Pertamina to go ahead with higher oil production plan despite oil price crash

first_imgIndonesia’s top oil and gas company, state-owned Pertamina, will press on with a plan to increase production by 1.8 percent this year despite financial pressures from falling global crude oil prices.Pertamina’s upstream director Dharmawan Samsu said in a statement on Monday that the company “will strive to maintain oil and gas production levels as per our Work, Program and Budget [RKAP]”, which pegs output at 923,000 barrels of oil equivalent per day (mboepd).The state-owned company’s production rate reached 919 mboepd during the first quarter, which is 1.4 percent higher than last year but 0.4 percent lower than the RKAP target. Production growth was largely driven by the company’s foreign operation, particularly in Algeria, which is managed by subsidiary Pertamina International EP (PIEP). The subsidiary contributed almost a third of first-quarter growth.“Pertamina strives to maintain upstream investments in fulfilling national oil demand but with several adjustments based on our priorities to ensure project economics,” said Dharmawan.Pertamina adds to a list of Asian state-owned oil and gas companies, including Malaysia’s Petronas and India’s ONGC, that will commit to their existing work plans although falling global crude oil prices have threatened to derail financial expectations.Read also: Pertamina to monitor trends before deciding whether to lower fuel prices Crude prices fell about 30 percent on March 9 after the world’s largest oil-exporting country, Saudi Arabia, slashed selling prices and set plans to increase crude production next month, effectively starting a price war between petroleum exporting countries under OPEC.Indonesia’s own benchmark Indonesian Crude Price (ICP) reached US$34.23 per barrel in March, down 39.5 percent from the previous month, due to the price war.“Governments are looking to state-owned enterprises to maintain economic activity and employment, suggesting spending will continue as planned,” writes Gavin Thompson of energy consultancy Wood Mackenzie Asia Pacific in a press note dated March 17.He added that Pertamina’s takeover of the Rokan Block in Riau — Indonesia’s second most productive oil block — was “of more immediate concern” amid the price rout. The state-owned company is slated to take over the block, which is currently operated by the United States’ Chevron, starting next year.Pertamina is also investing $1 billion, nearly a quarter of the company’s total 2020 upstream capital expenditure, in developing Indonesia’s fourth-most productive oil block, the Mahakam Block in East Kalimantan.“Any disruption to investment will have a significant impact on both corporate and national production,” said Thompson.Pertamina’s oil and gas production targets account for nearly half of the country’s projected domestic output at 1,946 mboepd this year.Indonesia’s Upstream Oil and Gas Special Regulatory Taskforce (SKK Migas) previously said it would coordinate with companies to ensure production levels remained in line with each company’s RKAP.”We will conduct technical and economic calculations to determine which programs will be a priority and which will be revisited without lowering RKAP targets,” said SKK Migas deputy of operations Julius Wiratno.Contrary to Pertamina, privately-owned PT Medco Energi Internasional, Indonesia’s second-most productive homegrown oil producer behind Pertamina, slashed its capital expenditure and production targets for this year due to the oil price crash.Capital expenditure was cut by 30 percent to $240 million “with potential for further 2021 reduction”, while production was lowered by 5 percent to 105 mboepd. The company may further cut production by 5 mboepd if demand weakens.In line with Medco’s move, many oil and gas companies worldwide have cut upstream capital expenditure by 30 percent, writes Wood Mackenzie in a press note dated March 19.Topics :last_img read more

