Hess Corporation (NYSE:HES), Petrobras (NYSE:PBR), PetroChina (NYSE:PTR) were all moving up Thursday on the inflationary measures put in place by the Federal Reserve through QE2, which pushed the broader commodity market up, along with raw materials companies within each sector, including the oil producers.
Commodity prices overall rose, including silver, which increased to over $26 an ounce. Gold prices rose to all-time record highs again, closing in on the $1,400 an ounce mark. Aluminum surged to its highest levels since April.
Light, sweet crude for December delivery settled the trading day up $1.80 a barrel on the New York Mercantile Exchange at $86.49.
Hess Corporation closed at $69.25 Thursday, rising $2.81, or 4.23 percent. Petrobras surged to close at $20.42, gaining $0.96, or 4.93 percent. PetroChina was up to $131.06 at the end of the trading day, rising by $2.25, or 1.75 percent.
Showing posts with label Petrochina. Show all posts
Showing posts with label Petrochina. Show all posts
Friday, November 5, 2010
Wednesday, August 11, 2010
ConocoPhillips (NYSE:COP), PetroChina (NYSE:PTR) Negotiating on Shale Gas Projects
ConocoPhillips (NYSE:COP) and PetroChina (NYSE:PTR) have been quietly negotiating on a joint venture in China which would target shale gas projects in the middle kingdom.
Operations would initially be pursued in the Sichuan province, where Conoco would explore an approximate 3,000 kilometer area of Sichuan.
This would a first for China, which has no proof of having had began shale gas production in the country.
As in many cases, the benefit to China would be the expertise of a western company like Conoco, which would have far more advanced technology to perform exploration and testing at a higher level.
China is desperate for natural resources, and a competing world makes their own land the best place to get it if the resources are there.
With the discovery of enormous shale natural gas reserves in America, China is hoping their country may have significant reserves as well, which could last them for many decades, and more.
Operations would initially be pursued in the Sichuan province, where Conoco would explore an approximate 3,000 kilometer area of Sichuan.
This would a first for China, which has no proof of having had began shale gas production in the country.
As in many cases, the benefit to China would be the expertise of a western company like Conoco, which would have far more advanced technology to perform exploration and testing at a higher level.
China is desperate for natural resources, and a competing world makes their own land the best place to get it if the resources are there.
With the discovery of enormous shale natural gas reserves in America, China is hoping their country may have significant reserves as well, which could last them for many decades, and more.
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