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 … Read More
China
Somalia: The Chinese Move in or Do They?
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 Pulls out of Canadian oil Sands
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, … Read More
China: 750,000 a Year Killed by Pollution
China’s poisoned air has risen up the political agenda after reports that the Government forced the World Bank to censor a study for fear that one of its findings – that 750,000 people die of pollution-related illness each year – might stoke social unrest. The World Bank study, produced in co-operation with Chinese government ministries, … Read More
China to Search for Oil in Sudan
Here is another sign of China’s growing influence and activity in Africa. China’s biggest oil company CNPC has reached a deal with Sudan to search for oil and gas in the north of the country on the coast of the Red Sea. Although China has been under pressure from Western countries to reduce its investment … Read More
Venezuela: Now the Chinese Move In
The Americans move out and the Chinese move in. The day after Exxon and ConcoPhillips pulled out of heavy oil projects in Venezuela, the China Petrochemical Corp, known as Sinopec, the nation’s second-largest oil producer, is in talks to drill for oil in the country. The company is seeking “heavy oil” projects, said a company … Read More
PetroChina Poised for $6bn Listing
China’s oil giant, PetroChina is planning to raise $6 billion in a listing of new shares in Shanghai, to finance oil exploration and overseas acquisitions. The company has also recently announced a couple of significant discoveries. Last month PetroChina, which invested $19 billion in 2006, announced a big discovery in Bohai Bay, an oilfield with … Read More
China Overtakes US as World’s Largest CO2 Emitter
China has overtaken the United States as the world’s biggest producer of carbon dioxide, the chief greenhouse gas, figures released today show. China’s emissions had not been expected to overtake those from the US for several years, although some reports predicted it could happen as early as next year. The surprising announcement will increase anxiety … Read More
China: Oil Giants Look to Biofuels
China’s oil giants are currently vying for a leading position in the development of bio-fuels. China’s National Offshore Oil Corporation – the country’s third largest oil company, will strengthen its alternative energy development activities by establishing a bio-diesel refining facility in southern China’s island province of Hainan by the end of the year.
Oil Sands Offers “Very Secure” Energy Source for China
China could obtain a ‘very secure source’ of energy if it decides to tap oil sands in the Canadian province of Alberta, according to the leading Canadian bank, Scotiabank. Alberta is forecast to produce 1.96 mln barrels per day of crude oil by 2008 from oil sands, according to Scotiabank.