Via The Petroleum Economist, an article on how Chinese NOCs are forging ahead with challenging ultra-deep drilling and shale projects in Xinjiang Uyghur Autonomous Region, underlining the far western province’s potential importance to the country’s drive to meet ambitious energy security plans: PetroChina, one of China’s ‘big three’ NOCs, completed Luntan 1, Asia’s deepest well at […]
Read more »Via China Knowledge, a report that PetroChina offered to purchase a 45.51% stake in Singapore Petroleum Company from Keppel Corporation for S$ 1.47 billion. PetroChina noted that a mandatory general offer for the remaining 54.49% stake will be made if approval for the initial bid is received on or before 24 July. Singapore Petroleum is […]
Read more »From Newsweek, a timely reminder of the struggles facing the original Seven Sisters and the rise of the new oil majors. As the article notes: “…The escalating [BP] dispute is emblematic of the problems facing Big Oil—shrinking access, falling profit margins, underinvestment in equipment and technology and a business model that’s increasingly questioned. Major Western […]
Read more »Via Stratfor (subscription required), very interesting analysis of PetroChina’s deal with Venezuelan oil company Petroleos de Venezuela to build a 400,000 barrels per day refinery in China’s Guangdong province designed to process Venezuelan bitumen oil (extremely heavy, sour oil) into orimulsion, a fuel developed and patented by PDVSA. The deal allows Venezuelan President Hugo Chavez […]
Read more »Another day and more articles on the demise of Big Oil and the rise of The Seven Sisters. As Rig Zone points out: “…Three years ago, the top six names on the PFC Energy 50 ranking of the world’s largest oil & gas industry companies were ExxonMobil, BP, Royal Dutch Shell, Total, Chevron and Eni. […]
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