China National Petroleum Corporation News

11 Nov 2019

Asian LPG Market to Cross $109Bln by 2024

Pic: Indian Oil Corporation Ltd

The Asian liquefied petroleum gas (LPG) market stood at over $81.4 billion in 2018 and is projected to grow at a CAGR of over 5% to cross $109 billion by 2024, as increasing demand for LPG  as a fuel for power generation in remote and off-grid locations in comparison to its less environment-friendly alternatives like coal, diesel and fuel oil.Increasing demand for LPG used to run vehicles (Autogas)  is being witnessed as it is a comparatively cheaper automotive fuel and can be used in vast applications related to transportation…

26 Sep 2019

CPIH, Equinor Team Up on Offshore Wind

Image: Equinor

Chinese power giant China Power International Holding (CPIH) and Norwegian energy firm Equinor have inked a memorandum of understanding (MoU) to cooperate on offshore wind projects off China and Europe.“China is rapidly increasing its use of renewables and natural gas. The country is set to become the world’s biggest offshore wind market by 2030. As an offshore wind major, Equinor is excited to collaborate with CPIH to develop offshore wind” says executive vice president New Energy Solutions…

16 Aug 2019

Teekay Adds 4th Arc 7 Icebreaking LNG Carrier

Image: Teekay

Bermuda-headquartered Teekay has taken delivery of Vladimir Voronin, the fourth in a series of six Arc 7 icebreaking liquefied natural gas (LNG) carriers intended for Yamal LNG project."Named after the famous Soviet sea captain, we have recently taken final delivery of Vladimir Voronin HN 2431, the fourth in the series of our six Arc 7 ice breaking LNG newbuilds," said a press statement from Teekay, which has developed from a regional shipping company into one of the world's largest marine energy transportation…

10 Jun 2019

Novatek Pact with Chinese Duo on Arctic LNG 2

Image: Novatek

Russia's second largest natural gas producer, Novatek has signed share purchase agreements with two Chinese oil giants for the sale of participation interest in the Arctic LNG 2 project.Novatek announced that it has signed the Share Purchase Agreement with China National Offshore Oil Corporation (CNOOC) in relation to the sale of a 10% participation interest in the Arctic LNG 2 project.The Agreement will close in the nearest future subject to approval by regulatory authorities…

02 Jul 2019

Mitsui, JOGMEC join Arctic LNG-2

Image of LNG Plant: Novatek

Japanese trading house Mitsui & Co and state-owned Japan Oil, Gas and Metals National Corporation (JOGMEC) have signed a sales and purchase agreement with Russia’s Novatek for a 10% participation interest in the Arctic LNG 2 project.The share will be acquired through the Dutch Company, Japan Arctic LNG B.V., in which Mitsui has invested jointly with JOGMEC. The equity ratio of JOGMEC and Mitsui will be set at 75 percent and 25 percent respectively.The project will develop natural…

23 Jul 2019

Novatek Closes in on Arctic LNG 2

Image: Novatek

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…

13 Jan 2017

Asia Tankers-VLCC Rates to Hold Steady

File Image: A typical VLCC underway (CREDIT AdobeStock)

Unipec charters 20 VLCCs for West Africa, MidEast cargoes; China's oil demand to climb 3.4 pct this year - CNPC. Freight rates for very large crude carriers (VLCCs) are expected to remain stable next week as buoyant chartering activity from the Middle East is offset by the large number of supertankers available for charter, ship brokers said. "We're going to see rates holding at current levels," a European supertanker broker said on Friday. "Saudi Arabian cargoes for February loading should be out on Monday.

02 Jan 2019

Consortium Bags Commitments for Rovuma LNG Project

LNG ship. Image: ExxonMobil

Area 4 co-venture participants -ExxonMobil, Eni, China National Petroleum Corporation (CNPC), Empresa Nacional de Hidrocarbonetos, Kogas and Galp - have secured liquefied natural gas (LNG) offtake commitments from affiliated buyer entities of the partnersA press release from ExxonMobil hailed this as a key milestone enabling the participants to rapidly move toward a final investment decision in 2019 on the first phase of the Rovuma LNG projectThose commitments are subject to the conclusion of fully-termed agreements…

20 Jul 2018

Ice-Breaking LNG Carrier Vladimir Rusanov First Call at PetroChina LNG Jiangsu Terminal

