Cnooc Ltd News

Exxon Mobil CEO Darren Woods on Monday said his company is trying to establish it has rights over Hess Corp's Guyana assets in its dispute with Chevron, not buy the company itself.In his first public remarks on the company's pursuit of an arbitration case that could block Chevron's $53 billion deal for Hess, Woods said Exxon would not have waited for Chevron to announce its Hess deal if it had wanted to buy Hess."We're basically standing up for what we believe is a fundamental right," Woods told Reuters at the CERAWeek energy conference in Houston.

The third and the last train of the Arctic LNG 2 project in Russia has been put on hold but the second train is likely to be installed, the head of stakeholder TotalEnergies' said.The liquefied natural gas (LNG) project in the Russian Arctic has faced challenges from U.S. sanctions imposed on the project last November over the conflict in Ukraine, and subsequent force majeures by shareholders.At the end of 2023 Arctic LNG 2 started tentative production at its first train, which is yet to deliver a first cargo.

Judges at the International Court of Justice (ICJ) on Thursday ruled they had jurisdiction over a long-running border dispute between Guyana and Venezuela, which could determine which country has rights to territory rich in oil and gas.Guyana in 2018 asked the ICJ, also known as the World Court, to confirm that the border was laid down in an 1899 arbitration between Venezuela and the then-colony of British Guiana. Venezuela, while boycotting much of the procedure, tried to stop the case from moving forward by arguing the United Kingdom should be involved as Guyana was a British colony in 1899…

Exxon Mobil Corp. is preparing to approve its fifth oil production project in Guyana and is considering taking additional exploration acreage, the head of its Guyanese operations, Alistair Routledge, told Reuters in an interview. The efforts would add significantly to the $30 billion committed thus far by Exxon and Guyana partners Hess Corp and CNOOC Ltd. The latest development will cost about 27% more than the last, a new estimate showed, reflecting inflation and the larger scope of the project.

China National Offshore Oil Company (CNOOC) has awarded 16 billion yuan ($2.42 billion) worth of contracts to build 12 liquefied natural gas tankers, the largest of their kind in the country, the company said on Thursday.China is the world's largest buyer of the super-chilled gas, while CNOOC is the country's largest importer of the fuel and among the state majors leading a drive to expand their LNG fleet to meet rising import needs and facilitate fast-growing global trade.

Exxon Mobil Corp on Friday said it is accelerating output at its Guyana offshore oil development, starting a new production vessel that will bring total capacity to more than 340,000 barrels per day.An Exxon-led consortium started production in the South America country in 2019 and is responsible for all oil and gas output in Guyana. Exxon and partners Hess Corp and CNOOC Ltd. have discovered some 10 billion barrels of oil.Production at the Liza Unity floating, production, storage and offloading (FPSO) vessel is expected to reach 220,000 barrels of oil per day later this year, Exxon said.

The United States and Guyana will begin joint maritime patrols aimed at drug interdiction near the South American country’s disputed border with crisis-stricken Venezuela, the U.S. secretary of state and Guyana’s new president said on Friday.The agreement comes as U.S. oil major Exxon Mobil Corp, as part of a consortium with Hess Corp and China’s CNOOC Ltd, ramps up crude output from Guyana’s massive offshore Stabroek block, a large portion of which is in waters claimed by Venezuela.“Greater security…

Oil shipments from nascent crude producer Guyana's prolific Liza field could be affected by a growing storage glut that has contributed to plunging global crude prices, the country's director of energy said.A consortium led by Exxon Mobil began producing crude from the offshore field in December after discovering more than 8 billion barrels of recoverable resources together with partners Hess Corp and China's CNOOC Ltd. The poor South American country had no history of crude production.But a sharp fall in oil demand due to the outbreak of the new coronavirus has rapidly filled crude storage tanks worldwide, raising questions about Guyana's ability to continue producing its crude at the same level."No shipment from the Liza Destiny has been affected due to COVID-19 presently…

Russian natural gas producer Novatek said it had completed the sale of stakes in its Arctic LNG-2 project to two Chinese companies and a consortium of two Japanese companies.The second largest natural gas producer in Russia announced the closing of the sale of participation interests in Arctic LNG 2 Project to wholly owned subsidiary of China National Petroleum Corporation (CNPC), wholly owned subsidiary of CNOOC Ltd. (CNOOC), and the consortium of Mitsui & Co and Japan Oil, Gas and Metals National Corporation (Japan Arctic LNG).“We now have formed the structure of the Project’s participants by successfully closing the sale of interests in Arctic LNG 2…

