China’s largest offshore producer to cut output
Cnooc Ltd. China’s largest offshore oil company will cut output for the first time in a decade, after an announcement to the Hong Kong Stock Exchange. Speculation that Chinese producers are now feeling the pinch of the global oil price, with Cnooc Ltd. announcing that they will cut spending by up to $9.1 billion due to the pressures. London based risk consultant firm Eurasia’s Michael Barron noted “Cnooc is one of the first of the world’s majors to explicitly say it will cut production”. Click here for article.
China’s SOE petroleum giants get a bonus
China’s new policy in which economic planners can stop refined oil prices from reducing when crude goes below $40 is a bonus to the SOE giants. The larger profits from refining will largely combat the effect low crude prices have on the upstream component of the companies. China National Petroleum Corporation (CNPC), China Petrochemical Corporation (Sinopec) and China National Offshore Oil Corporation (CNOOC) all expect to benefit especially Sinopec which boasts the larger refinery operation. Click here for article.
Wearable energy generator fueled by urine
The Bristol BioEnergy Centre at the University of the West of England has developed an ingenious energy generating system. The system utilises the walking motion to power a pump, akin to a fish’s gills when swimming, to pump urine across the microbial fuel cells. The urine provided by the wearer is a trial in which waste products are been tested for their utility, the university has partnered with Oxfam and has launched a prototype that uses this energy source to light cubicles in refugee camps. Click here for article.
China developing a floating nuclear power plant
China has been developing a floating nuclear power plant that can float its way to coastal areas or even offshore operations in which to provide energy. The Chinese government plans to invest some US $100 billion in seven new reactors by 2030, with this development of various types of reactors are been considered. The floating plants will provide many benefits, and environmental impacts are expected to be low. Click here for article.