24.01.2012

Sinopec Group Inks Deal with APLNG to up LNG Supply

Sinopec Group has signed a 20-year binding agreement with Australia Pacific LNG (APLNG) to increase annual liquefied natural gas purchases from 4.3 million tons to 7.6 million tons, starting in 2016. Sinopec Group also inked an equity subscription agreement to raise its stake in APLNG from 15% to 25%, the company said. more24.01.2012

China Energy M&A Deals in 2011, 2012

Fast-growing, resource-hungry China continues to invest in oil and gas assets from Canada to Latin America to Australia in 2011, and also sees a few acquisitions in the nuclear sector. Below are details on China's M&A activity, energy deal approvals, and high-profile deals that failed in 2011 and 2012. Projects And Deals more22.12.2011

Exxon Plans To Merge Fuels, Lubricants Divisions

Exxon Mobil plans to merge two of its products divisions, a sign of the times for big oil companies, which generally are sharpening their corporate focus on the growing challenges of exploration and production. The largest U.S. oil company said on Wednesday it expects its Lubricants & Petroleum Specialties Co to merge with its Fuels Marketing Co, effective Feb. 1, 2012, subject to board approval. more09.12.2011

Big Oil Says To Clean Up Shale Gas Business

Big oil and gas companies say their increasing dominance of shale gas exploration will bring improved drilling practices and should end the safety lapses that have led to environmental opposition to the fast-growing, multi-billion dollar industry. more06.07.2011

China Says Oil Leak Under Control, ConocoPhillips To Blame

An oil leak last month from China's largest offshore oilfield was the fault of the field's operator ConocoPhillips and the U.S. firm will take the blame for the accident, the China State Oceanic Administration said on Tuesday. The leak from platforms B and C of the Penglai 19-3 oilfield in the northern Bohai Bay, which started on June 4 and June 17 respectively, polluted 840 km2 of water, said Li Xiaoming, the administration's environmental protection head. more03.03.2011

UPDATE: Libyan Oil Production, Outage, Exports, Customers

As fighting continues across Libya, the oil industry is trying to assess the output lost from Africa's third-largest producer. Most estimates suggest around half of the country's 1.6 million barrels per day (bpd) of oil capacity is out of action. Libya's top oil official has estimated oil output has fallen to 700,000-750,000 barrels per day (bpd). Below are details on Libya's oil production, estimates of lost output, its exports and customers: more12.08.2010

Lukoil Resumes Gasoline Supply To Iran

Russian oil giant Lukoil has resumed gasoline sales into Iran in partnership with China's state-run firm Zhuhai Zhenrong, even as the U.S. urges the international community to be tough with Tehran. Iran is the world's fifth-largest oil exporter but lacks adequate refining capacity to meet domestic demand for motor fuel, forcing it to import up to 40% of its requirements. more11.08.2010

Exxon Says Still Working On Qatar Ras Laffan Project

Oil major Exxon Mobil is still working with Qatar Petroleum (QP) on a planned $6 billion petrochemicals complex, a spokesman for the U.S. firm said on Tuesday, refuting a media report that it had quit the project. more10.08.2010

Exxon Quits New $6 Billion Ras Laffan Petchem Project

Exxon Mobil has formally ended a deal with state-funded Qatar Petroleum (QP) to develop a new $6 billion petrochemicals facility in Ras Laffan, according to Middle East Economic Digest. The magazine, citing unnamed sources close to the partners, said the pair ended plans for the new cracker project after talks in June and July. Qatar Petroleum will now seek a new partner, MEED said. "There is no official announcement, but yes, it is over, and there are now a number of interested parties looking for new opportunities," it said, citing a source with close ties to QP. more26.07.2010

European Oil Refineries Sold And Up For Sale

Many European oil and chemical firms have been looking to sell domestic refineries since last year as demand for fuels and petrochemical products has fallen more sharply in Europe than in most other parts of the world, hitting profit margins. At least nine refineries are looking for buyers, and five of them are based in the UK. Following are the refineries around Europe that have been sold or are up for sale: more