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2014-04-23 18:55:00

CNPC LIFTS OIL PRODUCTION

CNPC  LIFTS OIL PRODUCTION

CNPC is trying a new tack on old oilfields in northeast China, as its largest oil company tries to stem declining production and throw off the shadow of a year-long corruption probe.

The pilot project comes as China's largest state-owned groups experiment with ways to attract additional capital without issuing more debt.

Sinopec, the nation's second-largest oil company, kicked off the reform with an announcement that it would sell a 30 per cent share in its retail arm, and other companies have followed suit.

Mao Zefeng, from CNPC's listed unit PetroChina, said yesterday that CNPC would grant more autonomy to local managers and allow them to keep more of the revenues from additional production in a pilot project at the Jilin and Liaohe fields.

The two fields accounted for under 12 per cent of PetroChina's domestic crude oil output in February, down from about 14 per cent five years ago.

CNPC has been the centre of an extensive corruption probe that is thinning the ranks of allies of Zhou Yongkang, China's former energy and security tsar.

The company has been lambasted in the Chinese press as a hive of subcontracts, most of them not publicly revealed, with companies belonging to former regional bosses, local government officials or powerful families in the ruling Communist party.

In some cases, the subcontractors produce additional oil from their patches and sell it on to PetroChina as part its effort to meet production targets.

ft.com 

 

Tags: CHINA, OIL, GAS, CNPC

Chronicle:

CNPC  LIFTS OIL PRODUCTION
November, 24, 09:15:00

SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

CNPC  LIFTS OIL PRODUCTION
November, 24, 09:10:00

URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

CNPC  LIFTS OIL PRODUCTION
November, 24, 09:05:00

S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

CNPC  LIFTS OIL PRODUCTION
November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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