News

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Why Some Asian NOCs are Sticking to Spending Plans

As reported on Rigzone on the 18th of May 2020, original article here. The collapse in oil prices has hit the industry hard, and most oil and gas companies around the world are slashing upstream budgets this year. However, some companies plan to continue spending as before, helped by national energy security priorities and integrated […]

Chinese Firm Building Floating Oil Storage Tanks

As reported on Rigzone on the 04th of May 2020, original article here. China-based Haiyan Submarinenergy Ltd., which describes itself as a “composite material shipbuilding company,” reported Thursday that in May it will deliver its first batch of offshore tanks for storing crude oil. According to a written statement from the firm, each 5,000-ton crude […]

Petronas Rejects Claim That It Shut Down Projects, Rigs

As reported on Rigzone on the 28th of April 2020, original article here. Petronas has refuted recently published allegations regarding the deactivation of 14 of its oil rigs and shutting down of 14 of its projects. The claims appeared in news reports published in the New Straits Times on April 24, with the oil rigs news in […]

BP to Invest in Chinese Petchems Firm

As reported on Rigzone on the 22nd of April 2020, original article here. BP plc reported Tuesday that it has signed a strategic cooperation agreement with China Resources Chemical Innovative Materials Holdings Limited (CRC) to jointly explore opportunities to improve cooperation along the polyester value chain. The supermajor also stated that it has agreed to […]

China Big Oil Urged to Copy Mexican Hedge

As reported on Rigzone on the 14th of April 2020, original article here. (Bloomberg) — A researcher at China’s biggest oil company said the country’s drillers should copy the hedging strategies of Mexico and shale firms in the U.S., which use financial derivatives to protect against falling oil prices. Most of China’s oil production is unhedged, leaving […]