Petronas and China’s CNOOC expand ties

March 16, 2021 Stu Turley Commodities, International News, LNG
An aerial view of a liquefied natural gas (LNG) storage tank of China National Offshore Oil Corporation in Tianjin. CNOOC made a major discovery at Huizhou 26-6 in the Pearl River Mouth Basin in June. It will also start production at the Lingshui 17 deepwater field in two months time. But it still needs to import more than half what the country needs. File photo from Oct 2018 by Li xiaofei / Imaginechina via AFP.

Malaysia’s Petronas and China National Offshore Oil Corporation (CNOOC) will expand their ties in the energy sector through closer collaboration beyond liquefied natural gas (LNG) and upstream projects.

The pair signed an MoU yesterday underscoring their shared desire to work towards improved energy security and cleaner energy solutions.

They said they will “intensify collaboration in LNG, upstream exploration and development projects, refining, oilfield and engineering services, specialty chemicals, lubricants as well as renewable energy.”

The pair will seek to expand the use of natural gas as a marine fuel, potentially working together to establish a global bunkering supply network.

Petronas has supplied CNOOC with 3 million tonnes per year of LNG since 2006 under a 25-year supply agreement. Upstream, the Malaysian company works with CNOOC at the deep-water Block 4 offshore Mexico.

About Stu Turley 3342 Articles
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.

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