• 2 hours UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 4 hours Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 6 hours Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 7 hours German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 9 hours Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 11 hours Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 1 day Oil Prices Rise After API Reports Major Crude Draw
  • 1 day Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 1 day Gazprom Speaks Out Against OPEC Production Cut Extension
  • 1 day Statoil Looks To Lighter Oil To Boost Profitability
  • 1 day Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 1 day Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 1 day Whitefish Energy Suspends Work In Puerto Rico
  • 1 day U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 2 days Thanksgiving Gas Prices At 3-Year High
  • 2 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 2 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 2 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 2 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 2 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 2 days ConocoPhillips Sets Price Ceiling For New Projects
  • 5 days Shell Oil Trading Head Steps Down After 29 Years
  • 5 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 5 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 5 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 5 days Venezuela Officially In Default
  • 5 days Iran Prepares To Export LNG To Boost Trade Relations
  • 5 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 6 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 6 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 6 days Rosneft Announces Completion Of World’s Longest Well
  • 6 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 6 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 6 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 6 days Santos Admits It Rejected $7.2B Takeover Bid
  • 7 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 7 days Africa’s Richest Woman Fired From Sonangol
  • 7 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 7 days Russian Hackers Target British Energy Industry
  • 7 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
When Will Oil Demand Begin To Taper Off?

When Will Oil Demand Begin To Taper Off?

As energy analysts begin announcing…

Tesla Investors Are Losing Patience

Tesla Investors Are Losing Patience

Elon Musk has a history…

Chinese Oil Giant Impacted By Flooding

Sinopec service station

The largest oil company in Asia, Sinopec, reports that 500 of its gas stations in China were closed, and some refinery equipment has been shut down because of flooding in the southern and central regions of the country.

Heavy rains and flooding have taken their toll on parts of the country. 173 people have died, 31 million people in 12 provinces have been affected and crops have been destroyed. Natural gas and oil pipelines have been damaged along with some port facilities. China Petroleum and Petrochemical reports that 300 gas stations were closed in mid-June and another 250 were “not safe to operate.”

No dollar amount has been placed on the damage. Sinopec closed some hydrogenation equipment and a part of a refining unit at a facility in Wuhan on 6 July when some pipelines were engulfed by water. The pair of units resumed output on the following day. Three oil storage facilities in the Anhui province were covered by water. On 8 July, Sinopec said that it expected crude output to be lowered for this year as compared to 2015, and that it would have difficulty meeting its profit margin for the third quarter.

In 2010, the China Petroleum and Chemical Corporation, the parent company of Sinopec, closed some wells in the southern part of the country because of severe flooding. At that time, around 100 of the company’s wells in the Jiangsu province were closed.

As of June of this year, China’s oil reserves were up 64 percent as a result of increased exploration. Only 42 percent were considered to be recoverable. The total amount of oil reserves for the country are 126 billion tons, with 30 billion tons of reserves. That shows a significant increase from ten years ago.

Lincoln Brown for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News