https://www.scmp.com/rss/517943/feed The latest news, analysis and opinion on China National Offshore Oil Corporation. In-depth analysis, industry insights and expert opinion. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Zhang Shidong,Peggy Ye Zhang Shidong,Peggy Ye Optimism that the Middle East hostilities will conclude soon drove Hong Kong equities to a two-month high on Thursday, as the city’s stock market joined a global rally supported by easing oil prices and artificial intelligence-driven enthusiasm. The Hang Seng Index closed 1.6 per cent higher at 26,626.28, a level last seen on February 27. The Hang Seng Tech Index jumped 3.1 per cent. On the Chinese mainland, the CSI 300 Index and the Shanghai Composite Index both gained 0.5 per cent. Media... https://www.scmp.com/business/markets/article/3352687/hong-kong-stocks-cross-26500-easing-middle-east-concerns?utm_source=rss_feed https://www.scmp.com/business/markets/article/3352687/hong-kong-stocks-cross-26500-easing-middle-east-concerns?utm_source=rss_feed Thu, 07 May 2026 02:32:38 +0000 Zhang Shidong Zhang Shidong Chinese oil producers have seen market gains after two of the country’s major players reported stronger first-quarter earnings, buoyed by a surge in crude prices. Shares of China Petroleum and Chemical Corp, also known as Sinopec, rose 2.4 per cent to HK$4.70 in Hong Kong, while its Shanghai-listed stock gained 1.3 per cent to 5.42 yuan. China National Overseas Oil Corporation (CNOOC) climbed 1.4 per cent to HK$29.38 and PetroChina rallied 2.7 per cent to HK$11.98. Oil stocks have been in focus... https://www.scmp.com/business/china-business/article/3351788/china-oil-stocks-rise-crude-rally-lifts-sinopec-cnooc-earnings?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3351788/china-oil-stocks-rise-crude-rally-lifts-sinopec-cnooc-earnings?utm_source=rss_feed Wed, 29 Apr 2026 04:28:37 +0000 Jevans Nyabiage Jevans Nyabiage Mozambique and China have agreed to map the vast, untapped deposits of critical minerals buried beneath the African nation’s resource-rich northern provinces, as Maputo seeks Chinese capital and security expertise to unlock one of the continent’s most coveted – and conflict-ridden – resource frontiers. The announcement was made in a joint statement issued after talks between Chinese President Xi Jinping and his Mozambican counterpart Daniel Chapo in Beijing on Tuesday. The geological survey will... https://www.scmp.com/news/china/diplomacy/article/3351346/china-and-mozambique-map-critical-minerals-insurgency-hit-cabo-delgado?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3351346/china-and-mozambique-map-critical-minerals-insurgency-hit-cabo-delgado?utm_source=rss_feed Sat, 25 Apr 2026 04:00:09 +0000 Cheryl Arcibal,Themis Qi Cheryl Arcibal,Themis Qi China National Offshore Oil Corporation (CNOOC), the country’s largest producer of offshore crude oil and natural gas, aims to further boost production this year amid geopolitical tensions and rising oil prices. The plan came after the state-backed company reported an 11.5 per cent drop in net profit to 122.08 billion yuan (US$17.7 billion) in 2025, owing to low oil prices during the year, even though it produced record-high volumes of the commodities. Its revenue in the period also dipped by... https://www.scmp.com/business/article/3348035/chinas-cnooc-boost-oil-and-gas-output-amid-middle-east-strife?utm_source=rss_feed https://www.scmp.com/business/article/3348035/chinas-cnooc-boost-oil-and-gas-output-amid-middle-east-strife?utm_source=rss_feed Thu, 26 Mar 2026 12:36:39 +0000 Yulu Ao Yulu Ao Hong Kong stocks rose on Monday, led by technology heavyweights, as improving sentiment towards the sector offset concerns over prolonged tensions in the Middle East, after prominent investor Michael Burry suggested the city’s tech shares may be undervalued. The Hang Seng Index gained 1.5 per cent to 25,834.02 at the close of trading, reversing the 1 per cent loss recorded on Friday. The Hang Seng Tech Index gained 2.7 per cent. On the mainland, the CSI 300 Index added 0.1 per cent and the... https://www.scmp.com/business/china-business/article/3346696/hong-kong-stocks-edge-lower-us-iran-stand-oil-supply-fears?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3346696/hong-kong-stocks-edge-lower-us-iran-stand-oil-supply-fears?utm_source=rss_feed Mon, 16 Mar 2026 01:57:31 +0000 Cao Li Cao Li Hong Kong stocks extended losses on Friday as the US-Iran war showed no signs of ending, with a hardline stance from both sides pushing oil prices up. The Hang Seng Index closed 1 per cent lower at 25,465.60, taking its loss to 4 per cent since the war started on February 28. The Hang Seng Tech Index also fell 1 per cent. On the mainland, the CSI 300 Index lost 0.4 per cent and the Shanghai Composite Index shed 0.8 per cent. US President Donald Trump said in a social media post on Thursday that... https://www.scmp.com/business/markets/article/3346430/hong-kong-stocks-extend-losses-us-and-iran-dig-heels-amid-escalating-conflict?utm_source=rss_feed https://www.scmp.com/business/markets/article/3346430/hong-kong-stocks-extend-losses-us-and-iran-dig-heels-amid-escalating-conflict?utm_source=rss_feed