oil production

 
 

Asian shares dip as commodities ease, bitcoin licks wounds

TOKYO, Jan 17 — Asian stocks stepped back from a record high yesterday as the region’s resource shares were dented by falling oil and commodity prices while digital currencies tumbled on worries about tighter regulations. MSCI’s broadest index…


Ringgit to weaken slightly in second quarter after elections?

Hor Kwok Wai

“Macro US dollar weakness seems sustained at the beginning of 2018, and ringgit strength should sustain until the general election. But we may see a retracement of the ringgit against the US dollar in the second quarter,’’ according to Hor Kwok Wai(pic), chief operating officer, global markets, Hong Leong Bank. THE ringgit, which hit a level not seen since July 2016, is expected to trade on a stronger note but may retrace slightly to above 4.00 to the US dollar in the second quarter. “Overall, the ringgit is expected toRead More


MSPO a game changer for local palm oil sector

KUALA LUMPUR: The Malaysian Sustainable Palm Oil (MSPO) is set to be a game changer as, besides giving the Malaysian authorities the means to enforce certification standards, it will also enable the country to set itself apart in international markets and brand its palm oil as the premier choice, said a journal. The MSPO will […]


Mapping the sustainability landscape

KUCHING: The ways of doing business has evolved with time. Long gone are the days of operating a business purely for the want of generating profits; these days, it is  crucial to consider of the impact our businesses have on our enviroment, society and economy as a whole. In the midst of doing business, sustainability […]


The world’s most expensive oil is from Malaysia

screen shot 2015-09-29 at 9.23.31 am

There are a lot of factors that go into the price of any given barrel of oil. Given its quality and location, Malaysian oil is the world’s most expensive at this time. When asked about the most expensive oil grade out there, those working in the oil industry are caught blindsided because there’s no easy way to answer this question. The price of crude oil is determined by its physical characteristics (low-density, low-sulphur grade blends generally cost more, but there are several exceptions to this rule), classic supply-demand conditions, distanceRead More


Sumatec sees Rakushechnoye oil output to reach 1,500 barrel a day by end of March

corporatenews19jan2017

KUALA LUMPUR: Sumatec Resources Bhd said it was informed by its partner CaspiOilGas LLP (COG) that oil production at the Rakushechnoye oilfield in Kazakhstan will reach 1,500 barrels of oil a day (bbl/d) by end of March.


Sumatec Resources’ shares price unchanged with increased output expectation from Kazakh oilfield

PETALING JAYA: Sumatec Resources Bhd’s share price were flat this morning after it said CaspiOilGas LLP’s (COG) oil production in Kazakhstan's Rakushechnoye oilfield could reach 1,500 barrels per day (bbl/d) by the end of March 2018 after having reactivated its oil production enhancement program.

As at 10.04am, Sumatec is the third top active counter on Bursa Malaysia Securities Bhd. Sumatec’s share price stood at 7 sen with 73.93 million shares changing hands.

Sumatec was informed by COG’s general director Saubay Izbassarov in a written field report, informing it of the reactivation of the oil production enhancement program in the second half of 2017.

In addition to that, another 1000bbl/d is expected following the completion of workovers for 12 wells, slated to complete by the end of August 2018.


Sumatec expects increased output from Kazakh oilfield

PETALING JAYA: Sumatec Resources Bhd said CaspiOilGas LLP’s (COG) oil production in Kazakhstan’s Rakushechnoye oilfield could reach 1,500 barrels per day (bbl/d) by the end of March 2018 after having reactivated its oil production enhancement programme.

The group told Bursa Malaysia that it was informed by COG’s director-general Saubay Izbassarov in a written field report, informing them of the reactivation in the second half of 2017. In addition to that, another 1,000 bbl/d is expected following the completion of workover for 12 wells, slated for completion by the end of August 2018.

In line with that, total oil production is expected to further increase to about 7,500 bbl/d with the drilling of two new deep Triassic wells by the end of 2018.

COG is a unit of Markmore Energy (Labuan) Ltd and is the concession owner of the Rakushechnoye oil and gas field in West Kazakhstan. Last October Sumatec had entered into a heads of agreement relating to the acquisition of 100% equity interest in Markmore for RM1.55 billion.

“Under the joint investment agreement (JIA) between Sumatec and COG and the field development plan, Sumatec also has claim on associated gas by way of sharing condensates,” Sumatec noted.


US oil hits highest since 2014, worries grow of overheated market

LONDON, January 10 — US oil prices hit their highest since 2014 today as Opec-led production cuts and healthy demand helped to balance the market, but analysts warned of possible overheating. A broad, global market rally, including stocks, has…


Asian shares edge up, yen jumps as BOJ trims bond buying

TOKYO, Jan 9 — Asian shares edged higher today, approaching record highs, while the yen stole the currency spotlight and jumped after the Bank of Japan’s slight reduction to its bond purchases reminded investors that it will eventually…