National Petroleum Corp

CNPC, Guangdong Ink Deal on S. China Sea Methane Hydrate

China's Ministry of Land and Resources, state energy giant China National Petroleum Corp (CNPC) and Guangdong province have agreed to build a pilot methane hydrate project in the South China Sea, CNPC said its website on Monday. The trial prospecting of the deep-sea gas resource, also known as "flammable ice", will be in the Shenhu area of the South China Sea, after initial tests run in May, CNPC said. The report did not give further details on the timeline or financial investment on developing this pilot project. Methane hydrates are gas frozen into ice-like crystals

Brazil's Libra Oil Field Will Cost $80b to Develop -Total

in Rio de Janeiro. Paszkiewicz did not offer any further details on the financial plans for the project. The Libra consortium is led by state-run oil firm Petroleo Brasileiro SA, or Petrobras, with a 40 percent stake. Total and Royal Dutch Shell Plc both have 20 percent while China's National Petroleum Corp and CNOOC have 10 percent each. (Reporting by Marta Nogueira; writing by Stephen Eisenhammer; editing by Matthew Lewis

Second Oil Well at Brazil's Libra Field Set for Drilling

Denis Besset, managing director of Total Brazil, told Reuters on the sidelines of a conference in Rio de Janeiro. The Libra consortium is led by state-run oil firm Petroleo Brasileiro SA, or Petrobras, with a 40 percent stake. Total and Royal Dutch Shell Plc both have 20 percent while China's National Petroleum Corp and CNOOC have 10 percent each. Brazil oil agency ANP has said Libra is the biggest oil reserve discovered in the South American country, holding an estimated 8 billion to 12 billion barrels of crude oil. (Reporting by Jeb Blount and Marta Nogueira; Writing by Stephen Eisenhammer; Editing

China LNG Contracts for GDF Suez

on LNG floating storage and regasification units between GDF SUEZ and CNOOC. (Tianjin is located around hundred kilometers from Beijing and the FSRU will support this region’s growth). An initial agreement in natural gas storage The technical service agreement signed with China National Petroleum Corp. (CNPC) schedules the assessment of six projects to convert depleted fields into underground natural gas storage facilities, which its subsidiary PetroChina plans to fill with gas in 2013. The total storage volume would be 10 billion cubic meters (bcm), the equivalent of GDF SUEZ’s