Fu Chengyu, CEO of China National Offshore Oil Corp has resigned his position to make way for new leadership. Fu, 59, who will remain chairman of the board, is to be succeeded by Yang Hua, currently president and CFO. The announcement came as CNOOC reported first-half net profit of $3.8 billion, up 110% year-on-year. Production [...]
China’s natural gas consumption rose 22% year-on-year in the first half of 2010. Demand was fueled by rising production and a broader shift to gas in an effort to cut down on emissions. Moreover, the demand seems to be a response to increased supply: China Petroleum and Chemical Corp (Sinopec) said natural gas output in [...]
BP and Chevron will jointly bid on a deep-water exploration block in the South China Sea pending Ministry of Commerce approval, according to a source familiar with the matter. Oklahoma-based Devon Energy is said to have selected the companies as preferred buyers for block 42/05, a 7,000-square kilometer exploration block located south of Hong Kong. [...]
Sinochem Group has agreed to buy a 40% stake in a Brazilian oilfield from Norway’s Statoil for $3.07 billion. Statoil also signed a memorandum of understanding with Sinochem to explore other opportunities in Brazil as well as other regions. Sinochem succeeded in nudging out competing bids for the Peregrino oilfield – Cnooc was reported to [...]
Cnooc, the listed arm of China National Offshore Oil Corp, sealed its 20-year technical services contract deal on Monday with Turkish Petroleum (TPAO) to develop the Missan oilfields of southern Iraq. Cnooc will hold a 63.75% stake in the oilfields and act as operator, while TPAO and Iraqi Drilling will take minority positions. The deal [...]
Chinese oil companies Cnooc Ltd. and Sinochem Corp. are separately bidding for shares in a large oil field in Brazil in which Statoil ASA is selling a 40% stake, according to sources who are familiar with the matter. It was not specified whether the two Chinese companies are competing for the full 40% being sold, [...]
ConocoPhillips has agreed to sell its stake in a Canadian oil-sands project to China Petroleum and Chemical Corp for $4.65 billion. ConocoPhillips said it will sell its 9.03% stake in Syncrude Canada, allowing the Texas-based firm to raise enough cash to meet the $10 billion target it set last year as part of its restructuring plan. [...]
China National Offshore Oil Corp has signed liquefied natural gas (LNG) supply contract with BG Group that could be worth up to $80 billion over a 20-year period. From 2014, BG will provide 3.6 million metric tons of LNG each year from its project in Queensland, Australia, paying $40-70 a barrel. Australian Energy Minister Martin [...]
China’s largest offshore oil producer China National Offshore Oil Corp (CNOOC) announced Sunday it will pay $3.1 billion to create a joint venture with Bridas Energy, a major Argentine energy produced. According to a statement by CNOOC, the investment would give CNOOC a 50% share of Bridas Corp, currently controlled by Bridas Energy Holdings. Bridas [...]
China Petroleum and Chemical Corp, or Sinopec, and Cnooc are considering a $3 billion bid for Devon Energy’s 5.6% stake in an Azerbaijan oil field. Devon, America’s biggest independent oil and natural gas producer, said in November that it would shed up to $7.5 billion worth of overseas assets in to service and finance onshore [...]
