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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (2332)	4/29/2001 3:08:55 PM
From: Tomas	Respond to of 2742

Sudan: Petronas May Gain From Lifting Of Sanctions Bernama (Malaysia) Salmy Hashim WASHINGTON, April 29 (Bernama) -- Petronas may benefit should the United States lift economic sanctions against Iran, Libya and Iraq, said the national oil company's vice-president on education, Mariam Rahimah Mukhtar. While the proposed move might create more competition in the oil fields of those countries, multilateral financial institutions such as the World Bank would be more willing to fund oil and gas projects in those countries thus benefiting companies like Petronas, she said at the Malaysian Students Department here Saturday. Petronas currently has business interests in 24 countries as at the end of the financial year, according to its 2000 annual report. For the year under review, international operations including exports accounted for RM47.1 billion or 78 per cent of the Petronas Group of companies revenue. The international reserves account for 12 per cent of Petronas' total reserves. Meanwhile, the company's share of oil production in Vietnam, Sudan and Iran continues to increase, with production for the year averaging about 110,000 barrels per day. Today, the company's total production, both in Malaysia and overseas, has exceeded one million barrels of oil per day, the report says. Mariam said there was "not much competition" in Iran for the Malaysian oil company except from France, China and Russia. Once the sanctions were lifted, American companies would likely rush in to compete creating a very competitive business environment, she said. The Washington Post has reported that an influential task force headed by Vice President Richard Cheney has broached the possibility of lifting economic sanctions against Iran, Iraq and Libya as part of a plan to increase America's oil supply. The task force's draft recommendations come amid a brewing battle over whether Congress should reauthorise the Iran-Libya Sanctions Act (ILSA) for five more years when it expires in August. The oil industry is pressing for the investment restrictions to be eased, and the leading pro-Israel lobby and its allies are pushing to keep them in place, the Post reported. The administration has not said whether it will support the reauthorisation of ILSA but has signalled that it has some reservations about the existing restrictions. The US measure, enacted in 1996, is designed to punish Iran and Libya for sponsoring terrorism by penalising foreign companies that invest in their energy industries. American companies are banned from involvement. Meanwhile, in her meeting with Petronas scholars here, Mariam urged them to be more innovative and creative and to introduce new products to the world. She said that the company might award money to undergraduate students for the most innovative research project. With the cost of sending students overseas skyrocketing -- it costs seven times more to send students overseas than to educate them in Malaysia -- Petronas has become more selective and plan to send the best students to the best schools overseas. "We still do not have our students in Harvard or MIT (Massachusetts Institute of Technology)," she noted. There are currently 116 Petronas-funded students around the US. Petronas spends more than RM100 million per year on scholarship. Following the financial crisis, the petroleum company scaled back on sending students overseas and currently sends 150 students overseas every year to Australia, the United Kingdom and Europe, and the US.

To: Tomas who wrote (2332)	4/30/2001 1:34:08 AM
From: Tomas	Respond to of 2742

Rig hunger off Vietnam. Developers on prowl for units across all sectors Upstream, April 27 A growing number of offshore rigs are making their way to Vietnam, drawn by a rise in exploration and development drilling in the country over the next three years. There are currently four rigs working in Vietnam and two more are expected to arrive in coming months, when Samedan and BP mobilise the jack-up Atwood Vicksburg and semi-submersible Doo Sung respectively to the Nam Con Son basin. ...

To: Tomas who wrote (2332)	5/3/2001 10:08:32 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Malaysia: Low bidder's nail-biter for Lundin FSO - Lobbying effort has consortium waiting in wings on Vietnam job Upstream, May 4 By James Tham A consortium comprising Tanker Pacific and FPSO Tech has once again emerged as the lowest bidder in Lundin Oil's re-tender for a floating storage and offloading vessel to be deployed in the PM-3 block in the Malaysia/Vietnam Commercial Arrangement Area. However, the pair is being forced to wait in the wings as the next lowest bidder, Bumi Armada with Modec, continues to lobby Lundin and Malaysian state oil company Petronas for the coveted job. Tanker Pacific and FPSO Tech had submitted the lowest bid in the original exercise but a re-tender was ordered by Petronas for reasons that remain unclear. FPSO Tech is a new company founded by former senior Petronas officials. A source close to the tender said that the two lowest bids were "too close to call" with Tanker Pacific proposing a conversion and Bumi bidding with a newbuild. According to industry sources, the capital expenditure for an FSO for Lundin is estimated at $70 million to $80 million. The Swedish oil company plans to lease the floater for 20 years. Lundin had earlier short-listed only Bumi with Modec; Tanker Pacific with FPSO Tech;Trenergy with Malaysia Shipyard and Engineering; and Aker with Saipem. The other bidders were SBM, Bluewater, Nortrans and Care Offshore. Currently, the Bunga Kekwa oilfield in PM-3 is producing around 18,000 barrels per day of oil through an early production scheme involving an unmanned monopod wellhead platform and a leased floating production, storage and offloading vessel. Phase two, which involves larger platforms and an FSO, seeks to bring on stream neighbouring finds with targeted production of 40,000 bpd of oil and 250 million cubic feet per day of gas in late 2003.