Continue reading


Jokowi calls for tight monitoring of COVID-19 clusters

first_imgTopics : President Joko “Jokowi” Widodo has called for stringent monitoring of several clusters of COVID-19 cases to curb the spread of the SARS-CoV-2 virus in Indonesia.The President noted that clusters had been recorded among influxes of migrant workers returning home, Tablighi Jamaat members, factory workers and people returning to their hometowns.“These [clusters] must be well-monitored,” Jokowi said during the virtual meeting with the COVID-19 task force on Monday.He highlighted migrant workers as an example.“I have been told that around 89,000 Indonesian migrant workers have returned [to the country] and there will be more of them, possibly reaching 16,000 people […] This is something we must pay attention to,” he said.Read also: COVID-19: Govt must ensure well-being of returning migrant workers, advocacy group saysThe number is larger than was predicted by the Indonesia Migrant Worker Protection Agency (BP2MI), which estimated that around 37,000 Indonesian migrant workers had returned home after their contracts ended in April and May, Antara news agency reported.Of the returning migrant workers, BP2MI recorded that around 15,400 had returned from Malaysia, 11,300 from Hong Kong and 3,507 from Singapore.Recently, tobacco giant HM Sampoerna temporarily shut down its factory in Rungkut district of Surabaya, East Java, following reports that two workers had died from COVID-19 and that dozens of other workers had tested positive for the virus that causes the disease.The cigarette factory was identified as a new COVID-19 cluster in Surabaya when the two workers’ test results came back positive after their deaths on April 14.Surabaya – along with its satellite areas of Gresik and Sidoarjo – imposed a 14-day period of large-scale social restrictions (PSBB) on April 28.Read also: High influx of Indonesian migrant workers from Malaysia, despite call to stay amid outbreakIn addition, Jokowi urged authorities to closely monitor industrial areas, especially in regions that have imposed large-scale social restrictions (PSBB).“We must do inspections [if needed] to ensure they follow the health protocols,” the President said.Jokowi stressed on Monday that there needed to be an evaluation of PSBB measures, which are currently in place in four provinces and 22 cities. The restrictions that are aimed at curbing the spread of COVID-19, he said, must be evaluated to ensure they were being implemented effectively.last_img read more

Continue reading


Keperra joins the million dollar housing club

first_imgRural living in the heart of BrisbaneSelling agent Carmen Briggs said the high price was thanks to the uniqueness of the property.More from newsParks and wildlife the new lust-haves post coronavirus20 hours agoNoosa’s best beachfront penthouse is about to hit the market20 hours ago“An average block in Keperra is about 600sq m,” Ms Briggs said. The home was called “Rosehill” when it was built in the 1920s as the homestead of a larger farming property.“It would have been a long way out of town, but now it is regarded as inner Brisbane,” she said. Over the decades, the block was subdivided to create neighbouring properties, but the original homestead remained. The home was snapped up before auction“It has been very well presented and maintained,” she said.As one of a handful of acreage properties in the suburb and a quick 20-25-minute drive from the city, the home attracted a lot of interest from people across Brisbane and interstate, Ms Briggs said. This home is a record breaker for KeperraAN OLD farm homestead at Keperra has smashed real estate records for the highest selling price for a residential home in the suburb.The 1.1ha property at 450 Settlement Rd was bought for $1.275 million just before going to auction last month.According to real estate data from CoreLogic, the previous record for a house sale was rural residential home in the same street that sold for $933,000 back in 2007. center_img The home is one of just a handful of acreage properties in the areaThe house was sold to a young family from outside the area.Despite the high selling price, she said Keperra was still an affordable option for young families, with the current median house price at $535,000.last_img read more

