Wang Yilin News

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…

Russian gas giant Gazprom will start supplying Russian natural gas to China via the Power of Siberia pipeline almost one month early than previously planned.Alexey Miller, Chairman of Gazprom Management Committee, said after the negotiations with representatives of Chinese partner CNPC in Beijing, “Construction of the Power of Siberia gas pipeline is going ahead of schedule, and Gazprom will start delivering gas to China well in advance, as early as December 1, 2019.”Alexey Miller and Wang Yilin, Chairman of the Board of Directors of CNPC reviewed a wide range of issues related to cooperation between the companies, focusing on the ongoing…

The Abu Dhabi National Oil Company (ADNOC) has awarded contracts worth AED 5.88bn (US $1.6bn) for the world’s largest continuous 3D onshore and offshore seismic survey, covering an area up to 53,000 square kilometres, as the company continues to identify and unlock new opportunities and maximize value from its hydrocarbon resources and deliver on its 2030 smart growth strategy.Adding to the 2D and 3D seismic data already acquired across Abu Dhabi, the new seismic survey will cover an area of up to 30,000 km2 offshore and 23,000 km2 onshore.The contract has been awarded by ADNOC to BGP Inc., a subsidiary of China National Petroleum Company (CNPC)…

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, Wang Yilin, and Eni's CEO, Claudio Descalzi. The meeting was a…

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. The Framework Agreement defines the schedule of compiling a gas purchase and sale agreement, a technical agreement and an intergovernmental agreement on the western route.

BP and the China National Offshore Oil Corporation (CNOOC) today announced a heads of agreement for the supply of up to 1.5 million tonnes of liquefied natural gas (LNG) per year over 20 years starting in 2019. The agreement was signed in London by BP Executive Vice President, Dev Sanyal and CNOOC Chairman, Wang Yilin, in the presence of UK Prime Minister David Cameron and Chinese Premier, Li Keqiang. Bob Dudley, BP Group Chief Executive said: “This is a significant deal for BP and China but it also marks a step up in global connectivity in the gas market. This is important for all countries and regions looking at the diversity of energy supply and energy security - it gives BP greater flexibility to respond to the changing energy demands from Europe, Asia and other regions.

CNOOC Limited (SEHK: 00883, NYSE: CEO) and Nexen Inc. (TSX: NXY, NYSE: NXY) announced today that they have entered into a definitive agreement under which CNOOC Limited will acquire all of the outstanding common shares of Nexen for $27.50 per share in cash. The purchase price represents a premium of 61% to the closing price of Nexen's common shares on the NYSE on July 20, 2012, and a premium of 66% to Nexen's 20 trading-day volume-weighted average share price. Total cash consideration of approximately US$15.1 billion will be paid for Nexen's common and preferred shares, and Nexen's current debt of approximately US$4.3 billion will remain outstanding. The transaction, which will be completed by way of a plan of arrangement, is expected to close in the fourth quarter of 2012.