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.
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COSL said it had…
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Sinopec Engineering, Sinopec’s subsidiary specialised in building chemical plants and refineries, reported a sharp drop in 2016 profits on Monday.
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Refinery throughput data for the first two months of 2017 released on Tuesday showed processing at near-record levels.
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The past week was one of farm-ins and acquisitions, with several majors splurging on gas-rich acreage in particular.
OMV set the buying in motion on Monday when it…
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The transaction will see ExxonMobil make a cash…
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