WorldOil CNOOC accelerates Green Dragon's asset development via supplementary agreements Green Dragon Gas Ltd. has announced that it has finalized a memorandum of understanding (MOU) on five production sharing contracts (PSC) and two supplementary agreements with China United Coalbed Methane Corporation (CUCBM). Wood Group secures subsea contract supporting CNOOC in the South China Sea Wood Group has been awarded a new contract by China National Offshore Oil Corporation (CNOOC) to support their Lingshui 17-2 gas development in the Qiongdongnan basin of the South China Sea. CNPC, Eni sign EandP cooperation agreement China National Petroleum Corporation (CNPC) and Eni signed cooperation agreement in order to cooperate in oil and gas exploration and production, gas and LNG value chain opportunities, trading and logistics opportunities, refining and petrochemicals. OPEC increases global oil demand forecasts on Europe, China OPEC raised estimates for the amount of crude it will need to supply next year amid a stronger outlook for global oil demand. UN sanctions to cut North Korea's fuel imports as crude keeps flowing New United Nations sanctions on North Korea will cut imports of fuels such as gasoline and diesel by almost 56% while capping shipments of crude at current levels, according to the U.S. China oil investors shrug off future fossil-fuel vehicle ban The prospect of China banning fossil fuel-powered vehicles is failing to alarm investors in the oil producers likely to lose out. China deepens oil ties with Russia in $9-billion Rosneft deal A closely-held Chinese oil company agreed to buy a minority stake in Rosneft PJSC for about $9 billion, deepening energy and political ties with Russia amid increasing tensions with the U.S. LNG glut may flip to deficit as Cheniere sees China growth The global glut plaguing liquefied natural gas markets may start to dwindle in five years, threatening to spur a deficit equivalent to twice the output of leading producer Qatar. CNOOC signs PSC with SK Innovation Co. for Pearl River Mouth basin block CNOOC Limited has announced that its parent company, China National Offshore Oil Corporation (CNOOC), has signed production sharing contract (PSC) with SK Innovation Co., Ltd. (SK) for Block 17/08 in the South China Sea. Trump's sanction threat puts Chinese banks, oil giants on notice President Donald Trump’s rhetoric about imposing widespread sanctions on China for propping up North Korea’s economy may put pressure on some of its banks and oil companies.