Petro Matad Awaits PetroChina Nod for 35,000-Barrel Block XX Sales

Petro Matad expects PetroChina to approve its 2026 Oil Sales Agreement shortly, unlocking sales of roughly 35,000 barrels of accumulated Block XX crude. The development follows CNOOC’s May 27 full production start at Kenli 10-2, which added over 20,500 barrels per day, and Sinopec’s May 25 report of a 15% rise in Jiyang shale oil output plus validation of 235.687 billion cubic meters of ultra-deep shale gas reserves. Suriname’s Block 52 also advances toward potential oil commerciality within 18 months. These milestones underscore Beijing’s domestic supply drive, though near-term global oil market impact remains limited.