The West African nation of Niger signed a $5 billion deal with China’s state-owned oil company to tap the impoverished country’s oil reserves within three and a half years.
China National Petroleum Corp. pledged to invest in exploration, drilling, pipelines and a refinery.
Niger hopes to start extracting oil from the area before the end of 2011. [...]
China National Petroleum Corp (CNPC), the parent of PetroChina, said it has signed a memorandum of understanding with South Korea’s Daewoo International for joint oil and gas exploration in Myanmar.
The deal was signed during the state visit to China by South Korean President Lee Myung-Bak.
The company did not provide further details.
CNPC, the country’s top oil [...]
PetroChina Ltd. said first-quarter profit plunged 31.5 percent in large part because of government controls that bar it from passing on record crude-oil costs to consumers.
China’s biggest oil company said profit was 28.8 billion yuan ($4.1 billion) for the three months ending March 31. PetroChina is the publicly traded arm of government-owned China National Petroleum [...]
China aims to produce 193 million tonnes of oil and 92 billion cubic metres of natural gas by 2010, according to an energy blueprint released by the National Development and Reform Commission (NDRC) on April 10.
While the target represents a mere 5% growth in oil output compared to last year, or 2.12% in annual growth, [...]
A second Chinese oil company is close to signing a memorandum of understanding to invest $3.6 billion in an Iranian gas field amid U.S. pressure for Beijing to scrap another similar deal, a news report said Friday.
State-owned China National Petroleum Corp. would invest in Iran’s South Pars gas field under the agreement, Dow Jones Newswires [...]
Canadian natural gas company EnCana Corp. said Friday its subsidiary EnCana (Chad) Holdings Ltd. closed a deal to sell its interests in Chad exploration assets to a unit of China National Petroleum Corp. for about $202.5 million.
The company said the effective date of the agreement is Oct. 1, 2006.
EnCana said it has now completed its [...]
PETROLIAM Nasional Bhd (Petronas) has climbed up 13 notches to occupy the 120th spot in this year’s Fortune Global 500 list.
Petronas’ advancement in the widely-followed list has a lot to do with the higher revenue of US$44.3 billion (RM163.5 billion) the state-owned oil corporation announced recently.
Fortune also ranked Petronas at number 15 in terms of [...]
China National Offshore Oil Corp (CNOOC) said it has started operations at the largest offshore oil engineering base in Asia, located in the eastern province of Shandong.
In a statement on its website, CNOOC said unit Offshore Oil Engineering Co (SHA 600583) has built the first phase of the offshore engineering facility with a total investment [...]
Sinopec, China’s second-biggest oil company, agreed to buy an oil-producing unit of a venture controlled by BP Plc, the Asian nation’s first significant asset in Russia.
The sale of OAO Udmurtneft will be completed in “the near future,” TNK-BP said today in an e-mailed statement. The value of the transaction wasn’t disclosed. The unit is worth [...]
