Speculation is in the air, but it’s not on Wall Street or at some commodity trader’s desk at the Chicago Mercantile Exchange. It comes from China. Earlier this week, both foreign and domestic media reported that two of China’s national oil companies (NOCs), Sinopec and PetroChina, (the country’s two largest oil exploration companies) could merge.… Keep reading →
NOCs
Sign up and get Breaking Energy news in your inbox.
We will never sell or share your information without your consent. See our privacy policy.A state-owned Chinese oil major has been caught violating provincial and local environmental laws. The size of the fine incurred however, points to evidence that these mega energy companies still have more sway within the country than local laws and government officials tasked to enforce those laws. Late last week, Chinese media reported that… Keep reading →
In 2008, as Beijing geared up for the summer Olympics by stockpiling crude oil, the world blamed the Communist government for inflating prices. Now eyes are back on China, wondering if demand from the Asian nation will bolster falling crude prices. With oil prices falling to their lowest level in years, the Chinese are taking… Keep reading →
Energy News Roundup: Good and Bad from Continental, Aramco Invests in GTL Company and Russian NOC Shakeup
By Jared AndersonContinental Resources, one of the largest Bakken Shale producers, announced some good and bad news to investors yesterday – a new oil discovery (good) but increased capital expenditure guidance (bad). The company announced a new oil discovery in the South-Central Oklahoma Oil Province (SCOOP) where it also said “net unrisked resource potential has increased to… Keep reading →
When China released its 2015 targets of 6.5 billion cubic meters of shale gas a few years back (source, in Chinese), it looked like the goal was out of reach. At the time, the country had zero commercial shale gas production and domestic natural gas extraction was mainly in the hands of state-owned companies. But… Keep reading →
Reading the Tea Leaves: Chinese National Oil Companies’ Diverging Strategies
By Kate Rosow ChrismanFirst, BP dropped plans to invest in a refinery in Qinzhou. Then PetroChina delayed plans for it’s Kunming refinery, part of a larger plan that includes a pipeline linking Southwestern China to the Bay of Benegal through Myanmar (bypassing the Malacca Straits). Now, two of the largest Chinese national oil companies (NOCs) are paring back… Keep reading →
The changing relationship between international oil companies and national oil companies is a fascinating topic that constantly shifts with global economic trends, supply/demand fundamentals, geopolitical balance of power and much more. The global oil market pivot eastward toward rapidly expanding Asian economies is nothing new, but the prospect of a powerful new Asian-based international oil… Keep reading →
China’s Ambitions to Double Output by 2030 Rely on Unconventional Sources
By Kate Rosow ChrismanIn the past three years, Beijing’s projections for 2030 oil and gas output increased by a third to almost 700 million tons of oil equivalent, based on hopes of developing unconventional oil and gas. Production last year of oil and natural gas was 318.9 million tons of oil equivalent. With traditional oil production practically stagnant… Keep reading →
Energy News Roundup: The Latest on KXL, NOCs and More Coal-related Water Pollution
By Jared AndersonThe US State Department released its Final Environmental Impact Statement on the Keystone XL Pipeline project Friday, which received spirited reactions across the energy business and political spectrums. The findings were largely in line with previous Environmental Impact Statements, which concluded Canada’s oil sands resources would likely be developed regardless of the pipeline’s construction.… Keep reading →