Petronas to Explore for Hydrocarbon in Timor Sea

Tuesday, October 31, 2006
Petroliam Nasional Bhd (Petronas) said it will be exploring for hydrocarbon with three partners in the joint petroleum development area between Timor Leste and Australia. Petronas holds half of the production sharing contract while the remaining is shared between Korea Gas (30 per cent), Samsung (10 per cent) and LG International (10 per cent), it said in a statement yesterday. The minimum investment for the exploration activities is $40.5m. The deal marks Petronas' entry into the Timor Leste/Australia's upstream sector. In another development, China's carmaker Nanjing Automobile Corp (NAC) and Brilliant Culture Group Ltd (BCG) will jointly manufacture Petronas' E01 engine for NAC's new cars while Petronas will provide the technology and support to the former. BCG is NAC's consulting firm. The project is slated to take off in December. Production is expected to commence in 2009, with an annual production capacity of 100,000 units. The parties are exploring the possibility of establishing an engine research and development centre in China. Source: Business Times
Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Shipping Confidence Hits 2.5 Year Low

Overall confidence levels in the shipping industry fell to their lowest level for two-and-a-half years in February 2015, according to the latest Shipping Confidence

U.S. DoI Upholds 2008 Shell Arctic Lease

The U.S. Interior Department on Tuesday upheld a 2008 lease sale in the Chukchi Sea off Alaska, moving Royal Dutch Shell a step closer to returning to oil and gas

All American Marine Delivers Ferry to Seattle

All American Marine, Inc. (AAM) today announced the delivery of a new passenger ferry that will serve the city of Seattle.    The vessel, MV Sally Fox, was dedicated

Offshore

U.S. DoI Upholds 2008 Shell Arctic Lease

The U.S. Interior Department on Tuesday upheld a 2008 lease sale in the Chukchi Sea off Alaska, moving Royal Dutch Shell a step closer to returning to oil and gas

Japan, U.S. Look to Expand Naval Cooperation

Japanese Prime Minister Shinzo Abe's push to allow Tokyo to come to the aid of an ally under attack will pave the way for closer cooperation between U.S. and Japanese forces across Asia, a top U.

BP Terminates GoM Rig Contracts

BP terminated contracts for two deepwater oil drilling rigs in the Gulf of Mexico as the British oil company slashes its exploration budget due to fallen oil prices.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2184 sec (5 req/sec)