Oil Reserves26 billion barrels
Oil Production3.98 million bopd
Gas Reserves8.4 tcm
Gas Production209.2 bcm
China boasts the second largest economy and largest population in the world. In addition, the country occupies the top spot in crude oil imports and the fourth spot in production figures, making it a central figure in the global energy markets. Three national oil companies in China, China National Petroleum Corporation (CNPC), China Petroleum & Chemical Corporation (Sinopec Corporation) and China National Offshore Oil Corporation (CNOOC), account for the lion’s share of upstream and downstream oil and gas activity in the country.
Currently, China is undergoing a shift in focus from a country with economic drivers based in manufacturing and heavy industries to one based in services and domestic consumption. Adding to the nation’s economic shift, the Chinese government is determined to curb environmental pollution by switching its heavy reliance on coal burning to cleaner energy sources such as natural gas.
Abu Dhabi has awarded the Bab Gas Cap development and production concession to an ADNOC-led consortium of international companies.
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Energy Fuels has secured a 20-year, USD 725-million loan commitment from the US administration to expand rare earths processing…
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Josh Sherman of the Houston Producers Forum talks about Houston’s growing pull as energy security concerns and growing LNG and…
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SLB OneSubsea has won a deepwater EPC contract from CNOOC for a 20-well subsea development in China.
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Oil prices gained on Monday in Asia after Saudi Arabia appointed a new energy minister over the weekend.
US Crude Oil WTI Futures rose 1.2% to $57.18 by 12:54 AM ET…
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Oil prices dropped on Monday as new tariffs on both the US and China trade dispute took effect, adding to concerns over an already-gloomy global economic outlook and…
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Oil prices were mixed on Friday in Asia as the Sino-US trade war has seemingly taken an unexpected turn for the better.
US Crude Oil WTI Futures slipped 0.1% to…
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Oil prices fell on Thursday in Asia after surging overnight amid a large fall in US crude inventories.
US Crude Oil WTI Futures were down 0.4% to $55.58 by 11:45 PM…
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Oil prices gained on Tuesday in Asia despite conflicting signs about the Sino-US trade war.
US Crude Oil WTI Futures gained 0.7% to $54.01 by 11:15 PM ET (03:15…
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Oil prices were down on Monday in Asia after China announced late last week an additional 5% tariff on $75 billion of US products, including crude.
In retaliation,…
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Oil prices slipped on Thursday in Asia even after the Energy Information Administration (EIA) reported larger-than-expected crude drawdown.
US Crude Oil WTI Futures…
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Oil prices gained on Wednesday after the American Petroleum Institute (API) reported that US crude inventories fell for the first time in three weeks.
US Crude Oil…
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Oil prices rebounded on Thursday in Asia after plunging almost 5% overnight on rising crude stockpiles.
US Crude Oil WTI Futures jumped 3.1% to $52.69 by 1:08 AM…
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Oil prices gained on Tuesday in Asia despite concerns that escalating Sino-US trade war could negatively impact demand for crude.
US Crude Oil WTI Futures gained…
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