ConocoPhillips Company (ticker: COP) reported first quarter 2018 earnings of $0.9 billion, or $0.75 per share. This compares to first quarter 2017 earnings of $0.6 billion, or $0.47 per share. First quarter production, excluding Libya, was 1,224 MBOEPD. Production from Libya was 45 MBOEPD. Conoco said that it grew year-over-year production in the Eagle Ford, Bakken and Delaware by 20%.
From Reuters The Philippines is looking to seal a pact with China within a few months to jointly explore for oil and gas in a part of the busy South China Sea waterway claimed by both countries, a Philippine official said on Monday. In February, the two countries agreed to set up a special panel to work out how to
China adds oil growth to its number two rank in global LNG imports BY Maritime Executive U.S. crude oil exports in 2017 were nearly double those of 2016, and China accounted for 202,000 b/d (20 percent) of the 527,000 b/d total increase. As a result, China surpassed the U.K. and the Netherlands to become the second-largest importing destination. However, similar to previous
In 2017 China surpassed South Korea to become the world’s second-largest importer of LNG, according to data from IHS Markit and official Chinese government statistics, the EIA said. Driven by government policies designed to reduce air pollution, LNG imports increased by 1.6 Bcf/d in 2017, with monthly imports reaching 7.8 Bcf/d in December 2017. China has been striving to transition
Cheniere Energy, Inc. (ticker: LNG) has entered into two LNG sale and purchase agreements (SPA) with China National Petroleum Corporation (CNPC). Under the SPAs with Cheniere’s subsidiaries, Corpus Christi Liquefaction, LLC and Cheniere Marketing International LLP, CNPC subsidiary PetroChina International Company Limited will purchase approximately 1.2 million tons per annum of LNG, with a portion of the supply beginning in
CNOOC Limited (ticker: CEO) plans to target 470-480 MMBOE for its net production goal in 2018. The geographic production areas are split between China (64%) and overseas (36%). The company’s net production for 2017 stood at approximately 469 MMBOE. As for 2019 and 2020, projected numbers are 485 MMBOE and 500 MMBOE, respectively. A stampede of projects CNOOC has scheduled
China imported 8.4 MMBOPD China took the crown as the world’s largest crude oil importer in 2017, according to a note released by the EIA today. China imported an average of 8.4 MMBOPD in 2017, compared with 7.9 MMBOPD for the United States. This is a new record for China, which has seen crude imports grow steadily for more than
Cheniere Energy, Inc. (ticker: LNG) and its subsidiary Cheniere Marketing, LLC have entered into a LNG sale and purchase agreement (SPA) with Trafigura Pte Ltd., a Geneva-based independent trader of oil and petroleum products. Trafigura’s LNG team is based in Houston, Geneva and Singapore. Trafigura has agreed to purchase approximately 1 million tons per annum of LNG from Cheniere Marketing
From Reuters The government of Curacao has scrapped a preliminary agreement with China’s Guangdong Zhenrong Energy (GZE) to operate the island’s aging Isla refinery, saying the company misrepresented itself and was unable to take on such a large endeavor. GZE said the decision violated the terms of the agreement and the company may initiate arbitration to resolve the dispute, according
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
From Asia Times A joint venture between China LNG shipping and Teekay LNG has reportedly signed a US$1.6 billion deal to finance six LNG carriers, which will service Russia’s Yamal LNG project. The carriers, currently being built by South Korea’s Daewoo, can operate the northern route from the Yamal peninsula to destinations on Asia-Pacific market without icebreaker assistance, according to
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