Fri, 13 Mar 2026 02:22:18 +0000 Cao Li Cao Li While oil dominates headlines amid the escalating US-Iran conflict, Chinese retail investors are zeroing in on a different concern: peppering listed companies with questions about how the turmoil could disrupt supplies of everything from fertilisers to pharmaceutical products that contain the prized spice saffron. “Given that Iran accounts for more than 90 per cent of global saffron exports, which have now been suspended, will your company continue producing saffron-containing footbath packs and... https://www.scmp.com/business/article/3345805/oil-saffron-how-us-iran-conflict-rattling-chinese-investors?utm_source=rss_feed https://www.scmp.com/business/article/3345805/oil-saffron-how-us-iran-conflict-rattling-chinese-investors?utm_source=rss_feed Sun, 08 Mar 2026 03:30:10 +0000 Zhang Shidong Zhang Shidong The fallout from surging oil prices has rippled across global asset classes, from stocks to bonds, as escalating military tensions in the Middle East reset investors’ expectations for inflation and the path of central bank policy. As US military strikes against Iran intensified, Brent crude traded near a two-year high of US$82.98 a barrel, while futures in New York touched US$75.75, a level not seen since January 2025. The spike in energy costs has revived fears of a renewed bout of inflation,... https://www.scmp.com/business/china-business/article/3345390/middle-east-flashpoint-rattles-markets-oil-surge-stokes-inflation-fears?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3345390/middle-east-flashpoint-rattles-markets-oil-surge-stokes-inflation-fears?utm_source=rss_feed Wed, 04 Mar 2026 07:50:37 +0000 Yuanyue Dang,William Zheng Yuanyue Dang,William Zheng In the run-up to this year’s ‘two sessions’ – the annual meetings of China’s top legislature and political advisory body – high-level policymakers have stressed the need to defuse financial risks and root out political corruption, two of President Xi Jinping’s long-term priorities. As part of a series, Yuanyue Dang and William Zheng look at why the fight against graft is the new normal. As early as the start of President Xi Jinping’s second term in 2018, the Chinese leadership declared an... https://www.scmp.com/news/china/politics/article/3345287/chinas-war-corruption-just-end-beginning?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3345287/chinas-war-corruption-just-end-beginning?utm_source=rss_feed Tue, 03 Mar 2026 22:00:12 +0000 Yulu Ao Yulu Ao Hong Kong stocks jumped on Monday, as investors bet the latest adjustment to US tariffs would ease pressure on Chinese exports after a Supreme Court ruling prompted a reshuffling of trade measures. The Hang Seng Index surged 2.5 per cent to 27,081.91 at the close, the biggest gain since January 28. The Hang Seng Tech Index jumped 3.3 per cent, the best increase since January 2. Mainland China’s bourses, which have been closed for Lunar New Year, will reopen on Tuesday. Food-delivery service... https://www.scmp.com/business/china-business/article/3344285/hong-kong-stocks-jump-amid-flight-us-assets-after-latest-trump-tariff-threat?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3344285/hong-kong-stocks-jump-amid-flight-us-assets-after-latest-trump-tariff-threat?utm_source=rss_feed Mon, 23 Feb 2026 01:59:17 +0000 Yuanyue Dang Yuanyue Dang Beijing has revealed how its graft-busters are investigating bribes paid in hard-to-trace cryptocurrencies by tracking the ways in which corrupt officials have been spending the proceeds. A documentary shown on state broadcaster CCTV on Wednesday highlighted the case of Yao Qian, the former director of the digital currency institute at the People’s Bank of China. Investigators became suspicious when Yao bought a villa in Beijing for more than 20 million yuan (around US$2.9 million) under the... https://www.scmp.com/news/china/politics/article/3340038/how-chinese-corruption-busters-are-tracking-down-bribes-paid-cryptocurrency?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3340038/how-chinese-corruption-busters-are-tracking-down-bribes-paid-cryptocurrency?utm_source=rss_feed Thu, 15 Jan 2026 11:51:31 +0000 Xiaofei Xu Xiaofei Xu Just 24 hours after abducting the former Venezuelan leader Nicolas Maduro and his wife from Caracas, US President Donald Trump had already named his next potential target for military action: Greenland. Trump has been discussing “a range of options” – including the use of armed force – to acquire the self-governed Danish territory, the White House said on Tuesday. What would a US takeover of Greenland mean for China, if it were to really happen? The Post breaks down trade relations between the... https://www.scmp.com/economy/china-economy/article/3339054/trump-says-greenland-surrounded-chinese-ships-whats-real-story?