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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Boosting flows: at Salym
Shell and Sibir Enegry’s 50:50 joint venture Salym Petroleum Development has boosted crude output at the West Siberian fields to more than 130,000 barrels per day.
Sibir said the increase in output now brings its share of output from Salym to over 65,000 bpd. Combined with production from Sibir subsidiary, Magma, Sibir’s total daily production now exceeds 72,000 bpd.
| Dominion sells off E&P business for $3.5bn |
| Total primes Laggan-Tormore kick-off |
| Takeover talk boosts BG |
| Wintershall plans $4bn spend |
| Sevan firms Cosco for second driller |
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