Latest news with #heavycrude
Bloomberg
08-08-2025
- Business
- Bloomberg
US Refiners Are Bullish on Margins as Heavy Oil Output Rebounds
A key driver of US refiners' profitability — the ability to buy heavy crude at cheap prices — is set to improve in the second half of the year as Canadian and Middle Eastern production rebounds. Along with demand for their core fuel products, refiners need cost-effective inputs, and many have retooled plants — especially along the Gulf Coast — to process increasing amounts of discounted heavy crude or to more easily switch between light and heavy oil. That shift has made the price spread between the two grades a closely watched barometer for refiners' earnings power.
Reuters
22-07-2025
- Business
- Reuters
China's CNOOC starts producing heavy crude at Bohai's Kenli oilfield
July 22 (Reuters) - China's CNOOC Ltd. ( opens new tab said on Tuesday it has started production at the Kenli 10-2 oilfield in the Bohai Sea offshore northern China that holds an estimated 100 million metric tons, or about 730 million barrels of geological reserve. The state oil major said the project is the largest shallow lithologic oilfield offshore China and expects peak output to reach about 19,400 barrels of oil equivalent per day in 2026. CNOOC holds a 100% stake in the project and is the operator. With an average water depth of 20 meters, the project includes a central platform, two wellhead platforms, with plans to drill 79 development wells. The field produces heavy crude oil. The new production forms part of CNOOC's plan to lift total output at the broader Bohai oilfield to 40 million metric tons of oil annually. It is one of the most complex production platforms in the Bohai region and the first large-scale thermal recovery platform for heavy oil in the southern Bohai Sea, the company added. The Bohai oilfield produced more than 36 million tons, or about 720,000 barrels per day of crude in 2024, accounting for nearly one-sixth of China's total oil output and contributing more than half of the country's annual production growth, the company previously said. (metric ton = 7.3 barrels for crude oil conversion)
Yahoo
22-07-2025
- Business
- Yahoo
CNOOC Limited Brings On-stream Kenli 10-2 Oilfields Development Project (Phase I)
HONG KONG, July 22, 2025 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) today announces that Kenli 10-2 Oilfields Development Project (Phase I) has commenced production, marking the production start-up of the largest shallow lithological oilfield offshore China. The project is located in southern Bohai Sea, with an average water depth of about 20 meters. The main production facilities include a new central platform and 2 wellhead platforms, which leverages the adjacent existing facilities for development. 79 development wells are planned to be commissioned, including 33 cold recovery wells, 24 thermal recovery wells, 21 water injection wells and 1 water source well. The project is expected to achieve a peak production of approximately 19,400 barrels of oil equivalent per day in 2026. The oil property is heavy crude. Kenli 10-2 Oilfield is the first lithological oilfield with proved in-place volume of 100 million tons discovered in the shallow depression zone of the Bohai Bay Basin. It is developed in two phases under the strategy of "exploration and development integration, regional coordination, and phased implementation." CNOOC Limited has adopted an innovative combined development approach of "conventional water injection + steam huff and puff + steam flooding", providing strong technical support for the efficient utilization of oil reserves. The project's platform integrates both conventional cold production and thermal recovery systems, and is equipped with over 240 sets of key equipment. It is one of the most complex production platforms in the Bohai region and the first large-scale thermal recovery platform for heavy oil in southern Bohai Sea. Mr. Yan Hongtao, President of the Company, said, "The successful commencement of production of this project marks a new stage in the development of complicated heavy oil reservoirs offshore China. It will strongly support the Company's Bohai Oilfield to achieve the annual gross production target of 40 million tons, contributing to the Company's high-quality development through high-level operations." CNOOC Limited holds 100% interest in this project and is the operator. — End — Notes to Editors: More information about the Company is available at *** *** *** *** This press release includes forward looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company's expectations, including but not limited to those associated with macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and natural gas industry, climate change and environmental policies, the Company's price forecast, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws and regulations. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations. *** *** *** *** For further enquiries, please contact: Ms. Cui LiuMedia & Public RelationsCNOOC LimitedTel: +86-10-8452-6641Fax: +86-10-8452-1441E-mail: mr@ Mr. Cheng YaoEver Bloom (HK) Communications Consultants Group LimitedTel: +852 5540 0725Fax: +852 2111 1103Email: View original content to download multimedia: SOURCE CNOOC Limited Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
