PetroChina Investment Suriname BV, a subsidiary of China National Petroleum Corp., signed a production sharing contract on Blocks 14 and 15 in Suriname with state-owned Staatsolie Maatschappij Suriname.
The decision comes at a time when industry executives have been pushing for government measures to bring back investments put off by a slew of state interventions to curb energy prices and boost domestic supply.
PetroChina, a unit of the state-owned China National Petroleum Corporation, has become one of the 53 signatories of the Oil and Gas Decarbonisation Charter (OGDC), according to Emirates News Agency (WAM).
PetroChina today became the newest Signatory of the Oil & Gas Decarbonization Charter (OGDC), joining more than 50 oil and gas producers committed to reducing emissions. With PetroChina joining the OGDC, the Charter’s Signatories now represent more than 42% of global oil production.
PetroChina Co. Ltd. has reported CNY 161.15 billion ($20.6 billion) in net income for 2023, up 8.3 percent compared to 2022 as growth in both upstream and downstream output offset weaker oil prices.
Geopolitics and supply chain dynamics will dictate the oil and gas outlook in 2024.
PetroChina’s contract to develop the Nahr bin Umar gas field follows the takeover by PetroChina of ExxonMobil’s operator role in the giant West Qurna 1 field.
For China, Iraq’s gas sector is not just potentially massive but is also highly connected to its equally potentially huge oil sector.
Around 70 percent of Iraq’s gas reserves are ‘associated’ with oil fields, and the majority of these fields are located in the southeast of Iraq.