Continue reading


​MP Pension extends oil ban and joins UN’s net-zero club

first_imgDanish pension fund MP Pension has gone further in its drive to rid its investment portfolio of fossil fuel firms, selling off the equities of another 24 oil companies and adding the corporate bonds of coal and tar sands firms to its list of undesirable securities.At the same time, the DKK128bn (€17.2bn) fund has become the third Danish pension fund to sign up to the UN-convened Net-Zero Asset Owner Alliance (AOA).MP Pension chief executive officer Jens Munch Holst said: “As investors, we need to play our part in making sure the economy recovers from the impact of the COVID-19 pandemic in a more sustainable way.”Eight months ago, MP Pension announced the blacklisting of 10 of the world’s biggest oil companies such as Total and Petrobras, which it said would translate to DKK644m (€86m) of equities divestments. It also said at the time that it was looking into the impact of selling off bonds issued by oil firms too.Today the fund – which covers upper secondary school teachers and psychologists – revealed it has sold another 24 major oil companies, including Russian oil producer Lukoil PJSC, with these latest disposals bringing its total oil stock divestment to DKK870m.Anders Schelde, CIO at the North Copenhagen operation, said the pension fund would now scrutinise the many oil stocks the fund did not own, and that these would also be included on its exclusion list.“That way, our members can rest assured that they will never find their way to our portfolio,” he said.In addition, MP Pension said it had now decided to expand the divestment of fossil investment securities to include bonds as well as equities of companies involved in coal or tar sands business.MP Pension’s members voted at AGM last year for the fund to divest from bonds issued by fossil fuel companies.Coal and tar sands equities were dumped by MP Pension back in 2018, before its main move last year to sell off oil company equities.MP Pension also said today that it would analyse it fossil fuels divestment strategy a least once a year to ensure the pension fund was “keeping up with the green transition”.Besides Lukoil PJSC, oil companies added to MP Pension’s exclusion list since September 2019 include Norway’s Aker, Sweden’s Lundin Petroleum and Inpex in Japan.Commenting on MP Pension joining the AOA, Munch Holst said it was important that as the world emerged from the coronavirus crisis that everyone continued to focus on investing in the green transition and on keeping the global temperature rise “below the pain threshold”.“Now is the time for the countries of the world to seriously deliver on the promise to break the curve,” he said.The United Nations Environment Programme Finance Initiative (UNEP FI) – which along with the Principles for Responsible Investment convened the AOA – said the addition of MP Pension brought the alliance’s total assets under management to nearly $4.7tn (€4.2tn).The other two Danish investors to have joined the alliance are PFA Pension, which joined last month, and PensionDanmark, one of the six inaugural members of the pact in 2019.Looking for IPE’s latest magazine? Read the digital edition here.last_img read more

Continue reading


Negrense senator Zubiri’s virus test may be ‘false positive’ – Duque

first_imgMANILA – Negrensesenator Juan Miguel Zubiri being tested positive for the coronavirus disease2019 (COVID-19) may be inaccurate, according to Department of Health secretaryFrancisco Duque III. He said in aradio interview yesterday that there’s a possibility that Zubiri’s result is“false positive” as he is asymptomatic. Another testing is set to be conductedon him. According to Department of Health secretary Francisco Duque III, Negrense senator Miguel Zubiri being tested positive for the coronavirus disease-2019 may be inaccurate as the latter is asymptomatic. ABS-CBN NEWS “As one ofthose very early on in the Senate who espoused and advocated for strongergovernment response on controlling COVID-19, I was very careful in my dealingswith people at work in the Senate,” Zubiri said. “Gusto kong ipaulit ito pero in themeantime, mas mahalaga namag-quarantine muna siya. Tapusin na lang niya ng sampung araw pa.Ang mahalaga wala siyang sintomas,”he added. The Negrensesenator announced on March 16 that he received a call from Duque confirmingthat he tested positive for COVID-19. Zubiri pointed out that he contracted thedisease despite taking strict precautionary measures. Meanwhile,Senators Sherwin Gatchalian, Nancy Binay and Ilonggo senator Franklin Drilonhave already tested negative for the virus./PN “Kung hindi nga lang tayo medyo maylimitasyon pa sa testing capacity, gustoko sanang ipasuri siya ulit kasi hindi naman talagang 100% [accurate]… mayroon din kahit papaanong nakakalusot namga false positive,” Duque said. “I practicedsocial distancing as well as a no handshake policy, yet i got contaminated.How? I do not know. This just goes to show how easily this virus is spread andtherefore it is best for everyone to stay home and stay clean,” he added.last_img read more

