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  • Wed, Oct. 19, 1:45 PM
    • China's crude oil production fell 9.8% in September from a year ago, following a record 9.9% drop in August, with major producers continuing to shut high-cost wells to curb spending.
    • Domestic crude output tumbled to 15.98M metric tons, or 3.89M bbl/day, near the lowest in six years on a daily basis, according to government data.
    • The back-to-back sharp declines are a sign that a prolonged efficiency drive by drillers in one of the world's top five producers may help to rebalance the oversupplied global market.
    • Related tickers: PTR, CEO, SNP
    | Wed, Oct. 19, 1:45 PM | 2 Comments
  • Wed, Oct. 19, 11:58 AM
    • China National Petroleum (PTR +1%) likely has 3T-4T cf of proven natural gas reserves in an energy block it operates in southern Peru, Pres. Kuczyinski says.
    • CNPC bought the rights to explore Block 58 in Peru's southern Amazon from Petrobras in 2014; at that time, the block had proven reserves of ~2T cf.
    • Peru's government has said Block 58 likely has "important reserves" that would help ease concerns over whether a $5B natural gas pipeline being built in the region will find enough demand.
    | Wed, Oct. 19, 11:58 AM
  • Fri, Oct. 14, 10:17 AM
    • The first batches of oil have been shipped for export from Kazakhstan's giant Kashagan field in the Caspian Sea, after $50B in investments and more than 15 years in development.
    • Kazakhstan's Energy Ministry says 26.5K metric tons of crude were loaded for export into the pipelines, but reaching stable production will take “some time” as commissioning work continues both offshore and onshore.
    • “Restarting production even in this low oil price environment is good because it means beginning to see some returns on that massive investment,” says IHS Energy's Andrew Neff.  “The real payoff will be phase 2,” which has the potential to increase output to 1M bbl/day.
    • The consortium developing Kashagan comprises China National Petroleum (NYSE:PTR), ExxonMobil (NYSE:XOM), Eni (NYSE:E), Royal Dutch Shell (RDS.A, RDS.B), Total (NYSE:TOT), Inpex and KazMunaiGas.
    | Fri, Oct. 14, 10:17 AM | 1 Comment
  • Wed, Oct. 12, 8:57 AM
    • Work to bring the giant Kashagan oilfield in Kazakhstan onstream is progressing as planned and some crude has already been processed and put in storage, according to the country's energy minister, who adds that Kazakhstan will not reduce oil output in line with OPEC plans.
    • Kashagan, which cost ~$50B to develop and has suffered many delays, is initially expected to produce 75K bbl/day, rising to 150K-180K bbl/day in November and December this year.
    • The consortium developing Kashagan comprises China National Petroleum (NYSE:PTR), ExxonMobil (NYSE:XOM), Eni (NYSE:E), Royal Dutch Shell (RDS.A, RDS.B), Total (NYSE:TOT), Inpex and KazMunaiGas.
    | Wed, Oct. 12, 8:57 AM | 5 Comments
  • Mon, Oct. 10, 11:56 AM
    • A newly built Chinese refinery near its border with Myanmar faces a delayed start-up after PetroChina (PTR +3.1%) balked at paying an extra tax for piping crude oil through the country, Reuters reports.
    • PTR parent China National Petroleum early last year began trial operations of a deep sea port and 2,400-km pipeline through Myanmar to China's Yunnan province, where CNPC also has been building a 260K bbl/day refinery at Anning to process the oil; the company completed construction of the Anning plant around July and had aimed for test operations this month, but the project reportedly now faces delays.
    • China has been on a diplomatic offensive in Myanmar since the new government came to power in April, hoping to ensure good ties with its resource-rich neighbor.
    | Mon, Oct. 10, 11:56 AM
  • Tue, Oct. 4, 3:17 PM
    • BP (BP +0.3%) signs a 20-year deal with the Eni-operated (E -0.5%) Area 4 concession partners to purchase liquefied natural gas from the planned Coral South floating liquefied natural gas project offshore Mozambique.
