Oil – Bloomberg reported that China Petroleum & Chemical Corp. has made a profit of 2.2 billion yuan from processing crude for the first time since 2011 while PetroChina Co was able to cut refining losses to 1.56 billion yuan as China enters market-driven pricing to fulfill its energy needs
Oil – Reuters reported that China will begin a more flexible pricing system for domestic fuel in order to prevent shortages and tame consumption to reverse years of losses for oil refiners in the country.
Gas – North American investors believe that the future of the market lies out east, and will be closely watching studies aimed at investigating China's unconventional resource development.
The state-owned oil and gas producer made two big deals this week, while talks to resolve the fiscal cliff stalled in the US.
Gas – Bloomberg reported that PetroChina Co. will pay BHP Billiton $1.63 billion for its holding in Woodside Petroleum Ltd.’s proposed Browse liquefied natural gas project, located in Western Australia.
Oil – The Wall Street Journal reported that PetroChina Company Ltd. (HKEX:0857) has set aside $15.7 billion for overseas oil and gas investments this year, and is on the hunt for acquisitions in Central Asia, East Africa, Australia and Canada.
Gas – Tie-ups with PetroChina may have Shell in pole position to reap the benefits of China’s potential shale bonanza.
Gas – Following a $2.2 billion deal that will see Sinopec acquire Daylight Energy, analysts believe Chinese firms may be poised for a shopping spree in Canada’s natural gas sector.
Oil – A trade mission to China led by Calgary Economic Development will wrap up on May 31 following talks over the future of Chinese investment in the Alberta oil sands.
Gas – Shale gas has already been dubbed a ‘game changer’ for US energy markets - these three hotspots may prove to be just as fruitful.
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