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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 […]

PH inks oil exploration deal with Israeli firm

MANILA — Energy Secretary Alfonso G. Cusi witnessed on Wednesday the ceremonial signing of the Petroleum Service Contract (PSC) for Area 4 (East Palawan Basin) of the Fifth Philippine Energy Contracting Round (PECR5) at the Presidents’ Hall of Malacanan Palace. President Rodrigo R. Duterte signed the PSC on behalf of the Philippine government with Sec. […]

World Oil Prices Help Vietnam Expand an Already Fast-Growing Economy

An increase in world oil prices is helping Vietnam earn money that will quicken its already fast economic growth and may help the country build new infrastructure. The only red light: higher fuel prices among Vietnam’s consumers. Vietnam, though not a major oil-producing nation like much of the Middle East, has counted energy-related commodities as […]

Philippines to suspend oil tax hike to cool red hot inflation

MANILA, Oct 14 (Reuters) – The Philippines said on Sunday it would suspend the implementation of a further increase in excise tax on fuel products, set to take effect in January 2019, to stem rising inflation expectations. Inflation in one of Asia’s fastest-growing economies has been rising since January, due to higher taxes, costlier food […]

Foreign investors see more chance to step in Vietnam’s oil refinery

The recent withdrawal of Vietnamese groups from billion-dollar oil refinery projects is paving the way for potential foreign investors, especially those from Thailand and China, to jump in the industry. At a recent meeting with government agencies, Pham Van Thanh, chairman of the Vietnam National Petroleum Group (Petrolimex), proposed to pull out from the South […]

Gov’t Unwilling to Intervene as Fuel Oil Prices Rise

NAYPYITAW—The government cannot control the fuel oil price, which is determined by market forces and the law of supply and demand, Ministry of Electricity and Energy managing director U Thant Sin said. At a press conference on Thursday, the managing director said fuel oil prices were unlikely to come down any time soon due to […]

Peso depreciation weighs on energy companies

ENERGY COMPANIES have counted the cost of the peso depreciation against the US dollar, prompting them to adopt measures to soften the impact on their finances, operations and investment decisions. “In the short-term operating perspective, you’d have to worry if the movement, the devaluation of the peso, has an impact on the growth rate of […]

Indonesia’s Jokowi Flip-Flops on Fuel Price Hike

Indonesian President Joko Widodo on Wednesday ordered his energy ministry to scrap an increase in retail gasoline prices within hours of its announcement. But with the crude marching higher and the currency slumping to a two-decade low, Widodo, known as Jokowi, is only delaying the inevitable. Jokowi, who’s seeking re-election in a vote scheduled for […]

Singapore will update climate projections no earlier than 2021: MEWR

SINGAPORE — To do more to limit global warming, Singapore can reduce the use of natural gas for its energy needs, boost the efficiency of buildings and transportation, and share environmental solutions with counterparts in South-east Asia, experts in the field said. Their comments came in the wake of a new report by a United […]