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

People & Company News

USCG Makes Change in Fort Pierce Inlet Safety Zone

The Coast Guard has made a change in the Fort Pierce Inlet safety zone Thursday afternoon. Recreational vessels with less than six-foot draft are now allowed

Holland America Line Wins Cruise Critic Cruisers’ Choice Awards

Holland America Line won top honors in four categories in the 2015 Cruise Critic Cruisers’ Choice Awards. The premium cruise line took first place in Best Dining

ST Engineering Y-O-Y Profits Slip

Singapore Technologies Engineering Ltd  reported today its full year financial results ended 31 December 2014 (FY2014) with a Group revenue of $6.54b compared to $6.

Offshore

Dryships in the Red

DryShips Inc. and through its majority owned subsidiary, Ocean Rig UDW Inc., of offshore deepwater drilling services, today announced its unaudited financial and

Ulstein Verft Delivers 'Blue Queen’

On 24 February 2015, ‘Blue Queen’ a platform supply vessel of the PX121 design, was delivered to Blue Ship Invest from Ulstein Verft. This vessel is the first

Indonesia Upbeat Ahead of IORA Chair

Indonesia is gearing up to turn its foreign policy focus westward when its role as Indian Ocean Rim Association (IORA) chair begins later this year, reports Jakarta Post.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Repair Sonar Winch
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: 0.1782 sec (6 req/sec)