cnpc – Oil & Gas 360

U.S. weighs more sanctions on Venezuela to halt fuel deals: Bloomberg- oil and gas 360

Venezuela Begins Expansion of Crude Joint Venture with China

August 9, 2019

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

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

February 9, 2018

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

CNPC Profits Drop 52% in 2015

April 27, 2016

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

China May Buy 19.5% Stake in Rosneft

April 21, 2016

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

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

February 24, 2016

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

Beijing Turns Down the Heat As Natural Gas Demand Outpaces Supply

December 28, 2015

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

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

October 21, 2015

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

China Set to Form State Oil and Gas Midstream Company

September 25, 2015

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

PetroChina Wins Dismissal of U.S. Lawsuit

August 5, 2015

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

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

October 23, 2013

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,

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