- OZ Minerals Expects To Complete Martabe Sale By End June
- Indonesian Govt Extends Deadline For Divestment Talks With Newmont
- Indonesia Average Oil Output In 1H09 951,986 B/D -BPMigas
- Indonesian Oil Production Falls Short Of H1 Target
- Indonesia's Pertamina EP's Production Reaches Highest Record
- PetroChina Completes S$1.47B Singapore Petroleum Stake Buy
(Courtesy Joyo News Service)
OZ Minerals Expects To Complete Martabe Sale By End June
SYDNEY, June 21 (Dow Jones)-- OZ Minerals Ltd. (OZL.AU) Monday
said it expects to complete the already announced sale of its
Martabe gold project in Indonesia to China Sci-Tech Holdings
Ltd. (0985.HK) by the end of June.
OZ Minerals said it will receive settlement proceeds of US$211
million from the sale, which will further improve its cash
balance.
The sale of the gold and silver project on Indonesian island of
Sumatra won approval from Australia's Foreign Investment Review
Board last month.
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Indonesian Govt Extends Deadline For Divestment Talks With
Newmont
JAKARTA, June 22 Asia Pulse - The Indonesian government has
decided to extend by two weeks the deadline for divestment talks
with PT Newmont Nusa Tenggara (NNT), namely from June 15 to the
end of June 2009, a senior official said.
Director general for mineral, coal and geothermal affairs of the
Ministry of Energy and Mineral Resources, Bambang Setiawan said
here on Friday the government still saw a chance to reach an
agreement with NNT.
"There is still a chance to find a meeting point so that we
extend the deadline of the divestment negotiations by two more
weeks," Setiawan said.
With the extension of the deadline, the appointment of an
independent assessment team is delayed for the time being.
Previously, the government and NNT had agreed to appoint an
independent assessment team to calculate the value of NNT assets
for the divestment process if both sides failed to reach an
agreement by June 15, 2009.
Under a 1986 contract, Newmont must gradually sell 31 per cent
of its stake in NNT to the government or local parties it will
appoint in 2010.
Last year, NNT and the government went through an international
arbitration procedure following a dispute on how to implement
the divestment scheme.
The court ruled in favor of the Indonesian government. Under the
international arbitration court ruling, Newmont is required to
sell 17 per cent of its stake which was supposed to be carried
out in the 2006-2008 period.
The government and NNT have reached an agreement for the
divestment of 3 per cent worth US$109 million of the company`s
shares for 2006 with assets valued at US$3.63 billion, and 7 per
cent worth US$282 million for 2007 with assets estimated at
US$4.03 billion.
However both sides are still negotiating the divestment of 7 per
cent of NTT stake for 2008 and 2009 respectively.
They however have not yet reached an agreement on the value of
NTT`s assets for 2008 and 2009.
----------------------------
Indonesia Donggi LNG Export Plan Hinges On New Govt - Source
JAKARTA, June 22 (Dow Jones)--Indonesia's plan to export
liquefied natural gas from a massive development being done by a
consortium of energy companies could hinge on the new government
to be elected later this year, after current vice president
Jusuf Kalla last week said he would oppose the plan to export
the gas, a high-ranking official said Monday.
The consortium of Indonesian state oil and gas firm PT Pertamina
(PTM.YY), PT Medco Energi (MEDC.JK) and Mitsubishi Corp.
(8058.TO) of Japan, is unsure whether it will be allowed to
proceed with its plan to export LNG from the Donggi-Senoro field
in Central Sulawesi province, the official told Dow Jones
Newswires, declining to be identified.
"A decision will be made after the (presidential) election," the
official said.
Chubu Electric Power Co. (9502.TO) and Kansai Electric Power Co.
(9503.TO) of Japan have signed contracts to buy LNG from
Donggi-Senoro.
-----------------------------
Indonesia Average Oil Output In 1H09 951,986 B/D -BPMigas
JAKARTA, June 22 (Dow Jones)--Indonesia's oil production in the
first six months of the year has averaged 951,986 barrels a day,
just off the finance ministry's 2009 target of 960,000 barrels a
day, a spokesman for oil and gas regulator BPMigas said Monday.
