MARKETS: DoE notes US forward fundamentals at work in setting oil prices

“US forward fundamentals” or expectation of the future have been actively driving oil price behaviour this year, said the US Department of Energy. In its latest weekly report, it argues that prices today reflect perceptions of the supply/demand balance sometime in the not-too-distant future. It reported: “When the price of West Texas Intermediate (WTI) crude […]

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INDONESIA: Medco Energi seeks US$74 million in bank loans to fund building of 2 rigs

JAKARTA (AFX-ASIA) – PT Medco Energi Internasional is seeking about US$74 million in bank loans to finance the construction of two offshore drilling rigs, the Kompas daily reported, citing finance director Sugiharto. The two rigs, which will be operated by Medco’s listed drilling unit PT Apexindo Duta Pratama, are expected to cost a total of […]

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PEOPLE: China’s CNOOC Limited names Courtis, Schurtenberger to board

China’s CNOOC Limited has appointed Kenneth Courtis and Erwin Schurtenberger as non-executive directors of its board from November 18. They replaced Tso Kai Sum and Will Honeybourne who sat on the board on behalf of strategic investors and whose terms now expired. Professor Courtis is managing director of Goldman Sachs and vice chairman of Goldman […]

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AZERBAIJAN: SembLog Orient Caspian forms joint venture with Azpetrol for integrated logistics servic

Singapore’s SembCorp Logistics (SembLog) said that its 65%-owned offshore logistics subsidiary SembLog Orient Caspian (SOC) has formed a joint venture company with the Azpetrol group in Azerbaijan to offer integrated logistics services for the oil and gas companies operating in the Caspian Sea region. SOC will hold a 49% stake in the joint venture company […]

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