BEIJING (AFX-ASIA) – China’s largest oilfield, Daqing, has cut its crude oil output to 48.4 million tons in 2003, after maintaining an annual output level of well above 50 million tons for nearly three decades, the People’s Daily reported, citing sources from the oilfield. It was the first time Daqing cut its annual crude oil...
Come New Year, the oil and gas stocks arose to their all-time high on January 2, 2004 gaining up to 12% in a single day, said an Infraline report. The sharp upmove has seen the market capitalisation of 10 major stocks from the sector soar to a whopping Rs 2,610 billion, which is about 20%...
MANILA (AFX-ASIA) – Manila Electric Co shares have been boosted by the implementation of a provisional 0.12 peso per kilowatthour rate increase, dealers said. (US$1=55 pesos). The rate hike is expected to see Meralco’s revenue grow some 1.9 billion pesos this year, they added Dealers said Meralco’s finances should eventually get a further boost as...
BEIJING (AFX-ASIA) – HSBC Securities said it is downgrading PetroChina Co Ltd (HK 0857; NYSE PTR) to “add” from “buy” after investigators uncovered a series of safety violations by parent China National Petroleum Corp (CNPC) in a natural gas disaster that killed 243 people last month. It said in a research note that the explosion...
Australian upstream company Woodside Energy Ltd said it has acquired from Spain’s Repsol YPF a 50% interest in two offshore exploration blocks in Sierra Leone, in west Africa. Under the farm-in agreement, which is subject to Sierra Leone government approval, Woodside’s commitment over the initial exploration period to 2007 is limited to seismic data acquisition...
KHARTOUM (AFX) – Visiting Chinese Foreign Minister Li Zhaoxing joined Sudanese officials north of here early this week in inaugurating two electric power stations, including one built and financed by China. The Qarre I and Qarre II stations, which are about 50 kilometers north of Khartoum, will together produce 330 megawatts, Sudanese Electricity Minister Ali...
Following the sharp run-up in its stock price, Indian upstream company Oil and Natural Gas Corporation (ONGC) is now the largest capitalised company on the country’s main bourse, the Bombay Stock Exchange. Three years ago, ONGC was the 10th largest company in capitalisation. Then, information technology dominated the BSE. ONGC tops the market capitalisation chart...
Oman Oil Marketing Company (OOMC) has signed an agreement with Dubai’s Emirates General Petroleum Corporation (Emarat) to mark the launch of a fuel card cross acceptance in the Middle East. The agreement will allow motorists plying between the UAE and Oman the use of a single card for filling fuel in 240 outlets in both...
JAKARTA (AFX-ASIA) – Medco Moeco Langsa Ltd (MMLL), a unit of PT Medco Energi Internasional and Mitsui Oil Exploration Co Ltd (Moeco), has acquired a 70% stake in the Langsa oil field from Singapore-based Modec Production Pte Ltd, Medco Energi said. A sales and purchase agreement was signed on Dec 24 between subsidiary MMLL and...
KUALA LUMPUR (AFX-ASIA) – BP PLC plans to sell all its petrol stations in the Asean region, including its 270 outlets in Malaysia for between RM500 million and RM1 billion, New Straits Times reported, citing unnamed sources. (US$1=RM3.8). “An announcement is likely to be made today. All employees and business partners of BP will be...
Australia’s Origin Energy has advised that it expects to achieve full year earnings per share (EPS) growth of around 20% based on a strong first-half operating performance and the greater certainty provided by the recent Victorian tariff decisions. In a statement, it said: “This forecast is based on current market forecasts for oil prices, normal...
BEIJING (AFX-ASIA) – The southern Chinese province of Guangdong plans to unify electricity prices in the Pearl River Delta next year in a bid to eliminate price gaps between cities, as well as urban-rural disparities, the official Xinhua news agency reported. The news agency said the price for 1,000 kWh of electricity can vary by...
