• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 12 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 2 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 2 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 7 hours Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 1 hour Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 2 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 2 days Are you aware of Oil Price short videos on our energy topics?
  • 3 days NordStream2
  • 2 days Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 2 days "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT

Breaking News:

California Gasoline Prices Are Spiking

Chinese Oil Major Strikes It Big In South China Sea

The listed arm of China National Offshore Oil Corporation (CNOOC) said on Monday that it had made a significant discovery of oil and natural gas in the eastern part of the South China Sea.

A discovery well at the Huizhou 26-6 discovery in the Pearl River Mouth Basin in the Eastern South China Sea was tested to produce around 2,020 barrels of oil and 15.36 million cubic feet of gas per day.

CNOOC expects the new oilfield to become the first mid-to-large sized condensate oil and gas field in the shallow water area of Pearl River Mouth Basin.

CNOOC's new discovery could be a boon to China's ambitions to boost its domestic oil and natural gas production in an attempt to lessen its dependence on oil and gas imports. State-controlled CNOOC is one of the companies that China has tasked with replacing domestic reserves, even as the oil price crash has forced Chinese state oil majors to cut capital expenditures for this year.

CNOOC, together with PetroChina and China Petroleum & Chemical Corporation (Sinopec), are the national oil companies in Asia that have been the worst hit by the oil price collapse, analysts say. However, China's NOCs are now prioritizing the increase of domestic oil and gas production and cutting overseas operations.

In the longer term, China's push for boosting its energy security by increasing domestic production will support higher investments from the Chinese oil giants, according to Fitch Ratings

CNOOC Limited "plays a strategic role in safeguarding the country's energy security via its offshore upstream activities, both domestically and overseas," Fitch said last week, affirming its A+ rating on the company with a "stable" outlook. 

CNOOC's revenue and EBITDA will be weak this year due to the price collapse, but they are expected to gradually recover from 2021, in line with Fitch's oil and gas price deck.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | 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