    • By guaranteeing a customer for the entire output of the big new field in the Indian Ocean, the BP contract clears the way for Eni to make its final investment decision on the multibillion-dollar project.
    • The deal also could add impetus to Eni's efforts to sell a stake in its Mozambique assets, with ExxonMobil (XOM -1%) considered the most likely buyer.
    • Eni holds a 50% stake in the Area 4 block involved in the contract, with the other half owned by China's CNPC (NYSE:PTR), Portugal's Galp Energia (OTC:GLPEF), South Korea's Kogas and Mozambique’s national oil company.
    | Tue, Oct. 4, 3:17 PM | 1 Comment
  • Thu, Sep. 29, 6:17 PM
    • Kazakhstan's Energy Ministry says production will resume at the Kashagan offshore oil field by early October, with initial output of 75K bbl/day and rising to 150K-180K bbl/day in November and December.
    • The $50B Kashagan field in the Caspian Sea already was years behind schedule when it achieved first oil production in 2013, but operations were halted just a month later when a leak in a pipeline forced the whole project to shut down.
    • The partners in the project include Eni (NYSE:E), Royal Dutch Shell (RDS.A, RDS.B), Total (NYSE:TOT), ExxonMobil (NYSE:XOM), China National Petroleum (NYSE:PTR), Inpex and Kazakh state-held KazMunayGas.
    | Thu, Sep. 29, 6:17 PM | 27 Comments
  • Fri, Sep. 9, 12:25 PM
    • PetroChina (PTR -2.4%) parent China National Petroleum will sell $3.8B worth of engineering related assets to listed arm Xinjiang Dushanzi Tianli High & NewTech as part of the group's push to restructure its non-core business.
    • CNPC aims to raise up to 6B yuan ($898M) in a private placement of shares to help fund the acquisition.
    • CNPC said last week it will sell $11.3B worth of financial assets to another listed arm, Jinan Diesel Engine.
    | Fri, Sep. 9, 12:25 PM
  • Fri, Sep. 9, 11:30 AM
    | Fri, Sep. 9, 11:30 AM
  • Tue, Sep. 6, 11:46 AM
    • PetroChina (PTR -0.3%) parent China National Petroleum says it will sell $11.3B worth of financial assets to a listed unit as part of a reform plan to restructure its non-core businesses.
    • Jinan Diesel Engine, a unit under CNPC and listed on the Shenzhen exchange, says it plans to buy certain financial assets in CNPC for 75.5B yuan ($11.3B) via cash, asset swaps and a share issue.
    • Separately, Russia's Gazprom (OTCPK:OGZPY) said on Sunday that it signed a contract with CNPC to build a section of the Power of Siberia gas pipeline under the Amur river.
    | Tue, Sep. 6, 11:46 AM
  • Mon, Aug. 29, 11:20 AM
    • Sinopec (SNP -0.1%) says its H1 net profit fell 22% to 19.9B yuan ($2.98B) from 25.4B yuan in the year-ago quarter, but that's more than double its net income in H2 of last year when it posted its weakest earnings since 2002.
    • SNP outshined domestic state-run rivals PetroChina (PTR -0.3%) and Cnooc (CEO -0.3%) in H1 as its refining business helped it weather the drops in crude oil and natural gas prices.
    • SNP's H1 refining margin rose nearly 48% Y/Y to 514.4 yuan/ton, processing 115.9M tons of crude into fuels (4.67M bbl/day).
    • However, SNP's H1 crude production fell to 154.2M barrels, down 11.4% Y/Y, nearly all from domestic operations, which accounts for more than 80% of its crude output; SNP forecasts total H2 production will slip to 147M barrels.
    | Mon, Aug. 29, 11:20 AM
  • Fri, Aug. 26, 5:55 PM
    • China’s struggling oil sector is entering a long-term decline of its domestic production, a development that has significant global implications including the potential for higher crude oil prices over time as China steps up imports to meet rising demand at home, WSJ reports.
