MALAYSIA: Petronas aims to capture 5% of China’s lubricants market

Malaysia’s state oil and gas company Petronas has set its sights on capturing 5% of China’s lubricants market within the next five years, vice-president of oil business Anuar Ahmad said. “In fact 5% is a very high target, but realising our capabilities and credentials we are confident of achieving it,” he told Bernama news agency...

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KOREA: LG Caltex warns strikers of ‘severe action’

Korea’s downstream company LG-Caltex Oil Corp has given its striking workers until tomorrow to return to work tomorrow or face “severe action.” Korea Herald reported that since July 19, more than 700 unionised workers have gone on strike at the oil refiner’s plant in Yeosu, 450 kilometers from Seoul, demanding a 10.5% pay raise and...

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VIETNAM: Deputy PM encourages PetroVietnam to become more effective

Vietnam’s Deputy Prime Minister Nguyen Tan Dung is encouraging state Vietnam Oil and Gas Corporation’s (PetroVietnam’s) efforts to step up oil exploration and drilling investments at home and abroad. But he has also demanded that the company undertake its projects more effectively and efficiently, said the Vietnam News agency. At a recent meeting to review...

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CHINA: Xinhua Far East assigns AA- (Pi) rating to Shenzhen Energy Investment

Xinhua Far East China Ratings agency has assigned an issuer credit rating AA-(pi) to Shenzhen Energy Investment Co Ltd (SEIC), with a ‘stable’ rating outlook. Xinhua said the long-term credit rating of AA- (pi) reflects SEIC’s competitive edge in the electric power market in Shenzhen city. “The city’s fast-moving economy is driving the regional demand...

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PHILIPPINES: Unocal subsidiary receives payment under “Geothermal Compromise Agreement”

Unocal Corporation (NYSE: UCL) said that its subsidiary, Philippine Geothermal, Inc. (PGI), has received payment under a compromise agreement that has been reached to settle an eight-year dispute over operation of the Tiwi and Mak-Ban geothermal steam fields in the Philippines. The Philippines’ Department of Energy and the courts approved the agreement between PGI, the...

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MALAYSIA: Crest Petroleum wins Shell contract worth up to RM150 million

Malaysia-listed oil services company Crest Petroleum Bhd has been awarded an underwater inspection and maintenance job from Shell Petroleum valued at “up to RM150 million.” (US$1=RM3.8). In a statement, the company told the local bourse that it had received a letter of a ward from Sarawak Shell Bhd/Sabah Shell Petroleum Co for the three-and-a-half-year contract....

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SINGAPORE: BP awards US$20 million follow-up job to Keppel yard in the Caspian

Keppel FELS Limited (Keppel FELS) said it has received a new US$20 million contract award from BP after successfully delivering the main hull sections of a TPG 500 platform to BP Exploration (Shah Deniz) Ltd a year after securing the US$96 million project. The joint entity of Keppel FELS and Caspian Shipyard Company (CSC) received...

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INDIA: Gail aims to secure national gas grid project

Gas Authority of India Limited (Gail) is aiming to secure the project for implementing the country’s Rs 230,000 million national gas grid including 8,000 km of pipelines, said its chairman and managing director at a recent news conference. Speaking to reporters in New Delhi, Proshanto Banerjee said his company has the support of as many...

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PAPUA NEW GUINEA: Cheetah Oil & Gas appoints new CEO and chairman, announced new office in Port More

Las Vegas-based Cheetah Oil & Gas Ltd has appointed real-estate developer and former investment banker Garth J. Braun as its new CEO and chairman. He replaced Ted Kozub who remains as a director and chief financial officer of the company. Georgina Martin, an existing director, has been appointed secretary and treasurer. The company also announced...

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MARKETS: ESAI says gasoline’s US seasonal switch should “encourage” lower prices

This year has been particularly difficult for gasoline producers and blenders with January’s introduction of ethanol reformulated gasoline (RFG) in the Northeast of the US, said consultant ESAI. Logistics and manufacturing constraints further compounded supply difficulties with the switch in April to summer grade. With robust US gas demand on the back of a strengthening...

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THAILAND: Carnarvon provides update on Wichian Buri oilfield project

Australia’s Carnarvon Petroleum and Canada’s Pacific Tiger Energy have appointed Navigator Resource Management Inc to undertake a review of the operations of the Wichian Buri oilfield in central Thailand and the performance of the most recently drilled wells, N7 and N8. Navigator is a Calgary-based firm providing technical and fiscal consulting services to the oil...

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AUSTRALIA: Stuart Petroleum reports 147% rise in revenue, more growth expected in year ahead

Australian upstream company Stuart Petroleum has booked a 147% jump in annual sales to A$14.7 million for 2003-2004, with forecast of further growth in the year ahead. (US$1=A$1.4). The Advertiser reports that Stuart’s oil production climbed to 328,100 barrels – up from 123,000 barrels the previous year, thanks to six oil discoveries in South Australia’s...

