chinese

An agreement announced Thursday between the United States and China to advance economic cooperation could have implications for liquefied natural gas (LNG) trade between the two countries.

A Chinese holding company primarily focused on real estate said it plans to purchase oil assets in the Permian Basin in Texas for approximately $1.31 billion.

U.S. hydraulic fracturing (fracking) capacity utilization has fallen by almost one-third since January, and all of the major domestic plays are in a “negative frack pricing environment,” according to PacWest Consulting Partners.

A unit of Royal Dutch Shell plc has inked a milestone agreement with Chinese officials to use its technical know-how to develop shale gas in a first-ever production sharing contract (PSC).

The love fest in U.S. unconventional natural gas and oil fields rang in the new year, with a trio of hook-ups marrying Chinese, French and Japanese production companies with some of the largest domestic producers in multi-year joint ventures (JV) adding up to $5.8 billion.

Unocal Corp. would consider withdrawing its support of Chevron Corp.’s $16.5 billion bid to purchase the company if the Chinese Offshore Oil Corp. (CNOOC) met several conditions, including requests for divestments and other demands from U.S. regulators, several reports said Thursday.

Plans in the western United States for developing a new liquefied natural gas (LNG) import business along the Pacific Coast of North Baja in Mexico will have to compete with an aggressive push by China to rapidly ramp-up an LNG industry, according to an Arizona-based energy attorney with worldwide oil/gas development experience.

Mirant’s liquidity position heading into 2003 was significantly strengthened after the Atlanta-based company on Tuesday said that it has completed the sale of the company’s 33% economic interest in the Shajiao C power plant in China to China Resources Power Holding Co. Ltd. for $300 million.

Mirant Corp. has sold its interest in the Shajiao C power project in China for $300 million and sold 96 Bcf of proved oil and gas reserves in Louisiana for $150 million. The sales were reported with its third quarter financial statement, which showed a net loss of $1 million ($0/share) and third quarter adjusted earnings of $149 million, or 33 cents/share. Adjusted earnings per share were below the 47 cents/share average of analysts’ expectations, and the company lowered its earnings guidance for the year to $1.-1.05 compared to the $1.39 average analysts’ expectations.