CNOOC Ltd, the listed unit of China National Offshore Oil Corporation (CNOOC) is embarking on a plan that envisages increased co-operation with foreign oil companies at home and overseas as it works to meet a targeted hydrocarbon production growth rate of between 6% and 10% per annum from now until 2015.
Anglo-Dutch supermajor Shell plans further cost cutting and lay-offs in an effort to “sharpen” its performance and increase profits.
OIL prices were robust this week, ending on a positive note on Wednesday due to a weak US dollar and after Opec decided to keep output targets steady.
Gas superpower Qatar is not alarmed over threats to its liquefied natural gas exports from a downturn in global demand and is keeping open the option of further developing its massive North Field reserves once a self-declared ban ends in 2014, Qatari Oil Minister Abdullah al-Attiyah told Upstream.
Japan’s Nippon Steel is poised to land all four turnkey contracts valued at more than $200 million in total at Total’s South Mahakam gas and liquids development off Indonesia.
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Australia’s Otto Energy said the Kirmizihoyuk-1 exploration well has hit gas in Turkey’s Edirne licence.
The well encountered about 15 metres of gas pay over three zones that will be confirmed with testing over the coming week.
Otto holds a 35% stake in Edirne. The licence is operated by joint venture partners Petroleum Exploration Mediterranean (55%) and Petraco (10%).
| Dominion sells off E&P business for $3.5bn |
| Takeover talk boosts BG |
| Total primes Laggan-Tormore kick-off |
| Wintershall plans $4bn spend |
| Songa files for bankruptcy |
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