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.
Petrochina
CNOOC’s capital spend set at $15bn, highest since 2014
CNOOC, China’s third-biggest oil company, aims to raise its capital spending this year to between 90 billion and 100 billion yuan ($15 billion), the highest level since 2014, bucking the industry trend.
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.
UAE approves Cnooc’s offshore entry
Abu Dhabi has approved the transfer of rights, from China National Petroleum Corp. (CNPC) to Cnooc Ltd, in the Lower Zakum and Umm Shaif and Nasr offshore concessions.
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.
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.
ADNOC sets out Murban Futures plan
Abu Dhabi is taking steps to cement its position as a reliable supplier through the launch of the Murban Futures contract.
Shell ‘most valuable’ global oil and gas brand
Oil giant Shell has emerged as the world's "most valuable" oil and gas brand, according to a global brand consultancy group.
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.
Shell LNG deal could mean ‘mega-projects are back’, Woodmac says
Shell's decision to sanction a£23 billion Canadian LNG project could signal the return of "mega-projects", an analyst has said.
PetroChina profit pops as oil rally counters gas, writedowns
PetroChina Co., the country’s biggest oil and gas company, said profit almost tripled last year as earnings from exploration and production overcame asset writedowns and losses from importing natural gas.
World’s 3rd-largest oil major a bargain at $232bn
With its earnings outlook improving and massive pipeline assets expected to be restructured, analysts are forecasting a rally in PetroChina Co.’s Hong Kong shares, which are still trading at 2008 crisis levels.
PetroChina Warns Net Income Dropped as Much as 80% in 2016
PetroChina Co., the country’s biggest listed oil and gas producer, said full-year income in 2016 fell by as much as 80 percent.
Oil sector shows signs of strength and stability
The first-quarter results posted this week from the oil sector are showing some signs of improvement and will come as a long overdue boost for weary long-term shareholders.
PetroChina reports first ever quarterly loss
PetroChina, the country's largest oil and gas producer, reported its first ever quarterly loss as oil prices touched near 13-year lows.
CNOOC surprises analysts despite income plunge
China’s biggest offshore oil and gas explorer, CNOOC, posted annual profit that exceeded analyst estimates as cost cuts countered a decline in energy prices.
Death of LNG projects may lift market from rout
The demise of LNG projects such as Woodside Petroleum planned $40 billion Browse facility due to a plunge in energy prices is probably what will lift the market out of its current rut.
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.
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.
Green Dragon increases gas reserves for 10th year running
China's Green Dragon Gas has increased its gas reserves in China for the tenth consecutive year.
Chevron, Petrochina start production from delayed Luojiazhai field
Oil major Chevron and PetroChina started production from an onshore gas field at the end of 2015 after years of delays. The Luojiazhai field has an annual production capacity of three billion cubic metres of 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.
$240billion wiped off oil firms’ market value since OPEC oil price cut
Investors around the world have seen $240 billion wiped off the value of oil companies in the week since OPEC sent crude prices plunging to a seven-year low by abandoning its output limit.
Former PetroChina chairman jailed for 16 years
The former chairman of China National Petroleum Corporation, and its listed firm PetroChina, has been sentenced to 16 years in prison for graft, Chinese state television said on Monday.
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.