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AsianOil
SOUTHEAST ASIA AsianOil
to tackle challenges facing the LNG market. He cited changing market dynamics, customer behaviour, and increasing regulatory and policy commitments as well as technology and innova- tion as possible market disrupters.
He said: “As each demand centre, particularly emerging markets, has its own unique criteria, industry players should collaborate with all stakeholders in developing fit-for-purpose solu- tions, reflecting shared responsibility in making LNG more available and accessible.”
He added: “As an abundant and environ- ment-friendly fuel, LNG is well-positioned to
play an important role to meet the global aspi- ration for secure, affordable and sustainable energy. While the growth story for LNG has a tremendous upside, the industry must be cau- tious. The success of our industry depends on concerted and concrete actions by all the stakeholders.”
The company increased its first half sales of LNG by 5% year on year to 15.23mn tonnes. The improved sales helped to offset a contraction in crude and oil product prices during the period and contributed a 3.3% y/y increase in revenue to MYR121.1bn ($28.99bn).
EAST ASIA
PetroChina adds oil, shale gas reserves
PROJECTS & COMPANIES
STATE-RUN PetroChina has added more than 1bn tonnes (7.33bn barrels) of oil reserves in northwestern China, the company said on Sep- tember 29.
The company, a unit of state-owned China National Petroleum Corp. (CNPC), said it had added 358mn tonnes (2.62bn barrels) of proven reserves at the Qingcheng oilfield in Ordos Basin, as well as 693mn tonnes (5.08bn barrels) of “expected reserves”.
PetroChina vice president Li Luguang said the oilfield would produce 640,000 tonnes (4.69mn barrels) of oil this year, with annual output predicted to plateau at 3mn tonnes per year (60,000 bpd) in the near future.
In addition to the oil discovery, Li said Pet- roChina had added 740.97bn cubic metres of proven shale gas reserves at the Changning-Wei- yuan and Taiyang blocks in the southwestern Sichuan Basin. The additions lift the compa- ny’s verified reserves in the area to 1.06tn cubic metres. CNPC aims to produce 7.7bcm of shale gas this year and expand production capacity to more than 10bcm by the end of the year.
Li said CNPC would encourage technolog- ical innovations and expand unconventional resource exploration. The Ministry of Natural Resources has certified the newly proven oil and shale gas reserves.
The discoveries come as the country’s oil and gas majors shift their focus from maturing con- ventional fields in the east to unconventional deposits and plays in the remote northwestern region of Xinjiang. The government is pushing its developers to boost domestic production in the face of soaring demand and imports.
China’s crude production climbed 1% year on year in August to 16.18mn tonnes (3.83mn bpd), while gas output expanded 6.6% y/y to 13.8bcm. Oil imports, meanwhile, increase by 9.9% y/y in August to 42.17mn tonnes (9.97mn bpd), while combined imports of liquefied natu- ral gas (LNG) and piped gas climbed by 7.3% y/ to 8.34mn tonnes.
The government has set shale gas and oil pro- duction targets for 2020 of 4mn bpd and 30bcm per year respectively, though both appear likely to be missed.
Week 39 02•October•2019 w w w . N E W S B A S E . c o m P7
