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CHINA reported BIG new oil find-2.2 Billon barrels
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jackjames
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12-Apr-2007 06:25
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myehub, it's China Petro !!! PetroChina is not even listed in SGX ! |
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myehub
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12-Apr-2007 01:58
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hi jackjames, the article u posted on 11-Apr-2007 12:05 is it talking about China Petro or PetroChina???? |
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Synapse
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11-Apr-2007 23:13
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Hmmm ... why are we still on the difference betwn PetroChina and ChinaPetrol? Pls do homework before putting money on the table ok? | ||||
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jackjames
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11-Apr-2007 16:14
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recover very fast from 0.43 to 0.49, easily recover 10% loss... very interesting..... | ||||
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starfire
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11-Apr-2007 13:20
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Lucky me bought PetrolChina before the news thru POEMS. Now trading at HK$9.xx. Intend to hold it for mid-long term. |
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ruanlai
Master |
11-Apr-2007 13:15
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Why all the Oil related company so pa see..... Hai Shi Ren, Where is CAD......... |
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jackjames
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11-Apr-2007 12:05
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and that is why china stocks always give us many surprises.... what a stock... | ||||
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jackjames
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11-Apr-2007 12:04
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This is serious man.... another China Aviation? We refer to the qualified audit opinion from KPMG on the consolidated financial statements of China Petrotech Holdings Limited (the "Company") and its subsidiaries (the "Group") for the financial year ended 31 December 2006, a copy of which is attached herein. The Company regrets to inform our investors and valued shareholders that our auditors, KPMG, does not express an opinion on the consolidated financial statements of the Group for the year ended 31 December 2006. However, the auditors are of the opinion that the Company's balance sheet as at 31 December 2006 and statement of changes in equity for the year ended 31 December 2006 are properly drawn up in accordance with the provisions of the Companies Act (the "Act") and Singapore Financial Reporting Standards, and the accounting and other records required by the Act to be kept by the Company have been properly kept in accordance with the provisions of the Act. We also note that KPMG has expressed its willingness to be reappointed as auditors. While KPMG does not express an opinion as it is unable to verify certain items according to their audit procedures, the management of the Company would like to reaffirm its confidence in the financial statements including the collectibility of the accounts receivables in question, the appropriate recognition of turnover of the subsidiary, and the value of the investment in Ba Zhou Zhong You Yang Guang Oil and Gas Technology Co., Ltd. This event arises partly due to weaknesses in our control system that did not meet KPMG audit standards. The Company would also like to inform shareholders that it is taking immediate action to trace all the items in question to provide concrete evidence to the auditors. However, due to the inaccessibility of many offices and areas of our customers based in China, significant time is required for the Company to gather and present all the documents. The Company will keep our shareholders informed of the developments. |
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mirage
Veteran |
11-Apr-2007 12:01
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Hi EastonBay, Points noted. ChinaPetro IS NOT THE SAME AS PetroChina Ltd. They are DIFFERENT companies. Thanks, Best Regards. Mirage. |
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cashiertan
Elite |
10-Apr-2007 21:59
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Doji Star Formed.. can consider reentering.. | ||||
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EastonBay
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03-Apr-2007 10:03
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My intention was to point out that they are NOT the same company. I think a clarification as such is important as we do not want to mislead, esp those new to the market. |
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mirage
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02-Apr-2007 11:47
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Hi EastonBay, Please refer to the first post of this thread, on 29-March-2007 18:06. The first question post was "Is ChinaPetro same as PetroChina Ltd???" I think it is a different company, but PetroChina Ltd is not listed on SGX but maybe listed in NewYork stock exchange. This is posted here at ChinaPetro because it is a IT company but providing diverse and integrated IT solutions to oil and gas companies in China (as stated by your postings), maybe this should be listed under others. |
