(World Oil) – PetroChina Co.’s profit hit record levels last year, as increased production offset lower energy prices and a weaker performance from its refining operations. Net income at China’s biggest oil and gas producer climbed 2% to 164.7 billion yuan ($22.7 billion), according to a filing on Sunday, although the result missed expectations. Revenue slipped to 2.94 trillion yuan
Oil Price China, Japan and South Korea are set to receive cargoes of oil imports from Canada’s newly expanded Trans Mountain pipeline in September, becoming the first Asian countries to benefit from the facility since it became operational in May. The expanded TMX pipeline will triple the flow of crude from landlocked Alberta to Canada’s Pacific coast to 890,000 barrels per day
Reuters SINGAPORE – Chinese oil majors will struggle to extend fast growth in shale gas production beyond 2025, as complex geology and failure to draw in more investors make it expensive to develop the unconventional resource. That would be a blow to China’s efforts to cut its reliance on gas imports, presently 42% of total consumption. It would also mean
CNBC Earnings from China’s oil firms are going to “look pretty ugly” in the short-term, one Bernstein analyst told CNBC on Monday. “We’re expecting very significant losses in the first quarter for PetroChina and Sinopec as a result of the low oil prices,” Neil Beveridge, senior oil and gas analyst at Bernstein, told CNBC’s “Street Signs.” Both PetroChina and Sinopec are expected to post
From Reuters PetroChina, Asia’s largest oil and gas producer, plans to boost capital spending to 300 billion yuan ($45 billion) in 2019, up 17 percent from last year, a company filing to the Hong Kong Stock Exchange showed. The surge in expenditure to a near-record level came as PetroChina pledged to ramp up oil and gas production and reserves to
From Bloomberg PetroChina Co. signed a deal with Qatargas Operating Co. to purchase 3.4 million tons of liquefied natural gas annually, the Chinese company’s biggest supply deal, amid a brewing trade war with the U.S. that threatens to stifle the Asian nation’s purchases of American fuel. Under the 22-year agreement, Qatargas will supply LNG from the Qatargas 2 project, a joint venture between
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
“We are a big elephant already. If we don’t reform ourselves faster, we will become a dinosaur” – Fu Chengyu, former Chairman of Sinopec and CNOOC China’s oil and gas industry is at risk of falling behind the times, according to the former chairman of two of the country’s biggest oil and gas producers. Chinese oil companies have “tremendous room”
Uncertainty over oil prices is hurting Chinese oil production Daily oil production in China – the world’s second-largest crude consumer after the United States – fell to a seven-year low in October, according to data from the country’s statistics bureau. Chinese oil production is falling as the country’s national oil producers remain cautious about raising production in the face of
Low oil prices continue to hurt Chinese oil major PetroChina China’s largest crude oil and natural gas producer, PetroChina (ticker: PTR), released its third-quarter results today, reporting substantially lower income amid the global crude oil glut. Net income during the first nine months of the year fell 94% to 1.73 billion yuan ($255.2 million), the company said in its press
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
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
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