Indonesia, CNOOC Talks End in Deadlock

Tuesday, February 07, 2006
Early renegotiation of gas selling price with China National Offshore Oil Company (CNOOC) has ended in deadlock as the ceiling price proposed by CNOOC was seen as too low, according to Asian Pulse. Indonesia has signed a long term contract to supply China's Fujian province with 2.6 million tons of liquefied natural gas (LNG) annually from Tangguh, Papua. Under the agreement in 1992 the LNG price was tide with crude oil price or around $2.4 per MMBTU based on a ceiling price of $25 per barrel of crude oil. The ceiling price is no longer acceptable to Indonesia with the soaring crude oil price at present. Currently the LNG price is around $8 per MMBTU based on a crude oil price of $65 per barrel. CNOOC rejected an offer from Indonesia and proposes a ceiling price lower than proposed by the government, which hopes to discuss that matter again with CNOOC before the first shipment is made in 2008 after the completion of the construction of an LNG Plant to be operated by BP in Tangguh.

(Source: Asian Pulse)

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Stena Sonangol Suezmax Pool Rings in 10 Years

Stena Sonangol Suezmax Pool celebrates 10 years of collaboration and trading.   The 10th anniversary celebrations took place in London on May 20. Today on May 26 it is Houston’s turn and,

UNOLS Seeks Fleet Improvement Committee Chair

The University-National Oceanographic Laboratory System (UNOLS) informs it is seeking nominations to fill a Fleet Improvement Committee (FIC) Chair position.   The position,

Former Petrobras Exec Sentenced to 5 Years Jail

A Brazilian judge sentenced a former international director at state-run oil firm Petroleo Brasileiro SA to five years in prison for money laundering on Tuesday,

LNG

Natural Gas Articulated Conduit System Patented

Elliott Bay Design Group (EBDG) announced that long-time partner Moran Towing Corporation has been granted US Patent 8,967,174 for "Articulated conduit systems

Red Tape, Industrial Relations Could Stifle LNG Potential

Australia could develop the world’s most technologically advanced LNG industry, according to a report by Accenture. But if industry is to reach its potential

Egypt's $3 Bln LNG tender in June

Egypt is reportedly to issue a tender in early June to buy up to $3 billion of liquefied natural gas over 2016 and 2017, Reuters reports.   The country recently

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1337 sec (7 req/sec)