    • Oil production in China is believed that have peaked last year at ~4.3M bbl/day, as output fell 5% in H1 2016 and 8% in July to 3.95M bbl/day, its lowest daily average in nearly five years; the country’s three biggest oil fields likely experienced production declines of 7%-9% during H1.
    • It means that the assets that long served as the cornerstone for revenue for China's energy giants PetroChina (NYSE:PTR), Sinopec (NYSE:SNP) and Cnooc (NYSE:CEO) are drying up, and if the companies want to be more profitable - as outside investors and China’s government are pressuring them to do - they will need to diversify their revenue sources and expand their global presence.
    | Fri, Aug. 26, 5:55 PM
  • Fri, Aug. 26, 9:59 AM
    • PetroChina (PTR +1.1%) says it plans to raise natural gas as a share of its production to account for half its output by the end of the decade from 37% currently.
    • PTR also says it seeks to raise total output by ~30% to produce more than 300M tons of oil and gas equivalent (6.02M boe/day) by 2030, with half coming from overseas projects vs. 14.4% in H1 of this year.
    • PTR's global crude output in H1 fell 1.4% Y/Y to 470.6M barrels, gas production rose 7.4% to 1.66B cf, and total oil and gas output was 748.2M boe, up 1.7 Y/Y but down 1.3% vs. H2 2015.
    | Fri, Aug. 26, 9:59 AM
  • Wed, Aug. 24, 11:26 AM
    • There's no letup likely for China's oil companies after PetroChina (PTR -1.2%) and Cnooc (CEO -2.3%) reported weak earnings and saying they see little room for optimism for the rest of the year.
    • PTR says its H1 net profit plummeted 98% Y/Y to 531M yuan ($80M) - its smallest half-year profit since it was publicly listed in 2000 - on 739B yuan in revenue, 15% lower than the same period of 2015,and warns that the "global oil price is likely to keep fluctuating at a low level."
    • CEO posted a 7.7B yuan net loss for H1, in part because of a large impairment charge on the value of its assets in Canada and elsewhere, vs. a 14.7B yuan net profit in the year-ago period, as revenue fell 25% to 66.8B yuan; H1 capital spending totaled 22B yuan, or about a third of the full-year's budgeted amount.
    | Wed, Aug. 24, 11:26 AM
  • Wed, Jul. 27, 6:48 PM
    • Iraq is negotiating with Exxon Mobil (NYSE:XOM) and PetroChina (NYSE:PTR) to develop two oil fields in the southern part of the country as it seeks to maintain overall production at ~4.8M bbl/day for the rest of 2016, the Deputy Oil Minister says.
    • The companies have submitted offers to develop the Artawi and Nahran Omar fields, which Iraq’s Oil Ministry hopes will produce a combined 550K bbl/day from a current combined output of only ~70K bbl/day.
    • Iraq also is in separate talks with PTR and Korea Gas to reach a final agreement to build a 300K bbl/day refinery and develop an oil field in Nasiriya in southern Iraq.
    | Wed, Jul. 27, 6:48 PM | 4 Comments
  • Tue, Jul. 26, 2:44 PM
    • China National Petroleum, the parent company of listed unit PetroChina (PTR +0.3%), says it posted an 11% Y/Y profit increase to 27.58B yuan ($4.13B) in H1 on sales of 853.4B yuan, 16% lower than the year-ago period.
    • “CNPC is doing what it can to cut costs, but low oil prices still sets a floor for how much the company can really make,” says North Square Blue Oak analyst Tian Miao. PTR owns the best-quality assets of CNPC, including upstream, pipeline and refining, "so improved CNPC earnings are a good sign that PetroChina may also report improved performance.”
    • The group also says its Changqing field produced 11.76M tons of crude (~473.6K bbl/day) during the period, less than half the field’s total, while gas production reached 18.52B cm.
    • "Changqing is one of the better quality oil and gas reserves in CNPC’s portfolio, so some effective cost control measures can indeed turn the operation back to profit," Miao says. “CNPC can’t turn most other oil fields back to profit unless crude returns to a $60 level” because production costs are too high.
    | Tue, Jul. 26, 2:44 PM