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3339054/trump-says-greenland-surrounded-chinese-ships-whats-real-story?utm_source=rss_feed Wed, 07 Jan 2026 14:30:12 +0000 Yulu Ao Yulu Ao Hong Kong stocks rose on Monday, led by technology heavyweights, as growing conviction about a US interest-rate cut this month overcame concerns about an artificial-intelligence bubble and a contraction in mainland factory activity. The Hang Seng Index added 0.7 per cent to close at 26,033.26. The Hang Seng Tech Index gained 0.8 per cent. On the mainland, the CSI 300 Index advanced 1.1 per cent and the Shanghai Composite Index rose 0.7 per cent. Among major gainers, e-commerce firm Alibaba Group... https://www.scmp.com/business/china-business/article/3334704/tech-firms-lead-hong-kong-stocks-upwards-rate-cut-month-locked?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3334704/tech-firms-lead-hong-kong-stocks-upwards-rate-cut-month-locked?utm_source=rss_feed Mon, 01 Dec 2025 02:21:14 +0000 Yulu Ao Yulu Ao Hong Kong stocks rose on Thursday, as investors looked for signs of easing geopolitical tensions following US leader Donald Trump’s remarks that he had a “pretty long meeting scheduled” in South Korea with Chinese President Xi Jinping next week. The Hang Seng Index climbed 0.7 per cent to 25,967.98 at the close of trading, after falling by 0.4 per cent earlier. The Hang Seng Tech Index gained 0.5 per cent. On the mainland, the CSI 300 Index lifted 0.3 per cent and the Shanghai Composite Index... https://www.scmp.com/business/china-business/article/3329999/hong-kong-stocks-slip-investors-look-signs-easing-global-tensions?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3329999/hong-kong-stocks-slip-investors-look-signs-easing-global-tensions?utm_source=rss_feed Thu, 23 Oct 2025 02:40:24 +0000 Xinyi Wu Xinyi Wu China’s oil and gas industry has passed a fresh milestone in its push to become a leading exporter of advanced offshore drilling equipment, as a state-owned company made its first delivery of a new kind of deep-sea suction anchor to Brazil. The 24 suction caissons – which are capable of operating at depths of up to 2,000 metres – will be used to secure platforms at the Mero ultra-deepwater oilfield off Brazil’s southeastern coastline, Chinese state broadcaster CCTV reported on Sunday. The... https://www.scmp.com/economy/china-economy/article/3318147/chinas-oil-sector-breaks-new-ground-export-deepwater-suction-anchors-brazil?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3318147/chinas-oil-sector-breaks-new-ground-export-deepwater-suction-anchors-brazil?utm_source=rss_feed Mon, 14 Jul 2025 11:30:07 +0000 Aileen Chuang Aileen Chuang Hong Kong stocks dropped on Friday as rising geopolitical tensions dimmed investor appetite for risk assets. The Hang Seng Index fell 0.6 per cent to 23,892.56, though it notched a small gain of 0.4 per cent for the week following a temporary de-escalation of US-China trade tensions. The Hang Seng Tech Index fell 1.7 per cent. On the mainland, the CSI 300 Index dropped 0.7 per cent and the Shanghai Composite Index retreated 0.8 per cent. Sino Biopharmaceutical pared its Thursday gains by falling... https://www.scmp.com/business/markets/article/3314243/hong-kong-stocks-fall-slightly-rising-geopolitical-tensions?utm_source=rss_feed https://www.scmp.com/business/markets/article/3314243/hong-kong-stocks-fall-slightly-rising-geopolitical-tensions?utm_source=rss_feed Fri, 13 Jun 2025 02:29:00 +0000 Enoch Yiu Enoch Yiu Technology giant Tencent Holdings was Chinese mutual funds’ top stock holding in the first quarter, pushing Contemporary Amperex Technology (CATL) into second place, as mainland institutional investors increased their holdings of Hong Kong-listed shares, according to data from TX Investment Consulting on Wednesday. A total of 1,186 mainland Chinese mutual funds held a combined 151 million Tencent shares worth 69.38 billion yuan (US$9.5 billion) at the end of March, the data showed. CATL, the... https://www.scmp.com/business/companies/article/3307597/tencent-tops-chinese-mutual-funds-holdings-hong-kong-stocks-gain-traction?utm_source=rss_feed https://www.scmp.com/business/companies/article/3307597/tencent-tops-chinese-mutual-funds-holdings-hong-kong-stocks-gain-traction?utm_source=rss_feed Wed, 23 Apr 2025 09:00:16 +0000 China’s oil imports from Africa may have dropped sharply in recent years, but investments by Chinese companies in liquefied natural gas (LNG) are booming. Nearly two decades ago, African oil accounted for close to a third of China’s imports. Now that figure has dropped to about 10 per cent, with China sourcing more of its oil from the Middle East and Russia. But now in Africa, Chinese businesses are increasingly shifting into LNG investments – both to help China meet its swelling demand and to... https://www.scmp.com/news/china/diplomacy/article/3302362/chinese-gas-investments-africa-take-oil-imports-sink?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3302362/chinese-gas-investments-africa-take-oil-imports-sink?utm_source=rss_feed Sat, 15 Mar 2025 14:00:09 +0000 China has been making noteworthy offshore oil discoveries recently. Earlier this month, state-run China National Offshore Oil Corporation (CNOOC), the country’s largest offshore driller, announced a breakthrough in its exploration of the Mesozoic volcanic rocks in Bohai Bay. The discovery well produced about 210 cubic metres (55,476 gallons) of crude oil and nearly 1 million cubic metres (35 million cubic feet) of natural gas a day, a record for a gas productivity test in Bohai Bay, CNOOC... https://www.scmp.com/opinion/china-opinion/article/3271586/no-easy-answers-chinas-raging-thirst-oil?