STRATEGIC BREAKTHROUGH OF SINOPEC
Southwest China, which includes Sichuan, and the Upper Yangtze River area account for 40 percent of the country’s estimated 25.08 trillion cubic meters of shale gas reserves, the world’s largest, according to the Ministry of Land and Resources. China aims to produce 6.5 billion cubic meters of shale gas by 2015 and as much as 100 billion cubic meters by 2020, from almost zero commercial output in 2013.
Crude oil production rose 1.4 percent and natural gas output increased 10 percent in 2013, China Petrochemical said on its microblog, without providing comparable or absolute numbers for oil and gas production. Oil processing increased 4.8 percent from a year earlier.
Overseas oil and gas production in 2013 increased 33 percent from the year before and the refining business returned to profit, General Manager Wang Tianpu said in the post, published on Jan. 21 and confirmed by a spokeswoman today.
Sinopec is expected to release annual production numbers in March. It produced 428 million barrels of oil equivalent, or 60.2 million tons, in 2012.
Cnooc, China’s biggest offshore oil and gas producer, plans to produce 422 million to 435 million barrels of oil equivalent, a 5.6 percent increase from a year earlier, in 2014, it said on Jan. 20. The company produced 412 million barrels of oil equivalent last year, including 61 million barrels from unit Nexen Inc. in Canada.
More information here.
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PLATTS - National Australia Bank announced Thursday it will no longer provide financing for new thermal coal projects.
Petrobras and ExxonMobil signed a memorandum of understanding regarding a strategic alliance to jointly identify and evaluate potential business opportunities.
ExxonMobil Development Africa B.V. has acquired a 25 percent indirect interest in Mozambique’s gas-rich Area 4 block from Eni and assume responsibility for midstream operations.
U.S. Rig Count is down 1 rig from last week to 930, with oil rigs down 4 to 747, gas rigs up 3 to 183, and miscellaneous rigs unchanged. Canada Rig Count is up 19 rigs from last week to 238, with oil rigs up 22 to 134 and gas rigs down 3 to 104.