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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Tie-up: ConocoPhillips and Archer Daniels
ConocoPhillips and Archer Daniels Midland have formed an alliance to develop biofuel from crops, the companies said.
The alliance will commercialise two parts of the biofuel production process - conversion of biomass to biocrude and refining of biocrude to produce transportation fuel, the companies said in a joint statement.
| Dominion sells off E&P business for $3.5bn |
| Total primes Laggan-Tormore kick-off |
| Wintershall plans $4bn spend |
| Statoil in semisub hunt |
| Sevan firms Cosco for second driller |
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