Petronas Indonesia plans major expansion, says country head
Petronas, the Malaysian state-owned energy company, plans to expand "aggressively" in Indonesia. It will create a hub in East Java for its operations and invest in exploration of Indonesia's remote eastern regions. The new government of Indonesian President Prabowo Subito, which came into office in this month, pledged…
Freeport-McMoRan beats its third-quarter profit expectations on the back of higher copper prices
The Freeport-McMoRan miner reported on Tuesday a profit for the third quarter that exceeded analysts' expectations as higher copper prices offset a decline in production. Copper prices increased in the third quarter, mainly due to signs of improved demand from China's top consumer. There were also falling inventories…
Sources say that Freeport will delay Indonesian copper sale to the second quarter of 2025 due to a fire.
Two sources familiar with the situation said that the U.S. miner of copper, Freeport McMoRan, will delay its sales of refined Copper from Indonesia until 2025 due to a fire in its new smelter. The new Manyar smelter with a production capacity of 480.000 metric tons copper cathode per year is likely to reduce the expected surplus of metal in 2025 and support the prices.
Freeport Indonesia says the fire at its Gresik smelter is under control.
On Monday, the fire at Freeport Indonesia’s Manyar smelter, located in Gresik (East Java), was brought under controlled, according to a spokesperson for the company. No injuries were reported. Katri Krisnati, a spokesperson for the company, said that the company would assess the damages and determine the cause once it was safe to enter the area.
Keppel to deliver third FPSO for Shapoorji Pallonji, Bumi Armada JV
Keppel Offshore & Marine's (Keppel O&M) wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) is on track to deliver a Floating Production Storage and Offloading (FPSO) vessel to Armada Madura EPC Limited (Armada Madura), a joint venture between Shapoorji Pallonji Group (Shapoorji Pallonji) and Bumi Armada Berhad (BAB).
Rosneft Delivers First Gasoline Cargo to Asia-Pacific
Energy giant Rosneft said on Thursday its trading arm had delivered an inaugural gasoline cargo to the Asia-Pacific, marking what could be Russia's first foray into a region dominated by OPEC producers from the Gulf. The 200,000-barrel cargo, bought by Rosneft from the international market and taken by Indonesian state energy company Pertamina…
PETRONAS Achieves 1st Oil from Bukit Tua Field, Indonesia
PETRONAS reached a significant milestone in its upstream operations in Indonesia with the first oil achieved from the Bukit Tua field on 17 May 2015. “This upstream project is an integrated development as it also involves the development of other supporting facilities such as Ratu Nusantara Floating Production, Storage and Offloading facility (FPSO)…
Nordic Maritime Awarded Seismic Survey Project
Nordic Maritime, in association with Alamjaya Makmur Sejahtera and PT Bahari Lines Indonesia, has been awarded the provision of marine seismic data acquisition & processing services for a 1,200 line km area in the Sakti production sharing contract in offshore East Java. The vessel to undertake the award will be the S/V Nordic Bahari.
McDermott Wins Fast-track Build Contract in Indonesia
McDermott International, Inc. announced today that one of its subsidiaries has been awarded a fast-track fabrication contract by PC Ketapang II Ltd., a subsidiary of PETRONAS for the BTJT-A Jacket as part of the Bukit Tua Development Project in the Ketapang block of East Java, Indonesia. The contract is included in McDermott’s second quarter 2014 backlog.
AKR Corporindo to Spend 2.3 trln rph on Industrial, Port Project
PT AKR Corporindo, a distributor of basic chemicals and petroleum products, plans to spend 2.3 trillion rupiah ($198.84 million) on investment in the second half of this year, to finance its Java Integrated Industrial and Port Estate project, said Director Suresh Vembu. The firm is working in co-operation with state port firm PT Pelindo on the project situated on a 1…
Fire Shuts Two Petrochina and Pertamina Oil Wells in Indonesia
A fire that broke out during routine maintenance of several oil wells operated by Petrochina and Pertamina in East Java, Indonesia, on Tuesday has shut down 4,000 barrels per day of crude production, the country's oil and gas regulator (SKKMigas) said. "(Two) wells were shut down," SKKMigas chief Johannes Widjonarko told Reuters by text message on Tuesday.
WFW Advises FPSO Joint Venture Debt Financing
International law firm Watson, Farley & Williams Asia Practice LLP (WFW) said it advised a joint venture involving M3nergy and PT Transamudra as sponsors on a $182 million term facility and $38.4 million guarantee facility. The funds will finance the floating production, storage and offloading facility named FPSO Ratu Nusantara.
