Sinopec shuts-in four production sites As the oil price slump continues amid OPEC’s battle to maintain market share, the group’s goal of eliminating high-cost production appears to be working, but perhaps not where OPEC had originally hoped. Sinopec (ticker: SNP), China’s second largest crude oil producer, announced today that the company will be shutting in four of its least profitable
CNOOC’s 2016 plan looks to lower production for the first time in a decade Lower oil and gas prices are forcing at least one of China’s producers to lower its production goal for 2016. In a press release Tuesday, China National Offshore Oil Corporation (CNOOC, ticker: CEO) announced that it plans to produce 5% less than in 2015, and cut
China looks to break oil and gas monopoly with new structure, further reforms The Chinese government is moving forward with plans to shake things up at its oil and gas monopolies. Reports say China will take the oil and gas transportation operations currently under the control of state-giants China National Offshore Oil Corp (CNOOC; ticker: CEO), China National Petroleum Corp
Alberta regulator calls for partial shutdown at CNOOC project The Alberta Energy Regulator (AER) recently announced that it would partially lift a suspension order it issued August 28 against China National Offshore Oil Corp (CNOOC, ticker: CEO) subsidiary Nexen Energy ULC. With the change in the AER’s suspension decision, Nexen will be able to maintain approximately 75% of its Long
China’s largest offshore producer announced that it has begun production at its offshore expansion project China National Offshore Oil Corporation (CNOOC; ticker: CEO) announced this week that it has begun production at its Qinhuangdao 32-6 comprehensive adjustment project. Once the project reaches its peak production capability it is expected to produce 36 MBOPD, according to the company’s press release. The
CNOOC’s discovery in the South China Sea has more than 100 Bcm in reserves China National Offshore Oil Corporation’s (CNOOC) deepsea natural gas discovery in the northern part of the South China Sea has certified reserves exceeding 100 Bcm (3,531 Bcf), reports Chinese state television. The size of the discovery makes it one of China’s biggest offshore finds and would
Petróleo Brasileiro S.A., or Petrobras (ticker: PBR), is the state-run oil company of Brazil and has operations in 24 countries across five continents. It is the largest producer in South America and participates in E&P, refining, trade, transportation, petrochemicals, oil distribution, electricity, biofuels, and sources of renewable energy. PBR celebrated its 60th anniversary on October 3, 2013. On October 21,