Continue reading


Brazil star Hulk marries ex-wife’s niece

first_imgRelatedPosts Martins joins Wuhan Zall China waste treatment plant fined $16m for dumping untreated waste Global COVID-19 cases surpass 27m – Johns Hopkins Brazil star Hulk has reportedly married the niece of his ex-wife after the two confirmed their relationship back in December. The attacker ended his 12-year relationship with Iran Angelo in July of last year and reports of his relationship with her niece Camila Angelo surfaced later in the year. The 33-year-old striker has caused quite the stir along with Camila, 31, after writing “married” on his social media bio. According to reports from Argentine newspaper Infobae, the “sudden marriage” occurred due to the fact that “Camila needed a visa if she was to stay in China with Hulk”. The couple have posted several pictures together to social media where it appears they both are wearing wedding rings. The attacker has three children with his ex-wife named Ian, Tiago, and Alice. Hulk and Camila reportedly now live together in China with the forward currently playing for Chinese Super League side Shanghai SIPG FC. The Brazilian midfielder was one of the first superstars to take the plunge and join the Chinese Super League back in 2016. He joined from Russian side Zenit St Petersburg and is the second highest earner in the whole league with a £320,000-a-week contract.Tags: BrazilChinaChinese Super Leaguehulkvisalast_img read more

Continue reading


Pellegrini: We played to win

first_imgManuel Pellegrini made a veiled criticism of Chelsea’s style as Jose Mourinho continued his vow of silence after his side’s impressive rearguard display in a 1-1 draw at Stamford Bridge. Press Association Just a few moments earlier Loic Remy, deputising for the suspended Diego Costa, had given the hosts the lead. Chelsea were encamped in their own half for much of the match and will be more satisfied with a point which leaves them in pole position for a first title in five years with 15 games to go. Pellegrini, who called Chelsea a “small team” after September’s 1-1 draw in the reverse fixture, questioned Mourinho’s approach afterwards. The City boss, the only manager to speak post-match as Mourinho continued his blank of the media, said: “Both teams have a clear style of play. Everyone wants to play in the way they think is better. “He has a style. You analyse the style of Chelsea. I analyse just the style of my team. “Our team tried to win the game from the first minute till the end. I’m very proud about that. “It’s not easy to come here, to Stamford Bridge, against the leaders of the Premier League, with very good players. “We create, especially in the first half, clear chances to deserve more than the point. “That’s why I’m not happy about the point but I’m happy about the performance of the team.” Pellegrini praised Chelsea’s defensive efforts, too. “From the first minute we came for the three points,” he added. “We made some changes to continue trying to create space against a team that defended very well, very near their box and is very dangerous on counter-attack. “We couldn’t just think about attacking. That was the most important thing of the game, that they didn’t have any chances to have those fast counter attacks that they always do. “I don’t think Chelsea played for a draw. I just said our team played to win.” City were the first team to emerge undefeated from Stamford Bridge in the Premier League this season, ending the Blues’ 10-match winning run. And Pellegrini maintains his side are capable of overcoming the deficit in the remaining months of the season. “Of course it was important to try to close the gap,” he said. “We tried, but we couldn’t. We still have 45 points more to play (for). “This was a very important game, it was not a final. We have time to try to recover those five points. “If we continue playing in the way we did today, I think will be more easy.” Mourinho, who cancelled his usual Friday pre-match media conference in apparent protest at Costa’s three-match suspension for stamping on Liverpool’s Emre Can, again declined to speak publicly. Midfielder Nemanja Matic told Sky Sports 1: “To be honest we expected three points, but I think the draw is a good result for both teams. “It’s the same (gap), five points, and we are happy because of that. “City showed they are very strong, they never give up and scored in the last minute of the first half.” Matic added that his side’s extra-time clash with Liverpool in midweek, when Chelsea advanced to the Capital One Cup final, had taken its toll. “I am happy with how we played but we did our best after a hard game of 120 minutes,” he added. “We felt it especially in the last 20 minutes, a little bit tired, but I am happy because everyone gave 100 per cent.” Frank Lampard, Chelsea’s record goalscorer after 13 years at the club, scored the equaliser in September’s contest, but was unable to make a similar impact on his Stamford Bridge return. Bar a few dissenting voices, Lampard was given a fine ovation and embarked on a lap of honour at the end – something he was denied when he left the club for New York City FC last May. “There were more chances for City in the game, Chelsea had a big old game in midweek and the draw probably suits them in the long run,” Lampard said. “It was a solid game and Chelsea probably accepted a point in the end. “This doesn’t change anything. Chelsea will be happy to be five points clear, we’re not stupid, we know what that lead is. But there are lots of points to play for.” On his own reception, he added: “The Chelsea fans showed complete class at the end. I enjoyed this.” City remain five points behind Mourinho’s Premier League leaders despite placing Chelsea under siege for much of the contest. Thibaut Courtois’ uncharacteristic error led to David Silva’s equaliser before half-time. last_img read more

