Asia & Australia – Page 36

Iraq Oil Minister Expects Balance in Q1; Touts Per-Barrel Fee Contract Model with China’s Zhenhua Oil

December 27, 2017

Iraq’s $3.50 per barrel fee paid to Chinese producing partner Zhenhua will serve as its new contract model with international companies: Ameedi From The Nation BAGHDAD – Iraqi Oil Minister Jabar al-Luaibi said on Monday he was optimistic there would be a balance between supply and demand by the first quarter of 2018, leading to a boost in oil prices. Global oil inventories have decreased to an acceptable

China and OPEC Getting Cozy Fast

December 20, 2017

A turning point in relations OPEC announced today that its second high level meeting with China produced good will all around and it listed agreements between the countries as to the development of oil resources and sharing technologies to do so. “Both parties agreed that the meeting marked a turning point in relations between China and OPEC. The importance of

Asian Infrastructure Investment Bank Will Loan Beijing Gas Group Co. $250 Million to Connect Rural China to Natural Gas Network, to Replace Coal

December 12, 2017

Pipelines, meters, household connections to be completed by 2021; project will cut China coal demand by 650,000 tons annually The Asian Infrastructure Investment Bank’s (AIIB) approved a US$250 million loan for a project that will connect about 216,750 households in approximately 510 rural villages to the natural gas distribution network in China. The investment in the project represents AIIB’s first

China’s Crying Need for NatGas—a Discovery in Bohai’s Shallow Water, LNG Demand Booming

December 8, 2017

China on a tear to expand domestic gas output and diversify its natural gas imports China’s quest for natural gas “China supports domestic enterprises to increase natural gas output and at the same time to diversify imports of the resource,” said spokesperson Gao Feng at a regular press conference, Hellenic Shipping News reported. China’s natural gas import is expected to

Oil & Gas 360 - Venezuela will stick to its plan of blending domestic and foreign crude to maintain and even increase oil production and exports in the face of sanctions prohibiting U.S. companies from buying the country’s oi

China’s Sinopec Sues Venezuela Over Unpaid Bills: Crisis Tests Ally’s Patience

December 7, 2017

China has been one of Venezuela’s biggest creditors, providing loans, cash and investment totaling more than $65 billion From AP/US News CARACAS, Venezuela (AP) — One of China’s biggest state-run conglomerates has sued a Venezuelan counterpart in a U.S. court in a dispute over unpaid bills, a sign of Beijing’s growing impatience with its socialist South American ally as it

Chinese Demand is Shrinking Global LNG Glut

November 29, 2017

$240 billion in Australian LNG projects The LNG glut that has plagued the industry in recent years may clear more quickly than anticipated, based on recent estimates. Numerous massive LNG projects have come online recently, from several countries. Chief among these is Australia, where six multibillion projects have started up in the past five years. With another two planned for

INEOS Will Provide U.S. Ethane to China

November 22, 2017

INEOS and China’s SP Chemicals sign long term supply agreement for U.S. ethane Agreement includes construction of the largest ethane carrier ship ever built The deal will involve the construction of a 95,000cbm capacity ship which is expected to be delivered in 2019. Known in the US as a ‘Very Large Ethane Carrier’ or VLEC it will be the largest

Reserve Your Place in Singapore July 11-12, 2017

June 30, 2017

Worldwide petroleum consulting firm Netherland, Sewell & Associates, Inc. (NSAI) is taking its NSAI Oil & Gas Property Evaluation Seminar to Singapore on July 11-12, 2017. What: NSAI Oil & Gas Property Evaluation Seminar – Singapore When: July 11-12, 2017 Where: Singapore Exchange SGX Auditorium, 2 Shenton Way #19-00 SGX Centre 1, Singapore 068804 Details: See the Singapore NSAI Seminar fact sheet

China Has Boosted Both Imports and Production of Natural Gas

June 28, 2017

Imports and output of natural gas rose more than twice the expected amount this year in China Imports and domestic output of natural gas are outpacing government projections in China as the country works toward a goal of making the fuel 10% of its energy consumption by 2020. Official data for domestic production and imports shows that the total amount

We want Private Companies to Operate Oil & Gas Storage Here: China

May 22, 2017

Chinese authorities announce plans to further reform the country’s oil and gas sector; call for increased imports of low-priced U.S. natural gas China has said it will allow private companies to invest in the country’s oil and gas storage sector, the government said in a document laying out changes it plans to make to the energy sector. In a document

Deal Paves Way for Mega-sized U.S. Energy Exports

May 16, 2017

China world’s largest energy consumer A new deal between China and the U.S. has thrown open a door for U.S. LNG producers to export the country’s vast energy supplies to China. It’s the first step for the U.S. to become a key supplier that fuels the world’s biggest energy consumer. Among other provisions, the recently-unveiled trade deal invites Chinese companies

PetroChina Production Down 5.3% in 2016, Further Drops Expected

March 31, 2017

Decreasing production creates demand for foreign crude PetroChina reported fourth quarter results on Thursday, showing net earnings of ¥7.9 billion ($1.15 billion), or ¥0.04 per share. While not a loss, this is the lowest profit in the company’s history, according to the Business Times. Total revenue was down to ¥1.62 trillion, 6.3% below 2015 levels. Crude oil production decreased by

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