Sinopec PetroChina Enters Russia: Targeting Sakhalin Island
2025-05-28 17:12:18
"Sakhalin 3" project accounts for 30% of shares
At about 13:30 on June 30, Moscow time, the plane that President Hu Jintao took landed at Vnukovo Airport in Moscow. There are not only political leaders but also a large team of oil representatives.
According to an accompanying oil company official, PetroChina and Sinopec attached great importance to the visit with Hu Jintao's delegation. Not only did they send a large number of technical officials, but Chen Geng and Chen Tonghai, both leaders of the two major groups, personally performed the exhibition and conducted the command on the spot. Party's negotiation process.
On July 1, Sinopec and CNPC leaders signed the "Protocol No. 1" and the "Long Term Cooperation Agreement" with Russian oil company Rosneft (Russian Oil Company). In the “Protocol No. 1â€, Sinopec and Russian oil companies agreed to co-finance an oil company to be responsible for oil and gas exploration and development in the Sakhalin No. 3 area.
On July 13th, an insider of Sinopec revealed in an interview with this reporter that in the new joint venture company, the proportion of shares between China and Russia is tentatively set at 30:70, and new investors will be introduced in the future, but China has 30% The proportion of equity will not change accordingly.
According to the plan, the new company will drill the first exploratory well in 2006. After the production scale is established, the Chinese will obtain revenue in the form of “shared oilâ€.
Recalling the repeated twists and turns of the Sinopec oil company’s defeat of the Slavic Oil Company in 2003 and the AnDa Line in recent years, the successful advancement of Sinopec into Sakhalin is regarded as a major breakthrough for China in the Russian oil exploration field.
In the summer of Sakhalin, blue sea, blue sky, and distant mountains and swallows, this beautiful island has become a bridgehead for Chinese oil giants to enter Russia.
Under the strong push of the heads of government of the two countries, after long-term negotiations between the two sides, China and Russia finally reached an agreement on Sino-Petro and Russian oil companies to jointly develop the Sakhalin 3 project.
Sakhalin 3 is a newly-developed project. Rosneft has obtained a five-year geological study permit for the region in 2003 and has conducted some related preliminary surveys.
According to a source from Sinopec, the Russian side took this project and entered into a joint venture with the Chinese side. Its direct purpose is to attract capital and accelerate the development of oil and gas resources in the region.
According to the agreement, China’s future earnings will be mainly obtained in the form of a share of oil. Such a condition is quite rare today when Russia raises the threshold for foreign investors to enter the country’s oil development field.
The newspaper further learned that China’s specific responsibility for this project is Sinopec International Petroleum Exploration and Development Co., Ltd. Sinopec International Petroleum Exploration and Development Co., Ltd. is a wholly-owned subsidiary of Sinopec Group responsible for overseas oil exploration and development and investment decision-making. It is composed of a group of professional and technical personnel from the Rising Star Company (integrated into Sinopec Group in 2001). The company will work with Russia to jointly conduct Sakhalin 3 oil and gas exploration and development operations.
According to public information, the Vein oil and gas blocks for exploration by both China and Russia are located in the eastern part of Sakhalin Island. The expected reserves of this block are 114 million tons of oil and 315 billion cubic meters of natural gas.
Pursue natural gas for the Sakhalin 2 project
While Sinopec and Rosneft signed the "Protocol No. 1", CNPC also signed a "long-term cooperation agreement" with the Russian oil company.
Chen Geng, general manager of China National Petroleum Corporation, said in an interview with the media that this is an agreement between the two companies for comprehensive long-term cooperation. The contents of the cooperation between the two parties are broad, involving oil trade, petroleum engineering technology services, oil exploration and development, and scientific and technological information exchange. In the next step, the two companies will conduct extensive consultations on specific cooperation contents.
As verified by various reporters of this newspaper, PetroChina is negotiating with Shell on the import of LNG from the Sakhalin-2 project. On the other hand, the Russian government has agreed to provide 5 million tons of crude oil to China each year through the China-Kazakhstan oil pipeline.
"We are conducting discussions in various fields between us. The prospects for future cooperation are very broad." A senior CNPC leader made this judgment.
