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Petroleum / Mining in Asia

  • Turkmenoil extracts industrial oil from Altyguyy field

    TURKMENISTAN, 2014/11/02 The Turkmenoil National Concern of Turkmenistan has extracted a strong inflow of industrial oil from the Altyguyy field. The inflow was received from well No 14 with a depth of 3,800 meters as a result of successful exploration work carried out in the field, Turkmenistan's Petroleum and Mineral Resources Ministry said. The well No 14 produces over 100 tons of high quality oil.
  • Kazakhstan: the choice of pipes

    KAZAKHSTAN, 2014/10/18 A sanction war between Russia and the West has long went beyond these players and touched their partners, which have no direct relation to the conflict in Ukraine. These nations are often forced to reconsider their own models of traditional economic projects and think about new logistics schemes. Kazakhstan is considering the oil export options through China and Iran in case of further sanctions against Russia, the Kazakh National Economy Ministry told News-Kazakhstan agency.
  • Kazakhstan is checking the quality of the AI-92 gasoline in the capital city of Astana.

    KAZAKHSTAN, 2014/10/09 Kazakhstan is checking the quality of the AI-92 gasoline in the capital city of Astana. The Astana Department of the Kazakh Committee for Technical Regulation and Metrology (KAZMEMST) is checking the Sinooil filling stations for compliance of the AI-92 gasoline with the quality standards, said the message. The checking at the filling stations started next the Astana city hall received citizens' appeal.
  • Qatargas delivered the initial cargo of Liquefied Natural Gas (LNG) to China National Oil Corporation's (CNOOC)

    CHINA, 2014/08/21   Qatargas delivered the initial cargo of Liquefied Natural Gas (LNG) to China National Oil Corporation's (CNOOC) Hainan LNG terminal located in the Hainan province, a company statement said on Monday. The cargo arrived on Aug. 8 on a Q-Max class LNG vessel and will be used to commission the new LNG terminal which CNOOC owns and will be operating any minute at this time, the statement added. "This is an significant milestone for Qatargas. We are very pleased that LNG from Qatar continues to contribute towards conference the growing request for energy in the People's Republic of China," said Chief Executive Khalid Bin Khalifa Al-Thani.
  • The gas transaction announced last week saw agreement between Russia and China next 10 years of negotiation

    CHINA, 2014/05/28 The gas transaction announced last week saw agreement between Russia and China next 10 years of negotiation. The implications of Russia's turn eastward to seek a new energy partner should raise concerns in Europe over its own gas supply and wider energy security. Gazprom's share of Europe's gas market reached approximately 30% in 2013. As the Ukraine crisis has soured relations between Russia and Europe, both sides are looking to diversify. Europe's need to diversify away from Russian gas is hardly new. Russia's tendency to use gas as a political tool to put pressure on Ukraine and Europe has demonstrated the risks of relying on one partner. Additional globally, growing concern around climate change and its impact on national security as a "threat multiplier" has lent support to the world's reduced use of fossil fuels. From presently on events in Ukraine and the Sino-Russian gas transaction have accelerated the urgency with which Europe needs to seek new energy sources.
  • CNPC leaves Iran’s energy projects

    CHINA, 2014/04/22 China National Petroleum Corporation (CNPC) has left Iran's oil projects as an ultimatum over its continuous delays has expired. Iran issued an ultimatum to CNPC on February 18 over its continuous delays in developing the South Azadegan oilfield. At the time, Iranian Oil Minister Bijan Namdar Zanganeh said if this trend continues, CNPC will be expelled from the project. The presence of CNPC in Iran will depend on changing its behavior within the 90-day ultimatum which has been given, Zanganeh said. Tasnim news agency before reported that CNPC is on the verge of quitting Iran's South Azadegan oilfield development project.
  • Kazakhstan’s President Nursultan Nazarbayev to raid the country’s strategic oil reserve

    KAZAKHSTAN, 2014/02/15 Kazakhstan’s President Nursultan Nazarbayev ordered officials on Friday to raid the country’s strategic oil reserve and slash banks’ bad loans, stamping his authority on the economy in an effort to prevent increase rates from slipping. Nazarbayev, who has ruled the oil-rich country for additional than two decades, said the government should use 1 trillion tenge ($5.4 billion) from the rainy-day fund to boost the economy during 2014 and 2015. Speaking days next a close-to 20 % devaluation of the tenge to deter speculators, he as well told the central bank to cut the share of non-performing loans (NPLs) in the banking sector in half by next year.
  • Moody's assigns rating to Kazakh Nostrum Oil & Gas's notes

    KAZAKHSTAN, 2014/02/08 International Rating Agency Moody's Investors Service assigned a B2 rating and a Loss Given Default (LGD) score of 4 (53 %) to the proposed $400 million of notes to be issued by Kazakh Nostrum Oil & Gas Finance B.V. and jointly guaranteed on a senior basis by its indirect 100 % parent, Nostrum Oil & Gas LP, and all of its subsidiaries, the agency reported on February 4. Concurrently, Moody's has affirmed Nostrum Oil & Gas's corporate family rating (CFR) and probability of default rating (PDR) at B2 and B2-PD, respectively. The outlook on the ratings is stable. The proceeds from the issuance will be used for the sole purpose of financing a loan to Zhaikmunai LLP, a Kazakhstan-incorporated, 100 % not instantly owned operating subsidiary of Nostrum Oil & Gas. Moody's understands that, following the issue, Zhaikmunai LLP will substitute Nostrum Oil & Gas Finance as the issuer of the notes, in line with the approach taken for the two existing issues.
  • Kazakhstan plans to invest 164 billion tenges in geological sector

    KAZAKHSTAN, 2014/02/07 Kazakhstan plans to allocate over 164 billion tenges to finance the national geological projects in 2015-2019, Bazarbay Nurabayev, the chairman of the Geology and Subsoil Committee under the Industry and New Technologies Ministry said on February 4. "The basis of holding exploration operations is to examine available data of the previous years. Advanced methods will be used while conducting exploration works," he said at a press conference in Astana. Nurabayev as well noted Kazakhstan plans to introduce the Russian Bonitet system of historical costs calculation, which will allow reducing the period of determining the price of geological data from 240 days to one day.
  • Argentina's YPF wooing Malaysia Petronas to develop shale deposits

    MALAYSIA, 2014/01/31 “We have advanced towards a next transaction,” Reuters quoted Galuccio as saying in an email from Malaysia next the conference with his Petronas counterpart. The visit follows an extra conference held in early 2013 inclunding visits by Malaysian consultants to Argentina as YPF seeks a transaction with the company similar to accords penned with US super-major Chevron and US giant Dow Chemical, La Nacion reported. Some of Petronas' new forays into the region have not ended happily: What was to be a 850 million farm-out with Brazil independent OGX for a stake in the Campos basin Tubarao Martelo field collapsed next the company filed for bankruptcy in October.