Petrochina

Asia

Chinese oil majors undervalued

Analysis from investment house Bernstein suggests that the Chinese oil majors - CNOOC, Sinopec and PetroChina - offer a potential 30% upside as they trade at a wide discount to historic prices and global peers.

Oil & Gas

Big oil has a long way to go on setting emissions targets

Just five of the 39 largest oil and gas companies have announced carbon-reduction targets that match levels needed to avoid a 2-degree Celsius temperature increase. And only 20 have taken initial steps to disclose how they plan to lower emissions produced by both their operations and electricity use, known respectively as Scope 1 and Scope 2.

Asia

China oil giants cash in with pipeline deals worth $56bn

China’s biggest oil and gas companies finalized deals worth $56 billion to sell their pipeline networks to a new national carrier at premiums to their book value, a long-awaited step that’s being seen as a boost for investors.

Asia

Asian NOCs set to maintain domestic upstream spend

While most international oil companies (IOCs) have stated they will make major spending cuts this year in response to the downturn, Asian national oil companies (NOCs) are expected to maintain domestic upstream spending to help employment and economic activity levels.

Asia

China’s oil giants to splurge most in five years

China’s oil giants aim to spend the most in five years in pursuit of higher energy output. But unlike global rivals investing in top-tier assets, the state-owned producers are trying to boost supply from fields that are either old and high-cost or new and challenging.

Markets

PetroChina sees profits plunge by 70% in 2015

PetroChina , China's biggest oil and gas producer, reported a 70 percent slump in its full-year 2015 profit, with earnings upstream and in the marketing segment both taking a hit from lower prices.

Asia

PetroChina and CNOOC may write down assets

PetroChina, the country’s biggest oil and gas producer, and China’s largest offshore explorer Cnooc, may write down assets following crude’s plunge, analysts say.

Oil & Gas

Iraq in approach to PetroChina and Exxonmobil to boost production

Iraq is said to have approached PetroChina and ExxonMobil about investing in a multi-billion dollar project to help boost output from a number of smaller southern fields, according to reports. A senior Iraqi oil official said South Oil Co is seeking investment from either company to build infrastructure needed to raise output at fields it operates. SOC deputy chairman Basim Abdul Kareem said the decline in oil price has hit the country’s ability to fund oilfield development and foreign investments are needed.

Oil & Gas

PetroChina profit dives 63 pct in first half

PetroChina, China's biggest oil and gas producer, reported a 63 percent drop in its first-half profit, with earnings upstream and in the marketing segment both taking a hit from lower prices.