2009 Indonesia’s LNG production decrease more than 2%
Indonesia’s LNG production is projected to decrease by more than 2% in 2009, largely due to a decline in the supply of natural gas to the country’s Bontang LNG facility.
Indonesian officials said LNG output will fall to 349 cargoes of 125,000 cu m each in 2009 from 359 cargoes in 2008. The officials did not state which of the country’s gas fields are facing output declines.
An official at the Bontang LNG liquefaction plant said production will drop to 307 cargoes in 2009 from 317 in 2008 due to decreased supplies, while an official at the Arun LNG plant said its production would remain unchanged from last year at 42 cargoes.
Gas production has been declining in Indonesia due to a lack of major investment. At the same time, the government has been promoting domestic gas use to offset the higher cost of importing oil.
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Indonesia sees non-oil-and-gas export growth slowing
Indonesia’s non-oil-and-gas exports growth is expected to slow this year amid a global economic slowdown, the trade minister said on Tuesday.
Non-oil-and-gas exports from Indonesia are expected to grow between 4.3 and 8.0 percent this year, after rising an estimated 18 percent in 2008, Trade Minister Mari Pangestu said.
“The slowdown is because of the global economic situation and the recent development in commodity prices,” Pangestu told reporters at a press conference.
Southeast Asia’s biggest economy, a top producer of tin, palm oil and other commodities, has been hit by the global slowdown.
Exports slumped, the rupiah
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Northern Oil and Gas Inc. agreement access to $25 million in debt financing
The Wayzata-based oil exploration and production company has signed a letter of intent with an unnamed financial institution. The firm plans to use $15 million in capital for drilling in North Dakota. The additional $10 million in financing would be made available to Northern Oil based on use of the principal amount.
The company will have access to the credit facility for four years.
Exxon plans investment $100 in Philippine basin
U.S. oil major Exxon Mobil Corp has committed to invest up to $100 million to search for oil and gas in the southwestern Philippines, according to documents from the Department of Energy.
Exxon earlier took a 50 percent interest in a contract held by Malaysian exploration firm Mitra Energy Ltd to search for oil and gas in the deepwater portion of the Sandakan basin.
An official at the energy department, who declined to be named because he was not authorised to speak, confirmed on Tuesday that Exxon is planning to invest up to $100 million on a its drilling programme, adding the agency was waiting for company to provide details of its spending plans.
Interest in oil and gas in the Southeast Asian nation has increased following the discovery of Galoc oilfield, the country’s first major oil find since the 1990s, in the southwestern Philippines.
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Silent on acquisitions of new head of BP’s U.S. unit
Source:
By LYNN COOK and KRISTEN HAYS Copyright 2009 Houston Chronicle
The incoming head of BP’s U.S. operations said Tuesday that he’s committed to developing ongoing projects on the continent but was mum about possible future oil and gas acquisitions in a volatile economy.
The company said Tuesday that Lamar McKay will succeed Robert Malone, who announced his retirement effective Feb. 1 as chairman and president of BP America, the Houston-based U.S. arm of the British oil giant.
Malone, 56, led the division through the cleanup of a string of serious blunders that savaged the company’s reputation.
He took the helm of BP America in June 2006, when the company was grappling with operational troubles that had sapped BP’s competitive edge as well as public and investor confidence in the London-based company.
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Franklin Mining and Exploration Oil & Gas Projects for 2009
Franklin Mining, Inc. executives and consultants from the US and South America are this week meeting with William Petty, Chairman, CEO & President and Franklin’s Board of Directors as they begin a review of all properties and pending projects in both the Mining and Oil & Gas divisions of the company.
Franklin’s oil and gas projects in Argentina remain under negotiation pending approval by government agencies. A recommendation of approval for a final report on the economic development of a designated natural gas allocation will be presented to Franklin’s Board this week by Fernando Infante, Franklin Mining Executive Vice-President and Howard Dunn, President of Franklin’s Oil & Gas Division. With Board approval, an international business consulting and accounting firm will prepare their review and assessment of planned gas-to-liquid processing plants.
Paul Baker, International Mining Consultant, La Paz, Bolivia, will meet with the Franklin Board for a discussion and review of his December 2008 Summary Evaluation of the Escala Mine joint-venture. As previously announced, Mr. Baker’s assessment is that the Escala’s 2008 pre-production development has resulted in three excellent cross cut haulage tunnels having been driven to intersect east/west vein structures.
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Ukraine’s start using fuel oil instead of gas
Ukraine’s government, smarting after Russia stopped gas supplies, said on Tuesday it had ordered regional utilities to start using fuel oil instead of gas.
“Regions have been ordered … to take necessary measures to prepare and move all heat generation companies to work on reserve fuel — fuel oil,” the government said in a statement.
“A government decision is being prepared which will cover the purchase of necessary fuel oil volumes abroad,” it said.
–Reuters