Dr. Li Fuchuan of the Chinese Academy of Social Sciences believes that this win-win situation should be analyzed under the background of deepening cooperation between China and Russia in various fields such as politics and economy.
"The joint declaration between China and Russia on the international order of the 21st century signed by President Hu Jintao and President Putin is of great significance, and all countries in the world have attached great importance to this statement, which signifies that China and Russia are currently under a complicated political pattern. We have chosen to strengthen cooperation with each other. With this major premise, the prospects for energy cooperation between China and Russia will be very broad."
·Related ·
Sakhalin
According to Dr. Yue Laiqun, the Oil and Gas Center of the Ministry of Land and Resources, Sakhalin Island is rich in oil and gas resources. “Data published by the internationally authoritative US Federal Geological Survey (USGS) show that only a relatively developed oil prospect in the North Sakhalin Basin is available. Reserves amount to 4010 million baht, mainly oil, while other areas to be developed are mainly based on natural gas resources.â€
These resources are mainly distributed in the North Sakhalin Basin, the West Sakhalin Uplift, the East Sakhalin Uplift, the Polonsk Bay Basin, and the Sluice Strait. The Russian side plans to develop a total of six projects in the region to develop resources in this region.
The Sakhalin 1 project is one of the largest foreign investment projects in Russia. The main content of the project is to develop three oil and gas fields on the continental shelf of the coast of Sakhalin (Chaiwo, Odorupu, and Alkutongdaghi), with a total investment of more than US$12 billion and operated by ExxonMobil Oil Company. The total reserves of the three oil and gas fields are 307 million tons of oil and 485 billion cubic meters of natural gas. Russia, the United States, Japan, and India have jointly participated in the implementation of the above projects.
Sakhalin 2 project has also formed a production scale. The project went into operation in 1999 and includes an oil field (140 million tons), a gas field (408 billion cubic meters), and a purification plant that handles 9.6 million tons of liquefied natural gas per year. The company is operated by Shell and the total project investment is 11.5 billion yuan. Dollars. It is understood that this project has yielded benefits in recent years and exported a certain amount of oil and gas to Japan.
At about 13:30 on June 30, Moscow time, the plane that President Hu Jintao took landed at Vnukovo Airport in Moscow. There are not only political leaders but also a large team of oil representatives.
According to an accompanying oil company official, PetroChina and Sinopec attached great importance to the visit with Hu Jintao's delegation. Not only did they send a large number of technical officials, but Chen Geng and Chen Tonghai, both leaders of the two major groups, personally performed the exhibition and conducted the command on the spot. Party's negotiation process.
On July 1, Sinopec and CNPC leaders signed the "Protocol No. 1" and the "Long Term Cooperation Agreement" with Russian oil company Rosneft (Russian Oil Company). In the “Protocol No. 1â€, Sinopec and Russian oil companies agreed to co-finance an oil company to be responsible for oil and gas exploration and development in the Sakhalin No. 3 area.
On July 13th, an insider of Sinopec revealed in an interview with this reporter that in the new joint venture company, the proportion of shares between China and Russia is tentatively set at 30:70, and new investors will be introduced in the future, but China has 30% The proportion of equity will not change accordingly.
According to the plan, the new company will drill the first exploratory well in 2006. After the production scale is established, the Chinese will obtain revenue in the form of “shared oilâ€.
Recalling the repeated twists and turns of the Sinopec oil company’s defeat of the Slavic Oil Company in 2003 and the AnDa Line in recent years, the successful advancement of Sinopec into Sakhalin is regarded as a major breakthrough for China in the Russian oil exploration field.
In the summer of Sakhalin, blue sea, blue sky, and distant mountains and swallows, this beautiful island has become a bridgehead for Chinese oil giants to enter Russia.
Under the strong push of the heads of government of the two countries, after long-term negotiations between the two sides, China and Russia finally reached an agreement on Sino-Petro and Russian oil companies to jointly develop the Sakhalin 3 project.
Sakhalin 3 is a newly-developed project. Rosneft has obtained a five-year geological study permit for the region in 2003 and has conducted some related preliminary surveys.