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EastonBay
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02-Apr-2007 11:21
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A question and hope someone will enlighten me. From what I gathered from SGX website, China Petrotech is an IT company, NOT directly dealing in oil/energy/gas. What does the oil find have to do with ChinaPetrotech? BACKGROUND The Company was incorporated in Singapore on 11 June 2003 under the name of Cenozoic Holdings Pte Ltd. On 27 April 2004, the Company changed its name to China Petrotech Holdings Pte Ltd and China Petrotech Holdings Limited subsequently on 13 May 2004. The Group offers diverse and integrated IT solutions to oil and gas companies in China, with a focus on the exploration (onshore and offshore), development and production of oil and gas. The Group's IT solutions and services include design and development, marketing and implementation of standardised software solutions, software customisation, and provision of value-added services such as software maintenance and upgrading services. Its standardised software solutions can be categorised into data collection and transmission systems, data management systems and data application systems. |
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teeth53
Supreme |
30-Mar-2007 09:11
Yells: "don't learn through life, learn to grow with life " |
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China 2.2 bil oil find is huge when compare with oil reserve in middle East and world wide, is nothing - way below on top 20 producing oil countries. | ||||
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mirage
Veteran |
30-Mar-2007 08:42
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I am very surprised, with the Iran and Britain crisis, no one is excited about the New Oil find by China, it is 2.2 billon barrels. What will the effect on the stock markets or the oil crisis???? ????? ?????? | ||||
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teeth53
Supreme |
29-Mar-2007 19:20
Yells: "don't learn through life, learn to grow with life " |
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China reportedly makes big new oil find Offshore field has reserves of 2.2 billion barrels ByJoe MdDonald Mar 29, 2007 AP This might not be so good news to IRAN as she need oil $$$ to be pump up it tension with US to contiune it programs with whatever agenda...... locally or other wise...oversea |
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mirage
Veteran |
29-Mar-2007 18:11
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(Sorry following is part 2 of the report, somehow, it was pasted just now)........... Quotes: Such a field would be a "world-scale discovery," said Gavin Thompson, an oil consultant in Beijing for the Scottish firm Wood Mackenzie. "In terms of energy security, a 2 billion barrel discovery is going to be very welcome, not only to PetroChina but to China's energy planners," he said. PetroChina disclosed last week that it found a new field in Bohai Bay but released no details. Company spokespeople refused on Wednesday to give more information. Thompson said PetroChina is likely to have to do more drilling to confirm how much oil it can extract. China became a net oil importer in the late 1990s and now is the world's No. 2 consumer after the United States. Consumption last year rose another 9.3 percent to 2.4 billion barrels. Imports in 2006 surged by 16.9 percent and accounted for 47 percent of consumption, while domestic production edged up just 1.7 percent. China's leaders see reliance on imported energy, a large share of it from the politically volatile Middle East, as a strategic weakness. They are trying to improve the poor efficiency of China's fuel-guzzling economy, which consumes several times as much energy per unit of output as Japan or the United States, while pushing state oil companies to find new domestic sources. Chinese drillers have found several big gas fields, but no major oil sources since the mid-1990s, when blocks were found in Bohai Bay and in the Tarim Basin of the northwest's searing Taklamakan Desert. Chinese oil companies have spent billions of dollars to secure oil and gas supplies abroad, making deals in areas as farflung as Venezuela and Kazakhstan. Their willingness to deal with pariahs such as Iran and Sudan has caused friction with Washington. Beijing is feuding with Tokyo over control of possible gas resources in disputed waters between the two nations. China and Russia are building pipelines to deliver Siberian gas to Chinese markets. Beijing is lobbying Moscow to link China to a pipeline that will carry Russian crude to the Pacific. Economists say Chinese oil demand, driven by blistering economic growth that reached 10.7 percent in 2006, has strained world supplies and pushed up prices. Surging consumption in China has brought a windfall for the country's oil companies. PetroChina, whose shares are traded in New York, said profits last year rose to a record 142.22 billion yuan (US$18.4 billion), boosted by strong demand in its home Chinese market. The Beijing-based company has become Asia's biggest by market capitalization. At home, foreign consultants