China oil giant reports minor leak

The state-run Chinese oil firm CNOOC reported an oil sheen was discovered in Bohai Bay near its Jinzhou 9-3 West oilfield. The firm sent divers to seal the subsea pipeline, which it believes caused the leak after being damaged by a work vessel during operations. CNOOC says it shut down operations at the field and […]

CNOOC profits rocket

Chinese oil firm CNOOC’s net profits for the first half of 2011 rocketed up by 51%, the firm announced today. China’s largest producer of offshore crude oil and natural gas, it made RMB 39.3 billion (£3.7bn). The company put this down to cost cutting and efficiency measures paired with soaring oil prices that saw their […]

Chinese firm takes over Canadian oil producer

Canadian company, OPTI Canada Inc., have announced that it has been taken over by Chinese oil giants, CNOOC. The take-over is set to be worth US$2.1 billion (£1.3bn). CNOOC is China’s largest producer of offshore crude oil and natural gas and one of the largest independent oil and gas exploration and production companies in the […]

Record revenue for Tullow Oil

Tullow Oil has totted up record revenues for the first half of 2011. Its trading statement revealed incoming funds of $1.05 billion, compared with $486 million for the same period in 2010. Tullow has interests in 15 countries across Africa, pulling in some of its largest oil production from Ghana and Equatorial Guinea. Its Jubilee […]