Oil production from shales and other low-permeability formations would be declining by now and that oil prices consequently would be set to rebound. He was only half-right. Production of so-called tight oil has begun to decline. But the oil price, after having shown signs of life at midyear, has sagged back below $60/bbl. In projections […]

A move intended to reduce consumer burdens to boostconsumption. Hebei’s gas consumption fell sharply this year(-7%/-11%/-32% YoY in Feb/Mar/Apr). The new guidanceshowed a clear government intention to monitor transmissioncost more closely, cut the cost, and release the pent-up demandfor gas. The existing IRR cap of 8% has failed to work in thepast. The new requirements, […]

Our manager Mr Hanson Sun visit to Jakarta Indonesia for oilfield, mining, HDD drilling fluids business during July 1st to July 6th. Meet some clients in CBM,HDD,mining and talk the further cooperation.

Indonesia’s state-owned energy company Pertamina and local governments will become the new operators of the Mahakam oil and gas block (located offshore in East Kalimantan) after existing contracts of current operators end on 31 December 2017. The Indonesian government announced on Friday (19/06) that it is to grant Pertamina a 70 percent stake in the […]

Indonesia’s state-owned energy company Pertamina and local governments will become the new operators of the Mahakam oil and gas block (located offshore in East Kalimantan) after existing contracts of current operators end on 31 December 2017. The Indonesian government announced on Friday (19/06) that it is to grant Pertamina a 70 percent stake in the […]

Iran has started work on its largest refinery, being built at a cost of $2.8 billion, at Assaluyeh near the massive South Pars offshore gas field on Qatar border, said a report. The Sirai Refinery project move comes following a ground-breaking ceremony held recently. For the next eight months, work will include basic design and […]

The Organization of the Petroleum Exporting Countries (Opec) voiced confidence that excess supply in the oil market will ease as demand picks up and supply growth slows from producers outside the group, an indication its strategy of letting prices fall, reaffirmed at a meeting last week, is working. In a monthly report, Opec pointed to […]

Mexican state oil company Pemex said it had discovered a new oil field in the Gulf of Mexico shallow water, its five biggest discoveries. This new oil fields located off Campeche and Tabasco. Emilio Lozoya Pemex CEO said that the current estimated reserves in the region could reach 3.5 million barrels of crude oil output […]

Iran is storing as much as 40 million barrels of oil on supertankers at sea as it prepares for a sales drive if a nuclear deal can be sealed.

Iraq increased its July official selling price (OSP) for Basra Light crude to Asia as expected, but a steeper than expected hike for Basra Heavy could weigh on the new grade