Continue reading


Mourinho expects tough QPR clash

first_img Press Association Mourinho’s first trip to play QPR at Loftus Road comes with Chelsea fighting for the Premier League title and QPR for survival. There is also the unpleasant history between the teams resulting from the Anton Ferdinand affair which saw Chelsea captain John Terry banned for four matches and fined £220,000 by the Football Association for ‘using abusive language related to colour’. Chelsea boss Jose Mourinho focused only on the football ahead of a potentially hostile London derby at QPR on Sunday. Terry is poised to return to Loftus Road for the second time since the incident in October 2011 which resulted in a trial and his subsequent acquittal before the FA imposed sanction. The Blues skipper was stripped of the England captaincy amid the fall-out, and subsequently announced his retirement from international football. On Sunday, he will avoid facing Anton Ferdinand’s brother Rio, who branded him an ‘idiot’ over the affair, as the former Manchester United defender is out injured. Mourinho played down the relevance of the incident, saying: “I don’t think so. I think it’s just a football match. “Obviously a very important match for both teams. We know that, we know they want to win. Nobody is expecting an easy match.” Asked if he anticipates a hostile reception, Mourinho added: “That’s what people tell me. I never played there, I don’t know. “We go to play, we go to win, the people in the stands can play a role, but they cannot score goals. The referee and the assistant referees are there, so I’m not worried.” Chelsea will be without striker Diego Costa with a recurrence of a hamstring injury suffered in last weekend’s defeat of Stoke. “We have eight matches to play, if he plays four it’s normal,” Mourinho said. “If he plays three it’s a little bit below what I’m expecting. If he plays five it’s more than I’m expecting.” Costa will miss the matches with QPR, Manchester United and, probably, Arsenal and Leicester, with Didier Drogba or Loic Remy poised to come in at Loftus Road. John Obi Mikel is available following a knee injury and Cesc Fabregas will play with a mask to protect his broken nose despite being one yellow card away from a suspension. Nemanja Matic is also one booking away from a ban, with this Sunday the cut-off date, but Mourinho insists he will field the influential pair in the derby. “The way we play it’s not easy for our players to be booked,” Mourinho said. “(But) if they have to make a foul for a yellow card, this foul they have to do it. “This match is a three-point match and we have to play with our maximum power.” Manchester City’s loss at Crystal Palace on Monday night means Chelsea have a seven-point lead entering this weekend’s fixtures, with the target for an unassailable lead less than it was after last Saturday’s defeat of Stoke. “Now it’s just five victories or four victories and two draws,” Mourinho added. “Any points we do against QPR our situation improves, but we need points. “Every team with less than 21 points distance to us mathematically is in the race.” Chelsea have been linked with a move for FC Toyko’s Japan striker Yoshinori Muto, but Mourinho was quiet on a prospective deal on Friday. “I know a little (about Muto),” Mourinho said. “(But) I don’t think it’s nice for me to speak about a player who plays for FC Tokyo.” FC Tokyo said an offer has been received, with the news coming after Chelsea signed a five-year shirt sponsorship deal with Yokohama Rubber. Asked about commercial interests influencing transfer policy, Mourinho said: “That’s modern football, that’s modern management. “Football is a business, is an industry. You have to think about the financial situation, especially a club like Chelsea that wants always to be under the rules and Financial Fair Play. “You cannot close completely the door to a little bit of commercial interest. “But we are a football club, we want to win matches and trophies and we don’t get players if we don’t believe the player is a good player or a good prospect. That is for sure. “We would never bring a player if the player has no capacity to be in a Chelsea Football Club squad.” last_img read more

