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Advance negotiations to build Nanhai refinery
Was successfully held on 3rd. Steering Committee for the construction of the Nanhai refinery in China, where the Vice President of Refining Marketing and Supply of PDVSA, Asdrubal Chavez, and technical staff of Petrochina, continued the discussion of bargaining agreements that will build the refinery Nanhai and refurbish and complement the economic relations between China and Venezuela.

"China has become for us an important source of funding that is paid for by our oil supply, but also an invaluable source of technology that we have incorporated in Venezuelan production sectors, such as the agricultural, industrial, pharmaceutical and infrastructure. With regard to telecommunications, we are working to launch the second satellite with the Chinese and the institute have already made space, "said Asdrubal Chavez.

The agreement includes the construction of three new refineries in China. Currently in the planning of these international oil infrastructure projects, is scheduled execution of a first major refining center in the city of Yang Jie. The Nanhai refinery will have a processing capacity of 400 thousand barrels per day (bpd) and is expected to begin operations in 2015. It will cost about 8 billion 300 million dollars.

The overall refining capacity of 800 thousand barrels: it starts with 400 thousand B / D refinery in Nanhai, 200 bpd refinery in Weihai, dated starting in 2016 and finally 200 MBD refinery in Shanghai, begin operations in 2019.

This business expansion megaproject Venezuelan refining reliable Venezuela opens doors to conquer the Asian market and guarantees a major oil installation at the international level, thanks to this unprecedented alliance promoted by the Bolivarian government.

Refining plant in Nanhai, PDVSA will have 40 percent ownership and 60 percent of PetroChina, in order to send Venezuelan crude from the Orinoco Oil Belt to China for refining and supply high quality products.

Vice President of Refining, Marketing and Supply of PDVSA, Asdrubal Chavez, also recalled that the energy relationship began between 2004 and 2005 when only 20 were sent to China MBD, at present, are supplied to China nearly 500 barrels of oil.

These agreements allow funding for energy development projects in Venezuela, through the Chinese-Venezuelan Fund. These funds join the economy about 32 billion dollars to more than 200 projects in different areas of the Venezuelan productive sectors.

Technip awarded pipeline installation contract in China
Technip was awarded by Offshore Oil Engineering Co, Ltd (COOEC) a pipeline installation contract for the Liwan 3-1 shallow water project, located in the Pearl River Mouth Basin, China Sea, at approximately 300 kilometers South of Hong Kong, China.

Eni signs Production Sharing Contract for the exploration of Block 30/27 in deepwater offshore China
Today, in Beijing, Eni and China National Offshore Oil Corporation (CNOOC) have signed a Production Sharing Contract (PSC) for the exploration of Block 30/27, which is situated 400km off the coast of Hong Kong. The Block, covering 5,130 square km in the attractive deep water of the South China Sea, has a high exploration potential.

CNPC and Shell sign first shale gas production sharing contract in China
China National Petroleum Corporation (CNPC) and Shell China Exploration and Production Company Limited (Shell) today signed a Production Sharing Contract (PSC) for shale gas exploration, development and production in the Fushun-Yongchuan block in the Sichuan Basin, China.

Kuwait Petroleum Corporation (KPC) and Total sign a Memorandum of Understanding for a refining and petrochemicals project in Chi
Total today signed a comprehensive Memorandum of Understanding (MOU) with Kuwait Petroleum International (KPI)1 and Petrochemicals Industries Company (PIC)2, two wholly owned subsidiaries of Kuwait Petroleum Corporation. The MOU relates to a targeted participation in the Zhanjiang project in China. This project consists of a planned development of a large size (300,000 barrel per day), full-conversion refinery integrated with petrochemicals and marketing, in partnership with Sinopec.

Aker Solutions wins multiple drilling equipment contract
Aker Solutions has won a contract with a subsidiary of Honghua Holding Ltd. of China to deliver high specification drilling equipment components for seven new onshore drilling rigs. The contract value is about NOK 365 million.

Letter of Intent for new China CBM and Shale Gas PSCs
Dart Energy International Pte Ltd (“Dart International”, the international operating arm of Dart Energy Limited - ASX: DTE), has entered into a Letter of Intent (“LOI”) with Henan CBM (“HCBM”) and Hong Kong Prosperous Clean Energy Company (“HPEC”). The LOI relates to the establishment of potential new foreign cooperation Production Sharing Contracts (“PSCs”) – up to four for coal bed methane at various blocks in Henan Province, China, and one for shale gas in Sichuan Province, China.

BP Announces Plan to Sell its Global LPG Bottles and Tank Filling Business
BP announced today that it intends to sell its LPG bottles and tank filling operations in Portugal, UK, Austria, Poland, Netherlands, Belgium, Turkey, China and South Africa, as well as its non refinery-integrated wholesale business.

ConocoPhillips Reaches Settlement Agreement Related to Bohai Bay Incidents
ConocoPhillips [NYSE:COP] today announced they and the China National Offshore Oil Corp. (CNOOC) have reached an agreement with China's Ministry of Agriculture to resolve issues related to the June 2011 incidents at the Peng Lai 19-3 field in Bohai Bay. Under this agreement, RMB 1 billion (approximately $160 million) will be paid as compensation to settle public and private claims of potentially affected fishermen in relevant Bohai Bay communities. The agreement fulfills the objectives of the compensation fund announced in September 2011 by ConocoPhillips.

A Leakage Found in Zhuhai Terminal’s Subsea Pipeline
On December 19, CNOOC Limited announced that its subsidiary Zhuhai Hengqin gas processing terminal ("Zhuhai Terminal") received notification from Zhuhai Maritime Safety Administration ("Zhuhai MSA") that a leakage was found in the nearby subsea gas pipeline of the Zhuhai Terminal.