China National Offshore Oil Corporation has planned to build three Daqing-equivalent oil and gas output bases through intensifying its efforts on offshore oil and gas exploration and development, Zhou Shouwei, the company’s deputy general manager. For full story, click here
Nigeria’s state-run oil firm NNPC declared that it has discovered oil in oil mining lease OML- 64 in the Niger Delta and would appraise the field for development. For full story, click here
Interfax cited Mr Gavin Mackay Ferrexpo’s business development manager as stating that Ferrexpo Plc, whose main asset is Ukrainian iron ore pellet producer Poltava Mining will spend USD 20 million on stripping at a future open pit at the Yeristovskoye iron ore field. For full story, click here
Malaysia’s national oil company Petroliam Nasional Bhd., or Petronas, declared it has signed a production sharing agreement with an exploration unit of Exxon Mobil Corp. for the development of seven oil fields offshore peninsular Malaysia. For full story, click here
Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
Companies have targeted offshore developments in more expensive, harder-to-drill deepwater environments. For full story, click here
Brazil plans to invest some $400 bn in coming 10 years to develop new offshore fields that may contain as much as 80 billion barrels of oil. For full story, click here
US based Pacific Development Group is planning to construct an oil refinery capable of annually processing 10 million tons of crude oil in Vietnam’s southern Ca Mau province. Le Huynh Ky, director of the provincial Planning and Investment Department, said to Vietnam Investment Review : The group will sign a memorandum of understanding with Ca [...]
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