Asia

China drilled 8,882 meters deep to pump crude from Asia’s deepest oil well

July 27, 2019 | Asia, Drilling / Completions

London, UK | – China’s oil giant PetroChina has dug some 8,882 meters below Earth’s surface to create the deepest oil well on land in Asia. The previous record was set by another Chinese oil major. The drilling of the Luntan One well at the Tarim oilfield in northwest China’s Xinjiang was completed on Thursday, Chinese media reported, citing the local branch of the company. It took PetroChina more than a year to finish the work due to the complex geological structure and high temperature …

China’s ShFE launches crude oil futures index; plans more products

March 27, 2019 | Asia, Economics & Markets

Shanghai, China |  — China on Tuesday marked the 1st anniversary of the trading of crude oil futures at the Shanghai Futures Exchange with the index launch, in the country’s pursuit of higher-level opening-up. The index is based on the price movements and on the rate of return for the most actively traded contract for the crude futures at the Shanghai Futures Exchange, aiming to provide a clearer market reflection of the futures’ continuous trading to investors at home and abroad. The Shanghai Futures Exchange …

Saudi Aramco inks $10 billion China refinery deal

February 22, 2019 | Asia, Downstream, Refining & Processing

London, UK | – Saudi Arabian state-owned oil company Saudi Aramco signed a $10 billion deal to build a refining and petrochemical complex in China on Friday, as Saudi Crown Prince Mohammed bin Salman wrapped up a two-day trip to Beijing. The Saudi delegation, including top executives from Aramco, arrived on Thursday on an Asia tour that has already seen the kingdom pledge investment of $20 billion in Pakistan and seek to make additional investments in India’s refining industry. Aramco agreed to form a joint …

Chinese oil contract to rival US WTI and UK’s Brent is born

March 26, 2018 | Asia, Commodities & Oilprice, Energy Trading & Markets

China launched its first ever crude-futures contract as the world’s biggest oil buyer seeks to wield greater power over pricing and challenge benchmarks in the U.S. and Europe. London, UK | – The long-awaited yuan-denominated futures on the Shanghai International Energy Exchange traded at 432.3 yuan a barrel ($68.47) for September settlement by 11:30 a.m. local time before a midday break. Trading will resume at 1:30 p.m. The contracts, which are open to foreign investors, end years of delays and setbacks since China’s first attempt …

ExxonMobil to acquire one of world’s largest aromatics plants

May 11, 2017 | Asia, Asset Acquisitions & Divestitures, Company Operations

London, UK | – ExxonMobil Chemical Company announced today that its Singapore affiliate has reached an agreement with Jurong Aromatics Corporation Pte Ltd to acquire its plant located on Jurong Island in Singapore. The plant, one of the largest in the world with an annual production capacity of 1.4 million tonnes, presents operational and logistical synergies for ExxonMobil’s integrated refining and petrochemical complex nearby. The company expects to complete the transaction in the second half of 2017. “As a leading global manufacturer of aromatics, the …

Chevron’s $1 billion sale of China oil fields said to stall

March 21, 2017 | Asia, Asset Acquisitions & Divestitures

London, UK | – Chevron’s sale of its stakes in Chinese offshore oil fields operated by state-owned CNOOC has stalled, people with knowledge of the matter said. Bids that Chevron received for its interests in three fields in China’s Bohai Bay didn’t meet its expectations, according to the people. Chevron had aimed to sell the assets for as much as $1 billion, the people said, asking not to be identified discussing private information. The U.S. oil and gas explorer is considering keeping the Bohai Bay …

PetroChina profit down 77 percent in Q3

November 01, 2016 | Asia, Earnings Reports

Beijing, China | –  As US and European producers posted declining Q3 profits,  China’s biggest oil and gas producer announced that its year-on-year profits had fallen some 76.9% in a statement on Friday. The net income for the three months ending in September 2016 was CNY 1.2 billion (USD 177 million), while Bloomberg calculations suggested that its operating budget had incurred an E&P loss of some CNY 1.5 billion (USD 221 million). PetroChina’s announcement came a day after competitor Sinopec announced a Q3 profit of CNY …

Nigeria, India to sign $15billion investment deal for Nigerian Crude

October 19, 2016 | Asia, Budget & Investment, Nigeria

Nigeria expects 22% jump in oil output by end-December New Delhi, India |  – OPEC member Nigeria expects its oil production rate to jump by 22% by the year-end to 2.2 million barrels per day (bpd) from current levels, its oil minister said on Monday, adding he hoped a force majeure on all its oil fields would be lifted by December or January. Emmanuel Ibe Kachikwu, on a visit to New Delhi, also said Nigeria was likely to sign a cash-raising oil deal with India …