Date: Wednesday, 21st October 2015
Source: news base, 15 Oct 2015
Recent appraisal work has confirmed an additional 273.8 billion cubic metres of shale gas at a project in Chongqing. This brings the field’s net proven reserves as certified by the up to 380.6 bcm, which the report said would allow for an annual output of 10 bcm by the end of 2017. The news will be welcomed by Beijing, which wants to develop the country’s extensive shale reserves in order to reduce dependence on dirtier fuels such as coal.
Source: global post, 15 Oct 2015
Australian government announced it had approved a proposal by Indian mining company Adani to build one of the world’s biggest coal mines in the northern state of Queensland. The $12 billion Carmichael project involves an open-cut and underground mine covering an area five times the size of Sydney Harbor, making it the largest coal mine in Australia. Up to 60 million metric tons of coal will be dug up and shipped out of Australia via the Great Barrier Reef every year if the project goes ahead.
Source: CNBC, 21 Oct 2015
BHP Billiton hiked iron ore production by 7 percent on-year in the September quarter and said it was on track to meet full-year 2016 guidance across the business. The mining giant said that iron ore production hit a record 61 million tonnes (Mt) in the fiscal first quarter, up 2 per cent on the previous quarter. Improved WA port facilities and a rise in direct-to-ship ore helped boost sales volume to a record 67Mt. Iron ore prices are down sharply from a high of nearly $200 a tonne in 2011 to $52.10 as of Wednesday.
Source: news.com.au, 21 Oct 2015
Chinese President Xi Jinping is set to announce a deal on Wednesday with UK Prime Minister David Cameron that will allow China a 33% stake in a $52 billion project to build the UK’s first nuclear power station in decades at Hinkley Point in Southwest England. But senior security forces have rung alarm bells, saying there is a “big division between the money men and the security side” over the deal. Some fear a “trapdoor” could be placed in computer systems allowing China to bypass British control of the plant in the event of a diplomatic stoush.
Source: BHP Billiton, 16 Oct 2015
CEOs of 10 global oil and gas companies make collaborative declaration on climate change. n their milestone declaration, the CEOs of the 10 companies that currently make up the Oil and Gas Climate Initiative – BG Group, BP, Eni, Pemex, Reliance Industries, Repsol, Saudi Aramco, Shell, Statoil and Total – confirmed that they recognise the general ambition to limit global average temperature rise to 2 degrees centigrade and that the existing trend of the world’s net global greenhouse gas emissions is not consistent with this ambition.
This brief summarises a range of publicly available news articles in both Chinese and English and AustCham takes no responsibility for the accuracy of the information in these articles. In addition, the views and opinions reflected in these articles are not necessarily representative of AustCham.
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