Reposted from Bloomberg Businessweek
By James Paton
The fastest revenue growth in the oil industry is putting Papua New Guinea’s Oil Search Ltd. (OSH) in line for another record — Asia’s largest energy takeover.
The company’s liquefied natural gas venture with Exxon Mobil Corp. (XOM) — called PNG LNG — starts shipments to Asia next year. The project will help Port Moresby-based Oil Search increase revenue by 234 percent through 2015, outpacing every other oil and gas explorer with a market value of more than $10 billion, analysts’ estimates compiled by Bloomberg show. While it’s pushed Oil Search’s shares to a record in Sydney, the stock still isn’t reflecting the potential for the project’s likely expansion, said Commonwealth Bank of Australia. More…
Reposted from Proactive Investors
By Bevis Yeo
Oil Search (ASX: OSH) has intersected oil and gas at its exploration wells in Iraq and Papua New Guinea respectively.
In the Kurdistan Region of Iraq, wireline logs obtained over the company’s Taza-1ST2 well confirmed the presence of oil throughout the Euphrates Formation limestones.
Reposted from Platts
By Christine Forster
Of the three oil and gas majors understood to be vying for a share of US-listed junior InterOil’s Gulf LNG project in Papua New Guinea, Shell is being tipped by some industry insiders as the bidder most likely to succeed.
The PNG government approved InterOil’s plans to develop the 3.8 million mt/year Gulf LNG project in November last year but has required that the company bring in a partner with a track record operating similar projects. At the same time the government said state-owned resources company Petromin would take a 50% stake in the onshore Elk and Antelope gas fields that will feed the LNG project. More…
Reposted from the National News Bureau of Thailand
by Suwit Rattiwan
BANGKOK, 28 April 2013 (NNT) – Thailand’s leading energy explorer is considering an investment plan in Papua New Guinea although the company has conceded that more time is needed before a conclusion is drawn.
Mr. Tevin Vongvanich, President and Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP), revealed that the company’s investment feasibility study has been underway in Papua New Guinea. More…
Reposted from the Wall Street Journal
PORT MORESBY, Papua New Guinea and HOUSTON, April 23, 2013 /PRNewswire/ — InterOil Corporation (NYSE:IOC) (POMSoX:IOC) (“InterOil”) today announced the retirement of its founder and Chief Executive Officer, Phil Mulacek, effective April 30, 2013. Mr. Mulacek will continue as an InterOil director and will provide advisory services to the Company. More…
Reposted from Eleven Myanmar
Private Investment on the rise for Myanmar
In a country where most investments go to lucrative mining, hydropower and oil and gas, private investment worth 133 billion kyats (US$156.5m) has been put into transportation, manufacturing, farming and others within a month. More…
Reposted from The Phnom Penh Post
By Low Wei Xiang
7-Eleven will be entering the Cambodia market by 2015
Thailand’s biggest convenience store operator, CP All, plans to apply for licences to open 7-Eleven stores in countries including Cambodia by 2015, according to a Reuters news report yesterday. More…
Reposted from TRweekly
By Wanwisa Ngamsangchaikit
Investments from Singapore are the highest in the hotel industry at about US$597 million
BANGKOK, 21 January 2013: Association of Thai Travel Agents says Myanmar will become Thailand’s main tourism competitor over the next five to 10 years. More…
Reposted from The Peninsula
Cuba seeks energy independence
HAVANA: Cuba is moving fast to try to tap subsea oil wealth, and will start work in “days” with Russia’s Zarubezhneft, drilling this country’s deepest offshore well yet, state oil firm Cubapet said.
“Cubapetroleo reports that (Norwegian-owned) semisubmersible platform Songa Mercur has arrived offshore off the north-central coast to continue in a matter of days offshore exploratory well-drilling work,” said a statement in Granma, the Communist Party of Cuba’s newspaper.
Reposted from Bloomberg
SouthWest Energy Ltd. seeks to raise $100 million to finance well drilling in eastern Ethiopia
By Sarah McGregor
SouthWest Energy Ltd., an Ethiopian oil and gas exploration company, said it plans to raise $100 million via a private placement in the first quarter of 2013 to help finance a three-well drilling program in the Ogaden basin. More…