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2014-06-11 17:50:00

CHINA & IRAN: DOUBLE OIL

CHINA & IRAN: DOUBLE OIL

China Petroleum & Chemical Corp. 600028.SH +0.39% , or Sinopec, has doubled production at its Iranian oil project, according to people familiar with the matter, a rare success as the country struggles to revive its flagging oil output.

The push is part of a broader attempt by China and Iran to mend fences after the cancellation of a $2.5 billion oil-field deal with another Chinese state-owned giant, China National Petroleum Corp.

Production at the Sinopec-run Yadvaran project, near the Iraqi border, has increased to about 50,000 barrels a day from 25,000 barrels a day in early April, the people said. Sinopec didn't responded to repeated requests for comment.

Sinopec is also pushing to start a new phase to boost output to 135,000 barrels a day, people familiar with the matter said.

The increase will be welcomed by Iran where production has been heavily hit by international sanctions.

Iranian crude output was down 7% in April compared with its average level of 2013, according to the Organization of the Petroleum Exporting Countries.

But more of this oil is going to China, where imports of Iranian oil were up 115% in April on a year-on-year basis, according to Chinese official statistics.

wsj.com

Tags: CHINA, IRAN, OIL

Chronicle:

CHINA & IRAN: DOUBLE OIL
November, 22, 11:05:00

NIGERIA & CHEVRON PROJECT &1.7 BLN

Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.

CHINA & IRAN: DOUBLE OIL
November, 22, 11:00:00

MAERSK-AKER-HALLIBURTON ALLIANCE

OGJ - Maersk Drilling and Aker BP announced a drilling rig alliance based on a tripartite collaboration model that also includes service provider Halliburton Co.

CHINA & IRAN: DOUBLE OIL
November, 20, 09:35:00

OIL PRICE: ABOVE $62 YET

REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.

CHINA & IRAN: DOUBLE OIL
November, 20, 09:30:00

ROSNEFT'S WORLD RECORD: 15000 M

Rosneft as a member of Sakhalin-1 Consortium successfully completed drilling of the world's longest well from Orlan platform at Chaivo field in the Sea of Okhotsk. The length of the well with horizontal completion is 15000 m which currently is a world record. This is a supercomplex well with DDI (Directional drilling index) of 8.0 and 14,129 m stepout.

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