Continue reading


Lieutenant Slater is new GABA president

first_imgGUYANA Defence Force (GDF) 2nd Lieutenant and former National player, Jermaine Slater, will lead the charge for basketball in Georgetown for the next two years.His slate was elected unopposed at Sunday’s Georgetown Amateur Basketball Association (GABA)  Annual General Meeting and Elections at Palm Court.Jermaine Slater will have Jermaine Benjamin as his Vice President, Travis Burnett as Treasurer and sports journalist, Rawle Toney as his Public Relations Officer (PRO).The other executives are Khalil Cave (Secretary) and the association’s Assistant Secretary/Treasurer, Lloyd Bart.Plasiance Guardians, Kobras, Pacesetter, Ravens, Sonics, Viking, University of Guyana (UG) Trojans and Eagles were the clubs present at Sunday’s elections.Representatives of Bounty Colts and Nets were not present at the time of the vote.Slater told the gathering of club officials and basketball enthusiasts, after being elected, that the young executives, made up of active club members, have the drive, passion and are all lovers of the game.According to Slater, basketball plays an important part of his life, and his goal is to see the sport develop, especially in communities outside of the capital that falls within his jurisdiction of management.The GDF 2nd Lieutenant pointed out that growing the sport at the community level is critical, noting that the successful forming of the Kobras club last year is testament that grassroots love for the game is still very much alive.Slater thanked Adrian Hooper for the outstanding work done during his tenure, and asked that he continue to work closely with the current executives, sharing his institutional knowledge of the sport, since he served two terms.Hooper, whose term came to an end last year, opined that the formation of new clubs and having multiple leagues played through-out the year was his administration’s achievements during their time in office.The old executives also handed over close to $100,000 to the new body.President of the Guyana Amateur Basketball Federation (GABF), Michael Singh, congratulated the new body on their election and encouraged them to work hard to achieve their objective as the largest member of the federation.last_img read more

Continue reading


Tottenham Visit Everton for Valuable Points

first_imgThey were heavily criticised for not making any summer signings, despite going on to make their best-ever start to a Premier League season, have had fun poked at them for not winning any trophies in recent years and have attracted negative headlines for work on their new stadium overrunning.Pochettino, who earlier this season said he was enduring his “worst feeling” as Spurs boss, claims people are quick to jump on board when things go wrong. “We are on a good run, and playing well, but the moment we lose games it’s going to turn quick. I know that very well. This is normal,” he said.Everton are winless in their last 11 Premier League matches against Tottenham Hotspur (D5 L6). The Toffees’ last league victory over Spurs came back in December 2012 at Goodison Park (2-1).Key Everton players Richarlison and Andre Gomes are fit to face Spurs. The pair were both forced to miss training sessions this week with illness, but will both be in the squad today.Midfielder Idrissa Gana Gueye missed last week’s defeat at Manchester City with a groin injury and faces a late fitness test.Meanwhile, Spurs striker Harry Kane is likely to return to the visitors’ starting line-up at Goodison Park after missing a training session on Tuesday with flu.However, the likes of Serge Aurier, Mousa Dembele, Eric Dier, Jan Vertonghen and Victor Wanyama are all out injured, although Davinson Sanchez may feature having recovered from injury.Spurs have won more games against Everton (25) than they have versus any other team in the Premier League.Everton are winless in their last 22 games against ‘big six’ opposition (D6 L16) since beating Man City 4-0 in January 2017 but they are unbeaten in their last six home league games, winning four and drawing two.Spurs haven’t drawn any of their 17 league games this season – only Bolton in 2011/12 (18) have had a longer wait without a draw from the start of a Premier League campaign. They have won eight of their 10 away Premier League games this season.This will be just Tottenham’s third Sunday Premier League game this season – they’ve lost their previous two so far (vs Watford and Arsenal).Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Tottenham boss Mauricio Pochettino believes his club are still battling against a negative perception of the club ahead of his side’s trip to Everton today.The fact that Pochettino would appear to be Manchester United’s first choice to replace the sacked Jose Mourinho is testament to how well Spurs are doing, but the Argentinian reckons his side do not get the positive coverage they deserve.last_img read more

Continue reading