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3271586/no-easy-answers-chinas-raging-thirst-oil?utm_source=rss_feed Sat, 27 Jul 2024 21:30:11 +0000 China has been making noteworthy offshore oil discoveries recently. Earlier this month, state-run China National Offshore Oil Corporation (CNOOC), the country’s largest offshore driller, announced a breakthrough in its exploration of the Mesozoic volcanic rocks in Bohai Bay. The discovery well produced about 210 cubic metres (55,476 gallons) of crude oil and nearly 1 million cubic metres (35 million cubic feet) of natural gas a day, a record for a gas productivity test in Bohai Bay, CNOOC... https://www.scmp.com/plus/article/3271795/no-easy-answers-chinas-raging-thirst-oil?utm_source=rss_feed https://www.scmp.com/plus/article/3271795/no-easy-answers-chinas-raging-thirst-oil?utm_source=rss_feed Thu, 25 Jul 2024 05:00:08 +0000 Bloomberg Bloomberg China’s decades-long boom in oil processing could falter this year in a blow to global demand and the aspirations of Opec producers seeking to return supply to the market. Oil refining in the world’s top crude importer is expected to be flat or fall for the first time in data that extends back to 2004 – excluding a Covid-hit 2022 – according to most market watchers surveyed by Bloomberg. The IEA this week also reduced its processing forecast, but still sees a gain. A prolonged property crisis... https://www.scmp.com/business/commodities/article/3266562/chinas-oil-refiners-are-slowing-down-after-decades-growth-blow-global-supply?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3266562/chinas-oil-refiners-are-slowing-down-after-decades-growth-blow-global-supply?utm_source=rss_feed Fri, 14 Jun 2024 03:45:58 +0000 Last month, the Arctic Council broke the ice by agreeing to reconvene its working group meetings virtually, nearly two years after seven of its eight members, including the US, halted participation in protest against the invasion of Ukraine by Russia, which held the council chairmanship then. The working groups had been relying on “written procedures” for the last six months, after Norway took over the chairmanship and found ways to resume project work. The latest development will hopefully pave... https://www.scmp.com/comment/opinion/world/article/3255279/how-ukraine-war-and-sanctions-russia-put-arctic-cooperation-ice?utm_source=rss_feed https://www.scmp.com/comment/opinion/world/article/3255279/how-ukraine-war-and-sanctions-russia-put-arctic-cooperation-ice?utm_source=rss_feed Sat, 16 Mar 2024 21:31:05 +0000 In another sign that China will press on with its crackdown on corruption, the country’s state broadcaster has vowed to promote “self-revolution” within the Communist Party and expand the ruling organisation’s influence. In an article in the party’s top theoretical journal Qiushi on Saturday, China Media Group (CMG) chief Shen Haixiong applauded President Xi Jinping’s idea of “self-revolution”, a process of purging party members to combat graft. Shen, who is also deputy head of the party’s top... https://www.scmp.com/news/china/politics/article/3255646/voice-china-echoes-xi-jinpings-self-revolution-call-double-down-against-corruption?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3255646/voice-china-echoes-xi-jinpings-self-revolution-call-double-down-against-corruption?utm_source=rss_feed Sat, 16 Mar 2024 12:00:09 +0000 Vietnam’s low-key approach to maritime issues and its non-ally status with the United States have ensured that ongoing naval rows with Beijing in the South China Sea are on a more even keel compared with confrontations over similar disputes between the Philippines and China. Hanoi also has the ability to isolate maritime issues from other bilateral ones, analysts say. Abdul Rahman Yaacob, a research fellow in the Southeast Asia programme at the Lowy Institute in Australia, said Vietnam’s... https://www.scmp.com/week-asia/politics/article/3250699/vietnams-restrained-approach-maritime-issues-key-fewer-muted-confrontations-china?utm_source=rss_feed https://www.scmp.com/week-asia/politics/article/3250699/vietnams-restrained-approach-maritime-issues-key-fewer-muted-confrontations-china?utm_source=rss_feed Sun, 04 Feb 2024 01:30:13 +0000 Uganda is expected to start building the US$5 billion East African Crude Oil Pipeline (EACOP) in January after the first shipment of pipes arrived from China, as opposition to the massive project intensifies. Chinese steel pipe manufacturer Panyu Chu Kong (PCK) Steel Pipe Co – which is contracted to supply the line pipes – delivered the first 100km of pipes on Tuesday. Ugandan and Tanzanian officials marked their arrival at a storage yard operated by EACOP’s Tanzania logistics partner,... https://www.scmp.com/news/china/diplomacy/article/3246803/uganda-start-building-oil-pipeline-pipes-china-opposition-mounts?