DOHA (AFX) – Iraq will require investments of the order of US$40-50 million to bring its oil industry back to full working order, said the country’s interim oil minister, Ibrahim Bahr al-Ulum. Iraq hopes to raise its output to 2 million barrels per day from the current 1.7 million by the first quarter of next...

BEIJING (AFX-ASIA) – China’s Three Gorges Project is expected to record 21.17 billion yuan in annual revenue from electricity generation, and is likely to pay back all its debts by 2015, Xinhua news agency reported. (US$1=8.27 yuan). Citing Liu Kuanghua, chief accountant with Yangtze River Three Gorges Project Development Corp, the news agency said the...

Caltex Australia Limited said that it expects markedly improved profits this year due primarily to improved Singapore refiner margins and continued robust marketing margins. The company said that refiner margins have been particularly resilient in 2003. The October year to date Singapore weighted average refiner margin for Caltex’s basket of products was US$3.54 a barrel...

Origin Energy, Australia’s largest producer of coal seam gas (CSG), has signed a 15-year contract to supply CSG to Queensland Alumina Limited (QAL). QAL operates an alumina refinery in Gladstone, central Queensland. Origin will supply between 11 and 13 petajoules (PJ) of gas per annum from November 1, 2006. The total contract is about 180...

Canadian upstream company Pacific Tiger Energy Inc. said it began drilling a well in the Wichian Buri Production License II onshore Thailand on November 29. The HP 1 well is located 1.5 kilometers to the southwest of the WB oil field. In a statement, the company said: “The primary target is the ‘F’ sandstone reservoir,...

SYDNEY (AFX-ASIA) – Caltex Australia Ltd said it expects markedly improved year to December earnings as a result of strong refiner margins and continued robust marketing margins. On a replacement cost of sales (RCOP) basis, the net operating profit excluding one-offs for the period is seen in the range of A$160-180 million, compared to 106.1...

BEIJING (AFX-ASIA) – PetroChina Tuha Oilfield Co has signed a 15-year contract to supply 520 million cubic meters of natural gas each year to Xinjiang Guanghui Natural Gas Development Co Ltd, a subsidiary of Xinjiang Guanghui Industry Co Ltd (SHA 600256), the China Business times reported, without citing sources. The newspaper said Xinjiang Guanghui Natural...

BEIJING (AFX-ASIA) – China Shipping Industry Corp (CSIC) has signed a contract to build two 110,000-ton oil tankers for China Changjiang National Shipping Group, both of which are expected to be delivered in 2005, a CSIC official told AFX-Asia. The official, who asked not to identified, said the two parties also signed an agreement for...

NEW YORK (AFX) – The Korean Peninsula Energy Development Organisation (KEDO), a consortium made up of the US, Japan, South Korea and the EU, has confirmed it is suspending the construction of nuclear power plants in North Korea for one year. The decision was made earlier this month at a meeting of KEDO’s executive board....

BANGKOK (AFX-ASIA) – Merrill Lynch Phatra Securities has reiterated its “buy” rating on PTT Exploration and Production (PTTEP), with a 12-month price target of 240 baht, after the company signed a gas sale and purchase agreement with its parent PTT PLC. (US$1=40 baht). PTTEP and its joint venture partners in the Arthit project last week...

Australian upstream company Santos Limited said it and members of the South West Queensland Gas Producers have, in principle, secured sales of a combined total of up to 17 petajoules (PJ) in 2004. These new sales are with TXU Electricity Limited (TXU) and Origin Energy Retail Ltd (Origin). The new gas sales to TXU are...

Caltex Australia and retailer Woolworth have launched their first of 450 of co-branded retail service stations. The first three Caltex Woolworths service stations open for business from last month are located in the Sydney suburbs of Beacon Hill, Chatswood and Randwick. Woolworths Group managing director and CEO Roger Corbett said: “We’re delighted to launch, in...

Exxon Mobil Corp said its subsidiary, ExxonMobil Kazakhstan Inc., has participated in two discoveries in new prospects on the North Caspian Production Sharing Agreement (NCPSA) contract area. The first exploration wells on each of the Aktote and Kashagan Southwest prospects were completed successfully and encountered hydrocarbon-bearing intervals. Additional evaluation will be required to determine if...

HANOI (AFX-ASIA) – State-owned oil and gas firm PetroVietnam has drawn up plans to privatise seven of its 15 wholly-owned subsidiaries over the next two years to raise capital, a company official said. The decision to allow private Vietnamese investors to buy into the one of the country’s most high-profile companies was taken by Prime...