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.

The biggest refiner in Asia, Sinopec would sell 30% of its shares in its retail assets said sources familiar with the matter but asked not to be named as the talks were held private, reported Bloomberg.

ONGC Videsh Ltd, Oil and Natural Gas Corporation's overseas arm, has bid for 3 out of 13 Sri Lankan oil and gas blocks in the Mannar basin.

Chinese refiner Senopec is in discussions with American oil-and-gas firm Apache Corp regarding the purchase of a minority stake in a liquefied natural-gas (LNG) project in Canada, according to sources familiar with the matter.

In an unprecendented move, China's Sinopec is selling off shale gas acreages in Canada.

Sinopec, the state owned oil and gas firm, forms Apache and Sinopec Group through the purchase of 33% of the Apache Corp.

Sinopec Group of China agreed to buy Marathon Oil Corp's Angola offshore oil and gas field called Block 31 in a US$1.52 billion deal.

China's outbound investments accelerated to $21.4 billion in the first three months of 2012 after stalling last year.