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ADELAIDE: Chevron Corp has signed a preliminary agreement to sell Japan's Tohoku Electric one million tonnes of liquefied natural gas per year for 20 years, the US oil major said on Sunday. The gas will come from its Wheatstone plant in Australia, Roy Krzywosinski, Chevron Austalia's managing director told reporters in Adelaide, adding that with this sale more than 80 percent of the gas from the 8.9 million tonnes per year (mtpa) Wheatstone project had been sold to Asian customers. Wheatstone, located off the coast of Western Australia, is currently under construction, with the first gas shipments expected in 2016.  Chevron plans to eventually expand the production of the $29 billion Wheatstone LNG plant to 25 mtpa.  Chevron is positioning itself to become one of the largest LNG producers in Australia. Its $37 billion Gorgon project, also off Western Australia, will produce 15 mtpa by 2014. The construction of Gorgon is now 40 percent complete, ...

NEW YORK: Brent crude oil futures dropped for the fifth straight day on Tuesday as post-election uncertainty in Greece deepened Europe's political and economic turmoil and worries about growing US crude inventories persisted, both adding to oil demand concerns. In London, ICE Brent crude for June delivery settled at $112.73 a barrel, down 43 cents, or 0.38 percent, the lowest Brent front-month settlement since Feb. 2. In five days, Brent front-month crude has fallen $6.93, or ...
PERTH: Australia's largest oil and gas company, Woodside Petroleum, said it is very close to exporting liquefied natural gas (LNG) from its flagship project and the nation's No. 2, Santos, reported higher first-quarter output, sending shares of both companies higher on Thursday. Woodside is gearing up its Pluto LNG project to load its first export cargoes in the "coming days," Woodside said in its March quarter production report on Thursday. The flagship A$14.9 billion ($15.47 billion) Pluto ...
US crude prices strengthen on economic optimism PERTH: US oil futures inched up in Asian trading on Thursday as strong US economic data, signalling a recovery in the world's largest economy and supply worries spurred by tensions over Iran's nuclear programme supported oil prices. In London, Brent crude was flat on Thursday, pressured by a fragile economic recovery in Europe, which is lagging the United States and Asia. "I am still bullish about the oil price in the short-to-medium term with demand ...
Australia MELBOURNE: Woodside Petroleum said it was considering selling a small stake in the huge Browse liquefied natural gas project in Australia, after receiving approaches from several firms. "In response to significant interest from a number of parties, Woodside is conducting a limited process to assess the potential sale of a minority portion of the company's equity in the development," the company said in a statement ot the stock exchange. The company put out the statement after The ...
Woodside shuts some oil production on cyclone forecast PERTH: Wooside Petroleum said on Wednesday it had shut oil production at its Vincent oil field off the coast of northwestern Australia due to a forecasted cyclone. A tropical low currently off the northwest coast will strenghten into a category two cyclone by Friday, according to Australia's Bureau of Meterology. Copyright Reuters, 2012 ...
Woodside: still backs James Price Point for Australia LNG        PERTH: Australia's Woodside Petroleum is still committed to developing the Browse LNG project at James Price Point, on the cost of northwest Australia, its chief executive Peter Coleman said. "James Price Point is clearly the main game for us," he told a conference call. Earlier Woodside warned it may need to delay a final investment decision on the huge Browse liquefied natural gas project by nearly a year to the first half of 2013. The warnings sparked further ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln