Tuesday, April 7, 2009

Daily news - 7 Apr

SPC to embark on full-scale natural gas venture in Q4
Singapore Petroleum Company is set to embark on its first full-scale natural gas venture in the fourth quarter of this year when it commercialises gas production - selling it to an Indonesian power station - from its Kakap field there. Listed SPC, which is increasingly investing in upstream exploration and production assets to diversify its earnings base, said in its just-released 2008 annual report that 'gas production from Oyong remains on schedule and is expected to commence in 2009'. Oyong's PSC (production-sharing contract) partners started work last year on the field's second phase of development to commercialise the gas reserves there. This follows the first phase development of Oyong which was focused on oil, with the Indonesian field currently giving SPC an average 2,527 barrels per day (bpd) of oil.

Source: Kim Eng

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