have taught Chinese oilmen how to find more and to extract more from existing fields, said Jim Brock, an industry consultant in Beijing. "They're adopting a lot of new methods, revisiting a lot of old fields using methods that were not available 10 or 15 years ago," Brock said. "Their technology is slowly improving, across the board. They've got the money and the resources." China has some 16 billion barrels of proven reserves, according to British oil company BP PLC. But much of it is of mediocre quality and in rock formations that are difficult and expensive to tap, Brock said. "It's economically competitive, but the costs are high," he said. Despite the reported size of the Bohai field, it was unclear how it would affect China's need for imports. Daily production could reach 200,000 barrels within three years, according to Xinhua. But that still would be equal to just a fraction of China's 2006 imports of 2.9 million barrels per day. The discovery "helps lessen the pressure (for higher imports), but still it's going to be significant pressure," Brock said. "They're going to continue to be a major player in the international market." |
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victorf
Master |
29-Mar-2007 18:09
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mirage, if the news is true, WARREN BUFFET will laugh to the bank :) the followers will benefit from the WISE man too | ||||
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mirage
Veteran |
29-Mar-2007 18:06
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CHINA reported BIG NEW oil find - 2.2 BILLION BARRELS. Question is ChinaPetro same as PetroChina Ltd????? Quotes: China reportedly makes big new oil find Offshore field has reserves of 2.2 billion barrels Such a field would be a "world-scale discovery," said Gavin Thompson, an oil consultant in Beijing for the Scottish firm Wood Mackenzie. "In terms of energy security, a 2 billion barrel discovery is going to be very welcome, not only to PetroChina but to China's energy planners," he said. PetroChina disclosed last week that it found a new field in Bohai Bay but released no details. Company spokespeople refused on Wednesday to give more information. Thompson said PetroChina is likely to have to do more drilling to confirm how much oil it can extract. China became a net oil importer in the late 1990s and now is the world's No. 2 consumer after the United States. Consumption last year rose another 9.3 percent to 2.4 billion barrels. Imports in 2006 surged by 16.9 percent and accounted for 47 percent of consumption, while domestic production edged up just 1.7 percent. China's leaders see reliance on imported energy, a large share of it from the politically volatile Middle East, as a strategic weakness. They are trying to improve the poor efficiency of China's fuel-guzzling economy, which consumes several times as much energy per unit of output as Japan or the United States, while pushing state oil companies to find new domestic sources. Chinese drillers have found several big gas fields, but no major oil sources since the mid-1990s, when blocks were found in Bohai Bay and in the Tarim Basin of the northwest's searing Taklamakan Desert. Chinese oil companies have spent billions of dollars to secure oil and gas supplies abroad, making deals in areas as farflung as Venezuela and Kazakhstan. Their willingness to deal with pariahs such as Iran and Sudan has caused friction with Washington. Beijing is feuding with Tokyo over control of possible gas resources in disputed waters between the two nations. China and Russia are building pipelines to deliver Siberian gas to Chinese markets. Beijing is lobbying Moscow to link China to a pipeline that will carry Russian crude to the Pacific. Economists say Chinese oil demand, driven by blistering economic growth that reached 10.7 percent in 2006, has strained world supplies and pushed up prices. Surging consumption in China has brought a windfall for the country's oil companies. PetroChina, whose shares are traded in New York, said profits last year rose to a record 142.22 billion yuan (US$18.4 billion), boosted by strong demand in its home Chinese market. The Beijing-based company has become Asia's biggest by market capitalization. At home, foreign consultants have taught Chinese oilmen how to find more and to extract more from existing fields, said Jim Brock, an industry consultant in Beijing. "They're adopting a lot of new methods, revisiting a lot of old fields using methods that were not available 10 or 15 years ago," Brock said. "Their technology is slowly improving, across the board. They've got the money and the resources." China has some 16 billion barrels of proven reserves, according to British oil company BP PLC. But much of it is of mediocre quality and in rock formations that are difficult and expensive to tap, Brock said. "It's economically competitive, but the costs are high," he said. Despite the reported size of the Bohai field, it was unclear how it would affect China's need for imports. Daily production could reach 200,000 barrels within three years, according to Xinhua. But that still would be equal to just a fraction of China's 2006 imports of 2.9 million barrels per day. The discovery "helps lessen the pressure (for higher imports), but still it's going to be significant pressure," Brock said. "They're going to continue to be a major player in the international market." |
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