Bloomberg reported that a director at PT Pertamina, a state-owned Indonesian oil producer, said that Pertamina sent a takeover proposal to Coastal Energy Co.'s (TSX:CEN,LSE:CEO) major shareholders. It is possible that the proposal will cause a bidding war.
Quest Petroleum NL (ASX:QPN) announced the approval of 12 new oil and gas development plans by BPMigas, Indonesia's regulator, commenting that BPMigas' agreement indicates the country's commitment to increasing its output of those commodities.
Drilling off Vietnam in an area freed for exploration by an agreement on sea boundaries with Indonesia shows signs of oil and gas and the existence of a working petroleum system. 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.
Indonesia’s PT Astra Agro Lestari announced that it has sold 3,500 metric tons of crude palm oil offered in an auction. For full story, click here
Indonesia’s output of crude oil and condensates averaged 963,269 barrels a day over the January-February period. For full story, click here
Another rough day for investors this Monday. As it became clear that the American House of Representatives would reject the authorization law for the executive’s $700 billion financial sector bailout plan, commodities began to tank. Oil futures shed more than $10 of their value during the day, dropping to $96.37 per barrel.
Indonesia’s oil watchdog, BPMIGAS, warned that country’s declining oil reserves could be finished in 10 years’ time if no new reserves are found. Edi Purwanto, deputy chief of watchdog, BPMIGAS, said: The declining rate in production is between 8 to 10 percent per year. That means production will finish in 10 years’ time if we have not [...]
Get our independent commentary on oil trends and companies delivered to your inbox.
