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The LK7-1-1 exploration well was drilled and completed at a depth of approximately 4,400 m, which encountered a total of 76 m oil and gas pay zones. The well was tested to produce about 210 cubic meters of crude oil and nearly 1 MMcmgd, a new record for natural gas tested productivity in Bohai Bay. View the full article
The well was tested to produce over 6,290 boed, the first well of such productivity in Wushi Sag. The discovery is expected to become a medium-sized oilfield. The total proved oil in-place of Wushi oil fields has exceeded 629 MMboe. View the full article
The project is expected to achieve a peak production of approximately 18,100 boed day in 2026, and the oil property is light crude. It is the first oil field in the South China Sea supplied with onshore power. View the full article
The offshore project in eastern South China Sea, with an average water depth of approximately 89 m, will be developed by leveraging the existing production facilities. The project is expected to achieve a peak production of approximately 5,300 boed in 2025. View the full article
Much of the progressives' anxiety around the $1T infrastructure bill has coalesced around support for carbon capture. Last month, hundreds of climate groups wrote an open letter calling on Biden to reject carbon capture as a “dangerous distraction” to eliminating fossil fuels entirely. View the full article
Climate policy is a hot topic in the oil and gas industry, with the theme ‘Climate Change’ mentioned over 210,000 times in GloblaData’s Filing Analytics database of global oil and gas company filings in 2020 and 2021 combined – a 41% increase from the 2018-2019 period. View the full article
Collectively, the bill would “hurt American energy producers and drive up energy costs for the American people,” said Anne Bradbury, chief executive officer of the American Exploration and Production Council. View the full article
While Arjuna Capital had already withdrawn the shareholder proposal to accelerate greenhouse-gas emissions cuts that was at issue in the lawsuit, the firm went further in a letter that was sent to Exxon and filed with a Texas court, saying it “unconditionally and irrevocably” promised not to submit any more proposals related to emissions or climate change to Exxon shareholders. View the full article
Bottlenecks in the global supply chain threaten to drive up renewable-power costs, reversing a decade-long trend that made wind and solar mainstream. View the full article
Clariant’s Oil and Mining Services business has officially opened its new, state-of-the-art Eagle Ford Technology, Sales and Operations Center near San Antonio, TX. View the full article
Citigroup Inc. more than doubled its Asian and European natural gas forecasts for next quarter and said prices could surge to as high as $100 per million British thermal units in the event of a particularly cold winter. View the full article
China may be forced to start buying crude at elevated prices to replenish its thinning crude stockpiles, adding more pressure to a nation that’s facing energy shortages and seeking to avert a diesel crisis. View the full article
China’s first auction of oil from its strategic reserves looks relatively paltry, but the possibility of further releases is still likely to exert a powerful influence on global crude prices. View the full article
One of the fastest-growing corners of China’s energy market is facing a potentially devastating blow as Xi Jinping’s government increases scrutiny of high-emission fuels. View the full article
Since 2019, China has snapped up an additional 850,000 bpd of so-called NGLs and polymers, the IEA said in its Oil 2024 report, which is effectively the agency’s medium-term outlook. That accounts for just over half of demand growth for all oil products over the period. View the full article
China aims to have non-fossil energy consumption exceed 80% of its total mix by 2060, when the world’s second-biggest economy plans to be carbon neutral, according to guidelines published by the official Xinhua News Agency. View the full article
China slashed its fuel export quota by more than half in the first batch of allocations for 2022, highlighting the nation’s strategy of progressively limiting overseas sales. View the full article
China made an unprecedented intervention in the global oil market, releasing crude from its strategic reserve for the first time with the explicit aim of lowering prices. View the full article
China’s central government officials ordered the country’s top state-owned energy companies -- from coal to electricity and oil -- to secure supplies for this winter at all costs, according to people familiar with the matter. View the full article
China’s Silk Road Fund and Hassana Investment Co., controlled by the Saudi Arabian government, joined a group investing $12.4 billion in Saudi Aramco’s oil pipelines. View the full article
Beijing plans to invest in Iran while buying oil from the Islamic Republic, further straining its relationship with the U.S. which has already been frayed by China’s imports of covertly-shipped Iranian crude. View the full article
China is set to extend its dominance in the global oil market as planned tax adjustments spark a chain reaction, prompting processors to boost crude imports and raise refinery run rates. View the full article
Chinese imports of Iranian crude will hit 856,000 barrels a day in March, the most in almost two years and up 129% from last month, said Kevin Wright, a Singapore-based analyst with Kpler. View the full article
China doubled down on imports of Iranian and Venezuelan crude in 2021, taking the most from the U.S.-sanctioned regimes in three years, as refiners brushed off the risk of penalties to scoop up cheap oil. View the full article
China is releasing some oil from its strategic reserves days after the U.S. invited it to participate in a joint sale, suggesting the world’s two biggest oil consumers are willing to work together to keep a lid on energy costs. View the full article
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About this blog
I started this blog to express what I sense about the highs and lows of the oil realm, while cautiously analysing historical data, taking into account the geo-political development at the time of recording them.
I got into this field, having been a passive observer of fluctuations of crude oil prices and their global consequences for years.
Then, when on the day of Great Oil Crash in April, 2020, I made a decision to make my own blog, with the motto, ‘analysing data that really matters’.
Having come from an academic background in mathematics and physics, I analyse data using my own tools, created with JavaScript and Python, taking my decision on board while making decisions.