Investment in Indonesia’s gas production this year is predicted to reach US$3.9 billion of an estimated US$7.5 billion being spent on the oil and gas sector, reported Antara news service. Of this investment, US$2.1 billion will be used for field development, US$799 million for exploration and the remainder for administrative costs, said a report...
Korea’s sole maker of power-plant equipment, Doosan Heavy Industries & Construction Co, has won a US$270 million order to build a power plant and desalination facilities in Qatar, according to the Korea Herald. Analysts predict Doosan will easily meet its sales target of a record US$4.1 billion this year, explaining the stellar performance of its...
Malaysian process equipment maker KNM Group Bhd is targeting 20-30% sales growth next year on the back of its regional and product expansion, reported the Malaysian Business Times. The company will expand production at its Chinese plant and scout for acquisition opportunities in Indonesia, said managing director Lee Swee Eng. It is also currently...
Sinochem Corp, China’s fourth largest state oil company, and France’s TotalFinaElf have agreed to establish a 51/49 joint venture to market oil products in northern China. The agreement was signed during last week’s visit of French President Jacques Chirac to Beijing. The two companies will invest a total of 900 million yuan (US$108.8 million)...
China’s Shanghai city and Italy have agreed to jointly produce hydrogen as an energy source to reduce the city’s reliance on polluting fossil fuels. Shanghai Daily news reported that representatives from the Shanghai Science and Technology Commission and the Italian Ministry for the Environment and Territory signed a memorandum of cooperation on hydrogen energy...
Analysts warned that sustained high oil prices could dampen the economic outlook for both Hong Kong and China, according to a Hong Kong Standard report. While Hong Kong’s economy is predominantly service-based and most of its workers travel on its rapid transit system, high energy prices could still shave as much as 1% off...
Offshore supply and service specialist KS Tech Ltd said shareholders at last week’s Extraordinary General Meeting have approved the distribution of its 10.23% holdings in Sinwa Limited as a special dividend. The resolution for KS Tech to distribute 12,783,365 ordinary shares in the issued share capital of Sinwa was described in a September 22...
Canada’s InterOil Corporation said it has opened its first retail fuels station in Papua New Guinea upon the completion of its purchase of BP Papua New Guinea Limited on April 28, now called InterOil Products Limited. Last month’s roll-out of the rebranded InterOil Products asset portfolio, comprising three terminals, 7 depots and over 40...
New Zealand will invest NZ$1 billion to develop Taranaki’s Pohokura gas discovery, said Associate Energy Minister Harry Duynhoven. The government recently granted a mining permit that allows the field’s owners to immediately enter into commercial contracts for the construction phase. According to the NZPA news agency, Pohokura will be the country’s most significant petroleum...
Malaysian oil and gas equipment manufacturer KNM Group Berhad said it is investing RM90 million to expand its plants in China and the Middle East over the next two years. (US$1=RM3.8). Half that amount will be invested in the Dubai plant that it equally owns with FBM-Hudson Italiana SpA, while up to another RM40...
Asian oil product prices set new highs the last two days as New York crude futures stayed above its record high of US$53/barrel yesterday. CST 180 fuel oil price rose above US$200/tonne FOB Singapore yesterday while jet fuel prices breached US$60a barrel and low-sulphur waxy residues crept above US$40/barrel. The products are trading at...
Korea’s President Roh Moo-hyun and Vietnam’s President Tran Duc Luong have pledged to strengthen the trade and political ties between their countries, with emphasis on energy development. In a joint press statement following their summit last week, Mr Roh asked said South Korean companies want to participate in Hanoi’s new city development project and...
Brunei Shell Petroleum (BSP) said it has made a successful discovery of up to 100 million barrels new oil in the Seria North Flank, a previously un-drilled part of the field. The well was drilled 3 km offshore in 8 metres of water by the Schlumberger self-propelled multi-purpose vessel, the BIMA. Azhar bin Hj Yahya,...
