April 26, 2024

Analysis and Outlook of China's Oil and Gas Industry Series of Blue Books Released

On 18 April, the Blue Book on Analysis and Prospects of China's Oil and Gas Industry Development (2023-2024), the Blue Book on China's Low-Carbon Economy Development (2023-2024), the Blue Book on Oil Products and New Energy Development (2023-2024), and the Blue Book on China's Natural Gas Industry Annual Operation Report (2023-2024) were released in Beijing.         The Blue Book was jointly compiled by China Petrol

August 29, 2023

Drilling depth of China's first 10,000-meter deep geological exploration well has reached 6,000 meters

In recent years, in the hinterland of the Taklamakan Desert in Xinjiang, PetroChina Tarim Oilfield has been constantly challenging the limits of the deep ground, and 104 ultra-deep wells of over 8,000 meters have been successfully drilled so far. All these have provided sufficient basic conditions, technical preparation and experience accumulation for the 10,000-meter deep well project. The Tarim Basin is rich in deep-earth oil and gas resources, but the geological structure is extremely complex. On May 30 this year, China's first 10,000-meter deep-earth exploration well,

August 21, 2023

Wood Mackenzie: Oil and gas exploration spending expected to recover from historic lows

According to a new report from Wood Mackenzie, exploration spending (excluding appraisals) will rebound from historic lows to an average of $22 billion per year in real terms over the next five years, OE reported on August 16th. Wood Mackenzie's latest report, "Exploration's Quiet Recovery," shows that attractive exploration e

August 21, 2023

Global Maritime Decarbonization Center finds 20% drop in net carbon emissions from biofuel refueling trial

The Global Centre for Maritime Decarbonization (GCMD) said Tuesday that a trial on a dual-fuel liquefied petroleum gas (LPG) carrier found that the use of a vegetable oil biofuel blend reduced net carbon emissions by 20 percent compared to the use of very low sulfur fuel oil (VLSFO), HydrocarbonProcessing.com reported on August 16th.

August 21, 2023

U.S. gasoline prices hit a new high for the year as market tensions continue to escalate

U.S. gasoline prices, which have soared to their highest level this year, continue to climb, OilPrice.com reported on August 16th. The average domestic gasoline price in the U.S. has risen to $3.873 per gallon from $3.564 per gallon a month ago, while diesel prices are now averaging $4.338 per gallon, up from $3.851 per gallon a month ago. In California and Washington, prices have soared to more than $5 a gallon.

August 14, 2023

OPEC data show 'sudden' supply shortages in global oil market

According to Bloomberg on August 10, 2023, OPEC has released statistics showing that the global crude oil market will have a supply gap of more than 2 million barrels per day in the third quarter due to Saudi Arabia's production cuts.

August 14, 2023

Saudi Arabia's successive production cuts signal stabilization of oil prices

Saudi Arabia has recently announced that it will extend the voluntary oil production reduction measures of 1 million barrels per day from July to the end of September, and may extend it again as well as increase the magnitude of the production reduction. According to Saudi media reports, after the extension of the production cuts, Saudi Arabia's oil production in September will be around 9 million barrels per day, which is a lower level of crude oil production for Saudi Arabia, Saudi Arabia's maximum crude oil production capacity recently averaged 12 million barrels. Analysts po

August 08, 2023

UAE's ADNOC to acquire 30% stake in Total Energy's gas fields in the Caspian Sea

Abu Dhabi National Oil Company (ADNOC) has agreed to acquire a 30% stake in the Absheron gas and condensate field operated by Total Energy in the Caspian Sea for an undisclosed fee, according to an Aug. 4 report on the Offshore Energy website. Upon completion of the deal, ADNOC will own 30% of the Absheron gas field, with SOCAR and Total Energy each holding 35%.

August 07, 2023

Saudi Arabia extends deal to cut crude output by 1 million barrels a day until September

Saudi Arabia's state news agency (SPA) reported in Riyadh on August 3 that Saudi Arabia would extend its agreement to voluntarily reduce crude oil production by an additional 1 million barrels per day (bpd) for another month up to and including September, Reuters reported. Citing an official source in Saudi Arabia's Energy Ministry, SPA reported that Saudi Arabia's production cut agreement could be "extended or deepened."

July 31, 2023

New role, new integration, new breakthroughs - from the second quarter of the observation of key projects to see the new pulse of Shaanxi energy industry development

July in northern Shaanxi, hot. 10 to 11, 2023 the second quarter of the province's key projects observation (northern Shaanxi area) activities into the Yulin, Yan'an. In the Yushen Industrial Zone, Shaanxi's first large-scale layout of lithium battery electrolyte solvent production proj

July 31, 2023

CCTV News|Multiple measures to ensure energy supply in various regions

Since June this year, North China, the Yellow River and Huaihe River and other places suffered many rounds of high temperature weather, the highest temperature in many places exceeded the historical extreme, on electricity, oil and gas and other energy to ensure the supply of certain pressure. In order to ensure a safe and stable supply of energy, the State-owned Assets Supervision and Administration Commission of the State Council requires power generation enterprises to issue as much as possible, coal and petrochemical enterprises to ensure the supply of electricity, coal, oil and gas.