Russian gas producer Novatek said on  that it had signed agreements with two Chinese companies to sell a combined 20 percent stake in its new liquefied natural gas project, Arctic LNG 2.Under the agreement, the Chinese firms -CNOOC and CNODC - will become shareholders in the Arctic LNG project with 10 percent each. Novatek gave no financial details in a statement announcing the agreements.According to a press release, Novatek  has signed a binding agreement to enter the Arctic LNG 2 project with China National Oil and Gas Exploration and Development Company Ltd (CNODC), a wholly owned subsidiary of China National Petroleum Corporation (CNPC).The binding agreement…

China's state-owned offshore oil and gas producer CNOOC Ltd said it is confident of achieving its spending target this year, the highest since 2014, as its responds to a call to build up the nation's petroleum output and reserves.The company plans to spend 70 billion to 80 billion yuan ($10.3 billion to $11.8 billion) on exploration and production, CNOOC said in a press release on Wednesday, compared with an expected 63 billion yuan in capital spending for 2018.Beijing has called…

Limited availability drove LNG shipping rates to highs; but prices now falling as more ship supply becomes available.Inflated spot charter rates for liquefied natural gas (LNG) tankers are easing as more ships becoming available, which could help increase LNG trade if Asian demand rises in coming months.LNG charter rates are a key component of spot LNG trade, dictating the way the super-cooled gas is transported. Charter rates usually follow the price of LNG, which has fallen since September due to sluggish demand from Asian buyers.Rates have remained high for most of this year…

Guyana has put planned oil auctions on hold as the impoverished South American country works to establish a Department of Energy to oversee the energy boom, Minister of State Joseph Harmon said on Monday.Since 1999, Guyana has awarded a group led by Exxon Mobil Corp hundreds of oil blocks along Guyana's maritime borders with Venezuela and Suriname. Their finds are turning Guyana, a country with no history of oil production and relaxed energy regulation, into one of Latin America's hottest prospects for oil investments.Exxon…

As Shell finishes construction on its Appomattox Semi-Submersible Platform hull, Bureau of Safety and Environmental Enforcement engineers and inspectors signed off on several topsides components during a pre-production inspection March 27, 2018. Royal Dutch Shell plc, 79 percent owner and its partner, Nexen Petroleum Offshore U.S. A. Inc., a wholly owned subsidiary of CNOOC ltd, will operate the platform about 80 miles off Louisiana’s coast in the Mississippi Canyon. “The Appomattox will be Shell’s largest floating platform in the Gulf of Mexico…

China's offshore oil and gas producer CNOOC Ltd reported its worst annual result since at least 2011, with revenue from its core oil and gas business tumbling 17 percent last year, but it expects to raise output 2017 as oil prices rebound. CNOOC reported a net profit of 637 million yuan ($92.5 million) in 2016, down nearly 97 percent from 20.2 billion yuan in profit in 2015. Total revenue from oil and gas fell to 121 billion yuan from 147 billion yuan in 2015. "CNOOC managed to eke out a tiny profit thanks to cost efficiencies and the oil price rebound during 4Q…

China's state-owned energy company CNOOC diverted two cargoes of imported liquefied natural gas (LNG) after a pipeline fire in northern China's Tianjin, though imports were normal as of Monday, traders with knowledge of the matter said on Tuesday. Reuters reported on Dec. 28 that a natural gas pipeline in Tianjin was closed after it ruptured and caught fire. Two sources with knowledge of CNOOC's gas operations in Tianjin said CNOOC diverted the LNG cargoes after the accident on the pipeline, which is connected to a domestic gas consumer. "Imports are now back to normal," said one source, adding that the cargoes were sold back to the supplier under force majeure terms. The source did not give further details. A CNOOC press official was not immediately able to comment.

