Petroleos de Venezuela SA, the state-owned oil company, and China National Petroleum Corp will invest over $10 billion to produce oil in the Faja del Orinoco region and refine at least some of it in China.
The venture may produce as much as a million barrels a day, Rafael Ramirez, the minister of energy and oil […]

China is undertaking a buying spree of oil and gas assets in oil rich Kazachstan. A year and a half ago, China’s state oil company CNPC became the main shareholder of PetroKazakhstan in a $4.2bn deal.
From petrol stations to refineries and now even a 1,000km (620 mile) long pipeline, the first one ever to go […]

Further details have emerged of CNOOC’s oil contract with the Somali government. It grants the Chinese state giant the right to almost half of any profits from production but also promises large bonuses to the Somalis if significant discoveries are made.
A production-sharing contract signed last year gives CNOOC and its partner, China International Oil and […]

Yesterday it was reported that the Chinese had struck a deal to explore for oil in Somalia. Today, Somalia’s interim prime minister has said he is not aware of any deal being struck.
Ali Mohamed Gedi’s comments are being interpreted as signalling a potential internal power struggle within the Somali government.

PetroChina is pulling out of a US$3.8 billion Alberta to British Columbia pipeline project that would have supplied crude oil to China from Canada’s oil sands.
Yiwu Song, vice president of China National Petroleum Corp., PetroChina’s parent company, said the company was tired of the lack of Canadian government and producer support for their business, and […]