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AUSTRALIA: Origin to acquire controlling interest in New Zealand’s Contact Energy

Australia’s Origin Energy Limited said it has entered into a conditional agreement to acquire Edison Mission Energy’s 51.2% interest in the issued capital of Contact Energy Limited for NZ$1.675 billion or NZ$5.67 per share. (US$1=NZ$1.55). The purchase sum will be adjusted by any dividend paid by Contact prior to completion and compares with the closing...

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CHINA: Ultra Petroleum gains from start-up of Bohai Bay field production

Ultra Petroleum Corp, through its wholly owned subsidiary Sino American Energy Corp., said that oil production has started at the CFD 11-1 and CFD 11-2 fields on Block 04/36 in China’s Bohai Bay on July 18. The two fields are expected to produce a total of 15,000 to 20,000 barrels of oil per day within...

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SINGAPORE: Keppel Offshore & Marine secured S$66 million offshore contracts

Holland’s SMIT Transport & Heavy Lift BV (SMIT) has exercised its option to build an offshore support vessel with Keppel Singmarine Pte Ltd (Keppel Singmarine), the specialised shipbuilding arm of Keppel Offshore & Marine Limited (Keppel O&M). The option is part of the March 2004 contract in which Keppel Singmarine had been awarded to build...

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JAPAN: Russia to get 8.4 billion yen for oil pipeline study

Russia will receive 8.4 billion yen from the Japanese government to fund a feasibility study of an oil pipeline project. (US$1=109 yen). The study is aimed at determining the amount of crude oil reserves in untapped fields in eastern Siberia, said the Japan Times. The move is intended to encourage Russia to start building a...

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AUSTRALIA: Santos divests interests in onshore Otway Basin to Origin Energy

Santos Limited has agreed to sell its operated interests in the onshore Otway Basin in western Victoria to Origin Energy Resources Limited which interests are held through its wholly owned subsidiary Santos (BOL) Pty Ltd. The sale includes a 90% interest in the exploration permit EP 154a and b, the entire interest in the exploration...

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AUSTRALIA: Santos says its second quarter performance impacted by Moomba incident

Australia’s upstream company Santos Limited last week reported lower June 2004 quarter production, sales volumes and revenues, despite significantly improved results compared with the March quarter. It blamed the poorer performance on the months-long partial shutdown of a natural gas plant in Moomba town following a fire on New Year’s day. “The lower second quarter...

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CHINA: CNOOC says oil fields in Bohai Bay started production

Hong Kong-listed CNOOC Limited (SEHK: 883) said its Caofeidian (CFD) 11-1/11-2 fields have started production ahead of schedule. It said output from the fields will reach 15,000 – 20,000 barrels of oil per day within the next several months. CFD 11-1/11-2 is located on block 04/36 in the western part of Bohai Bay in 20...

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SINGAPORE SPC acquires Coastal Indonesia Sampang Ltd from El Paso Corporation for US$23.2 million

SPC Production Company Ltd, a Singapore Petroleum Company Limited (SPC) subsidiary, has acquired from El Paso Production Oil & Gas Company the entire issued and paid-up share capital of Coastal Indonesia Sampang Ltd for US$23.2 million in cash plus working capital. El Paso is a wholly owned subsidiary of US-based El Paso Corporation. Coastal owns...

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MALAYSIA: Octagon ventures into renewable energy

Malaysia’s Octagon Consolidated Bhd, an industrial paints and inks company, is venturing into the renewable energy business with its recent purchase of a 55% stake in Green Energy and Technology Sdn Bhd (GET) for RM5 million. (US$1=RM3.8). “The acquisition will enhance the group’s earning capability,” said Octagon’s managing director and CEO, Mazlan Ali. “Octagon’s move...

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THAILAND: PTT, Bangchak shares rise on cuts to refining fee

The share prices of oil companies led by PTT Plc and Bang Chak Petroleum Plc (BCP) rose last week following news that the government will slash the fees its imposes on oil refiners as a move to reduce funding for oil price subsidies. The government has spent about 18 billion baht on oil price subsidies...

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MARKETS: OPEC President says cartel wants “stable, orderly oil market”

OPEC President, Purnomo Yusgiantoro, also Indonesia’s Minister of Energy and Mineral Resources, said the cartel does not want to see oil prices rise, preferring a stable, orderly market. In a statement last week, he said: “OPEC took a decision in Beirut on June 3 to hold an extraordinary meeting of its conference here in Vienna....

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SINGAPORE: Oil companies raised retail gasoline, diesel prices

Singapore’s oil companies last week raised retail prices for gasoline and diesel by 4 Singapore cents a litre. (US$1=S$1.7). Citing “global market conditions”, Caltex Singapore Pte Ltd said its three gasoline grades now sell for S$1.415, $1.498 and $1.59 a litre while its new diesel price is $0.852. ExxonMobil said its gasoline grades now cost...

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SRI LANKA: Japan to provide aid for developing Colombo’s power plans

The Japanese government will provide aid to help the Sri Lanka’s state CEB develop the country’s electricity Master Plan for the next 20 years, according to Lanka Business Line. “The Japanese government is working with the CEB to develop a master plan for Sri Lanka’s electricity sector,” said the Japanese Ambassador to Sri Lanka, Akio...

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