PetroChina has become the second-largest company in China by market value after it overtook the Industrial and Commercial Bank of China. Bloomberg reported that the oil major’s stock had soared by 42% since the start of the year, bringing its market value to the equivalent of some $244 billion. The …
Read More »PetroChina Buys Venezuelan Crude for New Mega Refinery
PetroChina is welcoming this weekend a cargo of Venezuela’s Merey crude for use at a new huge refinery after the U.S. eased sanctions on Venezuelan oil exports a few months ago. A cargo of Merey is due to arrive in China for the state Chinese energy giant on Saturday, according …
Read More »Iraq Signs Agreement with ExxonMobil for Exit from West Qurna 1 Field, PetroChina to Take over
The Iraqi Ministry of Oil confirmed on Saturday the finalization of a settlement agreement with ExxonMobil, paving the way for the American energy giant’s departure from the West Qurna 1 oil field. Simultaneously, the ministry announced that Chinese company PetroChina would assume the field’s leading operator role. Hassan Muhammad, deputy …
Read More »China’s Largest Onshore Gas Condensate Field Brought on Stream by PetroChina
China’s upstream giant PetroChina has brought on stream the country’s largest onshore gas condensate field, Bozidabei, in northwestern China’s Tarim basin. The production start-up marks a major milestone in China’s pursuit of energy security. Covering 13,000 square kilometres in the southern part of Xinjiang, the field includes a gas processing …
Read More »China Emerges as a Global LNG Trading Power
China is expanding its presence in the global LNG trading world, with Chinese traders setting up new or expanding their trading desks in Singapore and London, Reuters writes. This would put China in direct competition with LNG trade leaders including Shell, BP, TotalEnergies, and Equinor, the report pointed out. The …
Read More »PetroChina Produces First Net-Zero Crude Oil at Asia’s Largest Oil Cluster
China’s onshore giant PetroChina has produced what it has hailed as the first green barrel of crude oil from the Jilin oilfield it owns and operates in northeastern China’s Jilin province. This accomplishment is part of a broader initiative aimed at mitigating carbon emissions and reducing the company’s overall carbon …
Read More »PetroChina’s Earnings Outshine NOC Rivals
PetroChina has become the only one of China’s three national oil companies to report a year-on-year increase in first-quarter net profit thanks to strong upstream production and rising sales of refined products.
Read More »Chinese Oil Companies Lead in Iraqi Oil Purchases for February
Iraq’s State Organization for Marketing of Oil (SOMO) announced that Chinese oil companies were the largest buyers of Iraqi oil during the month of February. According to statistics published on SOMO’s official website, Chinese companies accounted for 7 of the 35 firms that purchased oil last month. SOMO’s data revealed …
Read More »China Wants to Know how much Russian Oil its Independent Refiners are Buying
The Chinese Ministry of Commerce has recently met with representatives of around ten independent refiners to inquire about how much Russian crude oil the private refiners are importing and at what prices, sources familiar with the matter told Reuters on Friday. China is buying increased volumes of Russian crude as …
Read More »PetroChina Sets Record for Deepest Vertical Well in Asia
PetroChina, China’s largest oil and gas producer, said on Monday that its Pengshen-6 oil well has reached a depth of 9,026 meters, smashing the record for deepest vertical well in Asia. Located in southwest China’s Sichuan Province, the well has complex geological conditions and exploration work faced multiple challenges, including …
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