CNOOC - In the first half of 2018, the Company maintained a healthy profitability and a sound financial position. Oil and gas sales reached RMB 90.31 billion, representing a year-on-year increase of 20.5%. Net profit reached RMB 25.48 billion, representing a significant increase of 56.8% year-on-year (“YoY”). The Company’s average realized oil price was US$ 67.36 per barrel, representing an increase of 33.6% YoY. The average realized natural gas price increased by 13.0% YoY to US$ 6.42 per thousand cubic feet. Despite the international oil prices rebound and industry costs inflation, the Company maintained a competitive all-in cost of US$ 31.83/BOE during the first half of the year.
U.S. API - API emphasized the counterproductive effects of Section 301 tariffs on America’s natural gas and oil sector, underscoring the damaging impact that Chinese retaliatory tariffs would have on U.S. LNG exports, and urged the Administration not to impose additional tariffs on Chinese products at today’s hearing before the U.S. Trade Representative on Section 301.
REUTERS - China’s Sinopec Corp has teamed with Zhejiang Energy Group Co Ltd on a 3 million tonne-per-year liquefied natural gas (LNG) terminal in east China, with the first phase set for operation at end-2021, the state oil giant said
WNN - Notable nuclear power sector achievements included the longest operating run for the Kaiga 1 pressurised heavy water reactor (PHWR), which has now achieved over 826 days of continuous operation taking it to third in the world, he said. Basu also highlighted the start of excavations and equipment ordering for two 700 MWe PHWRs at Gorakhpur; the signature in March 2018 with EDF of the Industrial Way Forward agreement for the establishment of six EPR units in Jaitapur; and the tripartite agreement between Bangladesh, India, and Russia for the establishment of Bangladesh's Rooppur nuclear power plant, for which India is also providing technical support.
PLATTS - EGAT, Thailand's largest power producer, will import the gas at PTT's Map Ta Phut LNG receiving terminal where the utility has acquired access to 1.5 million mt/year of regasification capacity from PTT LNG for a 38-year period from 2019-2056.
PLATTS - Japan's Mitsubishi has agreed to acquire a 25% interest in Bangladesh's Summit LNG import project, which includes a floating, storage and regasification unit, with the remaining 75% held by Summit Corporation, the Japanese LNG trader said in a statement late last week.
PLATTS - China Gas Holdings is expected to import around 10 million mt/year of LPG over the next five years, up from the current 2.8 million mt/year, as the Hong Kong-listed gas operator and service provider seeks to expand into the petrochemical sector, industry sources said recently.
REUTERS - Japanese utilities and industrial companies are snapping up U.S. cargoes of liquefied petroleum gas (LPG) that are seeking a new home after Chinese buyers started to shun them amid an escalating trade war between Washington and Beijing.
PLATTS - South Korea's crude oil imports from Iran halved in July from a year earlier in the wake of the reimposition of US sanctions, according to preliminary data released by the Korea Customs Service Thursday.
REUTERS - Chinese oil importers are shying away from buying U.S. crude as they fear Beijing’s decision to exclude the commodity from its tariff list in a trade dispute between the world’s biggest economies may only be temporary.
ASIAN REVIEW - Russia accounts for 67% of the world's nuclear plant deals currently in development. By 2030, Rosatom aims to increase its overseas sales to two-thirds of total sales, from 50% at currently. Vladimir Putin's government is looking to expand Russian influence through nuclear diplomacy, vying with China -- which is promoting its own nuclear plants -- for the status of nuclear energy superpower.
WNN - Rusatom International Network - a subsidiary of Russian state nuclear corporation Rosatom - has signed a memorandum of understanding and cooperation with the Eurasian Development Bank (EDB). The memorandum provides for establishing common principles of bilateral cooperation with Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries.
PLATTS - A deal between Chinese companies and Alaska's state gas corporation to build the $43 billion Alaska LNG Project appears to be on scheduled despite the trade war brewing between the US and China.
BLOOMBERG - Under the plan, PetroChina would boost buying of spot cargoes from other countries or swap U.S. shipments with other nations in East Asia to avoid paying additional tariffs, said the people, who asked not to be identified because the information isn’t public.
PLATTS - State-run Indian Oil Corp has signed its first US term crude oil deal, buying 6 million barrels, as the Asian buyer steps up efforts to devise an alternative buying strategy amid uncertainty about purchases from Iran because of US sanctions.