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3246803/uganda-start-building-oil-pipeline-pipes-china-opposition-mounts?utm_source=rss_feed Sun, 31 Dec 2023 08:01:15 +0000 Work has started in eastern China on a massive underground oil storage facility as part of the country’s drive towards energy security. State news agency Xinhua reported on Sunday that the Daxie commercial oil reserve project in Ningbo, Zhejiang province, would be the first commercial facility of its kind in the country and more cost-efficient than traditional methods. Once completed, the water-sealed cavern system excavated in a fractured rock below groundwater level will be able to store 3... https://www.scmp.com/economy/china-economy/article/3244560/chinese-oil-giant-cnooc-looks-underground-store-fuel-reserves?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3244560/chinese-oil-giant-cnooc-looks-underground-store-fuel-reserves?utm_source=rss_feed Sun, 10 Dec 2023 15:00:19 +0000 Environmentalists have stepped up a pressure campaign in East Africa amid reports that China is considering backing a major oil pipeline that runs from the Ugandan oilfields to Port Tanga in Tanzania. Hundreds of environmental and community demonstrators staged coordinated multi-country protests at the corporate headquarters of various Chinese lenders on Monday, as well as Chinese embassies across Africa, Europe and North America, demanding the institutions to back out of the financing deal for... https://www.scmp.com/news/china/diplomacy/article/3242359/china-targeted-climate-campaigners-over-controversial-east-africa-oil-pipeline-project?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3242359/china-targeted-climate-campaigners-over-controversial-east-africa-oil-pipeline-project?utm_source=rss_feed Tue, 21 Nov 2023 20:58:19 +0000 A day after Hong Kong’s wealthiest man closed what was in 2018 the world’s largest real estate deal, Peggy Sito was assigned to figure out how a consortium of buyers would share the spoils of the HK$40.2 billion (US$5.15 billion) office tower they just bought from Li Ka-shing. It was an assignment that involved numerous searches of company registrations, corporate filings, dozens of interviews and phone calls, in addition to her duty as the Deputy Business Editor at the South China Morning... https://www.scmp.com/business/banking-finance/article/3240192/hong-kongs-property-finance-esg-and-technology-through-pens-and-key-strokes-posts-veteran?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3240192/hong-kongs-property-finance-esg-and-technology-through-pens-and-key-strokes-posts-veteran?utm_source=rss_feed Tue, 07 Nov 2023 02:30:11 +0000 Ukraine has added the three biggest Chinese oil and gas producers – all state-owned companies – to its “international sponsors of war” list, spotlighting joint projects with Russia that Kyiv says help fund Moscow’s war effort. The National Agency on Corruption Prevention (NACP), a Ukrainian government body, put China National Offshore Oil Corporation (CNOOC Group), China Petrochemical Corporation (Sinopec Group), and China National Petroleum Corporation (CNPC) on the register on Tuesday, a move... https://www.scmp.com/news/china/diplomacy/article/3236695/ukraine-designates-chinas-biggest-oil-firms-sponsors-war-russian-joint-ventures?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3236695/ukraine-designates-chinas-biggest-oil-firms-sponsors-war-russian-joint-ventures?utm_source=rss_feed Tue, 03 Oct 2023 17:52:48 +0000 A Chinese marine explorer is scouring new ocean depths to detect offshore oil reserves and earthquakes, according to state broadcaster CCTV. The geophysical exploration ship Haiyang Shiyou 720, or Offshore Oil 720, deployed the home-grown Haijing system to 3,000 metres (8,850 feet) below the surface in the South China Sea, CCTV reported on Sunday. The system is towed by the ship and gathers data using 10 detection cables – each more than 8km (5 miles) long. The data will be used to create a... https://www.scmp.com/news/china/science/article/3236513/china-uses-underwater-explorer-8km-cables-create-first-3000m-deep-sea-map-hunt-oil-and-gas?utm_source=rss_feed https://www.scmp.com/news/china/science/article/3236513/china-uses-underwater-explorer-8km-cables-create-first-3000m-deep-sea-map-hunt-oil-and-gas?utm_source=rss_feed Mon, 02 Oct 2023 08:30:04 +0000 Chinese lenders will provide more than half of the US$3 billion debt that Uganda requires to build a crude oil pipeline after financiers from the West backed out following strong opposition from environmental groups. According to Uganda’s Ministry of Energy and Mineral Development, the East African nation expects to finalise talks with the China Export & Credit Insurance Corporation (Sinosure) and the Export-Import Bank of China (Eximbank) by next month to finance the construction of the East... https://www.scmp.com/news/china/diplomacy/article/3235472/china-steps-save-uganda-oil-pipeline-western-lenders-back-out-over-environmental-concerns?