Norway’s Smedvig has been awarded a new US$100 million contract extension by Brunei Shell Petroleum for the semi-submersible self-erecting tender rig named the West Pelaut. The five-year production drilling assignment carries annual renewal options for another five years. The new contract is scheduled to start this month, continuing the current contract with Brunei Shell Petroleum....

MOSCOW (AFX) – Japan is prepared to support a 4,000-km oil pipeline to carry crude oil from Siberia to help supply its economy via a terminal on Russia’s Pacific coast, a Japanese embassy spokesman said. “Our government is ready to support the project if it should be given the go-ahead,” the spokesman said. “The concrete...

Australia’s BHP Billiton last week said its 10-year global bond was successfully launched, raising US$850 million instead of US$750 as originally planned. The proceeds will be used to repay existing debt and for general corporate purposes. BHP Billiton’s chief financial officer Chris Lynch said: “The success of this issue in terms of the expanded size,...

SYDNEY (AFX-ASIA) – Moody’s Investors Service said it has assigned an ‘A2’ long term rating and stable outlook to BHP Billiton’s proposed US dollar-denominated note issue. BHP Billiton Finance (USA) Ltd plans to raise US$750 million through its first global bond issue, with the proceeds earmarked for debt repayment and general corporate purposes. In a...

SEOUL (AFX-ASIA) – Moody’s Investors Service said it has assigned an A3 senior unsecured issuer rating to Korea South-East Power Co Ltd (KOSEP), a unit of Korea Electric Power (KEPCO). The outlook is negative. The rating reflects the sound financial profile of KOSEP, with a support from the strong electricity demand growth in South Korea...

MOSCOW (AFX) – Russia will buy up to 80 billion cubic metres of gas per year from Turkmenistan under a 25-year agreement signed by presidents Vladimir Putin and Saparmurat Niazov, the Itar-Tass news agency reported. The two countries will also co-operate in marketing gas on world markets, updating and building pipelines linked with the gas...

PetroChina Company Limited (SEHK stock code 0857; NYSE Symbol PTR) said it achieved all its production and operational targets for the first quarter ended March 31 2003. Chen Geng, PetroChina’s president, said: “The company achieved encouraging results in the first quarter of 2003 despite the challenging market environment at home and abroad. Upstream operating efficiency...

MANILA (AFX-ASIA) – Petroleum ministers from Pakistan, Turkmenistan and Afghanistan signed a joint invitation to India to participate in a proposed gas pipeline project in South Asia, Asian Development Bank (ADB) officials said. It said Pakistan’s petroleum minister Nauraiz Shakoor, Turkmenistan’s oil and gas minister Tachberdy Tagiev and Afghanistan’s deputy minister of gas and industry...

BEIJING (XFN) – The total installed capacity of China’s nuclear power plants is expected to reach 8,700 MW in two years, when four new generating units will be put into operation, joining the current seven, the China Daily said. The newspaper quoted Xu Yuming, deputy director of the China Atomic Energy Agency, as saying China...

PARIS (AFX) – The International Energy Agency said global oil production rose by a further 740,000 barrels per day in March, after February’s 2.25 million b/d increase. OPEC crude supply gained 95,000 bpd with higher output from Venezuela, Saudi Arabia and Kuwait helping offset losses from Iraq and Nigeria. Non-OPEC supply increased by 240,000 bpd,...

MANILA (AFX-ASIA) – The National Transmission Corp last week launched its Asian roadshow for the privatisation of the government’s power transmission assets, Transco president Alan Ortiz said. Transco and the Power Sector Asset and Liabilities Management Corp (PSALM) recently completed roadshows in Europe and Canada where investors expressed interest in the concession to operate Transco’s...

US major ChevronTexaco has said it plans to sell off its interests in its Papua New Guinea (PNG) joint ventures as part of the company’s drive to focus on assets more aligned with strategic growth objectives. On offer are its oil and gas production interests in Kutubu, Moran, Gobe Main and South East Gobe oil...

