Venezuela has granted two Chinese companies, Anhui Erhuan Petroleum Group and Kerui Petroleum, oil production contracts in the Acema, Oritupano-Leona and Mata fields and in the Ayacucho 2 block in the Orinoco Belt, sources related to the negotiations said July 25.
Despite cutting off most European customers from its pipeline natural gas supply, Russia still sends nearly the same volumes of gas to Europe via pipelines as it does to its key new energy market China, according to Bloomberg calculations based on gas flows.
SCMP: Angola was the No. 2 exporter of oil to China in 2010, second only to Saudi Arabia, by last year, it had plummeted to No. 8.
Angola–and other African oil producers–have a hard time luring investors to further develop its oilfields and boost infrastructure.
China is pivoting heavily to the GCC, aggressively seeking energy tie-ups with Saudi Arabia, UAE, Bahrain, Kuwait, Oman, and Qatar.
A new Chinese umbrella company grouping all the state majors will drill for ultradeep oil and gas, and explore shale formations in China.
China produced 4.2 million barrels daily in 2023.
Unconventional resources have long been a focus of attention for China’s state oil and gas majors, but developing them has been a challenge.
China’s state-run China National Offshore Oil Corporation (CNOOC) has brought onstream the first oil field in China that features low-carbon design and receives power from the shore for its operations in South China Sea.
The IEA predicts a future oil supply glut due to electric vehicles and rising non-OPEC+ production.
Past predictions of oil decline have been inaccurate, such as Bloomberg’s forecast of a crash in 2023.
The IEA’s current prediction relies on assumptions that may not hold true.
In a significant development towards transforming Ghana into a leading petroleum and petrochemical
hub in Africa, the Petroleum Hub Development Corporation (PHDC) has officially signed a US$12
billion agreement with TCP-UIC Consortium
Oil climbed, building on its biggest weekly advance since early April and extending a short-covering rally, helped by risk-on sentiment in broader markets.
New build projects drive the upcoming projects landscape in Asia-Pacific constituting 79% of the total projects across the oil and gas value chain.
The Mansuriya field, holds an estimated 4.5 trillion standard cubic feet of gas and is expected to produce around 300 million scf per day of gas at its peak.
For China, the location of the Mansuriya gas field fits perfectly into the vast network of oil and gas sites in Iraq.
According to industry figures, more than a third of all Iraq’s proven oil and gas reserves and over two-thirds of its current production are managed by Chinese companies.