India’s Reliance Industries and Canada’s Niko Resources plan to invest more than $2 billion developing a gas field off Andhra Pradesh that is expected to pump out 1 billion cubic feet a day by 2007. The development plan, however, needs the government’s approval. Operator Reliance owns 90% of the D-6 deep-sea block while Niko...
China’s Sinopec Corp is interested to spend billions of dollars to buy a stake in Canada’s oil sands sector in Alberta province. Alberta’s Premier Ralph Klein said Sinopec officials is in discussion with the province’s four major oil sands companies, Canadian Natural Resources Ltd., Shell Canada Ltd., Syncrude Canada Ltd. and Suncor Energy Inc....
Vancouver-based Ivanhoe Energy said its Dagang oil project in China has recorded gross oil sales of US$1.2 million for August, its first million-dollar month in oil sales. The project’s cumulative oil sales also topped the one-million-barrel mark during the last week of September. Ivanhoe, which is listed on New York’s Nasdaq and the Toronto...
Australia’s Woodside Petroleum Ltd and Dana Petroleum Plc (Dana) have signed a heads of agreement regarding equity interests in Mauritania, Kenya and Australia, a study area in offshore Ghana and provision of drilling services in Mauritania. Woodside said that a completion of the transactions under the heads of agreement are subject to a number...
Three foreign companies are competing to acquire shares in Indonesia’s largest exploration company, Medco Energi, from PTT Exploration and Production plc (PTTEP) and Credit Suisse First Boston, Business Day has reported. The three shortlisted companies are Indian Oil Corporation, Petrochina and Singapore’s Temasek, and the outcome of talks is expected this month, said a...
Taiwan’s two largest oil suppliers, Chinese Petroleum Corp (CPC) and Formosa Petrochemical Corp (FPCC), are being investigated for allegedly colluding to fix oil prices the last two years, the Fair Trade Commission (FTC) chairman, Hwang Tzong-leh. In Taiwan, collusion violates fair trade laws and consumers’ rights. The FTC has received numerous complaints from ordinary...
Pakistan State Oil (PSO) must import an additional 200,000 tons of fuel oil over the next two months to meet the demand by the Water and Power Development Authority’s (Wapda) and independent power producers for power generation. Pakistan Press International (PPI) news agency said the government last week directed state agencies to import more...
Malaysia International Shipping Corp’s (Misc) is selling off its 32-strong bulker fleet as part of plans to focus on liquefied natural gas (LNG) and oil transportation, according to a Malaysian Business Times report. The sale is expected to raise US$750 million. The wholly-owned subsidiary of state oil and gas company Petronas sold 15 of...
Malaysian companies have secured more than US$900 million worth of business in the Melut Basin in Sudan so far, according to a Malaysian Business Times report. The jobs are related to engineering, fabrication and construction in the oil and gas sector for the development of Melut’s Blocks 3 and 7. Peremba Construction Sdn Bhd,...
Indonesia’s crude oil output for last month rose slightly to 966,465 barrels a day (b/d) from 965,000 barrels in August, said a government official last week. As Asia’s only member of the Organisation of Petroleum Exporting Countries, Indonesia is still unable to meet its quota of 1.3 million barrels a day because of dwindling reserves...
China’s first foreign-funded joint venture to manufacture equipment for compressed natural gas (CNG) stations was set up in Shanghai last month, according to the China Daily newspaper. Britain’s CompAir Group will have a 60% stake and the Shanghai Electric Company (SEC), 40% in the US$7 million joint venture. Newly-established Shanghai CompAir-Dalong HP Equipment Co...
Australia-listed engineering firm, Worley Group Limited, said it has signed an agreement to acquire Houston, Texas-based Parsons E&C Corporation for US$245 million. The acquisition price represents an historical EBITDA (earnings before interest tax depreciation and amortisation) multiple of 6.9 times for the year ended December 31, 2003) and is expected to be earnings per share...