VENTURE CAPITAL POST

China's oil giant reported a 67% drop in profit. PetroChina reported its worst profit in 15 years which brought liability to $162 billion.

A Chinese trading firm has booked the world's largest super-tanker to store crude at sea, adding to a growing flotilla of vessels used for floating storage as benchmark oil prices slip below $100 a barrel.

Seven years after petroleum companies Chevron Corp and PetroChina entered into a joint venture agreement, the USD6.4 billion Chuandongbei gas project faces further delay. It is now expected to deliver gas in the second half of next year.

US oil major Exxon Mobil will sign over its 25% stake in Iraq's West Qurna1 oilfield project to China's largest energy company PetroChina. Exxon previously offered to sell its entire stake in the oilfield following a disagreement with Iraq's central government.

The following bids, mergers, acquisitions and disposals were reported on Wednesday including BNP Paribas, Facebook, Crocs, VTB Capital and Flybe Group.

PetroChina's acquisition of Lots 57, 58 and X would help the state-backed oil and gas company diversify its assets abroad, said one analyst.

Sources told Bloomberg that PetroChina Co has set aside USD 10 billion to invest in gas fields in Russia.

The China Business News reported five officials of PetroChina were detained, a report that was denied by the oil company as 'inaccurate.'

Petrochina Securities investor Johan Broux filed a disclosure suit against Petrochina Co and its current and former executives for failing to disclose pertinent news to investors.

As the company faces an investigation on corruption under the previous leadership, the new management of PetroChina is seeking to distance itself from the legacy of its former chairman.

China's corruption goes on overdrive with PetroChina officials falling in its wake.

CNPC vice president Wang Yongchun is under investigation from the China Ministry of Supervision due to unspecified breaches of discipline.

The Iraqi oil minister said ExxonMobil would sell portions of its stakes to PetroChina and Pertamina.

State-owned PetroChina Company Ltd said it was discussing with relevant parties about developing the West Qurna oilfield in Iraq.

China's energy giants are slowing their purchases of overseas unconventional oil and gas assets following two years of aggressive investment.