MALAYSIA: Nippon Oil says Malaysian Helang gas field has begun production

Nippon Oil Exploration Malaysia (NOMA) Limited, a subsidiary of Japan’s Nippon Oil Corp, said that commercial production has begun at the Helang gas field off Sarawak state in Malaysia. NOMA is a subsidiary of Nippon Oil Exploration Limited (NOEX), the upstream arm of Nippon Oil Corporation. In 1987, NOMA bought a 75% working interests in (more…)

INDIA: ONGC proposes setting up mini-power plants for Tamil Naidu state

Indian upstream company Oil and Natural Gas Corporation Ltd (ONGC) has proposed setting up mini power plants in Tamil Nadu state to help meet its growing power demand, according to an Infraline report. Briefing reporters after meeting the Tamil Nadu chief minister, ONGC chairman Subir Raha said that it owns eight gas wells in the (more…)

INDIA: ONGC will not sell crude oil to private refiners

Indian upstream company Oil and Natural Gas Corporation (ONGC) will not sell its crude oil to private sector refiners, such as Reliance Industries, from next year. According to a report by Infraline, ONGC will supply its 26.2 million tonnes of crude output only to public oil refiners. This was decided at a high-level meeting convened (more…)

CHINA: Panva Gas in MOU with Foshan

Panriver Investments Company, a wholly-owned subsidiary of Hongkong-listed Panva Gas Holdings Limited, has entered into a non-legally binding memorandum of understanding with Foshan Construction and Transportation Assets Management Company Limited and Foshan Gas Company for the possible acquisition of a 45% equity interest in Foshan Gas. Panriver Investments will acquire from Foshan CTAM a 45% (more…)

AUSTRALIA: First term-contract LNG cargo for South Korea

The North West Shelf Venture’s first term-contract LNG cargo to Korea Gas Corporation (Kogas) has set sail from Withnell Bay near Karratha in Western Australia. The cargo has been loaded on board the Energy Frontier, currently under charter from Tokyo LNG Tanker Co. Ltd. with a capacity of 145,000 cubic metres it is the largest (more…)

SAUDI ARABIA: Islamists planning to bomb Saudi oil province

DUBAI (AFX-ASIA) – Islamist militants are planning further attacks in Saudi Arabia targeting the kingdom’s oil-rich eastern province, the Washington-based Saudi Institute Press (SIP) reported, quoting a Saudi security source. “Armed extremists are planning bombings and attacks in the eastern province, targeting Westerners, Shiite communities and economic facilities,” said SIP, a non-profit organization that runs (more…)

RUSSIA: Plans to up taxes throughout oil sector Ð Yukos

MOSCOW (AFX) – A senior official from the troubled Russian oil giant Yukos has said the Russian government had decided to increase taxes on profits throughout the Russian oil industry. “Someone in the government has decided that this industry has been generating unnecessary profits,” and that those profits therefore had to be re-distributed, Yukos finance (more…)

KAZAKHSTAN: Parliament approves new tax on oil investors

ALMATY (AFX-ASIA) – Kazakhstan’s lower house of parliament has approved new oil export taxes likely to be seen as an extra squeeze on foreign investors considering new projects in the country, media in the ex-Soviet republic said. The legislation establishes a flexible export taxation system pegged to oil prices and is intended to “perfect the (more…)

CHINA: European working group to advocate China energy policy changes

BEIJING (AFX-ASIA) – A working group representing leading European energy firms will meet with Chinese counterparts next month to propose changes to China’s energy policies, including allowing foreign investors to take majority holdings in petrochemical, gas and oil joint ventures, the China Daily reported, citing a leading official with the group. The newspaper quoted Henry (more…)

JAPAN: Tokyo Gas 30 billion yen 10-year bonds assigned ‘Aa1’ long-term rating – Moody’s

TOKYO (AFX-ASIA) – Moody’s Investors Service said today it has assigned an “Aa1” long-term rating to the 30 billion yen of 10-year bonds issued by Tokyo Gas Co Ltd, and a “(P) Aa1” rating to a 150 billion yen shelf registration by the company. (US$1=110 yen). “Aa1” is the second-highest of Moody’s investment-grade credit ratings. (more…)

INDIA: Aviation fuel prices up 5% in November

(INFRALINE) — Bad news for India’s domestic airlines. The price of aviation turbine fuel has gone up 5.07% in November, the second sharpest rise in the current financial year. According to industry estimates, a 1% rise in the ATF price results in an addition of Rs 100 million to the airlines’ fuel bill. (US$1=Rs45). Fuel (more…)

THAILAND: PTT says 9-months earnings up 62.9% on strong domestic economy

BANGKOK (AFX-ASIA) – PTT PLC president Prasert Bunsumpun said the company’s net profit for the nine months to September rose 62.9% year-on-year to 27.96 billion baht. (US$1=40 baht). The higher results were due to the country’s continuous economic expansion supported by the government stimulus package amid low interest rates, he said in a statement. The (more…)

SINGAPORE: SembCorp Gas sees no material impact from pipeline leak

SINGAPORE (AFX-ASIA) – SembCorp Gas, a unit of SembCorp Industries unit SembCorp Utilities, said it expects no material impact from a pipeline leak that has halted natural gas supplies to Singapore from Indonesia’s offshore West Natuna field since Nov 14. The leak has disrupted the supply of gas to SembCorp Gas power generating customers but (more…)

