPEC+ production quotas in recent years, spoke at a briefing online almost simultaneously with Novak. They pledged to reduce output in March April and May. Novak said that Russia also produced less oil than the quota agreed with the OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies.
CNPC: China's crude imports could grow by 1% in 2025
According to a report released by the state-owned energy giant China National Petroleum Corp. (CNPC), China's crude imports are expected to rise just 1% in 2019. The country's reliance upon oil imports, however, is projected to stay at 70% between 2026-2030. The Economics and Technology Research Institute of CNPC (ETRI) estimated that the world's second largest refining industry will import 559 millions metric tons crude oil in this year. This is equivalent to approximately 11,18 million barrels a day.
China's Sinopec Finds Shale Oil at Shengli Field
A unit of state-run oil Chinese and gas major Sinopec Corp has found an initial 458 million tonnes (3.34 billion barrels) of geological shale oil reserves at its Shengli field, the official Xinhua news agency reported on Tuesday.Shengli, in Shandong province, is one of China's largest conventional oil and gas fields but Sinopec, has been exploring the Jiyang trough at the deposit for unconventional resources in a bid to bolster production.In 2019, the company, which operates China's biggest shale gas project in Chongqing, agreed to study shale oil potential in the Dongying trough at Shengli with Royal Dutch Shell.The
PipeChina to Buy $56B Worth of Pipelines
China took a major step in the reform of its national oil and gas pipeline network, with newly formed PipeChina agreeing to buy pipelines and storage facilities valued at 391.4 billion yuan ($55.9 billion).Under the deal, PipeChina, known formally as China Oil and Gas Pipeline Network, will take over oil and gas pipelines and storage facilities from state-owned energy giants PetroChina and Sinopec, in return for cash and equity in the pipeline company.The creation of PipeChina is aimed at providing neutral access to the country's pipeline infrastructure…
Country-by-Country Look at Dropping Fuel Demand
It's hardly news that the COVID-19 pandemic has sent most every market into tumult, most notably the oil and gas market as political power plays flood the world with oil precisely when demand has plummeted. Here we provide some recent insights on just how steep falls in fuel demand has been as lockdowns to contain the spread of the novel coronavirus limit the movement of more than 4 billion people.UNITED STATESU.S. fuel demand has dropped 28% in the last four weeks, the Energy Information Administration…
China's Crude Imports from Saudi Slip, Russia Up 31%
China's March crude oil imports from top supplier Saudi Arabia fell 1.6% from a year earlier, while purchases from No.2 supplier Russia rose 31%, Reuters' calculations based on customs data showed on Sunday.China's March crude oil imports rose 4.5% year on year to 9.68 million barrels per day (bpd) as refiners stocked up on cheaper cargoes despite falling domestic fuel demand and cuts in refining rates due to the impact the COVID-19 pandemic.Shipments from Saudi Arabia were 7.21 million tonnes, or 1.7 million bpd…
CNPC Finds Reserves From Pre-salt Field at Tarim
China National Petroleum Corp (CNPC) said it has found oil and gas reserves from a pre-salt area, where the resources are trapped under a layer of salt, for the first time in the country.Daily oil production from the area, located at Tarim oilfield in the northwestern region of Xinjiang, is estimated to be 133.46 cubic meters and daily gas output to reach 48,700 cubic meters.The pre-salt oil is found from a 8,882-metre well, the deepest onshore well in Asia, CNPC said in a statement on Monday.CNPC expects total oil reserves at the pre-salt oilfield in the Tarim Basin region to reach 310 million tonnes and gas reserve
CNPC Pulls Staff from Iraq Oilfield
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 Longest Ethane Pipeline Starts Operation
China National Petroleum Corp (CNPC) said its Xinjiang oilfield unit has delivered 500,000 cubic meters of ethane after being put into operation a week ago, the company stated on its website on Wednesday.Construction work on the 371 kilometer-long pipeline, which is expected to be China's longest ethane pipeline, began on June 20. It links CNPC's gas field in Junggar Basin and Dushanzi petrochemical complex, the company said.The gas field in Junggar Basin, which started operation in October, has annual ethane capacity at 38.5 million cubic meters…
China to Launch State Pipeline Group
China plans to launch its long-awaited national oil and gas pipeline company on Monday, part of a sector-wide reform aimed at providing fair market access to infrastructure and boost investment in oil and gas production.Most of the country's pipeline infrastructure is controlled by energy giant PetroChina, CNPC's listed arm, and small, non state-owned oil and gas producers and distributors often don't have access to the pipelines at competitive rates, analysts have said.This also hinders companies from investing in oil and gas exploration as they are concerned about access to the pipelines.Beijing started considering
CNPC's $8.5 Bln Gas Storage Project Starts Construction
China National Petroleum Corp's (CNPC) unit Liaohe Oilfield of CNPC kicked off construction of its gas storage group project in Panjin city in Liaoning province on Wednesday, the state-backed China News Service said.The project, jointly invested in by Liaohe Oilfield of CNPC and the Panjin government to the tune of about 60 billion yuan ($8.5 billion), is aiming for storage capacity of 11.5 billion cubic meters, according to China News.The Liaohe project is expected to become the biggest underground natural gas storage center in northeast China and the Beijing-Tianjin-Hebei region, the media said, without mentioning w
Big Oil Stuns Brazil in Back-to-back Auction Flops
Major global oil firms snubbed a second Brazilian oil auction in a row on Thursday, passing up offshore blocks and forcing officials to reconsider a bidding system that gives a privileged position to state-run Petroleo Brasileiro SA.The only block awarded in Thursday's bidding went to Petrobras, as the Brazilian state-run firm is known, and Chinese state firm CNODC, a unit of China National Petroleum Corp, which offered the minimum bid. Four other blocks received no bids.The result, following a lack of foreign interest in an even bigger Wednesday round…