Most economies are net crude importers and benefit from lower prices JAKARTA — Rattled by rapid oil price swings in recent months, Southeast Asian economies are on tenterhooks ahead of an OPEC meeting this week that is expected to result in a supply cut to boost prices. The recent plunge in prices — the benchmark […]

KUALA LUMPUR: Sapura Energy Bhd will be able to ride over the challenging third quarter financial results ended September due to its strong fundamentals, solid order book of RM18.2 billion, rebounding crude oil prices as well as full support of its majority shareholder, Permodalan Nasional Bhd. Analysts and industry sources said these are challenging times […]

KUALA LUMPUR (Dec 3): Reach Energy Bhd announced today that initial testing of the exploration well at North Kariman-3 (NK-3) in its Emir Oil concession block onshore Kazakhstan has yielded positive results. “The NK-3 well has been safely and successfully executed as budgeted,” it said, noting that the well penetrated the target Mid-Triassic carbonate reservoirs, […]

A new central North Sea sidetrack well has come up trumps for Malaysian firm Hibiscus Petroleum and its partner. Hibiscus said the sidetrack on the Guillemot A field was completed in September and was making a “positive contribution”. It is capable of flowing at 3,697 barrels of oil per day and could yield 1.5 million […]

TAGUIG CITY, Nov. 28 — Department of Energy (DOE) Secretary Alfonso G. Cusi yesterday said that the “keen interest which many investors expressed in exploring oil and gas in the Philippines” augurs well for the country’s development and energy security. Sec. Cusi made the comment after the launch of the Philippine Conventional Energy Contracting Program […]

The turnaround in global oil prices to multiyear highs helped Petroliam Nasional Bhd (Petronas) to register a 43.98% jump in net profit to RM14.34 billion for the July through September period. In the third quarter (3Q), global oil prices were traded around US$70 (RM293.22) a barrel, compared to US$50 a barrel a year before, lifting […]

Energy giant was aware of the impacts of global warming decades ago. But shifting to renewables early on would have ruined the company, a top executive said this week. Suing fossil fuels firms for climate change is “a waste of society’s money and time,” he said. Although Shell was aware of the catastrophic consequences of climate […]

Oil & gas giant sees technical gains from New Zealand project KUALA LUMPUR, MALAYSIA – Media OutReach – November 26, 2018 – Sapura Energy Bhd’s foray into New Zealand earlier this year could be the catalyst, not just for economic growth for the country, but also significant technical collaboration involving Sapura Energy, one of the biggest integrated oil […]

Vietnam’s total oil refining capacity will nearly quadruple by 2023 as two new refineries go on stream, market data provider Fitch Solutions reports. The Dung Quat refinery in the central province of Quang Ngai operated by the state-owned PetroVietnam’s subsidiary Binh Son Refinery Limited (BSR) remains the sole facility now, with a crude oil processing […]

THE Department of Energy (DoE) is hoping that a new round of contracting will spur more petroleum exploration ventures and close the resource development gap with regional neighbors. The DoE will launch the Philippine Conventional Energy Contracting Program (PCECP) on Thursday. DoE Secretary Alfonso G. Cusi said his office was “aggressively pursuing” the implementation of […]