RUSSIA: ChevronTexaco, ConocoPhillips, Total eyeing Rusia Petroleum stake

MOSCOW (AFX) – ChevronTexaco Corp, ConocoPhillips and Total are among 15 companies pitching to buy a 25.8% stake in the Russian oil group Rusia Petroleum, the business daily Vedomosti reported. Rusia Petroleum is 62.4%owned by BP PLC joint venture TNK-BP, and the regional administration of Irkutsk, in eastern Siberia, with 11.2% The 25.8% up for (more…)

SRI LANKA: Lanka Bunker Services signs agreement with Board of Investment

Lanka Bunker Services (Pvt) Ltd has signed an agreement with Sri Lanka’s Board of Investment (BOI) to provide a new range of bunkering services at the Colombo Port. The company is a joint venture between Sri Lanka Shipping Company Limited and US-based ChemOil. A BOI statement said ChemOil will lend the project significant advantages through (more…)

QATAR: ExxonMobil, Qatar Petroleum announce LNG terminal agreements; RasGas, Edison Gas sign amended

Exxon Mobil Corp and Qatar Petroleum (QP) said they have acquired a 90% interest in the Edison Gas North Adriatic liquefied natural gas (LNG) terminal project. Separately, Ras Laffan Liquefied Natural Gas Company Limited II (RasGas II) and Edison Gas S.p.A. of Italy have signed amended sale and purchase agreements to increase LNG supplies from (more…)

CHINA: PetroChina expects FY crude oil, natural gas output to rise 5.2%

BEIJING (AFX-ASIA) – PetroChina Co Ltd (HK 0857; NYSE PTR) expects to produce 124.18 million tons of crude oil and natural gas, or 918 million barrels of oil equivalent (BOE) this year, up 5.2% from 872.4 million BOE a year earlier, the Shenzhen-based Securities Times reported. The newspaper quoted PetroChina president Chen Gen as saying (more…)

VIETNAM: ConocoPhillips announces discovery in offshore field

ConocoPhillips and its partners in the Cuu Long Joint Operating Company (CLJOC) said they have discovered oil and gas reserves in well 15-1-ST-1X in the SuTu Trang (White Lion) field in Block 15-1 offshore Vietnam. The ST-1X drill reached a total depth of 4,428 meters, encountering significant pay in multiple tertiary zones. Three zones tested (more…)

CHINA: Foreign capital to play greater role in China’s energy sector – IEA director

BEIJING (AFX-ASIA) – Foreign investment in China’s energy sector will play a greater role in the future, said William Ramsay, deputy executive director of the International Energy Agency (IEA). However, the government needs to do more to facilitate the inflow of foreign investment into the country’s fast-growing energy industry, he said during a China Energy (more…)

AUSTRALIA: BHP Billiton long-term rating raised to ‘A+’ from ‘A’, outlook st

SYDNEY (AFX-ASIA) – Standard and Poor’s has raised its long-term corporate credit ratings on BHP Billiton Ltd and BHP Billiton PLC to “A+” from “A”, citing its excellent market position, portfolio diversification, strong cost profile, conservative financial policies and successful integration. In a statement, S&P also affirmed BHP Billiton’s short-term corporate credit ratings at “A-1”, (more…)

INDIA: Jump in naphtha prices to hit fertiliser companies, power generators

(INFRALINE) — Independent Power Projects (IPPs) and fertiliser companies are likely to face tough times following a 35% jump in naphtha prices over the last six months. Naphtha is used as a feedstock for producing ethylene, propylene and fertilisers, and as a fuel for power generation. Naphtha prices have risen from a low of Rs (more…)

INDIA: Petroleum ministry seeks direct sale of LPG by producers

(INFRALINE) — India’s ministry of petroleum and natural gas has proposed to the Cabinet committee on economic affairs (CCEA) to allow liquefied petroleum gas (LPG) producers to make direct sales to bulk consumers. The ministry has long been advocating the right of direct sales by the producers which include Oil and Natural Gas Corporation (ONGC), (more…)

CHINA: COSL enters into charter contract with Singapore’s KS Tech for rig lease

China Oilfield Services Limited (COSL) said it has entered into a charter contract to dry-lease a jackup drilling rig “Yu Song” with KS Tech Ltd of Singapore. Built in 1976, the rig is equipped with legs of 127.2 meters long with a maximum drilling depth of 6,000 meters. Yu Song will be transported to China’s (more…)

AUSTRALIA: Santos divests interests in Indonesia’s Bentu and Korinci-Baru PSC

Australian upstream company Santos Ltd has sold off the subsidiaries holding its 61.1% operated interests in the Bentu and Korinci-Baru Production Sharing Contracts (PSC) in Central Sumatra in Indonesia. “Divestiture of these subsidiaries is in line with company strategy of focusing its Indonesian activities in East Java,” the company said in a statement. Santos has (more…)

RUSSIA: TNK-BP unit in feasibility study for US$17 billion gas pipeline

MOSCOW (AFX) – TNK-BP unit Russia Petroleum said it signed a feasibility study agreement with China National Petroleum Corp and Korea Gas Corp for a US$17 billion project to supply Siberian gas to Chinese and South Korean markets. The 4,887-kilometre (3,055 mile) pipeline would transport gas from the vast Kovytka gas field near Lake Baikal (more…)