Far East ///

China's oil giants buoyed by higher prices as output stagnates

Oil’s recovery is helping ease the pain of shrinking output by China’s biggest energy producers.

Russia reemerges as China's top oil supplier

Russia retook the top spot from Saudi Arabia in crude supplies to China last month as OPEC producers are flirting with the possibility of extending a deal to curb production.

Brunei Shell Petroleum recognized for 50 years of service with Sikorsky helicopters

Sikorsky today recognized Brunei Shell Petroleum (BSP) for 50 years of continuous service with Sikorsky helicopters. The recognition event took place at the inaugural 2017 Rotorcraft Asia show. Sikorsky is a Lockheed Martin company.

Daewoo Shipbuilding's bailout plan cleared by pension fund

Daewoo Shipbuilding & Marine Engineering Co., the world’s largest shipbuilder, and a major drilling rig builder, won a reprieve from major bondholder National Pension Service and other lenders, helping avert a payment crisis that had threatened to almost shut the company.

CNOOC signs PSC with Husky Oil for Block 16/25 in South China Sea

CNOOC Limited has announced that its parent company, China National Offshore Oil Corporation (CNOOC), has signed production sharing contract (PSC) with Husky Oil Operations Limited for Block 16/25 in the South China Sea.

Gazprom builds 15 exploratory, development wells in Bangladesh in four years

A working meeting between Alexey Miller, chairman of the Gazprom Management Committee, and Abul Hassan Mahmood Ali, minister of foreign affairs of the People’s Republic of Bangladesh, took place in Moscow. The parties expressed their appreciation for the Company’s efforts in Bangladesh.

China takes crude crown as output lags behind rising demand

China’s record oil imports in March helped it top the U.S. as the world’s biggest buyer during the first quarter.

OriginClear announces pilot program for Sinopec shale gas site in China

OriginClear Inc. has announced it is entering into a partnership with a regional organization in the Chinese province of Shandong for remediation of a shale gas site operated by the government-owned Sinopec Group, Asia's largest oil and gas company.

Old guard calls foul on sweeter LNG deals luring new buyers

Buyers in the world’s largest liquefied natural gas markets are concerned upstarts are winning better deals than traditional customers who helped underwrite the industry.

AAPG’s ACE ’17: Plentiful supply can meet strong demand, but forecasts rarely certain, admits BP exec

Gone forever are the days when the world stressed over what would happen when humanity began running out of oil—a fear based on M. King Hubbert’s theory of peak oil—or the point in time at which the maximum rate of petroleum extraction occurred.

Shell announces conditional sale of LPG business in Hong Kong, Macau to DCC Energy

Shell has announced the conditional sale of its Liquefied Petroleum Gas (LPG) business in Hong Kong and Macau to DCC Energy for a total enterprise value of $150.3 million.

Flood of U.S. oil to Asia comforts tanker market damaged by OPEC cuts

OPEC all but trashed the tanker market with its output cuts. That the damage hasn’t been even worse is thanks in large part to a flood of U.S. crude exports, particularly to Asia.

China surpasses Canada as top U.S. crude buyer amid record sales

China became the biggest buyer of U.S. crude in February, surpassing Canada, at a time when OPEC is cutting back output.

PetroChina posts record-low profit in third year of oil pain

PetroChina Co.’s profit fell 78% to the lowest on record as the energy price crash punished the country’s biggest oil and gas producer for a third year.

China's Sinopec invited to invest in Saudi Aramco IPO

China Petroleum & Chemical Corp. said it was invited to invest in Saudi Arabian Oil Co. as part of what could be the world’s biggest-ever initial public offering.

Cnooc rises as crude reserves boost investor appeal

Cnooc Ltd.’s wider disclosure about its reserve base and a higher-than-expected dividend is turning more analysts positive on the company. Shares jumped the most in almost four months.

China energy giant seen ready to unleash $85-billion spinoff

As China’s biggest oil and gas producer prepares to report what may be its worst-ever earnings, investors are focused on billions of dollars that could be unlocked by a spinoff of its massive pipeline network.

Asia's U.S. LNG fever going cold as buyers seek supply swaps

More Asian LNG buyers are trying to avoid taking the U.S. supplies they signed up for just a few years ago in order to cut shipping costs.

LNG still at the forefront of Japan’s energy future

One of Japan’s largest companies, the general trading giant and business developer Mitsui & Co., has underlined the importance of a stable liquefied natural gas supply in order to fulfil future energy demand in Japan.

Chinese imports surged in February as domestic demand heats up

China’s imports surged in February from a year earlier with the nation posting a rare trade deficit as exports slipped. Analysts said seasonal factors mostly explain the swings.