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3235472/china-steps-save-uganda-oil-pipeline-western-lenders-back-out-over-environmental-concerns?utm_source=rss_feed Sat, 23 Sep 2023 12:00:13 +0000 Sinopec’s first-half profits shrank amid lower oil prices and fuel demand being weighed down by China’s sluggish economic recovery. China Petroleum & Chemical Corporation, as it’s officially known, posted net income of 36.12 billion yuan (US$4.96 billion), according to international financial reporting standards. That compared with a revised 44.8 billion yuan a year earlier. Domestic sales of refined oil products at Sinopec, China’s largest fuel-maker, rose 18 per cent in the first six months... https://www.scmp.com/business/companies/article/3232467/sinopecs-first-half-profit-plunges-one-fifth-chinas-slowing-economy-crimps-fuel-demand?utm_source=rss_feed https://www.scmp.com/business/companies/article/3232467/sinopecs-first-half-profit-plunges-one-fifth-chinas-slowing-economy-crimps-fuel-demand?utm_source=rss_feed Sun, 27 Aug 2023 10:44:38 +0000 Nelson Mugisha’s rural farming community near the shores of Uganda’s Lake Albert is lush and green – and woefully underdeveloped. Now, more than 15 years after oil was discovered in the area, a US$4 billion pipeline project promises to change everything. The consortium behind the project – which includes the Ugandan and Tanzanian governments, France’s TotalEnergies SE and the China National Offshore Oil Corporation (CNOOC) – say the 900-mile East Africa Crude Oil Pipeline, or EACOP, will create... https://www.scmp.com/news/world/africa/article/3223037/africa-us4-billion-900-mile-oil-pipeline-creates-climate-dilemma-highlights-global-inequality?utm_source=rss_feed https://www.scmp.com/news/world/africa/article/3223037/africa-us4-billion-900-mile-oil-pipeline-creates-climate-dilemma-highlights-global-inequality?utm_source=rss_feed Mon, 05 Jun 2023 13:54:17 +0000 China National Offshore Oil Corporation (CNOOC) has commissioned what it called the country’s first offshore carbon capture and storage (CCS) demonstration project, “filling the gap” in China’s offshore carbon storage technology, the company said on Thursday. The CCS project is part of the Enping 15-1 oilfield, Asia’s largest offshore oil production platform located in the Pearl River Mouth Basin, about 190 kilometres southwest of Hong Kong. It achieves zero carbon emissions by capturing and... https://www.scmp.com/business/article/3222634/cnooc-commissions-chinas-first-offshore-ccs-project-filling-gap-and-helping-country-its-emission?utm_source=rss_feed https://www.scmp.com/business/article/3222634/cnooc-commissions-chinas-first-offshore-ccs-project-filling-gap-and-helping-country-its-emission?utm_source=rss_feed Thu, 01 Jun 2023 12:00:22 +0000 Chinese lenders are among a group of banks coming to the rescue of a US$5 billion oil pipeline after Western-backed financiers walked away amid strong opposition from environmental groups. The Export-Import Bank of China (Exim) and “several other Chinese banks” will finance the US$3 billion debt required to build the controversial East African Crude Oil Pipeline (EACOP), according to Uganda’s energy ministry. “Part of the money is going to come from Exim Bank of China” and “two companies from... https://www.scmp.com/news/china/diplomacy/article/3220764/china-doubles-down-controversial-african-pipeline-western-lenders-walk-away?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3220764/china-doubles-down-controversial-african-pipeline-western-lenders-walk-away?utm_source=rss_feed Sun, 21 May 2023 14:00:09 +0000 The demise of the United States dollar as the world’s leading reserve and trade currency is greatly exaggerated. Its dominant status, unchallenged since the end of the second world war, is unlikely to end any time soon. But there is no denying that changes in the world’s financial architecture and trading patterns are afoot. All these will pose significant challenges to the once-almighty greenback in the years and decades ahead. Following in the footsteps of Russia and Iran, Brazil has reached a... https://www.scmp.com/comment/opinion/article/3216484/yuans-rise-will-make-only-small-dent-might-us-dollar?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3216484/yuans-rise-will-make-only-small-dent-might-us-dollar?utm_source=rss_feed Sun, 09 Apr 2023 21:00:16 +0000 Here are some random stories that I have been reading the past few weeks about the Chinese currency. The yuan has surpassed the euro to become the second-largest currency in the foreign reserves of Brazil, South America’s biggest country. As China’s 10th-largest trading partner and a key supplier of iron ore and soybeans, it is increasingly using the yuan for settlements in trade and investment. Largely because of Western sanctions and being excluded from much of the global financial system,... https://www.scmp.com/comment/opinion/article/3215976/end-dollar-dominance-will-also-spell-demise-us-hegemony?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3215976/end-dollar-dominance-will-also-spell-demise-us-hegemony?utm_source=rss_feed Tue, 04 Apr 2023 13:00:13 +0000 China is leveraging its trade advantages to promote the use of its currency with major commerce partners, building up the yuan’s strength to challenge the US dollar’s dominance in the international monetary system, as highlighted by recent progress with the largest country in South America. The push for yuan settlements in trade and investment, rather than US dollars as an intermediary, is one of many ways Beijing has set out to reduce its exposure to dollar assets and prevent China from being... https://www.scmp.com/economy/china-economy/article/3215857/chinas-yuan-makes-brazilian-inroads-de-dollarisation-reflects-cracks-us-currency-settlements?