In this issue

 

China’s month-on-month LNG offtake grew by 0.72mmt in May, increasing robustly by 11 percent to 7.13mmt. Monthly Chinese offtakes also increased by 0.86mmt (16 percent) month-on-month in April, meaning that…
Though the Suez Canal Suez blockade has caused much of an uproar on global shipping markets, it only had a modest impact on LNG shipping and spot LNG prices in…
Electric utilities in China avoid investing in gas peaking plants due to cost issues. Fuel prices are bound to rise with the start of China’s national emissions trading scheme (CETS)…
Free ReadChina National Offshore Oil Corp., one of China’s main LNG importers, has issued an advisory statement expressing “regret” at a decision by New York Stock Exchange to delist its shares…
PetroChina, the Chinese major listed in Hong Kong and with LNG and international assets, reported plunges in annual revenues and net profits of over 20 percent and 57 percent respectively…
ENN Group, the leading non-state energy company in China with LNG and city-gas assets, has reported a 2 percent rise in annual revenues to 71.6 billion Chinese yuan ($11Bln), mainly…
Qatar Petroleum has just signed a Sale and Purchase Agreement (SPA) with Sinopec for the supply of 2 million tonnes per annum to Chinese terminals. Under the agreement, LNG deliveries…
Free ReadStrong growth in renewables has reduced the share of coal in China’s power generation mix to less than 50% – for the first time. Fitch Ratings expects the contribution of…
Tuesday, 06 April 2021
1.62mmt on the water with a delivery horizon of 29th April and c. 24 percent due in the North China region, according to our market visibility. At the time of…
China’s month-on-month LNG offtake grew by 1.72mmt in March, increasing robustly by 33 percent to 6.91mmt. Monthly Chinese offtakes had decreased by 3.24mmt (-38 percent) in February, meaning that the…
Free ReadChinese city gas operators have struggled to fulfil the recent spike in gas demand caused by a rebound in industrial activity and strong heating needs in an exceptionally cold winter.…
British energy giant BP has carried out the first direct gas shipment to a Chinese gas customer by supplying an LNG cargo to ENN. The delivery was made possible by…
China Petroleum and Chemical Corp. (Sinopec) seeks more volumes on the spot market after the nation’s economic planning body NDRC urged companies to increase imports of LNG and thermal coal…
China, the world’s second-largest demand market, has connected 7.1 million households to its national gas network over the course of 2020, increasing the country’s gas demand for heating. LNG imports…

News Nudges

BP teams up with PetroChina to develop CCUS cluster in Hainan

The British oil and gas major BP has signed an agreement with PetroChina to develop carbon capture and storage (CCUS) projects in China’s southern Hainan province. Developments will draw on BP’s expertise with the Net Zero Teesside project, a proposed 860 MW combined-cycle power plant in the UK, with all emissions planned to be captured and securely stored. In China, BP wants to apply its CCUS expertise in the context of PetroChina’s exploration and production activities in Hainan, where the company produces 6000 barrels per day of oil from the Fushan oilfield. Plans have been worked out to build CCUS facilities which can capture up to 1 million tonnes per annum of CO2, expandable to 10 million tpa in future. BP chief executive Bernard Loone underlined China is increasingly looking for low-carbon energy, but it also needs to be secure and affordable. “That is a complex challenge. We need different fuels including oil and gas,” he said, stressing: “Now we see real momentum behind CCUS.”