Post Tagged with: "cnpc"

Venezuela Begins Expansion of Crude Joint Venture with China

Venezuela Begins Expansion of Crude Joint Venture with China

From Reuters A Venezuelan oil joint venture with a state-owned Chinese company has started an expansion project to boost output to 165,000 barrels per day (bpd), President Nicolas Maduro said on Thursday, from a current capacity of 110,000 bpd. Sinovensa, owned by PDVSA subsidiary Venezuelan Petroleum Corp (CVP) and China National Petroleum Corp (CNPC), produces extra-heavy Orinoco crude and blends it with lighter oil to produce medium-grade Merey. “Thanks always to China, for all of this effort and all of this cooperation,” Maduro said in a televised broadcast that included a delegation of Chinese officials. PDVSA said in a statement that a second phase of the project would take capacity to 230,000 bpd.     Blended crude grades are widely sought in Asian markets, where PDVSA is increasingly sending its crude production in the wake of Trump administration sanctions that have effectively halted sales of Venezuela oil to the U.S.[Read More…]

Cheniere's Corpus Christie Plant

More U.S. Gas Earmarked for China: Cheniere, CNPC Go Long-Term

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 2018 and the balance beginning in 2023. The term of each SPA continues through 2043 and the purchase price for LNG will be indexed to the Henry Hub price, plus a fixed component. “We are pleased to announce these LNG contracts with China National Petroleum Corporation, an important global energy player in one of the largest and fastest growing LNG markets worldwide,” said Jack Fusco, Cheniere’s president and CEO. “These long-term SPAs build upon the Memorandum of Understanding we signed in November, and we look forward to a successful long-term[Read More…]

February 9, 2018 - 2:51 pm China, Closing Bell Story, LNG, Oil and Gas 360 Articles
CNPC Profits Drop 52% in 2015

CNPC Profits Drop 52% in 2015

CNPC reports profit of $12.7 billion for full-year 2015 China’s largest oil and gas producer, China National Petroleum Corp. (CNPC), reported its full-year 2015 profit, showing a 52% decline year-over-year. The company reported $12.7 billion in total profit for the year, reports Shanghai Daily, and revenues of $308 billion, down 26% from 2014. The company produced 260 million metric tons of oil and gas equivalent (196 MMBOE) in 2015, up 1.8% from the year before. Its domestic crude output reached 110 million metric tons (82.9 MMBOE) accounting for 52.3% of China’s total production. Natural gas output reached 95.4 billion cubic meters (3.4 trillion cubic feet), or 72.7% of the country’s total. “We properly dealt with all the risks and challenges and steered the company from the model of chasing speedy expansion to a model focusing more on quality growth,” Chairman Wang Yilin said in the statement. CNPC’s listed oil and[Read More…]

Source: Rosneft

China May Buy 19.5% Stake in Rosneft

Sale of major Rosneft stake to CNPC signals strengthening ties between China and Russia China National Petroleum Corp. Deputy Chief Executive Wang Zhongcai said the company is interested in purchasing a stake in Rosneft, Russia’s state-owned oil company. The sale would strengthen the ties between the two countries, which have increasingly been working together on energy projects. Russia needs the cash Russia is looking to sell a 19.5% stake in Rosneft, the world’s largest listed crude producer, as it looks for ways to bridge its fiscal gap amid low oil prices. The Russian government has said the stake is worth $10 billion, reports The Wall Street Journal. In January, Chinese investment firm China Insurance Investment Ltd. invested into Russia’s Yamal LNG project as part of a wider $6 billion energy and infrastructure fund as the two countries increase their cooperation on energy. China has long spoke about increasing its share[Read More…]

China’s CNPC Plans to Spin Off its Oilfield Service Sector with IPO

China’s CNPC Plans to Spin Off its Oilfield Service Sector with IPO

No details available yet on timing or size of IPO China National Petroleum Corp., the country’s largest oil and gas producer, is looking to spin off its oilfield service sector as part of the ongoing process to overhaul the world’s second largest economy. During an industry conference held in Houston this week, CNPC Chairman Wang Yilin said that the company was considering an IPO of its oilfield service sector in order to streamline CNPC. Wang did not provide timing or details on the size of the offering during his presentation, reports Bloomberg. The proportion of the company that could come to market would certainly still leave the ruling party in charge of the company, though. Company leadership is appointed by the Communist Party; the Party will not cede power to international players “The national oil and gas companies are extremely important [to China],” Kerry Brown, professor Chinese Studies and Director[Read More…]

