How China's oil giants helped Beijing prepare an energy crisis
China's oil companies are at the forefront of Beijing prioritising energy security in the last decade. They have made investments that have helped to soften the impact of the closing of the Strait o'Hormuz. Sinopec PetroChina and CNOOC Ltd. have spent hundreds billions of dollars on drilling in China, while building and filling oil storage tanks for Beijing's energy security mandates. Since the U.S.
Officials: US company to take over Venezuela oilfields that were previously operated by Chinese and Russian firms
Two U.S. officials said that the U.S. company North American Blue Energy Partners will be taking over oilfields controlled by several Chinese firms and a Russian firm. They said that the takeover would be part of an?oil?production agreement President Donald Trump had announced with Venezuela. According to officials, the projects were part of 14 new contracts awarded to U.S.
Officials say that US oil company will take over Venezuelan oilfields that were previously operated by Chinese and Russian firms
Two U.S. officials have confirmed that North American Blue Energy Partners, a U.S.-based oil company, will take over some oilfields controlled by five 'Chinese' companies and one Russian firm. On Monday, two U.S. officials?told?that North American Blue Energy Partners will take?over some oilfields previously controlled by five chinese companies and a Russian firm.
China's CNOOC records record profit in the first half of this year on higher oil prices and output
CNOOC Ltd, a Chinese offshore oil-and-gas major, posted a record net profit for the first half of 2012 on Wednesday. Higher oil prices resulting from the Iran War?and increased production helped to boost earnings. According to a filing at the Hong Kong Stock Exchange, net?profits attributable to investors?rose by 23.4% from 69.5 billion to 85.8 billion ($12.9 billion).
Fire at Russian chemical gas complex causes three deaths and 150 injuries
The plant's press office reported that three people died and?150 were injured after a fire broke out at a complex of gas chemicals under construction in Russia’s Far East on Tuesday. Two Chinese and one Russian were among the dead, while 24 of the injured were hospitalized. The complex, which is one of the largest polyethylene and polypropylene producers in the world…
Sinopec, a Chinese refiner, will increase oil imports outside of the Gulf
Sinopec, the Chinese oil refiner, will source more of its 'oil' from Brazil, Africa, and other countries to combat supply disruptions caused by Middle East conflict. This was announced on Monday after announcing Sunday's interim results. Sinopec's first-half profit rose 19% despite the disruptions in oil supplies and the government's restrictions on passing on higher oil prices to consumers.
Sinopec's profit for the first half of this year increased 19.3% despite Iran War and falling demand
Sinopec, China, reported a 19.3% increase in net profits for the first half of 2026. This was despite the Middle East conflict, and the falling demand for fuel at home. However, it said that they had to write off their inventories by 16.3 billion yuan. Sinopec announced in a filing on the Shanghai Stock Exchange that the net profit…
Australia's Origin APLNG's revenue increases on stronger LNG spot and domestic gas sales
On Friday, Origin Energy reported a 3% increase in revenue for the fourth quarter from its'stake' in?the Australia Pacific LNG project (APLNG), boosted by higher spot LNG sales as well as an increase in domestic natural gas volumes. APLNG, the joint venture between the power producer and ConocoPhillips & Sinopec, reported revenue of…
Sinopec signss engineering contract for Central Asia's largest integrated biojet-fuel complex
Sinopec's subsidiary in Central Asia has signed a contract to design the region's first fully integrated, large-scale sustainable aviation fuel complex. This is a significant step for the group as it pushes low-carbon energy overseas. Sinopec Engineering announced in a'statement' on Wednesday that it had signed a contract for front-end engineering & design (FEED) with Uzbekistan’s Allied Biofuels FE LLC.
China taps deep shale deposits in Sichuan to boost its gas production
Sinopec experts and industry consultants say that China is increasing gas drilling in deeper, more ancient shale deposits of the Sichuan Basin, which could increase domestic production by over a third before 2035. State oil giants, whose shale-gas output is below government targets, and only 10% of China's gas production, are working to stop the slowdown by drilling 5,000 meters (16,400 feet) deep.
