PetroChina Co Ltd, the country’s largest oil and gas producer, has agreed to acquire a 50% stake in CNPC Exploration and Development Co (CNPC E&D) from its parent China National Petroleum Corp (CNPC) for US$11.8 billion, a source familiar with the matter, said on Monday.
The source also said PetroChina intends to issue new shares on [...]
China Petroleum and Chemical Industry Association (CPCIA) said on Tuesday the country had produced 16.17 million tons of crude oil in July, up 5 percent over the same month last year.
This brought the nation’s crude oil production to 110 million tons in the first seven months, an increase of 2.2 percent over the same period [...]
Cnooc Ltd.’s first-half profit growth may be double that of Exxon Mobil Corp. and Royal Dutch Shell Plc after China’s third-largest oil company increased its crude reserves and output amid record prices.
Net income probably climbed 52 percent to 22.1 billion yuan ($3.2 billion), according to the median estimate of five analysts surveyed by Bloomberg News. [...]
Sinopec Group, parent of China Petroleum & Chemical Corp (Sinopec), will halt gasoline and diesel imports as fuel shortage has been solved domestically, an executive from Sinopec told Shanghai Securities News yesterday.
He said that the fuel stockpile now can meet the domestic market demand, so it is not necessary to buy more fuel from other [...]
China National Petroleum Corporation (CNPC) is teaming up with China Petroleum & Chemical Corporation (Sinopec Group) to bid for the Peru-based private-held company, Petro-Tech Peruana, sources reported.
The potential deal is expected to cost between US$1.5 billion and US$2.5 billion, and the two Chinese state-owned companies, cooperating under Beijing’s coordination, expects Petro-Tech to announce the result [...]
Mainland largest offshore oil producer China National Offshore Oil Corp (CNOOC) has given up its working interest in oil exploration license (OML) 141 in Nigeria owning to an unclear prospect, the South China Morning Post reported citing an unnamed source.
CNOOC this month agreed to give most of its 35% share back to Nigerian firm Emerald [...]
