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2015-06-29 18:35:00

CHINA, ARGENTINA SHALE

CHINA, ARGENTINA SHALE

Argentina and China have respectively drilled more than 275 and 200 wells targeting shale plays over the past 2 years, providing each country with the potential to significantly increase production of shale gas and tight oil.

In Argentina, YPF SA reported production in April of 22,900 b/d of oil and 67 MMcfd of natural gas from three joint ventures in the Neuquen basin's Vaca Muerta shale formation in the west-central portion of the country. The JVs are with Chevron Corp. at Loma Campana field, Dow Chemical Co. at El Orejano field, and Malaysia's state-run Petronas at La Amarga Chica field.

China Petroleum & Chemical Corp. (Sinopec) and OAO Gazprom also have recently signed a memorandum of understanding with YPF to jointly develop from Vaca Muerta.

Initial shale exploration and development efforts in China, meanwhile, have focused on the Longmaxi formation in the Sichuan basin in the south-central part of the country. EIA notes that while several international companies are active in China, much of the early effort has been led by China National Petroleum Corp.'s (CNPC) PetroChina Co. Ltd. and Sinopec.

CNPC and Sinopec are on schedule to reach 600 MMcfd in gas production by yearend, according to China's Ministry of Land and Resources. CNPC has drilled 125 shale wells, bringing 74 of them online, and is on schedule to produce 250 MMcfd of gas by yearend. Sinopec has a commercial-scale effort under way at Fuling shale gas field in Sichuan, producing 130 MMcfd. At yearend 2014, Sinopec had completed drilling 75 test wells at Fuling field, with plans to drill an additional 253 wells.

Shale oil and gas exploration drilling also is under way in Mexico, particularly in the country's portion of the Eagle Ford shale and in the La Casita formation within the Burgos basin in northeastern Mexico. Petroleos Mexicanos (Pemex) released in May results for 13 of its shale exploration wells, of which 10 were categorized as commercial. The 10 gas wells have initial production ranging 2-11 MMcfd. Pemex also drilled three horizontal wells into the Tampico-Misantla basin's Pimienta formation in 2013. The company plans to complete all 3 wells this year.

ogj.com

Tags: CHINA, ARGENTINA, SHALE, OIL, GAS

Chronicle:

CHINA, ARGENTINA SHALE
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

CHINA, ARGENTINA SHALE
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

CHINA, ARGENTINA SHALE
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

CHINA, ARGENTINA SHALE
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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