INDONESIA HAS CLAIMS
TOGY wrote, Indonesia will increase exploration work in the area surrounding the Natuna Islands, located in the contested waters of the South China Sea, the country's president said on Wednesday.
President Joko Widodo's announcement comes a week after a visit to the island chain aboard a navy vessel. Indonesia lays claim to the Natunas and the surrounding waters, which it intends to open up for oil exploration and commercial fishing. The Chinese, through a statement by the Foreign Ministry last Sunday, said the two countries "have overlapping claims for maritime rights and interest."
"Out of 16 blocks around Natuna, only five are producing," Widodo said, adding that the country was aiming to push for fast-track development "so that they enter [the] production stage sooner." The area's East Natuna gasfield is under development by Pertamina, along with partners ExxonMobil, Total and Thailand's PTT Exploration and Production. ConocoPhillips and Chevron are active in the South Natuna Sea Block B but are expected to withdraw from the field.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.