Beijing Turns Down the Heat As Natural Gas Demand Outpaces Supply

Beijing Turns Down the Heat As Natural Gas Demand Outpaces Supply

Delays in natural gas supplies force offices and public buildings to turn down the thermostat Offices, malls, supermarkets and other buildings in Beijing have been told to lower their heat to no higher than 14 degrees Celsius (57 degrees Fahrenheit) in response to a shortage of natural gas. Fog and wind have delayed unloading tankers filled with liquefied natural gas (LNG). The conditions have left PetroChina (ticker: PTR) unable to meet the demand for natural gas, reports Bloomberg. Northern China is facing the lowest temperatures in 64 years, leading to an increase in natural gas consumption, according to China National Petroleum Corp. (CNPC). China lowered the city-gate cost of natural gas last month by 28% in the hopes of spurring greater demand and reducing the country’s reliance on coal. Authorities said they were working with PetroChina to ensure the deliveries came as soon as possible, but CNPC did not say[Read More…]

December 28, 2015 - 4:49 pm Closing Bell Story, Oil and Gas 360 Articles
BP Signs $18.5 Billion of Oil and Gas Contracts with China

BP Signs $18.5 Billion of Oil and Gas Contracts with China

BP strengthens ties with CNPC for shale exploration and fuel retailing British oil giant BP (ticker: BP) announced today that the company signed a number of deals with China National Petroleum Corporation (CNPC) during Chinese President Xi Jinping’s state visit to the U.K. this week. In the company’s press release, BP said the two companies have entered into a framework agreement on strategic cooperation covering potential shale gas exploration and production in the Sichuan Basin and future fuel retailing ventures in China and other international partnerships. As part of the deal, BP will supply 1 million tons of liquefied natural gas (LNG) per annum over 20 years to Huadian, China’s largest gas-fired power generator. The LNG portion of the deal alone is worth up to $10 billion, according to BP. British Prime Minister David Cameron said more than 12 billion pounds ($18.5 billion) worth of oil and gas deals had[Read More…]

China Set to Form State Oil and Gas Midstream Company

China Set to Form State Oil and Gas Midstream Company

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 (CNPC), and Sinopec Group (ticker: SNP) and form a new crude oil and natural gas pipeline company, according to China Securities Journal. The move is hoped to break up a monopoly in the country’s energy sector as China continues to reform its oil and gas industry. The China Securities Journal report did not cite any sources for the information or give a time frame for the move, but said the government is still deciding whether to carry the plan out in stages or implement it all at once. Reforming China’s[Read More…]

(FILES) This file photo dated 08 September, 2004 shows a PetroChina gas station attendant in Beijing returning the nozzle at the pumps.  Fidelity Investments, the world's largest mutual fund firm, has sold the bulk of its American Depositary Receipts (ADR) in PetroChina amid pressure from United States activists upset over its parent's interests in Sudan, reports said 17 May 2007.  AFP PHOTO / FILES / Frederic J. BROWN

PetroChina Wins Dismissal of U.S. Lawsuit

Investors sue PetroChina for violating U.S. securities laws U.S. District Judge Edgardo Ramos in Manhattan dismissed claims against Chinese oil giant PetroChina (ticker: PTR) regarding declines in the company’s share price after company officials were included in an anti-graft probe initiated by the Chinese government. The lawsuit claimed PetroChina and individual defendants violated U.S. securities laws by concealing “bribery, political corruption, and undisclosed related party transactions,” reports Reuters. The lawsuit sought to recoup losses suffered by purchasers of PetroChina securities from April 26, 2012 to December 17, 2013, attributable to declines in the company’s share price, as news about alleged wrongdoing started to become public. Among those being sued in the U.S. case was former China National Petroleum Corp. (CNPC) general manager Zhou Yongkang, who was sentenced to life in prison by the Chinese government on graft charges. CNPC is the controlling shareholder in PetroChina. The judge said that the[Read More…]

August 5, 2015 - 4:11 pm International, Oil and Gas 360 Articles

Petrobras Announces Production Sharing Contract with Four Companies, Prepares to Develop Libra Basin

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, 2013, Petrobras announced a 35-year production sharing contract to develop the Libra pre-salt oil discovery offshore Brazil. Partners in the contract include Royal Dutch Shell (ticker: RDS.B), Total (ticker: TOT), CNPC and CNOOC (ticker: CEO). Petrobras, per government regulations, is the operator and holds 40% of the consortium, ahead of the minimum 30% ownership initially required by the government. Shell and Total each holds 20%, and CNPC and CNOOC own 10%, respectively. The Brazilian regulator, Agência Nacional do Petróleo (ANP), estimates Libra’s recoverable resources between 8 to 12 billion BOE,[Read More…]

October 23, 2013 - 3:00 pm Oil and Gas 360 Articles, OPEC, Regulatory