VANCOUVER, British Columbia, Feb. 26, 2021 (GLOBE NEWSWIRE) -- International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) reports the following, in accordance with the Swedish Financial Instruments Trading Act: Following the exercise of stock options by Lukas H. Lundin during February 2021, the number of issued and outstanding common shares of the Corporation has increased by 25,000 to 155,367,757 common shares with voting rights as at February 26, 2021. International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. [13] By 2008, the FPSO had equipment capable of handling 65,000 bbl of oil and 300,000 bbl of total fluids per day and it would be loaded and shipped by shuttle tankers. In 2002, annual crude petroleum production was 1,298,000,000 barrels, and annual crude petroleum consumption was 1,670,000,000 barrels.[10]. The storage space is 5.2 million cubic meters says the National Development and Reform Commission. The Yumen refinery was enlarged and modernized, and by the late 1960s it was reported that production from that area was "about two million tons". Well Completion and Intervention Engineer, SR. [12] Amoco and Nanhai East engineering teams experimented with offshore drilling techniques, floating production, storage and off-loading system (FPSO) that would have drilling and production support. Although China is still a major crude oil producer, it became an oil importer in the 1990s. United Press International 21 December 2007, Global strategic petroleum reserves § China, National Development and Reform Commission, "China overtakes US as the biggest importer of oil", "Meet the Chinese Newcomers Staking a Claim to Global Oil Trading", "China's Energy Policymaking Processes and Their Consequences", "Development journey and outlook of Chinese giant oilfields", "Forecast of oil reserves and production in Daqing oilfield of China", "China's 2006 crude oil imports 145 mln tons, up 14.5 pct – customs", "An integrated reservoir study of the Liuhua 11-1 field using a high-resolution three-dimensional seismic data set", "Notification of First Batch of Blocks in Offshore China Available for Foreign Cooperation in Year 2010", "Not the usual drill: Tensions mount dangerously in contested waters", "The Operation of the HYSY 981 Drilling Rig: Vietnam's Provocation and China's Position", "suggested title: Chinas Energy Security Strategy", "Countries Compared by Energy > Oil > Consumption. In 2004 CNOOC signed a deal to extract a million barrels of oil a day in Indonesia as well as other projects with Australia. Earnings And Revenue. Consequently, China imported oil to compensate for the supply reduction and surpassed the US in September 2013 to become the world's largest importer of oil.[2]. [18] In addition, an oil reserve that would theoretically fill with 30 days worth of oil has begun construction in China. A big role is played in China's oil endowment by its state owned oil companies, mainly China National Offshore Oil Corporation, China National Petroleum Corporation, China National Refinery Corp, and Sinopec. [14], China's $1 billion oil drilling rig, the Haiyang Shiyou 981 - owned and operated by the China National Offshore Oil Corporation - in the South China Sea, Ocean Oil 981 - began its first drilling operations in 2012. [26], Along with an emphasis on defensive oil stocks, there is a significant push to create an offensive oil acquisition program. [7] The most important is the Daqing oil field in Heilongjiang that has been the backbone of Chinese oil production for many decades. According to a 2008 report, the Chinese government had to take extra strides to secure good relationships with its neighbors. [23] The state-controlled reserves phase one consisted of a 101,900,000 barrels (16,200,000 m3) reserve to be completed by the end of 2008. . There are three different provinces in which they are focusing. Foreign acquisitions. According to a 2007 article in China News, at that time China's expanded reserve would include both mandated commercial reserves and a state-controlled reserves and would be implemented in three stages to be completed by 2011. [25], The planned state reserves of 475,900,000 barrels (75,660,000 m3) together with the planned enterprise reserves of 209,440,000 barrels (33,298,000 m3) will provide around 90 days of consumption or a total of 684,340,000 barrels (108,801,000 m3). [8], In 1973, as production increased, China began exporting crude oil to Japan, and began offshore exploration. This shift to dependence on foreign oil has changed the exploration and acquisition policies of China. Exports increased to 20 million tons in 1985, before internal consumption began increasing faster than production. In 2006, it imported 145 million tons of crude oil, accounting for 47% of its total oil consumption.