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Malaysia: Tanjong Baram Field Contract Terminated

May 22, 2020

Malaysia's Uzma Energy Ventures has said that the Tanjong Baram small field risk service contract between Petronas and Uzma & EnQuest joint venture has been terminated.The contract's objective was to develop and produce petroleum from the Tanjong Baram field…

Lightning Sparks Fire at Hengyuan's Malaysian Refinery

May 22, 2020

Hengyuan Refining Company Bhd said on Friday that a tank storing crude oil had caught fire at its refinery on the Malaysian west coast.Preliminary investigations show the fire at the Port Dickson refinery was due to a lightning strike, the company said in a statement…

Petronas Braces for Severe 2020 Hit. 1Q Profit Down 68%

May 22, 2020

Malaysian state oil firm Petronas posted a 68% slump in first-quarter profit on Friday and said it would cut capital expenditure and operating expenses as it braces for a big hit to its full-year performance due to the coronavirus pandemic.Petronas…

South Korea's DSME Wins $330M FSRU Order

May 22, 2020

South Korean shipbuilder Daewoo Shipbuilding Marine and Engineering (DSME) has received an order for a large liquefied natural gas (LNG) floating storage regasification unit (FSRU).In a statement on the Korea Exchange, DSME said the contract was worth around 411 billion South Korean Won…

China to Boost Energy Reserve Capacity, Support Unconventional Gas Exploration

May 22, 2020

China said on Friday it will bolster the capacity of the country's energy reserves and offer lower gas and electricity charges to key industries, as it looks to ensure energy supply and offset the impact of the coronavirus pandemic.In energy announcements on the first day of the parliament…

Rosneft Re-appoints Sechin as CEO

May 22, 2020

Russian energy giant Rosneft on Friday re-appointed Chief Executive Igor Sechin, an ally of President Vladimir Putin, for another five years.Sechin, who turns 60 in September, turned the company into one of the world's top oil players and earned the accolade of oil tsar…

Indonesia OKs Coro's Duyung PSC Farm-In

May 22, 2020

Southeast Asian focused upstream oil and gas company Coro Energy has received all the necessary approvals by the Indonesian Government and has completed the acquisition of an interest in the Duyung offshore block, containing the Mako gas field…

Qatar Petroleum to Cut Spending by 30%

May 22, 2020

Qatar Petroleum will slash its spending by around 30% this year in the face of the sharp drop in oil and gas prices due to the coronavirus epidemic, its Chief Executive said on Thursday.Speaking during a webcast organized by the U.S-Qatar Business Council…

CNOOC Starts Production from Penglai Oilfield Project

May 22, 2020

China's CNOOC said Thursday that Penglai 19-3 oilfield area 4 adjustment/Penglai 19-9 oilfield phase II project had started production.The Penglai 19-3/19-9 oilfields are located in Bohai Bay with an average water depth of approximately 28 meters…

Woodside to Boost Vincent Crude Quality to Ride VLSFO Demand

May 21, 2020

Woodside Petroleum will improve the quality of Vincent crude by increasing its flash point from July so that it can be blended into very low sulphur fuel oil (VLSFO) and capture higher premiums, two sources told Reuters.Among crude grades, heavy sweet oil…

Hyundai Heavy Bags Double VLCC Order

May 21, 2020

South Korea's shipbuilding giant Hyundai Heavy Industries has secured an order to build two very large crude carriers for unnamed European shipowners.The value of the orders for two 300,000-ton VLCCs, which will be equipped with scrubbers to meet IMO emission regulations…

Oil Price at Highest Since March

May 21, 2020

Oil rose on Thursday to its highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand as governments ease restrictions on people's movements imposed due to the coronavirus crisis.Crude prices have slumped in 2020…

Australia: Polarcus Completes Petrel Survey for Neptune

May 21, 2020

Oil and gas company Neptune Energy on Thursday announced the completion of the acquisition of the 3D broadband seismic survey of the extensive Petrel field located in the Bonaparte basin of Australia.'The 2,900 km2 survey significantly expanded…

Thailand: Gulf Energy Gets License to Import up to 1.7M Tonnes of LNG a Year

May 21, 2020

Thai Gulf Energy Development Pcl received licenses from the government to import up to 1.7 million tonnes of liquefied natural gas (LNG) each year, the company said on Thursday, in a move that will cut energy costs.It becomes the second firm to be granted such a license…

China to Receive Rare U.S. Ethanol Shipment on Friday

May 21, 2020

A rare ethanol shipment of U.S. origin is expected to arrive in China this month, according to three industry sources and shipping data, probably the first such cargo since the two countries struck an initial trade deal in January.The market…

Current News

Malaysia: Tanjong Baram Field Contract Terminated

Malaysia: Tanjong Baram Field Contract Terminated

Lightning Sparks Fire at Hengyuan's Malaysian Refinery

Lightning Sparks Fire at Hengyuan's Malaysian Refinery

Petronas Braces for Severe 2020 Hit. 1Q Profit Down 68%

Petronas Braces for Severe 2020 Hit. 1Q Profit Down 68%

South Korea's DSME Wins $330M FSRU Order

South Korea's DSME Wins $330M FSRU Order

China to Boost Energy Reserve Capacity, Support Unconventional Gas Exploration

China to Boost Energy Reserve Capacity, Support Unconventional Gas Exploration

Rosneft Re-appoints Sechin as CEO

Rosneft Re-appoints Sechin as CEO

Indonesia OKs Coro's Duyung PSC Farm-In

Indonesia OKs Coro's Duyung PSC Farm-In

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