TURKMENISTAN: AP Moeller’s Maersk Oil to explore 2 blocks on Turkmenistan Caspian Sea sector

ASHKHABAD (AFX) – AP Moeller Group’s Maersk Oil has signed a production-sharing contract to search for hydrocarbons in Turkenistan’s sector of the Caspian Sea, said a Turkmenistan presidential spokesman. The company said the contract covers exploration and production work at two blocks in the sector, said the spokesman. Maersk head Kjeld Fjeldgaard said the company […]

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MARKETS: DoE says cold weather starting to drive up mid-distillates demand

In its latest market commentary, the US Department of Energy said cold weather is starting to drive up middle distillates demand for heating use. It reported that cold weather that blanketed the Upper Plains with snow and pumped colder-than-normal temperatures into the Midwest and Northeast regions over the last several weeks is expected to jump […]

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MALAYSIA: UMW expanding oil and gas business

Malaysia’s UMW Holdings Bhd, which is looking at acquiring three to four companies to strengthen its oil and gas division, expects to make the first such acquisition within the next 12 months, said managing director Abdul Halim Harun. According to a report in the local Star newspaper, he said: “We are seriously evaluating three to […]

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PHILIPPINES: Petron to invest US$300-400 million in refinery upgrade to meet gas standards

MANILA (AFX-ASIA) – Petron Corp president and chief executive Motassim Al-Ma’ashouq said the company has allocated US$300-400 million to meet new gasoline specifications under the Clean Air Act. The amount is on top of some US$100 million that Petron will spend to upgrade its refining facilities, he said. “We have US$100 million just for the […]

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MALAYSIA: Petronas says 700,000 b/d oil output can be maintained

Malaysia is able to sustain crude oil output at 700,000 barrels/day despite its depleting domestic reserves as state Petronas is stepping up production from external sources. Speaking to local reporters recently, Petronas president and chief executive officer Mohd Hassan Marican said it has found enough oil overseas to meet the demand of the local market. […]

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AUSTRALIA: Hardman sees ‘very significant’ effect on profits from Woodada 19 production

LONDON (AFX) – Hardman Resources Ltd managing director Ted Ellyard said the increase in gas production from its Australian offshore Woodada 19 well, which flowed at a stabilised rate of approximately 3.4 Tj/day, will have a very significant effect on Hardman’s profitability from the Woodada Field as the group is currently buying up to 3.0 […]

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