Thursday, June 8, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home Gas

CNOOC’s $13bn oil, gas deals show China’s supply fears

1 year ago
in Gas
CNOOC’s $13bn oil, gas deals show China’s supply fears
Share on FacebookShare on Twitter


China National Offshore Oil Corporation (CNOOC) struck $13 billion worth of deals to boost oil and gas supply, as the country aims to avoid a repeat of last year’s energy crunch.

The nation’s biggest offshore oil and gas driller has signed agreements with a dozen international firms, according to a statement Wednesday. That includes four contracts to jointly develop oil fields off China’s coast with foreign companies including TotalEnergies SE and ConocoPhillips.

At the signing ceremony, to celebrate CNOOC’s 40th birthday, the Chinese giant signed 13 contracts or strategic cooperation agreements with 12 international companies, involving exploration and development, oil and gas trade, refining and chemicals, technical services and other fields. “Among them, CNOOC and Total Energy, ConocoPhillips, Smart Oil and ROC signed a total of four oil exploration and development related agreements in China’s offshore waters, and its subsidiaries also signed liquefied natural gas (LNG), crude oil and other purchase agreements, with a total amount of about more than $13 billion,” CNOOC said in the statement.

China is the world’s largest energy user and President Xi Jinping has set long-term goals to curb reliance on pricey imports even as the nation’s demand for oil and liquefied natural gas (LNG) continues to rise. In the short term, the country is lifting fuel purchases from overseas and last year toppled Japan as the world’s No. 1 LNG importer.

Cnooc’s deals include pacts for imports of oil and LNG from suppliers including Kuwait National Petroleum Co. and US-based Energy Transfer LP, state media China Petrochem reported, without citing any sources.

KNPC and Cnooc didn’t immediately respond to emails seeking further details of the reported agreements. Energy Transfer signed a heads of agreement with Cnooc to work on a deal to supply LNG from its Lake Charles project in Louisiana, the company said in a statement.

Cnooc, the smallest of China’s big three state-owned oil companies, will lift output by as much as 40 million barrels this year, mainly from its oil fields in Bohai Bay and the South China Sea. The producer is continuing to prioritise investments in fossil fuels over clean energy.

PetroChina Co. and China Petroleum & Chemical Corp., or Sinopec, are also boosting output to help avoid a repeat of the 2021 energy crisis that led to blackouts and power rationing in many regions.

Recommended for you


ConocoPhillips wraps up APLNG deal

ConocoPhillips closes $1.6bn deal to boost share in APLNG




www.energyvoice.com

Latest Oil News

Texas Justices Consider Company’s Pause on Oil & Gas Payments

Texas Justices Consider Company’s Pause on Oil & Gas Payments

February 1, 2023
Gasoil margins fall on cautious sentiment amid firm oil

Gasoil margins extend losses on cautious sentiment

January 31, 2023
Monitoring Government: EPA tightens oil & gas emission rules

Monitoring Government: EPA tightens oil & gas emission rules

January 30, 2023
Indonesia faces difficult task to create OPEC-like group for nickel

Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

January 29, 2023
Tags: 13bnChinasCNOOCsdealsfearsGasoilshowsupply
Previous Post

Small-time investing fuels real world consequences

Next Post

UK government can’t have it both ways

Related Posts

Texas Justices Consider Company’s Pause on Oil & Gas Payments

Texas Justices Consider Company’s Pause on Oil & Gas Payments

by Oil Market News
February 1, 2023
0

Texas justices on Wednesday weighed whether operators of oil and gas leases can withhold payments without interest under the safe...

Gasoil margins fall on cautious sentiment amid firm oil

Gasoil margins extend losses on cautious sentiment

by Oil Market News
January 31, 2023
0

Asia’s 10 ppm sulphur gasoil margins extended losses for a second consecutive session, as cautious trading sentiment continue to weigh...

Monitoring Government: EPA tightens oil & gas emission rules

Monitoring Government: EPA tightens oil & gas emission rules

by Oil Market News
January 30, 2023
0

Photo: Adobe In November, the U.S. Environmental Protection Agency (EPA) rolled out its supplemental proposed methane emissions rule, primarily aimed...

Indonesia faces difficult task to create OPEC-like group for nickel

Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

by Oil Market News
January 29, 2023
0

Windfall taxes, price caps, and calls for more oil and gas production marked 2022 in oil and gas. It looks...

Beshear, oil and gas leaders pitch using fossil fuels to make hydrogen fuel in

Beshear, oil and gas leaders pitch using fossil fuels to make hydrogen fuel in

by Oil Market News
January 28, 2023
0

This story is by the Kentucky Lantern, which is part of States Newsroom, a network of news bureaus supported by grants...

Focus on Water & Wastewater Treatment, Oil & Gas, Chemicals & Petrochemicals,

Internet of Things-as-a-Service to Enable Improved Opportunities

by Oil Market News
January 27, 2023
0

DUBLIN, Jan. 27, 2023 /PRNewswire/ -- The "Global Process Gas Reciprocating and Centrifugal Compressor Services Market in the Oil and...

Next Post
UK government can’t have it both ways

UK government can’t have it both ways

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

Mexico’s dangerous addiction to fossil fuels

Mexico’s dangerous addiction to fossil fuels

1 year ago
Why OPEC Is Cutting Oil Production (and Why There’s Not Much the U.S. Can Do About

Why OPEC Is Cutting Oil Production (and Why There’s Not Much the U.S. Can Do About

8 months ago
Crude Oil Shielded From Bond and Stock Market Rout

Oil inventories fell much more than expected last week: API

6 months ago
Court strikes down ruling that blocked Biden’s oil drilling pause

Court strikes down ruling that blocked Biden’s oil drilling pause

10 months ago
Bolduc Wins New Hampshire Senate Primary, Realizing G.O.P. Fears

Bolduc Wins New Hampshire Senate Primary, Realizing G.O.P. Fears

9 months ago
ADVERTISEMENT
Canadian refiner Irving Oil explores options including sale

Canadian refiner Irving Oil explores options including sale

June 8, 2023

UK watchdog bans Shell, Repsol and Petronas greenwashing ads

June 7, 2023

Opec+ is not on board with Saudi’s ‘whatever it takes’ message

June 6, 2023

Saudi Arabia seeks to boost oil price with output cut of 1mn barrels a day

June 5, 2023

Opec bans prominent media groups from Vienna meeting

June 4, 2023

Saudi Arabia’s ‘prickly prince’ of oil bristles as crude price slides

June 3, 2023

Crude Oil

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

February 1, 2023
Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

January 31, 2023
S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

January 30, 2023
Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023

Investing

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

February 1, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023
Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

January 30, 2023
Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023

Market

Canadian refiner Irving Oil explores options including sale

Canadian refiner Irving Oil explores options including sale

June 8, 2023
UK watchdog bans Shell, Repsol and Petronas greenwashing ads

UK watchdog bans Shell, Repsol and Petronas greenwashing ads

June 7, 2023
Opec+ is not on board with Saudi’s ‘whatever it takes’ message

Opec+ is not on board with Saudi’s ‘whatever it takes’ message

June 6, 2023
Saudi Arabia seeks to boost oil price with output cut of 1mn barrels a day

Saudi Arabia seeks to boost oil price with output cut of 1mn barrels a day

June 5, 2023

OPEC

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

February 1, 2023
‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023
OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

January 30, 2023
Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.