China – Page 43 – Oil & Gas 360

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

What’s Next for the Economies of China and India?

November 22, 2017

Since 1990, China and India have accounted for 57% of the total increase in world energy consumption Earlier this week the EIA put out data that revealed that the world’s developing countries used higher amounts of electricity than OECD countries. In a graph, the heavy users were China, India, Brazil and Egypt, with the U.S., UK and Japan being close

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

China Deal Seen as no Guarantee for Alaska LNG Export Project

November 10, 2017

From: Reuters A preliminary agreement with China for the development of a massive liquefied natural gas export project in Alaska will boost its profile, but does not ensure the $43 billion development will go ahead, analysts said on Thursday China’s biggest state oil company, Sinopec, one of its top banks and its sovereign wealth fund agreed early on Thursday to

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

CNOOC Predicts 5% Production Decline in 2017

March 27, 2017

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

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