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09.10.26 - 05:51
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China Accelerates Ultra-Deep Drilling To Boost Domestic Oil Supply (ZeroHedge)
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China Accelerates Ultra-Deep Drilling To Boost Domestic Oil Supply
Submitted By Tsvetana Paraskova of OilPrice.com,
China is accelerating efforts to produce more oil from ultra-deep formations to boost domestic supply amid continued global market turmoil.
State-owned giant PetroChina has produced more than 26 million tons of oil equivalents from reservoirs dug 6,000 meters (19,685 ft) below the surface in the Hade-Fuman oilfield in the western region of Xinjiang, state media report.
Reservoirs at 6,000 meters and deeper are considered ultra-deep and more expensive and technologically challenging to drill.
China has drilled a total of 485 ultra-deep wells at the Hade-Fuman oil field, which has become the biggest desert oilfield in China and a base for ultra-deep oil and gas exploration and production.
In recent years, the world's top crude oil importer has accelerated exploration of domestic resources, including in ultra-deep formations and shale reservoirs as it aims to reduce its dependence ...
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05.09.26 - 01:33
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Asian Oil Buying Spree Sends Dubai Crude Toward $100 (ZeroHedge)
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Asian Oil Buying Spree Sends Dubai Crude Toward $100
Authored by Irina Slav via OilPrice.com,
Stronger appetite for Middle Eastern crude grades from China and India has added upward pressure on prices for these grades, pushing the Dubai futures close to $100 per barrel, Bloomberg reported today, citing unnamed traders.
Demand for Middle Eastern oil is especially strong from refining majors such as Indian Oil Corp. and PetroChina, as well as refiners in South Korea and Japan, the report said. This is despite the latest escalation between the United States and Iran, with Saudi Arabia's oil exports dropping to the lowest since 2017, according to data from ship-trackers including Kpler and Vortexa.
A further price rally may well be on the table as some cargoes face delays from August to September and October, Bloomberg also noted. At the time of writing, Murban futures, the UAE benchmark, was trading at $106.10 per barrel, and DME Oman, the Middle East sour crude benchmark for Asia, was trading a...
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01.09.26 - 05:45
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Research: BOCI: PETROCHINA 2Q Results In Line; TP Cut to HKD11.66 (AAStocks)
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BOCI issued a research report on PETROCHINA (00857.HK), of which net profit for 2Q26 climbed 15% QoQ to RMB55.6 billion, 2% below the broker's expectations. The upstream and natural gas sales segments underperformed expectations, while the other two segments delivered better-than-expected results.The broker expected that, as......
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31.08.26 - 13:24
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PetroChina′s first-half profit jumps 22% as higher oil prices offset Iran war supply hit (SCMP)
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PetroChina, China's largest oil and gas producer, has announced that it is gradually restoring operations at its Middle Eastern projects after the US-Israeli war in Iran severely disrupted global energy flows this year.
On Monday, the company reported a 22 per cent jump in first-half net profit to 103.9 billion yuan (US$15.4 billion) for the six months ended June, as higher crude oil prices boosted earnings from its upstream operations while natural-gas operations offset weaker oil production......
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31.08.26 - 03:45
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PETROCHINA Appoints Vice President (AAStocks)
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PETROCHINA (00857.HK) announced that the board of directors has approved the appointment of Gong Zhenzhi as vice president of the company. The term of office will be aligned with the tenure of the 10th board of directors. ~AASTOCKS Financial NewsWebsite: www.aastocks.com...
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28.07.26 - 11:15
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PETROCHINA Reportedly Weighing Sale of Partial Stake in LNG Canada (AAStocks)
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PETROCHINA (00857.HK) is weighing sale of its partial stake in LNG Canada Development to help finance the second phase expansion of the project, which aims to double production capacity, Bloomberg, citing sources, reported. PETROCHINA is reportedly working with advisers to gauge market appetite in its 15% stake, which could be v......
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