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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Deep Well Oil & Gas has drilled and cased the first well on its Sawn Lake project in Alberta.
The probe, drilled by Precision Drilling, reached a vertical depth of 752 metres (about 2500 feet) followed by a horizontal leg of over 700 metres (about 2300 feet).
The operator expects testing to begin during the first week of December.
This probe is the first in an initial 10-well programme targetting the Blue Sky formation.
| Dominion sells off E&P business for $3.5bn |
| Takeover talk boosts BG |
| Total primes Laggan-Tormore kick-off |
| Songa files for bankruptcy |
| Wintershall plans $4bn spend |
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