2017 CapEx between ¥60 billion and ¥70 billion China National Offshore Oil Corporation (CNOOC) reported annual results on March 23, reporting net earnings of ¥637 million ($92.6 million). Total oil and gas revenue for 2016 was ¥121 billion, down 17% from ¥147 billion in 2015. CNOOC production dropped 4% to 476.9 MMBOE in 2016, the first production decrease in a
Forbes tallies 2,043 individual billionaires Times have changed. Four decades ago, before smart phones, before Apple computers, the Internet, VHS tapes and drink holders in cars, Fortune published a story called “The Last Billionaires.” Fortune’s list of living billionaires in 1975 or thereabouts contained about five or six people—Howard Hughes was one of them. Fortune featured these five or six men
From Japan Times Smog troubles persist BEIJING – The last large coal-fired power plant in Beijing has suspended operations, with the city’s electricity now generated by natural gas, the state news agency reported as smog enveloped the Chinese capital this weekend. The shuttering of the Huangneng Beijing Thermal Power Plant comes on the heels of China’s annual legislative sessions, where Premier
Demand is not dropping, but China’s oil production has been decreasing since November 2015 Chinese oil production so far this year is down 8%, as the world’s fifth largest oil producer continues to be squeezed by lower commodity prices. China has produced 230.5 million barrels of oil in January and February this year, down from the 250 million barrels produced
From Reuters China’s crude oil imports rose to the second-highest level on record in February, as strong demand from independent “teapot” refiners continues to drive growth. February’s imports came in at 31.78 million tonnes or 8.286 million barrels per day, up 3.5 percent on a year ago, Chinese customs data showed on Wednesday. Daily shipments were only behind December’s record
BP says U.S. shale gas output to more than double In its recently released 2017 Energy Outlook, BP outlines its predictions for global energy production and consumption through 2035. Global consumption of energy is expected to increase by 30% through 2035, driven primarily by growth in emerging economies, especially China and India. Oil, gas and coal remain dominant; demand for
The National Development and Reform Commission releases its projections for the remainder of the decade China expects crude oil production to fall by 7% compared with its previous five-year plan as production from some of the country’s largest, and oldest, wells continues to decline. Output of natural gas, however, is expected to increase by almost two-thirds, according to a report
From Asia Times Students with postgraduate degrees from Chinese or overseas universities now do not need work experience to be allowed to find mainland jobs. Foreign students who have completed their postgraduate degrees in Chinese or overseas institutions are now allowed to find a job in mainland China without any previous work experience. The Ministries of Foreign Affairs, Education, and
Larger quotas expected later in 2017 China will cut its export quotas to the country’s oil majors by 40% in the first round of licenses for 2017, reports Reuters, even as traders expect allowances for overseas sales to meet or exceed this year’s record levels. The Ministry of Commerce and the General Administration of Customs said the four state majors
As Europe and America consume less coal, China gains greater influence over coal industry In its medium-term coal market report for 2016, IEA reports that global coal demand growth has stalled after more than a decade of 4% annual growth, with demand in 2016 to be below 2013 levels. Consumption decreased for the first time in 2015 as declines in
Russia and Japan ink 23 energy-related agreements including offshore and LNG Russia and Japan deepened ties between the neighboring countries over the weekend as Russian President Vladimir Putin visited Japanese Prime Minister Shinzo Abe in Japan. The talks were set in the hopes of restarting a dialogue over four islands that each country has claimed a right to since the
From Bloomberg News China Life, SDIC buying 50% of Sichuan-to-East China pipelines -Sinopec approved sale of natural gas pipeline unit in August China Petroleum & Chemical Corp. is selling a 50 percent stake in a pipeline unit to investors including China Life Insurance Co. for 22.8 billion yuan ($3.3 billion) as it seeks funds to expand its natural gas business. China Life will
