Drilling of the "Dabei-401" well, designed to be China's deepest onshore gas well, has started on Tuesday in the country's northwestern Xinjiang Uygur Autonomous Region. The Tarim Oilfield said it is expected to drill 110 ultra-deep wells this year, while it drilled 23 wells with a depth of over 8,000 meters in 2021....Tarim Basin is a major petroliferous basin in China, producing one-sixth of the country's total production of natural gas.

Apart from Sinopec and PetroChina, the other firms that had notified the NYSE of their intentions to delist were China Life Insurance and Aluminium Corporation of China (Chalco).

PetroChina said in its release that it had notified the NYSE today of its decision and would file with the SEC on or about August 29 a form to delist its ADSs from the NYSE.

American Depositary Shares ("ADSs") from the NYSE  [...2000 HKSE/23.5% NYSE, 2005 HKSE, 2007 SSE] As of 9 August 2022, the issued and outstanding ADSs represented approximately 3.93% of the total [diluted] H Shares and approximately 0.45% of the total share capital of the Company.

Among the many business reasons for seeking delisting of its ADSs, PetroChina cited "the considerable administrative burden for performing the disclosure obligations as necessary for maintaining the listing of the ADSs on the NYSE as a result of the differences in the regulatory rules of multiple listing venues." ...

China's largest oil refiner Sinopec has reportedly extracted crude oil and natural gas from a newly drilled oil reserve with wells around 8,000 meters deep.... 244 tons of crude oil and 970,000 cubic meters of natural gas per day. ... The Shunbei oil and gas field has 41 ultra-deep drilling wells, and is one of the world's deepest onshore commercial oil and gas fields, according to Sinopec.

For the past two decades, China has been stonewalling U.S. regulators over access to the work papers of auditors of publicly traded companies that are based in China but listed on U.S. stock exchanges. China takes the position that these audit work papers hold state secrets and it prohibits audit firms from releasing the documents directly to U.S. regulators, effectively FLOUTING U.S. accounting law FASB guidance. This UNTENABLE situation finally forced the hand of Congress to take a stand in December of 2020....

archived 9 Aug book promo, Thu Jul 28th, 2022