According to a source from Sinopec, the Russian side took this project and entered into a joint venture with the Chinese side. Its direct purpose is to attract capital and accelerate the development of oil and gas resources in the region.
According to the agreement, China’s future earnings will be mainly obtained in the form of a share of oil. Such a condition is quite rare today when Russia raises the threshold for foreign investors to enter the country’s oil development field.
The newspaper further learned that China’s specific responsibility for this project is Sinopec International Petroleum Exploration and Development Co., Ltd. Sinopec International Petroleum Exploration and Development Co., Ltd. is a wholly-owned subsidiary of Sinopec Group responsible for overseas oil exploration and development and investment decision-making. It is composed of a group of professional and technical personnel from the Rising Star Company (integrated into Sinopec Group in 2001). The company will work with Russia to jointly conduct Sakhalin 3 oil and gas exploration and development operations.
According to public information, the Vein oil and gas blocks for exploration by both China and Russia are located in the eastern part of Sakhalin Island. The expected reserves of this block are 114 million tons of oil and 315 billion cubic meters of natural gas.
Pursue natural gas for the Sakhalin 2 project
While Sinopec and Rosneft signed the "Protocol No. 1", CNPC also signed a "long-term cooperation agreement" with the Russian oil company.
Chen Geng, general manager of China National Petroleum Corporation, said in an interview with the media that this is an agreement between the two companies for comprehensive long-term cooperation. The contents of the cooperation between the two parties are broad, involving oil trade, petroleum engineering technology services, oil exploration and development, and scientific and technological information exchange. In the next step, the two companies will conduct extensive consultations on specific cooperation contents.
As verified by various reporters of this newspaper, PetroChina is negotiating with Shell on the import of LNG from the Sakhalin-2 project. On the other hand, the Russian government has agreed to provide 5 million tons of crude oil to China each year through the China-Kazakhstan oil pipeline.
"We are conducting discussions in various fields between us. The prospects for future cooperation are very broad." A senior CNPC leader made this judgment.
Dr. Li Fuchuan of the Chinese Academy of Social Sciences believes that this win-win situation should be analyzed under the background of deepening cooperation between China and Russia in various fields such as politics and economy.
"The joint declaration between China and Russia on the international order of the 21st century signed by President Hu Jintao and President Putin is of great significance, and all countries in the world have attached great importance to this statement, which signifies that China and Russia are currently under a complicated political pattern. We have chosen to strengthen cooperation with each other. With this major premise, the prospects for energy cooperation between China and Russia will be very broad."
·Related ·
Sakhalin
According to Dr. Yue Laiqun, the Oil and Gas Center of the Ministry of Land and Resources, Sakhalin Island is rich in oil and gas resources. “Data published by the internationally authoritative US Federal Geological Survey (USGS) show that only a relatively developed oil prospect in the North Sakhalin Basin is available. Reserves amount to 4010 million baht, mainly oil, while other areas to be developed are mainly based on natural gas resources.â€
These resources are mainly distributed in the North Sakhalin Basin, the West Sakhalin Uplift, the East Sakhalin Uplift, the Polonsk Bay Basin, and the Sluice Strait. The Russian side plans to develop a total of six projects in the region to develop resources in this region.
The Sakhalin 1 project is one of the largest foreign investment projects in Russia. The main content of the project is to develop three oil and gas fields on the continental shelf of the coast of Sakhalin (Chaiwo, Odorupu, and Alkutongdaghi), with a total investment of more than US$12 billion and operated by ExxonMobil Oil Company. The total reserves of the three oil and gas fields are 307 million tons of oil and 485 billion cubic meters of natural gas. Russia, the United States, Japan, and India have jointly participated in the implementation of the above projects.
Sakhalin 2 project has also formed a production scale. The project went into operation in 1999 and includes an oil field (140 million tons), a gas field (408 billion cubic meters), and a purification plant that handles 9.6 million tons of liquefied natural gas per year. The company is operated by Shell and the total project investment is 11.5 billion yuan. Dollars. It is understood that this project has yielded benefits in recent years and exported a certain amount of oil and gas to Japan.
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