• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 8 days America should go after China but it should be done in a wise way.
  • 1 day Even Shell Agrees with Climate Change!
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

China’s CNPC Boosts Global Oil, Gas Ties

China National Petroleum Corporation (CNPC) is advancing a strategic partnership with Brazil’s Petrobras and agreed to cooperate with Norway’s Equinor in oil and gas projects, in a push to boost its global footprint and Chinese gas production.

In two separate agreements announced on Tuesday, CNPC will work with Petrobras to take a minority stake in a future refinery in Brazil and a minority stake in several Brazilian oil fields, and will cooperate with Norway’s Equinor in unconventional gas in China and conventional oil and gas projects outside China.  

Petrobras said on Tuesday that it signed an agreement with CNPC’s subsidiary China National Oil and Gas Exploration and Development Company (CNODC) to carry out a feasibility study to assess the investment case for the COMPERJ refinery in Brazil. Once the study is completed, the companies plan to create a joint venture to complete the construction and operate the refinery. Petrobras will have 80 percent in the joint venture and CNPC will own the remaining 20 percent.

The agreement between Petrobras and CNPC also includes the Chinese firm taking a 20-percent stake in the Marlim cluster of fields, while Petrobras will hold 80 percent in those fields and keep the operatorship.

At the same time in China, CNPC and Equinor agreed to jointly explore unconventional gas opportunities in China and conventional oil and gas production internationally, Al Cook, Equinor’s executive vice president of strategy, said at a Norway-China energy seminar.

“Companies like CNPC have a tremendous opportunity linking global gas supply with domestic gas demand,” Reuters quoted Cook as saying.

The deputy director of CNPC’s Foreign Cooperation Administration Department, Zhang Xiangning, said that Equinor could use its tight gas technology in China’s oil and gas fields, such as the country’s huge gas field Changqing, which accounts for almost a quarter of Chinese domestic gas production.

The Equinor-CNPC agreement was signed during a visit of King Harald V of Norway to China.  

In December 2016, Norway and China fully restored political and diplomatic relations, which were frozen in 2010 when Chinese dissident Liu Xiaobo was awarded the Nobel Peace Prize.

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News