AUSTRALIA: Caltex to invest in cleaner fuels to reduce air pollution from vehicles

Caltex Australia has announced it will upgrade its Kurnell and Lytton refineries to meet fuel standards for cleaner gasoline and diesel that are regulated to take effect from 2006. The scope of the project has been expanded to meet future fuel standards that are expected to take effect late this decade. Caltex said it will...

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IRAQ: Pentagon opens criminal probe of Halliburton unit for overcharging

WASHINGTON (AFX) – The US Defence Department has launched a criminal investigation into allegations that a subsidiary of oil services company Halliburton had overcharged the military for oil delivered to Iraq, a defence official said. “The Defence Criminal Investigative Service, the criminal investigative arm of the Office of the Inspector General, is investigating allegations of...

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COMPANY: ConocoPhillips replaces 106% of 2003 production

ConocoPhillips (NYSE: COP) said the net addition of 650 million barrels of oil equivalent (BOE) to its proved reserve base during 2003. The company replaced 106% of its 2003 production or 133 percent excluding sales and acquisitions, bringing its total reserve base to 7.8 billion BOE, excluding 0.3 billion barrels associated with the company’s Canadian...

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CONFERENCE: Green Trading Summit 3 promises to be best yet

The Third Annual Green Trading Summit in New York will break new ground on environmental trading markets. Speakers from around the world will share their insights on greenhouse gas, renewable energy and energy efficiency trading. Following up on their recent book, “Green Trading,” Peter Fusaro and Marion Yuen, the conference organisers, are offering new topics...

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AUSTRALIA: Santos has strategy in place for growth Ð CEO

Santos Ltd has armed itself with an arsenal of tools for growth through exploration, project development, gas commercialisation and acquisitions, chief executive John Ellice-Flint told an analysts’ briefing. Speaking after the release of flat A$327 million net profit for 2003, he said Australia’s second largest oil and gas producer after Woodside Petroleum, is poised to...

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IRAQ: Oil ministry calls for French involvement including Total in oil industry

BAGHDAD (AFX) – France’s oil companies have been invited to a conference to be held in the southern city of Basra, a high-ranking official Iraqi oil ministry official said. “The main French oil companies are invited to an international oil conference organised by our ministry in Basra in mid-April,” spokesman Assem Jihad said. During the...

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CHINA: Sinopec slightly higher after news of 3.5 billion yuan bond issue

SHANGHAI (AFX-ASIA) Ð Shares of China Petroleum and Chemical Corp (Sinopec) SHA 600028; HK 0386; NYSE SNP) have traded higher after it announced a bond issue earlier this week to raise 3.5 billion yuan. (US$1=8.27 yuan). The issue, closing on March 8, is for 10-year bonds with a fixed annual coupon of 4.61%. Sinopec said...

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CHINA: Sinopec Shengli finds oil in Iran’s Zavareh-Kashan oilfield

BEIJING (AFX-ASIA) – Sinopec Shengli Oilfield Co Ltd has discovered oil in the Zavareh-Kashan oilfield in Iran, the China Economic Times reported, citing sources from Sinopec Shengli. Daily output of crude oil at a single well is expected to exceed 1,000 tons, with minimum daily output forecast at 700 tons, the newspaper said. Natural gas...

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SINGAPORE: Keppel Offshore & Marine secures S$172 million contracts

Singapore-based Keppel Offshore & Marine Ltd (Keppel O&M) said it has secured a total of S$172 million worth of contracts through its wholly owned subsidiaries, Keppel Singmarine Ltd and AMFELS in the US. (US$1=S$1.67). Keppel Singmarine, a specialised shipbuilder, will build four Anchor Handling Tug/ Supply (AHTS) vessels for European based company, Groupe Bourbon and...

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MALAYSIA: Sumatec gains on diversification plans

KUALA LUMPUR (AFX-ASIA) Ð Shares of Sumatec Resources Bhd have moved up after the company said it plans to diversify into upstream oil and gas activities such as commissioning and chartering vessels, and the power generation business, from its current downstream oil and gas activities, dealers said. They noted the company is planning to venture...

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INDONESIA: Medco to acquire local firm if Novus bid collapses

JAKARTA (AFX-ASIA) – Oil and gas firm PT Medco Energi Internasional said it will acquire a local firm this year if its bid to acquire Australian oil and gas producer Novus Petroleum Ltd collapses, Bisnis Indonesia reported citing finance director Sugiharto. “We have more than 10 acquisition targets. There are also some companies whose size...

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PHILIPPINES: PNOC unit approves 2 modes of sale for 49% of Malampaya stake

MANILA (AFX-ASIA) – PNOC Exploration Corp said the government’s Privatisation Council has approved two modes of sale for 49% of its 10% participating interest in the US$4.5 billion Malampaya offshore natural gas project, which is covered by Service Contract (SC) No. 38. Bidders can make an offer for 49% of outstanding shares of PNOC Malampaya...

