Chinese refiners are the biggest importers of Iranian oil. That U.S. officials are hinting at a possible crackdown may be a veiled threat that Washington has ways to exact a price from Tehran, says analyst.
A takeover of Oil Search would give Santos a bigger stake in the Exxon Mobil-led LNG project in Papua New Guinea plus operatorship of the Pikka oil project in Alaska.
Tapping major gas reserves within its waters supports CNOOC's plan to use natural gas as a bridge fuel.
The $7 billion deal valued at $7 billion is indexed to Brent and AECO.
CNOOC Ltd. has commenced production on the Weizhou 11-2 oilfield phase II project, the company said on June 28.
The South China Sea project is expected to reach peak production of 328 million cubic feet of natural gas and 6,751 barrels of condensate per day in 2022, CNOOC says.
“The age of fossil fuels, which powered economic growth globally for nearly three centuries, cannot continue much longer,” said Reliance Industries Chairman Mukesh Ambani, Asia’s richest man, at a shareholder meeting.
DNV and partner Keppel Offshore & Marine aim to explore safe implementation of potential new technologies, working jointly with relevant governmental agencies to promote the introduction of hydrogen as an energy source in the Singapore market.