China COSCO Shipping, Executive Vice President, Sun Jiakang (first from left) PAO Novatek, Chairman of the Management Board Leonid Mikhelson (second from left) Director of the National Energy Administration of China, Nur Bekri (fourth from left) Minister of Energy of Russia, Alexander Novak (fourth from right) CNPC, Board Director, President, Zhang Jianhua (third from right) MOL, Senior Managing Executive Officer, Takeshi Hashimoto (first from right). Photo: Mitsui O.S.K. Lines

Mitsui O.S.K. Lines (MOL) announced that the Ice-Breaking LNG Carrier "Vladimir Rusanov", which is jointly owned by MOL and China COSCO Shipping Corporation Limited for the Yamal LNG project, made its first call at PetroChina LNG Jiangsu Terminal in China on 17 July.A ceremony celebrating this milestone was held on 19 July.At the end of March 2018, the vessel started transportation services for LNG produced by the Yamal LNG plant at Sabetta port in Russia. For its latest voyage…

17 Sep 2017

CNPC, Eni Sign LNG Deal

Photo:  Eni

China National Petroleum Corporation (CNPC) and Italy’s Eni signed a cooperation agreement that includes assessing opportunities in the gas and LNG value chain. "CNPC and Eni signed cooperation agreement today in order to cooperate in oil & gas exploration and production, gas and LNG value chain opportunities, trading and logistics opportunities, refining and petrochemicals. The partnership will regard both China and overseas activities," said a statement from the company. The signing took place in Rome at Eni's headquarters during a meeting between the Chairman of CNPC…

12 Nov 2017

CNPC, Cheniere Pact for LNG

Photo: Cheniere Energy, Inc

China’s state-owned oil company, China National Petroleum Corporation (CNPC), and U.S. independent energy company Cheniere Energy have signed a Memorandum of Understanding (MoU) for long-term sales and purchases of liquefied natural gas (LNG), Reuters reported. The report quoted U.S. State Department saying that the deal between the two companies was signed during president Trump’s first state visit to China. Neither companies disclosed details of the transaction. According to CNPC…

13 Nov 2017

Port Corpus Christi to benefit from LNG partnership with China

 ©Trong Nguyen/Adobe Stock

Port Corpus Christi officials are confident that the agreement signed between Cheniere Energy of Houston and China National Petroleum Corporation (CNPC) will bring increased traffic to the port, according to the San Antonio Business Journal. Officials from Cheniere accompanies President Trump on his tour to China and signed a Memorandum of Understanding with the Chinese company. CNPC is the largest gas and oil supplier and producer in China and is also one of the largest providers of oilfied services.

26 Apr 2019

Novatek Sell 20% Stake in Arctic LNG 2 to China

Image: Novatek

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)…

10 May 2019

Natural Gas Consumption Up 10% in China

Image: CNPC

According to the preliminary estimate, the consumption of natural gas in China exceeded 27 million cubic meters in 2018, registering a YOY increase of more than 10%, said a report.The growing Chinese economy and stricter environmental protection policies drive the growth of natural gas consumption in China. In 2018, the Chinese government introduced several environmental protection policies to further prevent and control atmospheric pollution and replace coal with natural gas in key areas…

25 Feb 2015

China Snow Dragon Arctic

Pic: Arctic Frontiers

The melting Arctic presents a geopolitical challenge and it is the last bit of unclaimed land left on our quickly heating globe. A report in the Worldcrunch analyses why China is suddenly so interested in the Arctic. China is now becoming more involved primarily because of issues related to climate change, shipping and natural resources. China will also play an important role in exploiting the region's resources. Norway's Foreign Affairs Minister Borge Brende says China's growing…

20 Jan 2016

China: Rig Not Drilling in Disputed Waters

In mid-2014, rig caused worst breakdown in ties in decades. China's Foreign Ministry said on Wednesday that a $1-billion deepwater oil rig was not drilling in disputed territory in the South China Sea, in response to a warning from Vietnam against such activity. Vietnam closely tracks the movement of the oil rig, which in mid-2014 caused the worst diplomatic breakdown between the neighbours in decades, when China parked it for 10 weeks in waters Vietnam considers its own. This week Vietnam said Beijing had steered the rig, the Haiyang Shiyou 981, into a stretch where jurisdiction is unclear. "According to what is understood, China's Haiyang Shiyou 981 drilling platform is operating in Chinese-controlled waters that are completely undisputed…

27 Feb 2015

Brightoil Reports Steady Growth in Interim Results

Photo: Brightoil Petroleum

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period. During the period, profit attributable to the owners of the group increased 3% year-on-year to HK$561 million. Basic earnings per share amounted to 6.41 HK cents, up 3% from a year ago. Total revenue climbed 11% from HK$40.3 billion in 1HFY2014 toHK$44.9 billion for the period as the twin-engines business model (upstream and mid-downstream businesses) enabled the group to secure steady growth amid volatile oil prices.

