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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Venezuela has added 30 billion barrels of new proved crude oil reserves, bringing its total to 130 billion barrels, Oil and Energy Minister Rafael Ramirez told reporters today in Caracas.
"As of April 2008 we have increased by 30 billion barrels of oil our additional proven crude reserves" north of the Orinoco River, Ramirez said.
Ramirez spoke at the opening ceremony of a meeting of South American energy ministers in Caracas, said Bloomberg.
| 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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