{"id":227198,"date":"2013-12-06T17:42:29","date_gmt":"2013-12-06T09:42:29","guid":{"rendered":"http:\/\/charltonsnaturalresources.com\/?p=227198"},"modified":"2021-08-16T16:46:10","modified_gmt":"2021-08-16T08:46:10","slug":"hess-to-sell-indonesian-assets-for-us1-3-billion","status":"publish","type":"post","link":"https:\/\/charltonsnaturalresources.com\/zh-hans\/hess-to-sell-indonesian-assets-for-us1-3-billion\/","title":{"rendered":"Hess to sell Indonesian assets for US$1.3 billion"},"content":{"rendered":"[et_pb_section fb_built=”1″ admin_label=”CNR NEWSLETTER” module_class=”cnl-wrapper” _builder_version=”4.4.3″][et_pb_row admin_label=”Header” module_class=”cnr-nl-header” _builder_version=”4.4.3″][et_pb_column type=”4_4″ _builder_version=”4.4.2″][et_pb_text admin_label=”Header” _builder_version=”4.4.3″]
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NATURAL RESOURCES<\/div>\r\n
Newsletter-Issue 008<\/div>\r\n<\/div>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=”Logo” _builder_version=”4.4.3″][et_pb_column type=”4_4″ _builder_version=”4.4.3″][et_pb_text admin_label=”Logo” _builder_version=”4.4.3″]
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\"Hess<\/div>\r\n
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\r\n12 \u6708 2013<\/span>\r\n

Hess to sell Indonesian assets for US$1.3 billion<\/h1>\r\n
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Hess Corp. (Hess<\/strong>) has entered into two separate agreements with a joint venture formed by Indonesian state-owned PT Pertamina and Thailand\u2019s national petroleum operator PTT Exploration & Production Co. Ltd. to sell its interests in the Pangkah and Natuna A assets (Assets<\/strong>) offshore Indonesia for US$1.3 billion. The agreements are expected to close before the end of first-quarter 2014.In the first three quarters of this year, the Assets produced a combined 15,000 boe\/d net. Hess is a partner with Kuwait Foreign Petroleum Exploration in Pangkah and will use the sales proceeds to continue repurchasing shares under an existing US$4 billion authorisation. Earlier this year Hess disclosed plans to divest its exploration and production assets in Indonesia and Thailand as well as its remaining downstream businesses, including terminals, retail, marketing, and trading divisions. (From Oil & Gas Journal 2 December 2013)<\/p>\r\n<\/div>\r\n

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Myanmar announces details of bids in offshore bidding process<\/h2>\r\n

The Myanmar Oil and Gas Enterprise (MOGE<\/strong>) has announced it has received bids from thirty companies including both major private international and state-owned oil and gas companies, in response to Myanmar\u2019s recent offshore licensing round. Bidders included Daewoo, PTTEP, TOTAL, Unocal Myanmar Offshore (Chevron), GAIL India, ONGC and Petronas among others. Companies had the option of bidding for up to three of eleven shallow water blocks and nineteen deep water blocks. Ten companies have submitted bids for three blocks. The eleven shallow water blocks offered in the round comprise three blocks in the Rakhine Offshore Area, three in the Moattama Offshore Area and five in the Tanintharyi Offshore Area. Of the nineteen deep water blocks, twelve are in the Rakhine area, three in Moattama and five in Tanintharyi. (From Platts.com 28 November 2013)<\/p>\r\n<\/div>\r\n

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Rio Tinto pledges to cut capital expenditure by US$6bn in two years<\/h2>\r\n

Rio Tinto<\/a> has pledged to cut its capital spending by at least 20% in each of the next two years in an attempt to win back investors. The Company said its capital expenditure would fall from US$14bn this year to US$11bn in 2014 and to US$8bn in 2015. The anticipated reductions come after last week\u2019s announcement by the Company that it would increase production in its projects in Australia\u2019s Pilbara region by up to 25%.The Company has come into criticism from shareholders for overspending on new projects and acquisitions during the height of the mining boom. In 2012 the Company\u2019s net debt rose to more than $19bn.The Company has said it had cut spending on exploring and evaluating new projects by $800m in 2013. (Source Financial Times 3 December 2013)<\/p>\r\n

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CITIC Pacific set to take delivery of first iron ore shipment from Australia<\/h2>\r\n

CITIC Pacific\u2019s (CITIC<\/strong>) first shipment of iron ore has been made from the company\u2019s US$8bn Sino-Iron ore project (Project<\/strong>) in Western Australia. The shipment will be delivered to CITIC steel mill in Jiangsu. The Project represents China\u2019s largest investment in Australia.\r\n

The Project ran into various financial obstacles, including rising costs during construction. The Project involves taking low grade magnetite ore and turning it into a concentrate with high iron content through a process of grinding, concentration and magnetic separation. The project is designed to produce 24 million metric tons of iron ore concentrate annually to supply iron ore to CITIC owned steel plants as well as other steel producers in China. (Source China Daily 2 December 2013)<\/p>\r\n<\/div>\r\n

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LME approves changes to its warehousing policy<\/h2>\r\n

The Board of the London Metal Exchange (LME) has approved changes to its warehousing policy designed to cut queues at warehouses. The changes follow a three-month consultation with the global metals industry. The LME has closely engaged with the UK\u2019s Financial Conduct Authority to ensure that the changes are consistent with the LME\u2019s regulatory requirements. The changes are intended to reduce the presence of warehouse queues. Queues are problematic for a number of reasons, but primarily, because the recipient of an LME warrant must pay rent while in the queue, and there is an opportunity cost to waiting for metal. The changes include:-<\/p>\r\n