CNOOC's first-half profits fall 13% due to lower oil prices
CNOOC, the Chinese offshore oil-and-gas major, reported a 13% drop in its interim net income as lower oil prices countered the impact of record oil and natural gas production. According to a Hong Kong Stock Exchange filing, the net profit attributable equity shareholders fell to 69.5 billion Yuan ($9.7billion) following a record-breaking interim profit in 2024.
PetroChina's H1 profits down 5.4% from the previous record
PetroChina, China's largest gas and oil company, reported a 5.4% drop in its first-half net profit compared to a record set a year ago, due to lower oil prices. According to a filing at the Hong Kong Stock Exchange, the net profit was 84 billion Yuan ($11.7billion), down from the 88.8billion yuan of the same period in last year. Revenues fell 6.7%, to 1.45trillion yuan.
Indonesia regulator announces that the delivery of 27 BBTUD gas from West Natuna Supply Group will begin
SKK Migas, Indonesia's upstream oil regulator, said that a gas exchange delivery by West Natuna Supply Group of 27 Billion British Thermal Units per Day (BBTUD), which will help maintain domestic industry supplies, began on Friday. SKK Migas announced that the gas will be delivered by Medco E&P Grisssk Ltd and PetroChina International Jabung Ltd to the state-owned gas utility company Perusahaan Gas Negara.
Sources say Shell-led LNG Canada is facing problems when it ramps up its production.
Shell-led LNG Canada has been experiencing technical difficulties as it ramps production up at its liquefied gas plant in Kitimat. One LNG tanker was diverted away from the facility recently without superchilled fuel, according to data provided by LSEG and four sources. The facility is the first major LNG-export facility on the West Coast of North America and Canada…
Canada exports first LNG cargo from Pacific Coast
A spokesperson for Shell-led LNG Canada confirmed on Monday that Canada's first LNG export cargo was shipped from its Pacific Coast to Asia. The cargo was loaded on the tanker Gaslog Glasgow at LNG Canada's Kitimat site, British Columbia. This happened just over a weeks after the facility had confirmed its first production. It became the first large commercial LNG operation of the country.
Canada Produces First LNG For Export
The Shell-led Canada facility has produced its first liquefied natural gas for export in Kitimat, British Columbia, a spokesperson for the project confirmed on Sunday.The new production, which will go mainly to Asia, comes amid concerns over disruptions to the 20% of global gas supply coming from Qatar, due to the Israel-Iran conflict and the possibility of Tehran closing the Strait of Hormuz…
LNG Canada produces first liquefied natural gas for export
A Shell-led LNG Canada facility in Kitimat has produced the first liquefied gas for export, confirmed a project spokesperson on Sunday. This milestone is in anticipation of LNG Canada loading its first LNG cargo at the facility, which it said will be done by the middle this year. It is also the first major LNG plant in North America to have direct access to the Pacific Coast…
LNG Canada produces first liquefied natural gas for export, sources say
Two people who were familiar with the start-up of the plant said on Sunday that the Shell-led LNG Canada has produced its first liquefied gas for export. One of the sources said that "at 4 a.m. This is the first large-scale Canadian project to start production. It's also the first major North American facility with direct access on the Pacific Coast, reducing the sailing time to Asian markets.
Canada Could Produce First LNG by This Weekend
Canada could produce its first ever liquefied natural gas this weekend, from the LNG Canada export facility in Kitimat, British Columbia, two people familiar with the startup of the plant told Reuters on Wednesday.The facility, the first of a handful of Canadian LNG projects to begin production, will be the first LNG facility in North America with direct access to the Pacific coast…
Sources say Canada could produce its first LNG this weekend
Two people who are familiar with the launch of the plant said on Wednesday that Canada could produce the first liquefied gas ever this weekend. This facility will be the only LNG plant in North America that has direct access to the Pacific Coast, reducing the sailing time to Asian markets. According to the company, when fully operational, it will be able to export 14 millions metric tons per year (mtpa).
