China will launch the trading of green certificates for solar and wind power on July 1 in a bid to help reduce government subsidies to the renewables sector, the National Development and Reform Commission (NDRC) said.
China's apparent oil demand slipped into the negative territory in 2016, a sharp reversal from the near 7% growth witnessed a year earlier, as the country's slowest GDP growth in 26 years slashed appetite for industrial and transportation fuels in Asia's biggest oil consuming nation.
Shell has reached an agreement with KUFPEC Thailand Holdings Pte Limited, a subsidiary of Kuwait Foreign Petroleum Exploration Company (KUFPEC), for the sale of subsidiary companies Shell Integrated Gas Thailand Pte Limited and Thai Energy Co Limited, which together hold a 22.222% equity stake held in the Bongkot field, and adjoining acreage offshore Thailand consisting of Blocks 15, 16 and 17 and block G12/48, for USD 900 million.
PetroChina, China's biggest listed oil company by assets, expected the supply and demand for global oil market would gradually become balanced in 2017 and international oil prices would "recover," the company said late Wednesday in a profits warning for the 2016 annual result.
"We urge the United States to respect the facts, speak and act cautiously to avoid harming the peace and stability of the South China Sea,"
India’s double-digit LNG import growth took a breather in the month of December, falling 2.9% on year, according to oil ministry’s Petroleum Planning and Analysis Cell.
Cnooc said it plans to lift capital spending to between Rmb60bn and RMB70bn this year, from budgeted capex of Rmb50.3bn in 2016. It intends to produce between 450m and 460m barrels of oil equivalent this year, compared with an estimated 476m last year.
China’s oil production is forecast to fall by as much as 7 percent this year, extending a record decline in 2016.
Consumption is expected to rise 7-8% this year, outpacing China's demand growth for the third consecutive year.
For the year, the world's third biggest oil consumer bought about 473,000 barrels per day (bpd) of oil from Iran to feed expanding refining capacity, up from 208,300 bpd in 2015, the data showed.