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CHINA: China Power Corp to invest 20-30 billion yuan in Anhui nuclear plant

BEIJING (AFX-ASIA) – China Power Investment Corporation (CPI) will invest 20 to 30 billion yuan in the first phase of a planned nuclear plant in Anhui province, an official surnamed Zhou in the province’s nuclear plant affairs working group said. (US$1=8.27 yuan). However, he declined to give details of the total investment or final capacity...

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MARKETS: ESAI says US oil needs may negate seasonal drop in global demand

OPEC has opted to eliminate up to 1.5 million b/d of overproduction, and an additional 1 million b/d beginning in April. This is predicated on a drop in demand during the 2nd quarter of around 2.4 million b/d. However, US-based energy consultants ESAI, in the latest edition of the Atlantic Basin Stockwatch, believes that while...

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SINGAPORE: Singapore’s Keppel FELS says US$126 million newbuild contract is now effective

Singapore’s engineering company Keppel FELS Limited (Keppel FELS) said that its rigbuilding contract with the Skeie Group AS has come into effect February 16. The US$126 million contract, announced on January 20, also includes an option for an additional unit within the next 6 months. The rig is due for delivery in the second quarter...

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COMPANY: ChevronTexaco Fuel and Marine Marketing opens new office in Seoul, Korea

Fuel and Marine Marketing (FAMM), a ChevronTexaco company, has announced the opening of a newly established branch office in Seoul, Korea. Led by Mr. J.S. Cha, general manager for FAMM Korea, staff representatives will oversee the sales and supply of residual fuels, marine fuels and lubricants to the Korean domiciled international shipping community. “The Korean...

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INDIA: Government sale of 10% stake in Gas Authority starts this week

BOMBAY (AFX-ASIA) – The Indian government’s plan to sell a 10% stake in monopoly gas major Gas Authority of India Ltd (GAIL) will kick off Feb 27, an official said. The government, which plans to offer shares to the public through the book building route, said the offer will close on March 5, with a...

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AUSTRALIA: Santos 2003 earnings rise to A$327 million

Australian upstream company Santos Limited said its net operating profit after exploration write-offs for 2003 came to A$327.0 million, or 52.1 cents per share, up from A$322.1 million in 2002. (US$1=A$1.3). The result was achieved on steady sales revenue of A$1.465 billion. Full year earnings before interest, tax, depreciation, depletion and amortisation (EBITDA) were A$1.061...

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CHINA: Shell, Exxon plan to sell HK-listed Sinopec stakes for about HK$3/share

HONG KONG (AFX-ASIA) – Royal Dutch/Shell Group and ExxonMobil Corp plan to sell 5.12 billion H shares, or a stake of 5.92%, in Hong Kong-listed Sinopec (386.HK) at around HK$3 each, a source said. Shell holds 1.96 billion H shares in Sinopec, representing a stake of 2.27%, and ExxonMobil 3.16 billion, or an interest of...

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INIDA: Road show launched for largest equity offer of state companies

BOMBAY (AFX-ASIA) – India kicked off a road show this week for oil exploration giant Oil and Natural Gas Corp’s (ONGC) share offer, the country’s largest stock sale ever, as companies stampede to the market in what marks the nation’s biggest equity bazaar. Analysts estimate some US$10 billion worth of issues could be in the...

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COMPANY: Singapore’s k1 Ventures turns in “creditable interim results”

Singapore-listed investment holding group k1 Ventures (k1), which is actively involved in the energy sector, performed “creditably” for the six months ended December 31, 2003. The company said its profit after tax and minority interests (PATMI) increased 23% to S$8.7 million from S$7.1 million in the previous corresponding period. (US$1=S$1.67). It said: “Earnings were boosted...

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CHINA: CNOOC 2003 net profit up 23.7% at 14.4 billion yuan on robust sales

BEIJING (AFX-ASIA) – China National Offshore Oil Corp (CNOOC), parent of Hong Kong-listed CNOOC Ltd (HK 0883; NYSE CEO), said it posted a net profit of 14.4 billion yuan for 2003, up 23.7% from a year earlier, boosted by strong sales. (US$1=8.27 yuan). CNOOC registered 49.2 billion yuan in sales revenue last year, up 43%,...

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AUSTRALIA: Santos says restored Moomba gas supply now exceeds demand

Australian upstream company Santos Limited said that gas supply from the Moomba plant now exceeds South Australia and New South Wales customer requirements, following increases in production over the past month. The plant was briefly shut down after it was damaged by fire on Jan 1. The company said that excess capacity means that some...

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COMPANY: Market welcomes SEC ‘formal non-public investigation’ into Shell’s reserves fiasco

LONDON (AFX) – News that the US Securities and Exchange Commission is to launch a formal non-public investigation into last month’s massive reserve cut by Royal Dutch/Shell Group of Companies was welcomed by the market. But dealers were quick to caution the news does not remove the uncertainty of such a probe surrounding the stock....

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CHINA: Additional 29% power capacity this year to ease shortage

BEIJING (AFX-ASIA) – China will speed up the construction of new power stations this year to try and ease the country’s power shortage, the National Development and Reform Commission said. The government will approve power generation projects involving capacity of 40 million kWh this year, a 29 pct increase over last year, when 41 projects...

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