Chinese maritime officials on Friday removed an online notice giving the location of a $1-billion deepwater oil rig in the South China Sea two days after issuing it, following a warning from Vietnam about drilling in disputed waters. Vietnam closely tracks the movement of the oil rig, which in mid-2014 caused the worst diplomatic rift between the neighbours in decades, when China parked it for 10 weeks in waters Vietnam considers its own. Annual trade between the communist neighbours exceeds $60 billion but anti-China sentiment is strong in Vietnam, where people are embittered over what many see as a history of Chinese bullying and territorial infringements in the South China Sea.

The operator of Canada's largest synthetic crude project said on Saturday it is investigating the causes of an early morning fire at an upgrading plant. Firefighters extinguished the blaze, at Syncrude Canada's Mildred Lake upgrading complex in northern Alberta, and no one was injured, said company spokesman Will Gibson in a phone interview. The fire broke out a few hours after the province's energy regulator announced it was shutting in 95 pipelines operated by Nexen, one of the partners in the project, because of safety issues identified following a large oil-related spill in July. But he said it was too soon to know how production would be affected.

Cnooc Ltd., China’s biggest offshore oil and gas explorer, posted a 56 percent decline in profit for the first half of this year. Net income dropped to 14.73 billion yuan ($2.3 billion), or 0.33 yuan a share, from 33.59 billion yuan, or 0.75 yuan, a year earlier, the Beijing-based explorer said in a statement to the Hong Kong stock exchange Wednesday. That exceeded the 13.9-billion yuan average of three analyst estimates compiled by Bloomberg. Despite profit fall, the company kept its dividend payout the same as the year-earlier level. Planned capital expenditure reduction by about 30 billion yuan this year and first-half savings of 12 billion yuan on an oil production tax helped offset lower cash inflows due to lower oil prices.

Alberta's energy regulator said on Saturday it is investigating reports that about 30 blue herons have died at a Syncrude Canada oil sands mine site in the northern part of the Canadian province. The Alberta Energy Regulator said it sent investigators to the Syncrude Canada Mildred Lake site, which is about 40 km (25 miles) north of Fort McMurray. In 2010, Syncrude was fined C$3 million ($2.29 million) for negligence in the 2008 deaths of 1,600 ducks in a toxic waste pond, a case that fueled international concern about the environmental impact of developing Canada's oil sands. Syncrude's partners include Canadian Oil Sands Ltd, Imperial Oil Ltd, Suncor Energy Inc, Sinopec , CNOOC Ltd's Nexen, Japan's Mocal Energy and Murphy Oil Co.

Nexen Energy, a wholly owned subsidiary of China's CNOOC Ltd, is closing its crude oil trading division following a round of job cuts announced last week, four market sources said on Monday. The Calgary-based company, which was acquired by state-controlled CNOOC in 2013 for $15.1 billion, cut 400 jobs last week in North America and the United Kingdom in response to plunging global oil prices. Three sources said Nexen was closing down its trading operations worldwide, although the majority of activity takes place in Calgary. The company will continue to market its own crude. Nexen did not immediately respond to requests for comment. In Canada, Nexen's crude oil desk is the biggest trading casualty so far of the global oil price rout, in which U.S.

CNOOC Ltd's Nexen unit is shutting operations at an oil field and processing facility in Yemen due to a security threat, a Nexen spokeswoman said on Sunday. The spokeswoman said Nexen determined there is an undue risk for staff working at its Block 51 field operations and BAK PF processing facility in Yemen. "As a prudent operator, we are temporarily shutting-down Block 51 PSA field facilities to ensure the safety of our people. The shut-down will be progressed in a timely manner. Our personnel will vacate and production will cease," Nexen spokeswoman Diane Kossman said in an e-mail. She said Nexen will monitor the situation and re-start operations when it is safe for workers to return. China's CNOOC acquired Calgary, Alberta-based Nexen in early 2013.

Libra consortium reports that drilling the first well in the area extension of Libra, the 3-BRSA-1255-RJS (3-RJS-731), confirmed the discovery of good quality oil in the northwestern part of the structure . Well, informally known as NW1, is located in the pre-salt Santos Basin, approximately 170 km off the coast of Rio de Janeiro and about 4 km southeast of the discovery well, 2-ANP-2A RJS. The carrier oil interval was found through profiles and fluid samples, which will subsequently be characterized by laboratory analysis. The well is still being drilled at a depth of 5,326 meters, and continue until the 5850 meters. The consortium will continue its operations to complete the project well drilling to the intended depth and to verify the extension of the new discovery…