PH sets petroleum perks benchmarking with Indonesia
The Philippines has set into motion collaborative talks with Indonesia on prospective benchmarking of incentives for investments in the upstream petroleum sector. Energy Secretary Alfonso Cusi This was a matter that Philippine Energy Secretary Alfonso G. Cusi had raised with Indonesian Deputy Minister of Energy and Resources Arcandra Tahar in their bilateral meeting in Singapore […]
Oil price rollback: P1.10/liter
Phoenix Petroleum Philippines led the latest price rollback of as much as P1.10 per liter effective 6 am Sunday. “For the 4th straight week and for motorists to enjoy lower pump prices for the long weekend, Phoenix Petroleum Philippines will decrease the prices of gasoline by P1.10 per liter and diesel by P1 per liter […]
Singapore’s fuel oil imports from Mexico drop 45% year on year over Jan-Oct
Singapore — Singapore imported 636,206 mt of fuel oil from Mexico over January-October this year, down 44.7% a year ago, the latest data from Enterprise Singapore showed this week. Industry sources attributed the drop to lower running rates of refineries in the country. Mexico’s largest refinery, the 330,000 b/d Salina Cruz facility, was shut twice […]
Philippines mulls lifting West Philippine Sea oil exploration ban
MANILA, Philippines — The Philippine government is considering to lift the moratorium on oil and gas exploration in the West Philippine Sea to be able to move forward with an agreement with China. Manila is hoping to finalize the terms of an agreement with Beijing on the possible joint exploration in the West Philippine Sea […]
China starts exporting petroleum to Laos
BOTEN, Laos, Oct. 31 (Xinhua) — With over 64 ton diesel, handed over from PetroChina to a Lao company at Laos-China border, the first export of Chinese refined oil to Lao market was made on Wednesday. PetroChina International (Yunnan) Co. Ltd, a subsidiary of PetroChina group, has been studying and preparing for two years to […]
Thai PTTEP posts higher Q3 oil, gas sales volumes on Bongkot stake
Singapore — Thailand’s PTT Exploration and Production posted a marginal 2% increase in third quarter oil and gas sales volumes on the back of its larger ownership of the Bongkot Project, the largest natural gas field in the Gulf of Thailand, the company said late Thursday. PTTEP’s oil and gas sales for the quarter ended […]
Indonesia’s Pertamina Looks To Buy Crude, Gasoline In Rupiah
Higher oil prices, sliding local currency, and deteriorating government finances have led to Indonesia’s state oil firm Pertamina seeking to reduce expenses in U.S. dollars, and the company has issued tenders to buy spot crude oil, gasoline, and gasoil in its domestic currency the rupiah, or currencies other than the U.S. dollar, S&P Global Platts […]
Philippines Scrambles to Find Undersea Energy as Import Prices Hit Consumers
TAIPEI — The resource-rich Philippines is doubling up development of its own fuel sources as world oil price hikes hit the largely impoverished population.On October 17, Philippine President Rodrigo Duterte signed a service contract with the Israeli energy exploration firm Ratio Petroleum to scout for fuel under the South China Sea, the Department of Energy […]
PHL signs oil exploration deal with Israel’s Ratio Petroleum
THE Philippines on Wednesday formally awarded a petroleum service contract (PSC) to Israeli firm Ratio Petroleum Ltd. for the exploration of an area in the east Palawan basin, a move which the Energy department said bodes well for country’s upstream petroleum industry. The ceremonial signing, which took place at the Heroes Hall of Malacañan Palace, […]
Indonesia’s Pertamina aims to reduce spending in U.S. dollar
JAKARTA, Oct 24 (Reuters) – Indonesia’s state-owned energy company Pertamina is looking to reduce spending of foreign exchange in U.S. dollars by seeking crude oil purchases in other currencies, a senior company official told Reuters on Wednesday. “The (Integrated Supply Chain unit), as executor of the tender, has requested to use other currencies apart from […]