French electricity group EDF and Russian gas company Gazprom have signed a memorandum of understanding (MoU) on the possibility of EDF participating in the construction of the offshore section of the South Stream pipeline. Read Full Story
Chiyoda Singapore has signed a contract with Shell Eastern Petroleum in Singapore, for basic design and engineering package (BDEP) for its Pulau Bukom Refinery for a desulfurization facilities. The work will be executed by Chiyoda Singapore as prime contractor, with the collaboration of Chiyoda Corporation. Read Full Story
Petrominerales Ltd. (Petrominerales) has announced an expanded drilling program for 2010. The program will build on the company's 2009 exploration successes and will be fueled by cash flows from its growing production base and industry leading operating netbacks. The Percheron-1 well, the company's first exploration well on the Guatiquia block, commenced drilling on September 30, 2009 and reached a total depth of 12,198 feet on October 27, 2009. Read Full Story
Iranian Gas Engineering and Development Company (IGEDC) intends to elevate its natural gas production by spending about $750 million in three gas refineries, Press TV reported. A total of $250 million will be invested in development of both phase two of the Ilam gas refinery, and phase three of the Shahid Hasheminejad gas refinery (Khangiran). Read Full Story
Vietnam Oil and Gas Group (Petrovietnam) said that Vietnam's Prime Minister, Nguyen Tan Dung has launched the construction of a gas pipeline project that will connect Block B to O Mon offshore the south-western coast to Can Tho city. The $1 billion project will include 246 kilometers of pipeline under the sea and 152 kilometers on land passing through Kien Giang, Ca Mau, Bac Lieu, and Hau Giang provinces and the city of Can Tho. Read Full Story
Ithaca Energy and its wholly owned subsidiary Ithaca Energy (UK) or Ithaca, an independent oil & gas company with exploration, development and production assets in the UK sector of the North Sea, has closed its transactions with Maersk Oil and Dyas on Stella and is now operator and in control of the Stella development. Read Full Story
Venezuela's Oil Minister, Rafael Ramirez said that the country will finalize conditions for its Carabobo oil project tender in Orinoco heavy oil belt in the coming week, Reuters reported. The country had postponed presentation of the final terms of the project to potential bidders repeatedly. This project will involve seven areas, each of which may need around $10-$20 billion in investment. Read Full Story
S.C. Hidroelectrica S.A. (Hidroelectrica) has borrowed EUR60 million from a private bank and is in further talks for another three loan facilities of EUR30.70 million and EUR135 million, Wall Street reported. The company did not disclose the name of the banks. Hidroelectrica is in discussions with other banks for the additional financing of up to EUR300 million. Read Full Story
Shell Lubricants has started a new lubricants complex in Asia to meet growing demand in China. The company said that with a production capacity of 50 million gallons a year, and the potential for a phased development to 100 million gallons a year, the complex could become one of its top three lubricants blending plants in volume terms. Read Full Story