BEIJING (AFX-ASIA) – China will invest a record 18.8 illion yuan this year in revamping the nation’s eastern power grid in an effort to relieve growing power shortages in the booming coastal areas, state press reported. (US$1=8.27 yuan). To ease the shortage, the East China Power Grid Corporation plans to merge the southeastern Fujian power...
BEIJING (AFX-ASIA) – A blow-out in a southwest Chinese gas field that led to the deaths of 243 people and the evacuation of around 60,000 residents was caused by negligence and those responsible will be dealt with seriously, Sun Huashan, vice minister for the State Administration on Work Safety told state television. The gas field...
LONDON (AFX) – Hardman Resources Ltd said it signed a memorandum of understanding with the Government of Eritrea over the 11,550 sq km Massawa Block offshore Eritrea, in the Red Sea. Hardman said Afrex Ltd has a 40% stake in the venture and Pancontinental Oil & Gas NL a 30% interest in the venture. Hardman...
BEIJING (AFX-ASIA) – China National Petroleum Corp (CNPC) has released 10 million yuan for use in disaster relief in Kai county, Chongqing municipality, where a blowout at a gas field killed 234 people, Xinhua news agency reported, citing CNPC sources. (US$1=8.27 yuan). CNPC deputy general manager Su Shulin pledged to compensate local residents for their...
BEIJING (AFX-ASIA) – China will speed up the construction of new power stations to ease the severe electricity shortage gripping parts of the country, Xinhua news agency quoted a senior official as saying. It quoted Zhang Guobao, deputy director of the National Development & Reform Commission (NDRC), as saying that more coal-fired power plants will...
NEW DELHI (AFX-ASIA) – India said it had appointed bankers to manage the proposed offers of 10% stakes in state-run exploration firm Oil and Natural Gas Corp Ltd (ONGC) and natural gas supplier Gas Authority of India Ltd. (GAIL). “The Cabinet Committee on Disinvestment met and gave an in-principle approval to sell 10% equity in...
JAKARTA (AFX-ASIA) – Government revenue from the energy sector is estimated to have reached 79.57 trillion rupiah last year, or slightly higher than the 79.15 trillion in the previous year, The Jakarta Post reported quoting Minister of Energy and Mineral Resources Purnomo Yusgiantoro. (US$1=8,500 rupiah). Oil and gas contributed the bulk of the income at...
With the installation of a new government in Madhya Pradesh state, India’s petroleum ministry has renewed its efforts to implement the Rs 65.62 billion refinery project at Bina, according to an Infraline report. (US$1=Rs45). The ministry has asked the state government to give the refinery fiscal incentives in the form of lower local taxes. When...
WTI crude oil price will likely attempt a test of the US$40/barrel mark this year after missing the target by a cent last February. The factors pushing oil prices to 10-year highs could well set the stage for an energy crisis to strike the world economy in the next few years. The OPEC basket price...
India’s oil import bill for the current financial year to March 31 2004 may grow by 2%, said Infraline. There was a 25.7% increase in the oil import bill in FY 2002 compared with the previous year. According to data from the petroleum ministry, oil imports for the first half from April to September 2003...
Golar LNG Ltd recently bought 9.9 % of the shares in the Korean shipping company Korea Line on the open market. Korea Line is listed on the Seoul Stock Exchange and has a market capitalisation of around US$130 million, said a Golar LNG statement. Korea Line fully owns two modern LNG Carriers on long term...
Iran and Pakistan have signed a memorandum of understanding (MoU) to jointly develop compressed natural gas (CNG) as a transportation fuel for use in both two countries. In a joint statement, the two countries said the agreement was signed in Tehran by the Director General of the Hydrocarbon Development Institute of Pakistan (HDIP), Hilal A...
BEIJING (AFX-ASIA) – PetroChina Co Ltd (HK 0857; NYSE PTR) has signed agreements to supply natural gas for nine cities in the eastern Chinese province of Shandong, including Jinan and Qingdao, PetroChina official Yuan Xinxiang told XFN. He said that as the final contracts have not yet been signed, no financial details were yet available,...