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3215857/chinas-yuan-makes-brazilian-inroads-de-dollarisation-reflects-cracks-us-currency-settlements?utm_source=rss_feed Mon, 03 Apr 2023 15:30:17 +0000 A growing number of energy exploration projects in the disputed waters of the South China Sea will increase the chances of confrontations, particularly with Chinese patrols, according to a new report by a US think tank. Many rival claimants in the resource-rich region have stepped up oil and gas development. China, Vietnam, Malaysia and Indonesia have all either announced or started new offshore projects. AI just predicted the price tag for Beijing’s South China Sea ambitions The South China Sea... https://www.scmp.com/news/china/diplomacy/article/3212987/south-china-sea-risk-china-flashpoints-high-rival-energy-projects-expand-report-says?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3212987/south-china-sea-risk-china-flashpoints-high-rival-energy-projects-expand-report-says?utm_source=rss_feed Thu, 09 Mar 2023 13:13:46 +0000 US President Joe Biden’s administration has increased its engagement with African countries in a charm offensive aimed at pushing back against rising Chinese and Russian influence. Last month, two high-profile Washington officials – US Treasury Secretary Janet Yellen and US ambassador to the United Nations Linda Thomas-Greenfield – visited Africa in quick succession as Washington renewed its focus on the continent to counter growing Chinese and Russian influence. Yellen visited Senegal, Zambia... https://www.scmp.com/news/china/article/3209098/us-steps-engagement-africa-bid-counter-rising-chinese-and-russian-influence?utm_source=rss_feed https://www.scmp.com/news/china/article/3209098/us-steps-engagement-africa-bid-counter-rising-chinese-and-russian-influence?utm_source=rss_feed Sun, 05 Feb 2023 09:00:08 +0000 The recent Philippine Supreme Court ruling that a 2005 tripartite deal for joint petroleum exploration in the South China Sea is unconstitutional could dash hopes of pursuing practical cooperation and prolong conflict in the disputed region. The ruling stems from the controversial 2005 Joint Marine Seismic Undertaking between the national oil companies of the Philippines, Vietnam, and China, which began as a bilateral arrangement between Manila and Beijing the year before. The deal expired in... https://www.scmp.com/week-asia/opinion/article/3209037/south-china-sea-philippines-ruling-could-shut-door-joint-energy-deals-embolden-beijings-claims?utm_source=rss_feed https://www.scmp.com/week-asia/opinion/article/3209037/south-china-sea-philippines-ruling-could-shut-door-joint-energy-deals-embolden-beijings-claims?utm_source=rss_feed Sat, 04 Feb 2023 01:00:14 +0000 The Ugandan subsidiary of the giant China National Offshore Oil Corporation (CNOOC) has started drilling production wells at the Kingfisher oilfield on the shores of Lake Albert, amid protests from environmentalists. President Yoweri Museveni commissioned the first of four planned drilling rigs on Tuesday, in a major step towards Uganda’s target of producing its first commercial oil in 2025 – almost two decades after it was discovered there. The rig will drill 31 wells, with 20 used to produce... https://www.scmp.com/news/china/diplomacy/article/3207949/drilling-starts-china-oil-giants-controversial-ugandan-field?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3207949/drilling-starts-china-oil-giants-controversial-ugandan-field?utm_source=rss_feed Wed, 25 Jan 2023 12:00:17 +0000 The Philippine Supreme Court’s decision to void a 2005 South China Sea oil exploration deal with China and Vietnam will bring uncertainty to joint cooperation in the resource-rich waters, according to regional observers. The ruling by the top court on January 10 said the Joint Marine Seismic Undertaking violated the Philippine constitution by allowing wholly owned foreign corporations to explore the country’s natural resources “without observing constitutional safeguards”. Under the agreement,... https://www.scmp.com/news/china/diplomacy/article/3206842/south-china-sea-philippine-court-ruling-will-constrain-future-oil-and-gas-quests-beijing?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3206842/south-china-sea-philippine-court-ruling-will-constrain-future-oil-and-gas-quests-beijing?utm_source=rss_feed Sun, 15 Jan 2023 10:00:14 +0000 China is stepping up oil and gas exploitation to build a resilient energy supply against the risks of a possible crunch exacerbated by the war in Ukraine. The war, which has lasted 11 months and shows no sign of an immediate end, has “profoundly” changed the global energy supply landscape, according to Wang Zhen, president of China National Offshore Oil Corporation (CNOOC) think tank the Energy Economics Institute. How Russia-Ukraine conflict could derail Europe’s climate goals A report by the... https://www.scmp.com/news/china/diplomacy/article/3205840/china-sharpens-focus-energy-security-ukraine-war-raises-supply-crunch-risk?