PetroChina Company Limited will increase its investment in its oil and gas business from 60 to 70 percent in 2009, said company chairman Jiang Jiemin on Tuesday.
PetroChina’s losses during the global financial crisis are “limited and under control”, Jiang told reporters after a shareholders meeting. He said it’s because the company has focused the majority [...]
PetroChina, Asia’s biggest oil and gas producer, yesterday said it may buy some overseas companies badly hurt by the financial crisis, in a move to increase its capacity and meet rising domestic demand.
The company is studying the feasibility of acquiring some overseas resources companies badly affected by the global crisis, Jiang Jiemin, the company’s chairman, [...]
As international communities fear that global oil reserves will dry up in 30 years, energy companies are racing to tackle the energy dearth.
And Enviro Energy International Holdings is looking to increase its oil and natural gas production.
The company’s chairman and chief executive officer, Kenny Chan, said that coalbed methane (CBM) provides sustainable energy, and his [...]
China National Petroleum Corp., the nation’s largest oil producer, signed an accord with Uzbekistan’s state oil company to jointly develop an oilfield in the central Asian country.
The field has “explorable reserves” exceeding 30 million metric tons and is expected to have an annual output capacity of 2 million tons, or 40,000 barrels a day, the [...]
China National Petroleum Corp (CNPC), parent of the country’s largest oil maker PetroChina<601857><857>, realized pre-tax profit of RMB 98.98 billion during the first nine months of this year, down 27.8% from a year earlier, sources reported, citing an executive with CNPC.
The company attributed the smaller-than-expected pre-tax profit decrease mainly to a narrower special oil gain [...]
UBS has downward adjusted its target price of PetroChina to 13.80 HK dollars from 14.40 HK dollars, and that of CNOOC to 17.00 HK dollars from 18.60 dollars as the international crude price kept falling.
Considering PetroChina and CNOOC’s upstream sector would bring higher ROA and ROE, UBS rates the two at “buy,” but gives “neutral” [...]
