Brightoil Petroleum (Holdings) Limited is a resource-based energy enterprise focusing on upstream oil and gas resources exploration, along with further developments midstream and downstream. The Group is principally engaged in the exploration, development and production of Upstream Oil and Gas Fields, Marine Transportation, Oil Storage and Terminal Facilities and International Trading and Bunkering Business.
The Group has three oil and gas field projects in its portfolio, including Dina 1 Gas Field, Tuzi Gas Field and Caofeidian oil Field in Bohai Bay. According to the report issued by DeGolyer and MacNaughton (“D&M”), as at 30 June 2016, the Group’s aggregate 2P reserves have reached approximately 9.37 billion cubic meters of natural gas and 37.61 million boe of crude oil. As promising gas reserves were detected at Tuzi Gas Field during drilling tasks and approved by relevant departments for operation while the adjusted overall development plan of Caofeidian Oil Field has been implemented, the Company’s oil and gas reserves and production are expected to increase significantly.
The Group currently operates four Aframax Oil Tankers and five VLCCs, and has a total capacity exceeding 2 million tonnes.
The Group’s oil storage facility on Waidiao Island in Zhoushan, with a total capacity of 3.16 million cubic meters, is under construction. The facility will be equipped with 13 berths which can accommodate vessels from 1,000 to 300,000 deadweight tonnage. Meanwhile, the Group’s oil storage facility on Changxing Island in Dalian, with a total capacity of 7.19 million cubic meters, is also under construction. The facility will be equipped with 13 berths to accommodate vessels from 1,000 to 300,000 deadweight tonnage.
The Group is one of the largest marine bunkering service providers in China with services expanded to global ports. The Group’s tradable range of products is diversified into fuel oil, crude oil, gas oil, as well as petrochemical and the related petroleum products.
The Group will continue to develop its upstream business by stretching its tentacles into the exploration, development and production of oil fields with a view to becoming one of the leading resources-based energy conglomerates in the world.