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3205840/china-sharpens-focus-energy-security-ukraine-war-raises-supply-crunch-risk?utm_source=rss_feed Sun, 08 Jan 2023 14:00:12 +0000 China and the Philippines have agreed to enhance bilateral trade and resume discussions on oil and gas development, as both sides eye closer economic cooperation while easing tension in the South China Sea. During a three-day visit to Beijing this week, Philippine President Ferdinand Marcos Jnr signed 14 deals with President Xi Jinping spanning infrastructure investment to durian imports, with the two countries pledging “to return and even surpass the pre-pandemic bilateral trade volume”,... https://www.scmp.com/economy/china-economy/article/3205721/china-philippines-resume-oil-and-gas-talks-beijing-flexes-durian-diplomacy?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3205721/china-philippines-resume-oil-and-gas-talks-beijing-flexes-durian-diplomacy?utm_source=rss_feed Thu, 05 Jan 2023 21:00:17 +0000 China has commenced construction on the second phase of its first independently run ultra-deep sea gas field, which may be an important source of natural gas to the Greater Bay Area, according to state media. Aiming to drill 12 wells, the second phase of the Shenhai-1 project, located 200km off the coast of south China’s Hainan province, will boost the peak annual output of the block from 3 billion to 4.5 billion cubic metres, or equivalent to 90 per cent of Hainan’s natural gas consumption in... https://www.scmp.com/economy/china-economy/article/3205561/china-expands-shenhai-1-gas-field-south-china-sea-eye-greater-bay-area-energy-transition?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3205561/china-expands-shenhai-1-gas-field-south-china-sea-eye-greater-bay-area-energy-transition?utm_source=rss_feed Wed, 04 Jan 2023 13:00:28 +0000 As president of the UN COP15 biodiversity summit and a driving force behind its historic agreement, China has made a clear commitment to protect biodiversity. In his speech to fellow world leaders at the meeting, President Xi Jinping stressed the importance of protecting biodiversity as part of “green development”. I can’t help but wonder if President Xi is aware of how Chinese investment is fuelling a biodiversity crisis in my community right now – and a “brown transition” from the green... https://www.scmp.com/comment/opinion/article/3204268/how-does-drilling-oil-ugandas-national-park-live-chinas-cop15-biodiversity-pledge?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3204268/how-does-drilling-oil-ugandas-national-park-live-chinas-cop15-biodiversity-pledge?utm_source=rss_feed Sun, 25 Dec 2022 09:00:11 +0000 China has criticised the European Union for trying to delay the development of Uganda’s oilfields and the construction of a 1,443km (897-mile) crude oil pipeline from Hoima in western Uganda to a port in Tanzania. The Chinese ambassador to Uganda, Zhang Lizhong, said the EU “should not use the excuse of environmental and human rights issues to block development” of the oilfields and the US$5 billion pipeline. “We hope that these projects will continue without disruptions and be completed in time... https://www.scmp.com/news/china/diplomacy/article/3194832/china-and-ugandan-leader-decry-eus-call-halt-planned-african?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3194832/china-and-ugandan-leader-decry-eus-call-halt-planned-african?utm_source=rss_feed Wed, 05 Oct 2022 06:00:12 +0000 Engineers in China say they have achieved a technological breakthrough in converting coal to natural gas that could end the country’s reliance on imported technology and help ensure its energy security. Methanation, a process for converting carbon monoxide and carbon dioxide to methane, is a crucial step in turning coal into natural gas. China has long relied on foreign technology to complete the process. However, a new catalyst developed by the CNOOC Gas and Power Group – a subsidiary of... https://www.scmp.com/news/china/science/article/3188834/chinese-coal-gas-catalyst-could-ease-reliance-foreign-tech?utm_source=rss_feed https://www.scmp.com/news/china/science/article/3188834/chinese-coal-gas-catalyst-could-ease-reliance-foreign-tech?utm_source=rss_feed Sun, 14 Aug 2022 10:00:25 +0000 The eminence grise of Hong Kong’s banking circles has come out swinging against the United States in an unusual webinar that set a strident tone against the economy with which the city’s currency and monetary policy are linked. The US government, under Donald Trump and his successor Joe Biden, has “weaponised” the financial markets, a “stupid and crazy” strategy that would undermine the US dollar’s status as the world’s reserve currency, said Joseph Yam Chi-kwong, the former chief executive of... https://www.scmp.com/business/banking-finance/article/3174030/crazy-us-sanctions-against-china-russia-weaponise?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3174030/crazy-us-sanctions-against-china-russia-weaponise?utm_source=rss_feed Tue, 12 Apr 2022 12:40:24 +0000