Oil production so far in June has averaged 951,477 barrels a
day, Amir Hamzah said.
Liquefied natural gas production averaged 7,793 million standard
cubic feet a day in the first half of the year, and 8,138
mmscf/d in June, Hamzah said. The finance ministry is targeting
7,526.3 mmscf/d LNG production in 2009.
Crude oil accounts for the bulk of Indonesia's oil production
figures, with condensates accounting for a relatively small
portion. BPMigas doesn't normally provide separate figures for
crude and condensate production.
-----------------------------
Indonesian Oil Production Falls Short Of H1 Target
JAKARTA, June 22 Asia Pulse - Indonesia's crude oil production
in the first half of this year fell short of the target of
960,000 barrels per day.
Production so far this year averaged only 952,038 barrels per
day, on delay in the construction of pipeline and production
facilities, an official said. Upstream Oil and Gas Regulatory
Body (BP Migas) head R. Priyono said the Cepu oil field could
not operate at expected capacity over the delay in the pipeline
construction.
Cepu is the largest oil block expected to contribute to
Indonesia's additional crude production this year .
----------------------------
Indonesia's Pertamina EP's Production Reaches Highest Record
JAKARTA, June 22 Asia Pulse - Indonesian oil company Pertamina
EP's production reached its highest record of 128,618 barrels a
day on June 17, 2009, which was higher than the target set at
125,500 barrels a day.
"The achievement shows Pertamina EP transformation, which is
entering the second stage of the Three Year Development Plan,
has been on the right track," the company's operations director,
Bagus Sudaryanto, said here on Friday.
He said going forward Pertamina EP would focus more on
maintaining and increasing production growth considering that
the potential of a natural drop in production still remained
high at an average 18 per cent.
The biggest production hike in percentage, he said, was achieved
through Pertamina EP Indonesian Eastern Region (KTI) reaching
119 per cent of the target.
"On June 17 production in the KTI was recorded at 5,951 barrels.
The Limau unit`s production meanwhile reached 12,250 barrels or
119 per cent of the target," he said.
He said production hike was also recorded at Pertamina EP Java
Region, reaching 25,503 barrels a day, Sumatra Region reaching
18,241 barrels a day and at the Sukowati field reaching 24,718
barrels a day.
Pertamina EP`s production continued to increase since 2003 at a
rate of 3.1 per cent. Bagus said Pertamina EP`s production in
2003 reached 95,600 barrels a day and rose to 102,200 barrels a
day in 2006.
"It again rose 6.7 per cent in 2007 to 110,300 barrels a day and
7.8 per cent to 116,600 barrels a day in 2008. This year we
expect it will grow 6.2 per cent to 125,500 barrels a day," he
said.
Pertamina EP is also known as the country`s second biggest gas
producer with its gas production right now reaching 1,033 mmscfd.
"Of the production 28 per cent goes to Perusahaan Gas Negara
(PGN), 28 per cent to fertilizer companies, 18 other per cent to
power companies and the rest 14 per cent to Pertamina refineries
and for own use," he said.
Pertamina EP is the subsidiary of state-owned oil company PT
Pertamina, operating in domestic exploration and exploitation of
oil and gas.
----------------------------
PetroChina Completes S$1.47B Singapore Petroleum Stake Buy
HONG KONG, June 21 (Dow Jones)--PetroChina Co. (PTR) said Sunday
it completed the purchase of a 45.51% stake in Singapore
Petroleum Co. (S99.SG) and will make a mandatory offer to buy
the shares in the company it doesn't already own.
The Hong Kong-listed oil producer said it will offer to acquire
the remaining Singapore Petroleum shares for S$6.25 each, as
required by Singapore's takeover laws.
PetroChina said last month it agreed to buy Keppel Corp.'s
(KPELY) stake in Singapore Petroleum for S$6.25 a share, for a
total consideration of S$1.47 billion. Singapore Petroleum
closed at S$6.11 Friday.
Singapore Petroleum has a 50% interest in Singapore Refining
Co., which owns a 285,000 barrel-per-day refinery and is one of
three major oil refiners in Singapore.
Singapore Petroleum also has interests in oil and natural gas
blocks in China, Indonesia, Vietnam, Cambodia, and Australia.
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