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October 24th, 2008
Category
Mining Company, Mining Industry, Mining Investment, Oil & Gas |
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Sime Darby Bhd today announced that it has secured a contract from Petronas Carigali Sdn Bhd (Carigali) worth RM1 billion for the construction of offshore oil & gas processing platforms.
In a statement, it said the contract was awarded to Sime Darby Engineering Sdn Bhd (SDE), Sime Darbys wholly owned subsidiary and a comprehensive provider of engineering, procurement, construction, installation, hook-up and commissioning (EPCIC) services to the oil & gas industry.
It said SDE recently received a Letter of Award (LOA) from Carigali for the construction of the 26,000 metric tonne platform worth RM1 billion.
The construction work on the project is expected to begin before end of the year at the SDE yard in Pasir Gudang, Johor, which has a total working area of 95 acres and annual capacity of 45,000MT.
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October 8th, 2008
Category
Exploration, Mining, Mining Company, Mining Investment, Mining Technology, Oil & Gas, Trade & Market |
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It may come as a surprise that the Philippines has substantial oil reserves. But the growing number of oil exploration activities in select parts of the country attests to promising finds.
In 2005, the Department of Energy estimated that the Philippines had a total of 456 million barrels of fuel oil. The volume consists of 54 million barrels of condensate, 2,135 billion cubic feet of gas and 25 million barrels of oil.
“These petroleum reserves calculations are based on the 16 sedimentary basins situated all over the country from the Cagayan Valley Basin in the north down to the Agusan-Davao Basin in the south as well as the prolific Northwest Palawan Basin and the Sulu Sea Basin along the western flank of the archipelago,” the DOE said.
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August 18th, 2008
Category
Exploration, Mining Contractor, Oil & Gas |
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Petroliam Nasional Bhd. is close to an agreement to resume oil exploration in Ethiopia’s Somali region, the Reporter said, citing people it didn’t identify.
The oil company is in talks with Sino Africa, an exploration company owned by Ethiopian businessman Tewodros Ashenafi, to conduct seismic surveys and drill wells in the Ogaden basin Ethiopia, the Addis Ababa-based newspaper said.
Petronas suspended exploration in the Ogaden in April 2007 after the Ogaden National Liberation Front, an ethnic Somali separatist group, attacked a Chinese-run exploration site, killing 65 Ethiopian and nine Chinese workers.
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July 30th, 2008
Category
Drilling, Exploration, Mining Contractor, Mining Investment, Mining Technology |
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Trend News T.Zhukov / Petronas Carigali Overseas Sdn. Bhd., the Malaysian corporation, will conduct geological exploration work in the Surkhanski investment bloc (Surkhandarinski region), Trend Capital correspondent reported from Tashkent.
The relevant agreement was signed between Uzbekneftegaz National Holding Company (NHC) and Petronas Carigali corporation, the Malaysian company’s Tashkent Office told Trend Capital. This agreement envisages conduct of seismic exploratory work through 2D method, gravimetric and magneto metric survey and drilling of one prospective well, as well as, geophysical and geological estimation. This work covers the term of to three years. It is planned to hold seismic prospecting and geological prospecting in 1,200 linear kilometer volume during this period.
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July 30th, 2008
Category
Exploration, Mining, Mining Contractor, Mining Finance, Mining Investment, Oil & Gas, Oil Price, Trade & Market |
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MARKETS have long kept their fingers crossed that the uproarious oil prices would reach its crescendo and start its downward descend.
The relief when it finally did a week ago is unmistakable; financial markets are the first to exhibit its blatant glee. The joy is palpable and the cry of ecstasy from stock owners clearly audible. Across all stock exchanges around the world, its a sea of green, as stocks enlivened and re-energised back up north.
Barely two weeks ago, markets were a mess, as commodity prices continuously teased new highs on a back drop of slower economic growth.
The break arrived on July 14, when unyielding high oil prices finally buckled after reaching its high of US$147.27 on July 11. Since then, oil futures have declined more than 15% to US$124, which is also its new 7-week low as of Wednesday.
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July 30th, 2008
Category
Exploration, Gasoline, Mining, Mining Finance, Mining Investment, Oil & Gas, Trade & Market |
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Petronas has received some domestic flak following fuel-price rises in Malaysia, but continues its impressive international expansion, writes NJ Watson
PLAYING at home is usually seen as an advantage. But Malaysia’s national oil company, Petroliam Nasional Berhad (Petronas), is finding the going much easier abroad as it comes under sustained attack by politicians and the public because of recent rises in fuel prices.
Petronas’ problems began in June, when the Malaysian government cut fuel subsidies, pushing up gasoline and diesel prices by 41% and 63% respectively. The price of the natural gas supplied by Petronas was raised by between 124% and 188%, depending on the consumer, from 1 July. Overall, the government estimates that the reduction in subsidies will save it $4.2bn a year.
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July 11th, 2008
Category
General News, Mining Contractor, Mining Finance, Mining Investment, Mining Technology, Trade & Market |
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PETROLEUM products group Engen announced yesterday it had concluded a sale and purchase agreement to buy Shell’s downstream business interests in Lesotho and crisis-torn Zimbabwe, where Engen said it was taking a long-term view that the economy would recover.
Engen’s foray into Zimbabwe comes as that country’s political and economical outlook becomes even bleaker and after this week’s condemnation of the Harare government at the Group of Eight summit. The world’s richest countries have put pressure on the United Nations to tighten the noose on the Zimbabwean government through targeted sanctions.
The acquisitions, whose value was not given, come hot on the heels of another in Gabon, where Engen bought Shell’s interest in petroleum products and distribution company Pizo.
In December last year, the company also acquired Shell’s 60% interest in Shell DRC (Democratic Republic of Congo). Engen spokeswoman Tania Landsberg yesterday said the recent acquisitions were in support of the company’s foray into the rest of Africa. “This is part of our strategy. Our focus is on sub- Saharan Africa. Africa is where our growth is,” Landsberg said. Engen has a presence in 17 African countries.
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June 29th, 2008
Category
Company, General News, Mining, Mining Contractor, Mining Finance, Mining Technology, Oil & Gas, Trade & Market |
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Cairn India Limited who won the bid to explore for oil in the Mannar Basin will sign the Petroleum Resource Agreement on 7 July at Temple Trees, the official residence of President Mahinda Rajapakse.
“They were expected to sign the agreement today (30 June) but they will be here on 07 July instead and the signing ceremony will be held at Temple Trees,” Minister of Petroleum and Petroleum Development Resources A. H. M. Fouzi told the Island Financial Review.
He said that details will be made public soon after the signing takes place. Cairn India is expected to incorporate a company in Sri Lanka in order to commence operations in Sri Lanka.
According to analysts Malaysia’s success had been attributed to the country’s policies of making sure that although foreign entities developed their oil reserves that adequate technical and knowledge transfers took place so that the country could fully own its petroleum resources, refineries and operational facilities.
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