16 Jul 2014

China Studies Floating Gas Plants for South China Sea

Photo: CNOOC

Chinese energy giant CNOOC Group is studying the possibility of building a multibillion-dollar floating liquefied natural gas (FLNG) vessel, as-yet untried technology that would likely be used to produce gas from the deep waters of the South China Sea. While the state-run company has made no public announcement, a pre-feasibility study was well under way, CNOOC and other industry officials said. CNOOC was already talking to global engineering firms about possible joint design of the vessel, two industry officials added.

06 Apr 2016

PDVSA to Receive US Crude Cargo from BP

Venezuela's PDVSA will discharge in the coming days its first cargo of U.S. crude bought from British BP, who along with China Oil was awarded a tender to supply the state-run company with some 8 million barrels in the second quarter, traders close to the deal told Reuters on Wednesday. PDVSA, who is facing delays to load and discharge tankers at its main crude port, Jose, will receive the cargo at the neighboring island of Curacao where it operates a storage facility, according to Thomson Reuters vessel tracking data. The number of tankers waiting to load and discharge at PDVSA's Bullenbay terminal in Curacao has fallen in recent days, the data say, but it has not eased around Jose. The tanker Krymst was loaded with 500,000 barrels of West Texas Intermediate crude at the U.S.

27 May 2015

CNPC Eyes Myanmar for LNG Terminal

Image: China National Petroleum Corporation

China's biggest oil and gas company China National Petroleum Corp.(CNPC ) has expressed interested in  a terminal in Kyaukphyu in Myanmar  to receive imported Liquefied natural gas (LNG). China National Petroleum Corporation has proposed developing a terminal in Kyaukphyu to receive imported LNG, local media quoted an official from state-owned Myanma Oil and Gas Enterprise. He said that companies from China, Korea, Japan, Norway, Singapore and Thailand have already proposed investment into LNG development projects in Myanmar, and feasibility studies have been completed.

03 Sep 2014

Power of Siberia construction launched

Vladimir Putin and Zhang Gaoli

Yakutsk hosted today celebrations dedicated to welding the first joint of the Power of Siberia gas transmission system (GTS) meant to be a crucial element of the gas supply system being built in eastern Russia. The GTS will convey gas from the Yakutia and Irkutsk gas production centers to the Far East and China. The attendance was comprised of Russian President Vladimir Putin, Zhang Gaoli, First Vice Premier of China's State Council, Yury Trutnev, Deputy Prime Minister of the Russian Federation and Presidential Plenipotentiary Envoy to the Far Eastern Federal District…

12 Nov 2014

Russia & China Agree on Gas Supplies

Beijing, China

As part of the APEC summit in Beijing, a number of documents related to the Russian-Chinese cooperation in the energy sector were signed today in the presence of Russian President Vladimir Putin and Chinese President Xi Jinping. Alexey Miller, Chairman of the Gazprom Management Committee and Zhou Jiping, Chairman of China National Petroleum Corporation (CNPC) signed a Framework Agreement on gas supplies via the western route. In particular, the document reflects such conditions as the volume and terms of supply, the take-or-pay level, the location of the gas delivery point on the border.

28 Sep 2016

Teekay Sign Yamal Charter for Newbuild

Teekay LNG Partners L.P. has entered into a 15-year time-charter contract with the Yamal LNG project, sponsored by Novatek OAO, Total SA, China National Petroleum Corporation and Silk Road Fund, to provide Yamal LNG with conventional liquefied natural gas (LNG) transportation services. Yamal LNG is scheduled to commence production in 2017. The fixed-rate time-charter contract will be serviced by one of Teekay LNG's previously unchartered 174,000 cubic meter MEGI LNG carrier newbuildings that is scheduled for delivery in early-2019. "We are pleased that our commercial team has secured this new 15-year charter contract which expands our service offering to the now fully-financed Yamal LNG project and reduces our uncommitted newbuildings to only one vessel…

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