TAIPEI (AFX-ASIA) – Chinese Petroleum said the Corocora oilfield, 10% owned by unit OPIC Karimun Corp as part of a consortium in Venezuela, is set to begin producing 55,000 barrels of crude a day from early 2005. The Corocora oilfield, located in the Gulf of Paria West, is also 50% owned by ConocoPhillips and 40%...

Calgary-based Hurricane Hydrocarbons Ltd said it will be asking its shareholders to approve a corporate name change to PetroKazakhstan Inc at its annual and special meeting of shareholders in Toronto, Ontario on May 7. Hurricane is in its sixth year of operations in Kazakhstan where all its assets and the vast majority of its staff,...

Interoil, a Canadian company based in The Woodlands, Texas, USA said it has been awarded three new petroleum prospecting licences (PPL) in Papua New Guinea. The new licenses, PPL 236, PPL 237, and PPL 238 supersede previous prospecting licenses 210, 220, and 230. In a statement, InterOil said it applied for the new licenses to...

Australian upstream company Santos Limited has increased its gas resources in Western Australia’s offshore Carnarvon Basin with a successful appraisal of the John Brookes gas field in permit WA 214-P. In a statement, the company said the Thomas Bright-1 exploration well had upgraded the gross resource potential of the John Brookes field to up to...

Thailand’s PTT Exploration and Production Public Company Limited (PTTEP) said it is in the process of negotiation for joint venture participation in onshore oil and gas exploration in Blocks 433a and 416b in Algeria. The blocks are located near Touggourt in southeast Algeria covering an area of 6,472 square kilometers and about 50 kilometers from...

A new independent terminalling company Ð Horizon Terminals Limited (HTL) Ð has been established by Emirates National Oil Company Ltd (ENOC) LLC to capture growing regional and international demand for independent terminalling facilities and management. The company has an initial authorised capital of US $50 million. ENOC said it plans to sell stakes in the...

MANILA (AFX-ASIA) – State-owned National Power Corp said it has filed a petition with the Energy Regulatory Commission seeking rate increases ranging from 0.37 to 0.81 pesos per kilowatthour to recover deferred fuel and purchased power costs. (US$1=53 peso). Napocor said it is seeking to raise its rate in Luzon to 2.93 pesos per kwh...

MANILA (AFX-ASIA) – The Supreme Court said it is upholding its ruling ordering Manila Electric Co to refund to customers overbillings from 1994 to 1998. Meralco earlier estimated the refund will cost it around 11.5 billion pesos covering the five-year period. The Supreme Court refund order issued in Nov 2002 was based on a 1998...

MULTAN, Pakistan (AFX-ASIA) – A rocket attack blew up two key gas pipelines in central Pakistan, disrupting supplies to almost half the country’s industrial consumers but causing no casualties, officials said. Sui Northern Gas Pipeline Limited (SNGPL) General Manager Abrar Ahmed was quoted by Agence France-Presse as saying he believes the pipeline was blown up...

HONG KONG (AFX-ASIA) – The government has no plans to regulate Hong Kong and China Gas Co Ltd’s (3.HK) rate of return or the company’s tariffs, Secretary for Economic Development and Labour Stephen Ip said. “From the energy users’ perspective, a choice exists and there is competition among Towngas, LPG and electricity,” Mr Ip told...

BEIJING (Xinhuanet) — China is to cut its reliance on fossil fuels by increasing the energy output of its nuclear power plants, atomic officials. The goal is for nuclear plants to contribute to 3% of the total national power supply by 2005, reports Thursday’s China Daily. China will continue to maintain tight safety surveillance of...

In less than four weeks, the US-led war to oust Iraqi President Saddam Hussein from power appears to be largely over as Coalition forces have crushed the former dictator’s over-rated army with surprising ease. Yesterday, US-led troops marched into Tikrit, Saddam’s hometown and last base of control, encountering sporadic exchanges but no major opposition as...

JAKARTA (AFX-ASIA) – The Japanese government has given a commitment to extend its contract to buy 12 million tonnes per annum (MTPA) of liquefied natural gas (LNG) from Indonesia for another 10 years, Detik.com quoted Energy and Mineral Resources Minister Purnomo Yusgiantoro as saying.. The contract, which was originally scheduled to end in 2010, will...