CHINA OIL UP
Headquartered in Tianjin, COOEC owns another two offshore engineering sites in Tanggu, Tianjin and Zhuhai in Guangdong province. The company's current operational area is around 1.42 million square meters and it plans to expand it to 2.07 million sq m by 2018. China aims to raise petroleum output by updating its technology and stepping up oil and gas exploration across Bohai, East China and South China Seas.
The plan was outlined in an energy development scheme for 2014 to 2020 issued by the State Council on Wednesday.
To accelerate offshore oil and natural gas exploration, China will improve its own technology as well as actively seek overseas partners.
The country will attach equal importance to onshore oil fields, stabilizing old sites and exploring new alternatives, especially those in West China.
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BLOOMBERG - While Europe as a whole gets more than a third of its gas from Russia, that share is lower in the U.K., which receives the bulk of its fuel from North Sea fields and Norway. Still, Moscow-based Gazprom PJSC was the second-biggest supplier to major industrial consumers in the U.K. last year, according to Britain’s energy regulator Ofgem.
FT - of the six LNG tankers that have made deliveries into the UK so far in 2018 three have carried cargoes originally from Russia, leading to questions about whether Moscow was gaining a foothold in the UK gas market after starting up the Yamal LNG facility in Siberia late last year.
REUTERS - So far this year, two Yamal cargoes unloaded at British terminals for domestic consumption, accounting for about a third of Britain’s 2018 LNG imports after typical supplier Qatar pre-sold the bulk of its winter output to Asia last year.
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.77 a barrel at 0753 GMT, up 6 cents, or 0.1 percent, from their previous settlement. Brent crude futures LCOc1 were at $64.62 per barrel, down just 2 cents from their last close.