fetching latest news
News tagged in:
China’s Caixin yesterday reported about the revival of a decade-old mega project between CNPC and Venezuelan state-owned PDVSA. The financial publication said that the CNPC-PDVSA JV refinery and chemical project will most likely commence operations in 2021. The $9.53 billion-refinery with a processing capacity of 400,000 barrels-per-day will be built in Jieyang, China. The project will incur 60% investment from CNPC, while PDVSA will contribute to the remaining 40%.
Oil Minister of Iran has informed that CNPC of China has officially replaced energy giant Total in the multibillion-dollar South Pars gas project of Iran. In August, when Total did not receive a waiver from US sanctions against Iran, the company informed the Iranian authorities about its plan to withdraw from the project. Total had 50.1% stakes in the project and now CNPC already holds 30% stakes in the field.
China’s CNOOC has received its first LNG cargo from the Russian Arctic gas project on November 11. The cargo was shipped from Yamal and was bought from Novatek, a Russian firm. Novatek also controls Yamal LNG along with Total, CNPC and the Silk Road Fund. Meanwhile, CNPC is also planning to buy at least 3 million tonnes of LNG from Yamal starting from 2019.
China's state-owned CNPC yesterday agreed on collaborating with Norwegian energy major, Equinor for oil and gas exploration, renewables and carbon capture technology. The firms inked an MOU to explore opportunities in tapping unconventional gas resources in China, apart from partnering at global oil and gas projects. Relations between China and Norway had soured over the Norwegian Nobel Committee awarding its Peace Prize to jailed dissident Liu Xiaobo in 2010.
In order to develop and embrace new technologies to increase oil recovery, Russia’s Gazprom Neft and China National Petroleum Corporation (CNPC) have come together as technical partners at the Eastern Economic Forum. The objective of the partnership also includes developing advanced techniques for polymer and surfactant flooding. The first step in the process would be a feasibility study for surfactant flooding which will take place at the Sutorminskoye field.
CNPC’s listed arm, PetroChina updated about the completion of a new pipeline by Yunnan refinery for the transportation of gasoline and diesel. The newly constructed pipeline is 81 km long, with an annual transport capacity of 1.68 million tonnes. The Yunnan refinery is one of the PetroChina’s largest refining projects with 260,000 barrels per day of crude refining capacity that began production in 2017.
Renewed US sanctions forced French supermajor, Total SA to pull out from all its deals, worth USD 5 billion. The massive South Pars offshore natural gas field development contract in 2017 was the one of the first major gas deal signed with Iran post 2015 nuclear deal. Iran has been looking for an alternative to Total, while Chinese state-backed CNPC acquired majority 80% share of the project this month.
CNPC, China’s energy major has taken over 50.1% stakes of the South Pars gas project previously held by France’s Total. This project is Iran’s multi-billion dollar project. Earlier CNPC had only 30% stake in the project. The French oil major signed a deal to develop phase II of the project in 2017. The French oil giant had warned to walk out in the absence of a waiver from US sanctions.
ADNOC and Chinese state-owned CNPC are believed to be closing in on a deal pertaining to a major investment into upstream and downstream businesses. The UAE oil major is putting into execution its plans to almost double its refining capacity and triple petrochemicals output potential by 2025. ADNOC has diverted its focus on the expansion of its downstream division to capture new growth markets.
Al Yasat, a joint venture between ADNOC and Chinese oil giant CNPC, has granted Bu Haseer field development contract to Abu Dhabi’s National Petroleum Construction Company (NPCC). The scope of the agreement involves engineering, procurement, construction, and commissioning (EPCC) activities for offshore facilities, intended on raising the production capacity of the Bu Haseer field to 16,000 bpd in 2020.
The Chinese regulators are looking forward to announcing before the coming winter the decision to merge the oil and gas pipeline assets of three of its state-held energy giants- CNPC, CNOOC, and Sinopec, estimated to be worth around $78 billion. The three companies combined own 66,000 kms of the 70,000 kms-long gas pipeline network. This would allow third-party access to the pipelines and pollution control by a large margin.
If sources were to be believed, the Chinese Oil & Gas giant CNPC is in negotiation to buy Total's share of the Iranian South Pars gas field in the Persian Gulf. The French-owned Total SA recently announced that it will have to pull out of the project amidst possible US sanctions. Total and CNPC have been jointly working on the South Pars field since 2017.
China National Petroleum Corporation (CNPC) has entered into an agreement with ADNOC following which it has been awarded stakes in two of Abu Dhabi’s offshore concession areas-10% interest in the Umm Shaif and Nasr concession and a 10% interest in the Lower Zakum concession. ADNOC Group CEO believes that CNPC’s engagement would maximise the returns and strengthen the global energy markets’ confidence in ADNOC’s 2030 growth strategy.