Page 14 - AsianOil Week 28

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NEWS IN BRIEF
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areas of Beibu Gulf Basin, the North Jiangsu Basin and the blocks in eastern South Yellow Sea Basin (involving 19 prospecting rights and approximately 26,900 sq. km altogether). e expenditures incurred for the joint studies shall not be recovered from the costs of any petroleum contract that may be signed in
the future. During the joint study period, the exploration, development and production operation of both parties in their respective prospecting rights areas will not be a ected.
is cooperation will promote the distribution of sedimentary facies belts and enhance the understanding of the regularity
of hydrocarbon accumulation in cooperative blocks and potential structures in the basins in order to make the optimization of potential exploration zones and targets more scienti c, reduce exploration risks and improve the success rate of exploration wells.
CNOOC LTD, July 10, 2019
CNPC, Sinopec team up in Xinjiang, Sichuan basins
CNPC and Sinopec Group have agreed to explore jointly the Junggar Basin and Tarim Basin in Xinjiang and the Sichuan Basin in southwest China.
e companies will explore 81 sites covering 305,800 square km, CNPC has said.
“ is collaboration between CNPC and Sinopec will help increase oil and gas reserves, and ensure energy security,” the Global Times quoted Energy Research Institute (ERI) analyst Han Wenke as saying on July 9. e ERI reports to the National Development and Reform Commission (NDRC).
“China imports a large amount of oil and gas every year, posing a threat to national energy security,” the director of Xiamen University’s China Center for Energy Economics Research, Lin Boqiang, told the daily.
Sinopec Canada to divest Duvernay rights
Sinopec Canada is looking to divest of its prospective Duvernay rights located in the
Buck Lake area of Alberta.
e Buck Lake Property consists of
Sinopec’s 100% working interest in 24,320 acres (38 sections) of Crown Duvernay Rights. Sinopec also holds a 100% working interest
in the producing 102/16-25-044-05W5/02 horizontal Duvernay well.
Sinopec’s Duvernay acreage at Buck Lake is directly o set to the East by recent Duvernay drilling activity by Kiwetinohk Resources Corp/Journey Energy Inc., Baytex Energy Inc. and Resourceful Petroleum Canada Limited.
Directly to the South East of Sinopec’s Property, Repsol Canada and Paramount Resources Inc. been actively drilling horizontal Duvernay wells in the Ferrier area. In addition, to the North of Buck Lake, Crescent Point Energy Corp, Baytex Energy Ltd. and Teine Energy Ltd. have all recently drilled horizontal Duvernay wells in the orsby and Highvale/ Pembina areas.
Sinopec Canada is accepting o ers to purchase the Property until 12:00 pm on July 31, 2019. All proposals/deal structures will be considered, however, strong preference will be given to cash o ers.
SINOPEC CANADA, July 10, 2019
Chinese oil production inches up in June
China’s crude oil production climbed 1% year on year in June to 16.1 million tonnes (3.93mn bpd), National Bureau of Statistics (NBS) data shows Monday. First half output inched up 0.8% to 95.39mn tonnes (3.86mn bpd).
Natural gas production rose 13.1% on the year to 13.9bn cubic metres. Re nery run rates expanded by 7.7% year on year to 53.7mn tonnes (13.12mn bpd) of crude oil
China’s oil imports climb in June
China’s crude imports climbed 15.2% year
on year in June to 39.58mn tonnes (9.67mn bpd), according to General Administration of Customs (GAC) data.
In the rst half of the year, oil imports grew 8.8% on the year to 244.6mn tonnes (59.76mn bpd). China’s oil product exports expanded by 13.5% year on year in June to 5.43mn tonnes. Exports for the rst six months grew 7.3% to 32.52mn tonnes.
Total natural gas imports amounted to 7.52mn tonnes in the month.
S. Korean LNG imports slide in June
South Korea’s LNG imports of slid by 13.7% year on year in June to 3.23mn tonnes from a year earlier.
Australia was the East Asian country’s supplier, delivering 842,825 tonnes at an average price of $9.19 per mmBtu, Qatar came second, supplying 815,734 tonnes at $10.89 per mmBtu.
Malaysia came third with 425,716 tonnes at $7.42 per mmBtu, Oman was fourth with 369,370 at $11.01 per mmBtu while the US rounded out the top ve with 284,981 tonnes at $7.61 per mmBtu.
AUSTRALASIA
INPEX wins exploration
block in Australia’s North
West Shelf
INPEX announced today that through a subsidiary, it was awarded an exploration permit for Release Area AC/P66 (the Block) as Operator in Australia’s 2018 O shore Petroleum Exploration Acreage Release.
e Block is located in the Bonaparte Basin of the North West Shelf of Australia and covers a surface area of 3,460 square kilometers. e Block’s water depth ranges between approximately 60 and 500 meters. e Block lies in the vicinity of discovered and developed oil elds including the Laminaria oil eld, and is considered to be a promising area where further hydrocarbon discoveries are believed possible. INPEX will hold a 100% participating interest in the Block where it will henceforth pursue exploration activities.
e “sustainable growth of oil and natural gas E&P activities” is one of the company’s goals outlined in Vision 2040, and the North West Shelf of Australia is positioned as one of INPEX’s priority exploration areas. e awarding of the Block is aligned to INPEX’s strategic policies.
INPEX, July 12, 2019
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Week 28 17•July•2019