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Aramco In Talks with Sinopec, Total on $10B Saudi Gas Deal
May 3, 2023
Source: RIGZONE

Aramco In Talks with Sinopec, Total on $10B Saudi Gas Deal

Sinopec and TotalEnergies SE are among companies holding talks to invest in the Jafurah development in Saudi Arabia, according to people familiar with the matter, as the kingdom seeks to exploit one of the world’s largest untapped gas fields.

Sinopec taps shale oil at mature east China oilfield
July 19, 2022
Source: Reuters

Sinopec taps shale oil at mature east China oilfield

China's Sinopec Corp said on Tuesday it has tapped a daily flow of 30 tonnes of oil and 1,500 cubic meters of gas at a mature oilfield in east China's Jiangsu province. The company said the flows, from exploration well Hua-2-ce in the Jiangsu oilfield, marked a breakthrough in unlocking 1.1 billion tonnes of prospective shale oil resources in the Subei basin. The firm will accelerate the construction of a pilot shale oil production zone in the area, Sinopec said, without giving further details.

China's Sinopec flags new oil and gas find in Xinjiang
Aug. 26, 2021
Source: Reuters

China's Sinopec flags new oil and gas find in Xinjiang

China's state-run energy major Sinopec said on Wednesday it had discovered a new 100-million-tonne oil and gas field in the Shunbei area of the Tarim Basin in the country's Xinjiang region. An exploration well drilled by the company's northwest China unit achieved a daily flow of 865 tonnes (6,315 barrels) of crude oil and 590,000 cubic metres of natural gas, Sinopec said on Weibo, a Twitter-like microblogging platform. It gave no precise resource estimate, saying only that more than 100 million tonnes of oil and gas had been discovered. Annual oil output from Sinopec's Shunbei field in Xinjiang, which was discovered in 2016, rose by nearly 30% in 2020 to about 1 million tonnes, while gas production was up 32% to 350 million cubic metres.

China's Sinopec raises 2021 capital expenditure by 23.8 per cent
March 30, 2021
Source: Energyworld

China's Sinopec raises 2021 capital expenditure by 23.8 per cent

BEIJING: China Petroleum & Chemical Corp, better known as Sinopec, plans a 23.8% increase in capital spending to 167.2 billion yuan in 2021 following recovery of oil prices and energy demand as the COVID-19 epidemic subsided.Sinopec expects to spend 66.8 billion yuan on upstream exploration focusing on shale gas development in southwest China

Sinopec Corp has awarded a 10 year tender to Qatargas.
Sept. 5, 2020
Source: Reuters

Sinopec Corp has awarded a 10 year tender to Qatargas.

China’s Sinopec Corp has awarded a 10 year tender to buy 1 million tonnes of liquefied natural gas per year from Qatargas. The tender was issued in the month of July, and the supply starts in 2023. Despite the global supply and the COVID -19 pandemic, Qatar’s exports were slightly higher this year as compared with the same period last year.

Sinopec posts first half-year loss
Aug. 31, 2020

Sinopec posts first half-year loss

Chinese state-run Sinopec on Sunday posted its first half-year net loss on record amid weak fuel demand due to the global pandemic. It made a net loss of 21.725 billion yuan ($3.17 billion) for the first six months of 2020, compared to a 32.206 billion yuan profit a year earlier. First-half revenue fell 31% from a year earlier to 1.03 trillion yuan.

China might invest upto $10mn in Aramco's IPO
Nov. 7, 2019

China might invest upto $10mn in Aramco's IPO

According to the sources, China is planning to invest $5 billion to $10 billion in the oil giant Aramco's planned IPO. State-owned oil producer Sinopec and sovereign wealth fund China Investment Corp are among the parties who have been discussing to buy stock in the offering. But the lineup of investors and investment size will finally depend on the Chinese government.