Saudi Crude Supply to China Remain at Record Low in July
Saudi Arabia's crude oil sales to China are expected to stay at record lows in July as elevated prices in the wake of the U.S.-Israeli war on Iran continue to weigh on demand from the world's largest crude importer, sources familiar with the matter said.The allocations, closely watched by market participants as a gauge of Chinese demand…
Sinopec, a Chinese company, has a major reserve of ultra-deep shale gases.
Sinopec, the Chinese oil major, said it has?booked large?proven?reserves of gas in its ultra-deep Ziyang Dongfeng?shale gas?field. The company said it has received official approval of proven geological resources of 235.687 billion cubic meters (8.323 trillion cubic feet) at the Ziyang Dongfeng Field, which is located more than 4,500 meters deep (14,764 ft).
Eni's Geliga-1 discovery has strong test results off Indonesia
Eni, the Italian energy company, announced on Thursday that its Geliga-1 gas find?offshore Indonesia had produced strong test results. These confirmed high reservoir productivity as well as a potential for fast-track development. Eni holds a 82% stake in the discovery, which is located within Ganal PSC. Sinopec, a Chinese company, holds the remaining 18%.
PetroChina's profit for the first quarter is up due to increased gas and fuel sales
PetroChina, Asia's biggest oil and -gas producer, announced a 1.9% increase in its first-quarter profit on Wednesday. The company cited a rise in sales of refined fuel and natural gas, as well as improved margins within the chemical and refining sector. A filing at the Hong Kong Stock Exchange revealed that the Chinese state oil company's net profit was 48.33 billion Yuan ($7.07billion)…
Origin Energy's APLNG revenues in the third quarter of 2018 are down on lower production and realised prices
Origin Energy, Australia's largest energy company, reported on Monday a 9% drop in revenue from its Australia -Pacific LNG project (APLNG), in Queensland. The decline was due to lower LNG prices realized and lower sales volumes. Origin's APLNG production fell by 3% in the second quarter, to 36.9 petajoules. This is in line with company…
The oil lobby group claims that the export tax in Brazil is an obstacle to new investment
The 12% tax on exports of crude?oil, which was introduced by the Brazilian government about a month ago, is a barrier to new investment by oil companies, according to the head lobby group IBP, who said at an event held on Wednesday that the group may file a suit against the tax. The 12% export tax was created when oil prices spiked due to the U.S./Israeli war against Iran.
The oil lobby group claims that the export tax in Brazil is an obstacle to new investment
The head of the lobby group IBP said at a Wednesday event that Brazil's new export tax on crude oil, which was created by the government a month ago, is a hurdle to new investments for oil majors. He added that the group may file a suit against the tax. As oil prices rose due to the U.S./Israeli war against Iran, the government abolished?local taxation on fuel sales in order to reduce prices for consumers.
PetroChina's net profit for 2025 drops 4.5% due to lower oil prices
PetroChina, Asia's biggest oil and gas producer said on Sunday that its 2025 net annual?profit fell 4.5% from the record set in 2024 as lower oil prices affected earnings. PetroChina reported in a filing with the Shanghai Stock Exchange that its net income was 157.3 billion yuan (22.76 billion dollars) in 2018, compared to 164.7 billion yuan (2024), while revenue fell 2.5% to 2,864.5 billion yuan.
China reduces fuel prices to cushion the impact of rising oil costs
China took measures to cushion the impact of fuel price increases on Monday, increasing the retail gas and diesel ceiling prices but keeping the increase to half the amount that would be charged under the government pricing mechanism. The price adjustments prompted by the U.S. and Israeli war against Iran are still the biggest ever.
Sinopec will increase Bohai Bay Shale Oil as a backup to maintain output
Sinopec, the Chinese oil company, will increase shale oil production in the Bohai Bay basin following a successful pilot. The resources gained from this project will be used to sustain oil production for a longer period of time, according to its chairman. Sinopec has pumped 7.3 million barrels of oil (or close to one million metric tonnes) from the Jiyang Trough in the basin…