Description: Arab Oil & Gas Directory 2004 reviews the latest developments and future prospects of the oil and gas industry in all the Arab countries of the Middle East and North Africa, and in Iran. Four chapters detail the activities of the two main oil exporters’ organizations, OPEC and OAPEC as well as regional Arab...

Despite the advent of renewable energy measures, Australians will depend on oil and coal for 70% of their energy needs for the next two decades, a new report on energy trends to 2020 has predicted. According to the Townsville Bulletin citing the Australian Bureau of Agricultural and Resource Economics (ABARE), coal and oil would continue...

The Oman government has signed with the Sohar Power Company (SAOC) separate agreements for the construction of the Sohar power and desalination station at a total cost of more than RO 200 million to be fully financed by the private sector. The accords were signed on behalf of the government by Ahmed bin Abdul-Nabi Macki,...

Sakhalin Energy said it has begun injecting water into its first extended reach well in the Russian Far East from the Molikpaq platform to enable an increase in reservoir pressure aimed at increasing oil recovery and maintaining production levels in the long term. Leo Lievaart, the company’s general assets manager, said: “Completion of this well...

The world’s largest energy futures exchange, the New York Mercantile Exchange, Inc (NYMEX), and the Shanghai Futures Exchange have signed a memorandum of understanding to explore potential areas of cooperation in three areas including: áCooperation in sharing information regarding physical delivery futures contracts, clearing procedures, and risk management. áCooperation in developing future lines of business....

The Shanghai Futures Exchange will launch its long-awaited fuel oil futures on August 25, offering a hedging tool for Chinese oil consumers. The contract will also offer traders an opportunity to set prices instead of relying completely on prices reported out of Singapore, London or New York. Chinese state regulators had shut down Shanghai’s oil...

Gas Malaysia Sdn Bhd, which sees sales rising substantially in fiscal 2004, has issued RM700 million Islamic bonds to part-finance its pipeline expansion, the first time it is tapping the debt market in 12 years of operation. (US$1=RM3.8). According to Malaysia’s Business Times, the first drawdown of RM200 million from a group of local lenders...

Malaysia International Shipping Corp Bhd (MISC) said its net profit for the April-to-June quarter rose more than 100% to RM920.2 million on account of higher freight rates and an exceptional gain from the sale of 17 vessels. (US$1=RM3.8). Turnover rose 57% to RM2.3 billion while pre-tax profit came to RM924.6 million from RM462 million previously....

The Philippine government is open to the possibility that the Malampaya fields off Palawan Island could yield commercially viable oil production in addition to on-going natural gas production. According to Business World, Undersecretary Eduardo V. Manalac said the Energy Department is reviewing its options before declaring the site uneconomical for oil production. The Department of...

Singapore-listed oil and gas supply specialist KS Tech has reported a 378.5% rise in first half net profit a day while announcing that shareholders will receive a special interim dividend of Sinwa shares. KS Tech’s profit rose to S$9.24 million from S$1.9 million on the back of a 15.3% increase in revenue to S$41.3 million....

Indian engineering firm Larsen & Toubro Limited (L&T) has won a US$52.5 million contract from Bunduq UAE to build a process platform for operation in an oil field in the Arabian Gulf. K. Venkataramanan, President (Operations) for L&T, told the Khaleej Times that it will handle the engineering, procurement, construction and installation of the platform...

The Iranian Parliament and the government are locked in debate over the need to raise the domestic gasoline price in the fourth five-year plan from 2005 to 2010. Iraj Nadimi, a member of the Economic Affairs Commission, told local news agency IRNA that the issue was raised at the opening session of the Majlis early...

Hongkong-listed Huaneng International Power has signed two letters of intent to acquire 60% equity interest in Sichuan Hydro Power and 65% of equity interest in Pingliang power plant from its controlling shareholder, Huaneng Group. Huaneng Power said it signed the agreements with the Huaneng Group on August 5. The company also said that while it...

South Korea’s oil consumption fell to a two-year low in the first half of the year due to an economic slump and high oil prices, said a Yonhap news report. South Korea consumed 377.62 million barrels of oil in the January-June period, down 4.72 million barrels from a year ago. The first-half oil consumption was...

Singapore-listed China Aviation Oil (Singapore) Corporation Ltd (CAO) said its April-June earnings grew 48.6% year-on-year, thanks to contributions from its strategic investments, record volumes in its procurement operations and a recently lowered concessionary tax rate under Singapore’s Global Trader Programme. The company said net profits grew 48.6% to S$16.7 million on turnover of S$741.9 million,...

Caltex Singapore Pte Ltd said it raised the retail prices of its gasoline and diesel grades from last Friday in response to “global market conditions”. Gasoline pump prices rose by 5 Singapore cents per litre while diesel was up by 3 Singapore cents at all 29 Caltex stations. (US$1=S$1.7). Its three gasoline grades now cost...

France’s Total SA and Japan’s Mitsui Oil Exploration Co Ltd (MOECO) will farm into a deep-water exploration block located north of Bali, Indonesia held under a production-sharing contract (PSC) by Santos (Nth Bali I) Pty Ltd. The announcement was made by Australian upstream company Santos Limited which owns Santos (Nth Bali) Pty Ltd. Total, through...

Pakistan’s Orient Petroleum Inc (OPI) said it has discovered oil and gas reserves in its Ali-1 well in Mirpurkhas block in Sindh province. According to the Jang newspaper, the Ministry of Petroleum and Natural Resources, Petroleum Concession section said that OPI made this discovery in the Ali-I situated in block 2,568-7 in Zone II at...

The Thai government could allow diesel prices to rise to reduce the growing pressure on public funds for subsidies, said Energy Minister Prommin Lertsuridej. According to the Bangkok Post, Dr Prommin said that the Energy Policy and Planning Office (EPPO) and the ministry had been given one month to study and evaluate the potential impact...

A “senior US government official” has suggested that Japan reconsider its oil development deal with Iran and look to Libya instead, according to the Kyodo News Service. The suggestion was allegedly made by the unidentified official during a discussion with the Ministry of Economy, Trade and Industry amid growing tensions over Iran’s nuclear programme, said...

Singapore is finally moving to build a long-discussed liquefied natural gas (LNG) terminal with an invitation last month to consultants to tender for a feasibility study. The Energy Market Authority has asked a shortlist of consultants to submit their bids by August 27. The EMA said the study aims to diversify Singapore’s sources of natural...

Bangchak Petroleum Plc reported a net profit of 647.9 million baht in the second quarter, reversing a net loss of 913 million baht for the same period last year. (US$1=41 baht). The Bangkok Post said it was the second consecutive profitable quarter for Bangchak, which earned 647.3 million baht in the first quarter. Its second...

The Indonesian government said the country’s domestic fuel supply remains secure even with world oil prices rising to record high levels, said the Energy Minister. The finance ministry will continue to provide subsidies required by state oil and gas company Pertamina to supply fuels to local consumers at below world prices, said Purnomo Yusgiantoro. Cash-strapped...

Tokyo Electric Power Co said its second quarter profit rose to 54.17 billion yen reversing a loss of 10.25 billion for the same period last year. (US$1=110 yen). The company attributed the improved performance to partial restoration of its nuclear power plant operations that has enabled it to cut large expenses for fossil fuel to...

Experts at a recent symposium on China’s energy strategy and investment say demand side management should be immediately emphasised and strengthened. The symposium, organised by the Research Center of the State-owned Assets Supervision and Administration Commission under the State Council, examined the country’s energy challenges. According to the China Daily, the country’s robust economic growth...