China National Offshore Oil Corporation (CNOOC) has discovered an oil and gas well in ultra-deep volcanic formations in central Bohai, offshore China, more than 5,000m below the seabed. According to the company, the well is situated next to the Bozhong Sag, said to be the largest hydrocarbon-rich sag in the Bohai region. The drilling reached […]
CNOOC Limited has drilled and discovered a high-yield volcanic oil and gas well in ultra-deep formations over 5,000 meters deep in Bohai, marking a major breakthrough in ultra-deep natural gas exploration offshore China. The well is located in central Bohai, adjacent to the Bozhong Sag, the largest hydrocarbon-rich sag in Bohai. It encountered a cumulative total […]
Sinopec, China’s biggest oil refiner, posted higher third-quarter profits after the Iran war boosted energy prices and helped improved processing margins. The state-owned company, formally known as China Petroleum & Chemical Corp., said net income rose 64% from a year earlier to 13.6 billion yuan ($2 billion) according to an exchange filing on Thursday. Revenue […]
China has stockpiled enough natural gas to meet winter demand, according to analysts, as importers acted early to build supplies in anticipation of price spikes from the Iran war.
China’s largest desert oil field has produced more than 26 million tonnes of oil and gas from reservoirs more than 6,000 meters underground, according to China National Petroleum Corporation (CNPC). The output was recorded at the Hade-Fuman oil field, located on the northern edge of the Taklimakan Desert in northwest China’s Xinjiang Uygur Autonomous Region. […]
China has decided to restart exports of fuels, after a one-week suspension. This should bring some relief to fuel markets, and especially diesel markets, where prices are running at record highs, not least because of the fuel export suspension news out of China last week. The information comes from unnamed trading sources who spoke to […]
China is accelerating efforts to produce more oil from ultra-deep formations
China’s largest desert oil field has produced more than 26 million tonnes of oil and gas from reservoirs more than 6,000 meters underground, according to China National Petroleum Corporation (CNPC) on Monday. The output was recorded at the Hade-Fuman oil field, located on the northern edge of the Taklimakan Desert in northwest China’s Xinjiang Uygur […]
Saudi Arabia has sold almost 100 million barrels of oil to Asian buyers since the middle of last week, according to traders familiar with the matter, helping to avert a looming supply crunch in the region. The crude for delivery in October and November will be sent via the Strait of Hormuz, said the traders, […]
China’s Sinopec, the world’s top refiner by capacity, expects Chinese oil demand to drop by 8.9% in 2026 from a year earlier amid demand destruction from higher oil prices and the acceleration of electric vehicle adoption.