[10][11]. Malaysia is a neighbor state that was often seen as in contention with China because of political differences. Detailed information about our RDSA share as traded on Euronext Amsterdam. [27], In 2004, China had to import 100 million tons of crude oil to supply its energy demand, more than half of which came from the Middle East. All of these reserves are coastal and with their creation comes vulnerability to possible coastal attacks. [24] In 2009 Zhang Guobao, head of the National Energy Administration, announced the third phase that would expand reserves by 204,000,000 barrels (32,400,000 m3) with the goal of increasing China's SPR to 90 days of supply by 2020. [13], In 2010, oil blocks in Wushi oil field (off Zhanjiang, near Hainan) began to be auctioned to foreign companies, with CNOOC having the option to increase its stake to 51% whenever required. In March 2018, as part of a bid to establish its position as an economic superpower, China introduced a new oil benchmark. However, their oil policy on the world oil market was not completely clear as to how they would deal with the situation as a whole. In 2007, United Press International journalist questioned energy security, as all three of the stock oil bases were within range of Taiwanese cruise missile attacks. [12]:151 Water depth, the presence of heavy oil and a "very strong bottom-water drive" were among the technical challenges that had to be resolved before the oil could be extracted. International Statistics at NationMaster.com", "The New Chinese Oil Benchmark: Implications for the Middle East", "Kazakhstan-China oil pipeline opens to operation", "China's Changing Role in Central Asia and Implications for US Policy: From Trading Partner to Collective Goods Provider", China Petroleum and Chemical Industry Association (CPCIA), China Huanqiu Contracting & Engineering Corporation, China Petroleum Engineering and Construction Corporation, China Nuclear International Uranium Corporation, https://en.wikipedia.org/w/index.php?title=Petroleum_industry_in_China&oldid=1007339438, Creative Commons Attribution-ShareAlike License, This page was last edited on 17 February 2021, at 16:47. In 2013 the pace of China's economic growth exceeded the domestic oil capacity and floods damaged the nation's oil fields in the middle of the year. International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia … Production from Daqing declined, but in 1965, oil fields in Shengli, Shandong, Dagang, and Tianjin yielded enough oil to nearly eliminate the need of importing crude oil. We want to help the world reach net zero and improve people’s lives. 2 April 2008 <, Chang, Andrei. Our purpose is reimagining energy for people and our planet. International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia … Communist Party general secretary Hu Jintao has proposed to build a pipeline from Russian oil fields to support China's markets as well as other billion-dollar arrangements with Russia, Central Asia, and Burma, and diversify its energy sector by seeking imports from other regions of the world and by starting alternative energy programs such as nuclear. [20], In 2009 China completed its first critical oil pipeline, the Atyrau-Alashankou oil pipeline (Kazakhstan–China oil pipeline) in Central Asia,[28][29]:2–3 as part of a larger overall trade expansion with the Central Asian region which represented a trade volume of over $US $50 billion by 2013, up from $1 billion in 2000. In 2008 Malaysia was the number one producer of petroleum in the South China Sea, and they account for over one half of the production in the region. [21] Zhejiang was originally a commercial oil transfer base. [29]:1, "South China Sea and Natural Gas." China National Offshore Oil Corp, China National Petroleum Corp, and Sinopec have largely invested in exploration and development in countries that had oil fields but do not have funds or technology to develop them. Yet, the relationship with Malaysia was symbiotic because of their large supply of oil and their need for security assurances from China. By 2004 China was investing in its first national oil reserve base to avoid foreign dependence. The next reserve of interest In Huangdao or Qingdao, Shandong Province and the final Dalian, Liaoning Province. In 2008 Malaysia was the number one producer of petroleum in the South China Sea, and they account for over one half of the production in the region. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol "IPCO". source for market cap, source for profit. Analysts are predicting Marathon Petroleum will report a loss of $1.41 per share on revenue of $17.43 billion. A pipeline was constructed in 1957. [6], In 1959, large reserves were discovered in Songhua Jiang-Liao basin in northeast China and later several other giant oilfields were found. China has one of the world's largest strategic oil reserves. International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia … Province started producing in 1960, and by 1963 was producing nearly 2.3 million tons of oil. The impact of the petroleum industry in China has been increasing globally as China ranks seventh for oil production and second in crude oil consumption in the world. The Chinese government is taking diplomatic action to improve their relationship with ASEAN states. In time, with equipment brought in from Szechuan and elsewhere and the development of several distillation plants, nine more wells were drilled in the immediate area of Yumen wells which then had a capacity of about 1,000 barrels of oil and 10,000 gallons of gasoline a day, except in winter when cold weather caused the oil to congeal. By 2008, China owned less than 1 percent of the oil company BP, worth about $1.97 billion. We want to be an energy company with purpose; one that is trusted by society, valued by shareholders and motivating for everyone who works at bp. [1][2], China imported a record 6.7m barrels a day (b/d) of oil in 2015 and was forecast "to overtake the U.S. as the world’s biggest crude importer in 2016"[3][4]. [19], By 2008, China owned less than 1 percent of the oil company BP, worth about $1.97 billion.[20]. In 2005 China began to take drastic measures with its internal oil reserve programs as domestic oil production in China supplied only two-thirds of its needs and the estimated consumption requirement by 2020 was about 600 million tons of crude oil. Data rounded to nearest million. The first well, developed under the most primitive of conditions and with relatively untrained personnel, began to produce over twenty barrels of oil a day. [22] These stockpiling strategies, as well as the international acquisition companies, are state-run initiatives to combat supply disruption. The ministers also discussed cooperation between the Kingdom and Malaysia to maintain stability in the petroleum market Saudi Energy Minister, Prince Abdulaziz bin Salman al-Saud, speaks during the fourth annual Future Investment Initiative in Riyadh, Saudi Arabia, January 27, 2021. Ensuring adequate energy supply to sustain economic growth has been a core concern of the Chinese government since 1949. By 1993, internal demand for oil exceeded domestic production, and China became a net oil importer.[9]. China became dependent on imported oil for the first time in its history in 1993 due to demand rising faster than domestic production. By 2008, much of China's oil imports derived largely from Southeast Asia, but its growing demand forced it to import oil from all over the globe. Marathon Petroleum EPS in the same period a year ago totaled $1.56. Energy Security Strategic Petroleum Reserve This was the first major oil field in China. Components manufacturing group Techfast Holdings Bhd is proposing to diversify into the trading of petroleum products, oil bunkering, and other related businesses. © 2021 GlobeNewswire, Inc. All Rights Reserved. Well Completions Jobs on Rigzone.com. China's oil need overwhelmed its internal capabilities. Iran is confident of regaining its pre sanctions oil market share, Iranian oil minister Bijan Zanganeh said Jan. 22, as it pins its hopes on the new US administration lifting sanctions. IPC is a member of the Lundin Group of Companies. The largest oil field in the South China Sea, the Liuhua 11-1 field - located 210 km southeast of Hong Kong in the Pearl River Mouth Basin offshore south China, was discovered by Amoco (now BP) in January 1987 in typhoon alley. "Analysis: China's Fuel Oil Reserves." Global strategic petroleum reserves (GSPR) refer to stockpiles of crude oil held by countries (and private industry) for national security during an energy crisis. [15][16] It led to protests and hence had to be shifted back.[17]. The information was submitted for publication, through the contact persons set out above, at 17:30 CET on February 26, 2021. The first Zhoushan, Zhejiang Province, was built by Sinopec, China's largest oil refining company. This information is information that International Petroleum Corporation is required to make public pursuant to the Swedish Financial Instruments Trading Act. [5] In 2002, annual crude petroleum production was 1,298,000,000 barrels, and annual crude petroleum consumption was 1,670,000,000 barrels. China is attempting to secure its future oil share and establish deals with other countries. The second phase of the government-controlled reserves with an additional 170,000,000 barrels (27,000,000 m3) was to be completed by 2011. Its coastal position makes it convenient for movement purposes, although it is at the same time vulnerable to offshore violence. Before the development of the industry, Chinese oil production was measured in quarts and output used solely as a lubricant. Global Security. [5], In 1956 a rail link was built to Lanzhou; until then, the oil was transported out by truck.
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