PetroChina aims to reduce risks by increasing North American LNG volume, according to an executive
PetroChina International, trading arm of Chinese oil giant, is interested in North American supplies of liquefied gas. The company wants to reduce its trading risks by negotiating flexible supply agreements, according to a company official on Tuesday. If I look at the portfolio we have today, I'd say that there is a slight over-weighting on duration.
Shell CEO: Local price index makes LNG Canada attractive
Shell's LNG Canada is attractive to buyers because it uses a Canadian Alberta Energy Company price index, which is lower in comparison with the Henry Hub price for the U.S. The company's CEO said this on Tuesday. Shell CEO Wael Sawan told the Energy Asia Conference that the AECO indexation is what makes LNG Canada so attractive in the modern world. He added that the AECO gas will be available at lower prices.
Egypt To Buy Up To 160 LNG Cargoes Through 2026
Egypt has reached agreements with several energy firms and trading houses to buy 150 to 160 cargoes of liquefied natural gas, as it ramps up purchases to meet power demands despite strained government finances, industry sources said.The world's most populous Arab country has endured rolling blackouts over the past two years as natural gas supply fell short of demand.
Sources say that Egypt has agreed to purchase up to 160 LNG cargoes by 2026.
Industry sources familiar with the matter said that Egypt has signed agreements with various energy firms and trading companies to purchase between 150-160 cargoes liquefied gas (LNG) from now until 2026 to meet its power needs. Gas purchases will cost over $8 billion at current prices and add to the pressure already placed on the government's coffers…
Executive of Malaysian energy company Petronas says that the company has no plans to leave Canada
The CEO of Petronas' Canadian subsidiary, who spoke on Tuesday, said that the Malaysian company has no plans to abandon Canada. He added that the company was committed to exporting LNG off Canada's West Coast for decades. Petronas Canada's CEO Mark Fitzgerald said that the rumor of Petronas leaving Canada was "absolutely not true" on the sidelines an energy conference held in Calgary.
PetroChina's profit for the first quarter increased by 2.3% due to natural gas sales
PetroChina, China's largest energy producer, posted a 2.3% increase in its first-quarter profits on Tuesday. The company cited higher natural gas production, even though poor margins affected the refined products business. A filing at the Hong Kong Stock Exchange revealed that the profit attributable by the owners of the company increased to 46.81 billion Yuan ($6.44billion) from 45.77billion a year ago.
LNG Canada begins cooling down of the plant as a final step to producing LNG
Two people have confirmed that LNG Canada is cooling down its Kitimat liquefied gas plant, British Columbia. This is a last step before the company begins producing super-cooled gas. LNG Canada will be the first LNG export facility in Canada. It is expected to export 14 million metric tons per year (MTPA). People said that the company began using refrigerants on Tuesday as part of its cooling process.
Chinese LNG buyers resell US shipments as tariffs bite
As tit-fortat tariffs increase import costs, Chinese buyers are reselling U.S.-sourced LNG cargoes. This trend will accelerate this month as new multiyear supply agreements kick in and domestic demand is expected to weaken, traders and analysts report. Beijing, which had imposed 15% tariffs for U.S. imports of LNG in early February, imposed reciprocal tariffs beginning on April 10 on all U.S.
Chinese Companies Shy Away From Russian Oil
Chinese state oil companies are shying away from Russian oil this month, with two importers halting purchases while two others scaled back volumes as they assess compliance following recent U.S. sanctions on Moscow, multiple trade sources said.Russian oil supplies to top buyers India and China fell sharply following the January 10…
BOC Manager: Iraq signs deal with Halliburton for development of Nahr Bin Omar Oilfield
The Basra Oil Company's (BOC) head said that Iraq and U.S. oil service firm Halliburton were close to signing an agreement for the development of the Nahr Bin Omar Oilfield. Bassem Abdul Karim said that Halliburton and the Iraqi oil ministry are expected to sign an agreement of confidentiality in the next few days. Iraq will then provide Halliburton data about the Nahr Bin Omar fields and their installations.