Sinopec discovers new gas field
Sept. 26, 2019

Sinopec discovers new gas field

China's oil giant, Sinopec has informed about adding 44.2 billion cubic metres (bcm) of gas reserves in Erdos Basin. This is a new discovery by Sinopec which will take the total gas reserves at the company's Dongsheng gas field to 123.9 bcm. The company is expecting the production capacity of the new field to rise 1.5 bcm by the end of 2019 which is 1.35 bcm at present.

Petrofac secures major North Sea contract extension
Sept. 5, 2019
Source: World Oil

Petrofac secures major North Sea contract extension

Oilfield services giant, Petrofac has secured a major contract extension to continue supporting the operations of Repsol-Sinopec Resources UK Limited’s in the North Sea. The Jersey-based firm will continue as a tier 1 contractor for brownfield modifications and projects for Repsol-Sinopec Resources’ operated assets and terminal at Flotta. Petrofac provides engineering support services for the Flotta asset.

CNOOC China and Sinopec sign Cooperation Framework Agreement
July 11, 2019
Source: World Oil

CNOOC China and Sinopec sign Cooperation Framework Agreement

CNOOC China Limited has signed a Cooperation Framework Agreement with Sinopec. Three joint study agreements have been signed between both the companies, “Joint Study Agreement on Bohai basin,” “Joint Study Agreement on North Jiangsu basin and South Yellow Sea basin” and “Joint Study Agreement on Beibu Gulf basin.” This cooperation will help to scientifically optimize the potential exploration zones and targets.

Sinopec suffers 21% profit drop on crude prices
April 30, 2019

Sinopec suffers 21% profit drop on crude prices

Asia's largest refiner, Sinopec informed on Monday that its net earnings of the first quarter underwent a drop of 21%. The company is suffering from this significant loss due to the lower crude prices in the upstream operations. The company has reported that its net profit of this quarter is $2.3 billion with refinery output settling at about 5.01 million barrels per day.

Sinopec delivers first batch of low-sulphur light marine fuel
April 12, 2019
Source: Reuters

Sinopec delivers first batch of low-sulphur light marine fuel

Delivery for the first batch of low-sulphur light marine fuel has come from Chinese downstream giant, Sinopec. The first batch of 6,800 tonnes of the IMO-standardized fuel came from Sinopec’s Shanghai refinery. Starting in 2020, IMO will forbid ships running on fuel oil, with sulphur content above 0.5%. The only exception to this rule will be the ships retrofitted with exhaust “scrubbers” to clean sulphur emissions.

Tribunal approves bid for Chevron’s asset sale
Sept. 14, 2018

Tribunal approves bid for Chevron’s asset sale

The South African Competition Tribunal has approved Glencore’s $973m bid for the acquisition of Chevron Corp’s subsidiary. Chinese state-owned Sinopec was acquiring 75% stake through the sale last year, before Glencore jumped in, backed by minority shareholders and exercised pre-emptive rights on the sale. The proposed merger is subject to the condition that jobs are preserved after the deal and the CSA retirees’ medical aid subsidy is continued among others.

Sinopec decides to improve in second innings
Aug. 27, 2018

Sinopec decides to improve in second innings

China’s oil giant, Sinopec will increase its production in the second half of this year. The oil major informed on Sunday that it will take up the production to 146 million barrels of crude oil in the second innings of yearly production which was 143.6 million barrels in the in the initial half of the year. Sinopec has decided to process 121 million tonnes of crude this time.

Sinopec teams up with Zhejiang
Aug. 23, 2018

Sinopec teams up with Zhejiang

Sinopec Corp has joined hands with Zhejiang Energy Group Co Ltd for LNG terminal in east China. It is an agreement of 3 million tonne-per-year whose first phase is set for operation at end-2021. 4 tanks with a capacity of 200,000 cubic meters of LNG each, a berth of capacity 30,000 cubic meters to 266,000 cubic meters and a 26-km pipeline, these are included in the project.

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