sinopec Archives - Page 3 of 3

Job Security Comes at a Price for Chinese Oil and Gas Companies

March 29, 2016

Maintaining employment strains Chinese oil and gas firms’ shrinking profits Many international oil and gas companies have responded to the steep drop in prices since November 2014 by cutting expenditures. Companies have achieved better financial metrics by increasing efficiencies in their operations, and, in many cases, by reducing their workforce. Layoffs have been an unfortunate side effect of the price

China’s Oil Imports Up 20%

March 22, 2016

Saudi Arabia and Russia vie for market share in China Monthly oil imports to China in February were 20% higher in 2016 than the year before. The increased level of imports in February were the highest ever on a daily basis as the country takes advantage of low oil prices to increase stockpiles, reports Reuters. Saudi Arabia made up the

OPEC’s Strategy is Working – in China

February 17, 2016

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

Iraq + China MOU Establishes Long Term Oil & Gas Partnership

December 23, 2015

Chinese-made oilfield equipment will head to Iraq; crude oil trade, E&P, oilfield engineering services, chemical refining get a bump; construction of storage and transport facilities on tap During a visit to China, Iraqi Prime Minister Haider al-Abadi signed a memorandum of understanding (MOU) with Chinese Premier Li Keqiang to establish a long-term, stable energy partnership. As part of the MOU,

China has Reduced its Shale Drilling & Completion Costs by 23%

September 30, 2015

As China looks for way to meet more of its natural gas demand domestically, it has looked to improving the economics of its own shale gas development. While China is one of four countries currently producing commercial volumes of shale gas, it has not been as economical as shale development in the U.S. Despite this, there have been more than

China Opens Six Blocks for Private Exploration Amid Market Turmoil

July 8, 2015

Remote location and complex geology remain obstacles The Chinese government announced yesterday that it will open six oil and gas blocks for private companies to explore in the Xinjiang region in northwest China. China’s Ministry of Land and Resources said that it hoped the move would “stir up market vigor.” However, obstacles still remain, according to Neil Beveridge, an analyst

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