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Companies & Finance

China's Green Dragon H1 2012 revenue drops, retail gas sales rise

China-focused CBM developer Green Dragon Gas saw its revenue for the first half of 2012 slip by 1% year-on-year to $35.7 million after a large customer, Beijing Huayou, temporarily closed its power facility to upgrade it, the company announced on Wednesday.

5 September 2012
Exploration & Production

Liulin CBM project reaches production milestone

Output from the Liulin CBM project in central China’s Shanxi province continues to grow and has hit 1 million cubic feet per day (28.3 thousand cubic metres per day: Mcm/d), the block’s joint operator Australia’s Dart Energy said on Wednesday.

5 September 2012
Exploration & Production

Fortune Oil preparing to take CBM project commercial

Fortune Oil and its partners at the Liulin CBM project in central China’s Shanxi province are preparing to submit an overall development plan (ODP) in the next few months, aiming to start selling gas by early 2013, Michael Jones, Fortune’s business development director, has told Interfax.

3 September 2012
Companies & Finance

Chinese gas stocks shrug off weak results from majors

Chinese gas stocks gained ground during the August interim reporting season despite disappointing results from China’s three integrated majors.

31 August 2012
Supply & Demand

Zhejiang girding for winter gas demand spike

East China’s affluent Zhejiang province is confident of meeting gas demand during the November-March peak consumption period after suffering from shortages in previous years, a source with the Zhejiang branch of the National Development and Reform Commission (NDRC) told Interfax on Thursday.

31 August 2012
Policy & Regulation

China’s CBM incentives failing to catalyse sector

State incentives introduced to lift CBM production are not achieving the desired effect, a researcher with China United CBM (CUCBM) said at the China Unconventional Gas Congress in Beijing on Thursday.

31 August 2012
Policy & Regulation

CNOOC-Nexen deal faces reciprocity concerns

CNOOC is seeking Canadian government approval for its purchase of Nexen, but the deal has raised reciprocity concerns in the Canada-China bilateral investment relationship.

31 August 2012
Policy & Regulation

China’s shale gas subsidies set to exceed CBM incentives

China’s finance ministry is drafting state subsidies for shale gas that will likely be much higher than those for CBM, ranging from RMB 0.26 ($0.04) to RMB 0.3 for every cubic metre (cm) produced, a source close to the Ministry of Land and Resources (MLR) told Interfax on Wednesday.

30 August 2012
Companies & Finance

Hubei Energy gas revenue drops by 20%

Hubei Energy recorded RMB 125.92 million ($19.85 million) in operating revenue from its gas division for the first half (H1) of 2012, a 20.74% decline from the same period last year, according to a company filing on the Shenzhen Stock Exchange on Thursday.

30 August 2012
Gas for Transport

China lagging in construction of vehicular LNG stations

China’s ambition to run more vehicles on clean-burning LNG is being hampered by a lack of suitable fuelling infrastructure, an industry consultancy told Interfax on Wednesday.

29 August 2012
Exploration & Production

Chevron joins hunt for shale gas in China

Chevron began exploring for shale gas in China last year, joining a handful of other foreign supermajors that are aiming to unlock the country's immense reserves of the unconventional resource.

29 August 2012
Exploration & Production

Private equity fund signs China shale gas agreement

IDG Capital Partners, a China-focused private equity fund, has signed a framework agreement with Jinshiqi International Holdings and Guizhou province’s Bureau of Geology and Mineral Exploration and Development to invest in the exploration and development of shale gas in Guizhou, an IDG representative confirmed to Interfax on Wednesday.

29 August 2012
Exploration & Production

CNOOC announces second offshore blocks tender

China National Offshore Oil Corp. (CNOOC) has made 26 offshore blocks available for joint development with foreign companies, two months after it sparked controversy by offering nine blocks within Vietnam’s exclusive economic zone.

28 August 2012
Companies & Finance

Sinopec’s gas output up by 14% amid profit slump

Sinopec’s gas output over the first half of 2012 (H1) rose by 14.1% year-on-year to 8.2 billion cubic metres, a silver lining for the company amid poor interim results that saw net profits tumble by 40.5% to RMB 24.50 billion ($3.85 billion).

28 August 2012
Exploration & Production

Huadian taps Hunan geological bureau for shale gas JV

The engineering division of state-owned power giant China Huadian and a provincial coal geological bureau have teamed up to develop shale gas, adding to a growing list of strategic alliances piling into China’s shale gas sector.

28 August 2012
LNG

East China’s Hefei to build second LNG depot

Hefei Gas Group, a gas distributor in the eastern Chinese city of Hefei, will build a second LNG storage depot early next year, company President Wu Zhengya said in an interview with the state-run Jianghuai Daily.

28 August 2012
Policy & Regulation

Taiyuan in Shanxi hikes residential gas prices

Taiyuan, the capital of Shanxi province in central China, raised residential gas prices on Thursday for the first time in five years.

24 August 2012
Companies & Finance

Kunlun Energy doubles H1 profit and revenue

Kunlun Energy, a large Chinese gas distributor, more than doubled its net profit and revenue in the first half of 2012 from a year earlier, thanks to rapid growth in its gas business and buoyant global oil prices.

24 August 2012
Companies & Finance

Oilfield market growth lifts COSL’s profit

China Oilfield Services, the listed drilling unit of China National Offshore Oil Corp., posted double-digit growth in revenue and profit for the first half of the year amid strong Chinese demand for oil services and equipment.

23 August 2012
Companies & Finance

PetroChina’s gas business stumbles in Q2

PetroChina’s gas and pipeline business lost ground in the second quarter of 2012 (Q2) because of widening losses from sales of imported gas.

23 August 2012

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