July 24, 2023

Falling U.S. crude inventories ease market demand concerns Oil prices stabilize

According to a July 20 Bloomberg report, oil prices stabilized as U.S. crude stockpiles fell and the market's ongoing concerns about demand were removed. West Texas Intermediate crude prices traded above $75 a barrel after falling 0.5 percent on Wednesday. Official data showed a decline in U.S. inventories across the country, wit

July 24, 2023

Oilfield services giant hints at weak drilling demand in North American market

OilPrice.com reported on July 19, 2023 that two of the world's top three oilfield service providers - Halliburton and Baker Hughes - reported their profits for the second quarter of the year on July 19, beating the market consensus, but the two oil services giants both signaled weak demand for shale drilling in the North American market. Strong inte

July 24, 2023

Inventories grow at record pace Global gas market remains weak

Excess gas stocks in Europe and the US keep gas prices low Europe's purchases of U.S. liquefied natural gas (LNG) declined, with imports of 4.15 million tons in June, down from 5.63 million tons in May Asia fills the gap left by Europe and is expected to buy more US LNG Natural gas market remains bearish as inventories increase at record pace

July 18, 2023

OPEC expects oil market to be tighter next year as demand climbs

OPEC expects the global oil market to be tighter next year as it forecasts greater growth in global oil demand next year than other major forecasters, Bloomberg News reported July 13, 2023, according to a report. Global oil consumption will increase by 2.2 million barrels a day to 104.3 million barrels a day next year, OPEC said July 13 in its first detailed assessme

July 18, 2023

ExxonMobil to buy carbon capture firm Denbury for $4.9 billion

Oil giant ExxonMobil has agreed to acquire Denbury Corporation, a developer of carbon capture, utilization and storage (CCUS) solutions, for $4.9 billion in a deal priced at $89.45 per share, according to OilPrice.com on July 13. Denbury recovers carbon dioxide through enhanced recovery (EOR) operations and uses it to produce environmentally carbon negative oil. The company owns the largest CO2 pipeline network in the United States at 1,300 miles, including nearly 925 miles of CO2 pipelines in Louisiana, Texas and Mississippi, as well as 10 onshore storage sites.

July 18, 2023

Supply disruptions push Brent crude prices to 11-week highs

According to Bloomberg News on July 13, 2023, the price of Brent crude, the world's benchmark crude oil, settled at an 11-week high on the day as crude supply disruptions tightened the spot market. "This event is gaining more traction as the market has recently shifted from oversupply to undersupply," said Rebecca Babin, se

July 10, 2023

Exploration Company: Natural gas capacity construction in full speed

Since the beginning of this year, the oil and gas exploration company has been focusing on "the year of capacity construction", speeding up capacity construction, improving the quality of well construction and enhancing work efficiency, and insisting on both stabilizing and increasing the capacity. Facing the annual production task of 7.815 billion cubic meters of natural gas, more than 4,800 cadres and workers have been working with determination, without waiting or relying on others, to complete the half-yearly gas delivery task of 3.773 billion cubic meters five days ahead of schedule

July 10, 2023

Egypt Launches $1.8 Billion Offshore Gas Exploration Program

Cairo, July 5, 2023 - Egypt is launching an ambitious $1.8 billion offshore gas exploration program to drill 35 gas wells in the Mediterranean Sea and Nile Delta between now and July 2025, the Egyptian Minister of Petroleum and Mineral Resources said in Cairo on July 5, reports ArabianTrade.com. He said the offshore gas exploration program, which involves major int

July 10, 2023

Fujian Putian port LNG imports in the first half of the year increased by 15%

PUTIAN, July 5 (Xinhua) -- The vessel "Min Rong", carrying 62,100 tons of liquefied natural gas (LNG) from Indonesia, berthed smoothly at the special LNG terminal in Xiuyu port area of Putian City, Fujian Province on July 5. Under the supervision of Fujian Putian Entry-Exit Border Inspection Station, the staff is unloading the cargo. In the f

July 10, 2023

India in talks to supply green hydrogen to EU and Singapore

India has discussed a possible deal to supply more than 11 million tons of green hydrogen to the European Union and Singapore, which in turn would invest in these Indian clean energy projects, according to three Indian government officials and an industry source, according to a July 4 news release from Pipeline News. Green ammonia, usually the preferred form of fue

July 10, 2023

Four areas of the largest new energy photovoltaic project in Shengli Oilfield have power supply conditions

On July 1, the largest photovoltaic construction project in Shengli Oilfield, the construction project of 106 MW photovoltaic power station in Lugudong Management Zone 1 of Shengli Oilfield, which was constructed by Shengli Oil Construction Company, was equipped with power supply conditions in South 1, South 2, South 4 and Middle 1 Zone 4, which covers a total area of 2,700 mu and will further reduce the cost of electricity in Lugudong After completion, the project will further reduce the cost of electricity in Ludong Management Area and reduce the carbon dioxide emission by 120,100 tons

July 10, 2023

Oil and gas production of Jilin Oilfield in the first half of the year "double over" operation

July 7, the reporter learned from Jilin Oilfield, the first half of this year, the company completed a total of 2.58 million tons of oil and gas production equivalent, 52.6% of the annual plan, oil and gas production "double over" run; drilling, fracturing, production betting, new energy business project construction and other main workload are also significantly over progress, the production situation The production situation continued to improve.

July 10, 2023

Jilin Oil's retail machine sales increased 56% in the first half of the year

Since this year, Jilin Petroleum has solidly pushed forward the theme of education to go deeper and deeper, anchored on the annual target of refined oil products, and taken multiple measures to achieve a 56% year-on-year increase in retail sales in the first half of the year, including a 54% year-on-year increase in gasoline and a 58% year-on-year increase in diesel. By reasonably decomposing the tasks, revising the salary distribution plan of the filling stations, strengthening the basic management, improving the enthusiasm of front-line staff, and creating a strong atmos