Metal/Mining: Platts survey: OPEC pumps 32.22 mln barrels of crude oil per dayn barrels of crude oil per day

London, (ANTARA News/PRNewswire-AsiaNet) - The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) pumped an average 32.22 million barrels per day (b/d) of crude oil in March, a 110,000 b/d decrease from February, according to a Platts (http://www.platts.com/) survey of OPEC and oil industry officials released Tuesday.

"Though OPEC's output fell in March, much of the decline appears to be related more to maintenance work in Nigeria and Venezuela than to any shift in philosophy on the part of the group," said John Kingston, Platts global director of oil.

"Indeed, despite the drop in output, OPEC-12 pumped well over its production target, showing members are more than happy to take advantage of record high prices."

Excluding Iraq, the 12 members bound by output agreements pumped an average 29.85 million b/d in March, 80,000 b/d lower than February's 29.93 million b/d, the survey showed.

Despite the dip in output from the OPEC-12, the March total was 177,000 b/d higher than their collective 29.673 million b/d crude production target.

Decreases in Iraqi, Venezuelan and Nigerian production totaling 160,000 b/d were partly offset by 50,000 b/d of increases from Iran, Ecuador and Qatar.

OPEC ministers met in February and March and decided on both occasions that despite crude prices in excess of $100 per barrel, there was no shortage of crude oil on world markets. The next formal OPEC ministerial meeting is scheduled for early September.

The group's president, Algerian oil minister Chakib Khelil, said earlier Tuesday that although it was possible OPEC could meet on the sidelines of the upcoming International Energy Forum in Rome, the probability of a meeting was "very low."

Khelil, who reiterated the view that current prices were not being driven by any shortage of crude supply, said he believed high oil prices were "here to stay."

US Energy Secretary Samuel Bodman said Monday he remained "optimistic" that OPEC would raise production despite the organization having ignored requests from the Bush administration to boost output at its February and March meetings.

For more information on OPEC, go to the "Platts Guide to OPEC" at http://www.opec.platts.com

About Platts: Platts, a division of The McGraw-Hill Companies (NYSE: MHP), is a leading global provider of energy and commodities information. With nearly a century of business experience, Platts serves customers across more than 150 countries.

From 17 offices worldwide, Platts serves the oil, natural gas, electricity, nuclear power, coal, emissions, petrochemical, shipping and metals markets.

Platts' real time news, pricing, analytical services, and conferences help markets operate with transparency and efficiency. Traders, risk managers, analysts, and industry leaders depend upon Platts to help them make better trading and investment decisions. Additional information is available at http://www.platts.com

About The McGraw-Hill Companies: Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries.

Sales in 2007 were $6.8 billion. Additional information is available at http://www.mcgraw-hill.com

SOURCE: Platts
CONTACT: Europe: Shiona Ramage +44207 1766153 Asia: Casey
Yew +65 653 06552 Kathleen Tanzy +1-212-904-2860
Kathleen_tanzy@platts.com
Web site: http://www.platts.com
http://www.opec.platts.com

COPYRIGHT © 2008

Lummus Technology Heat exchangers selected by Essar Oil

The Woodlands, Texas (BUSINESS WIRE) - Lummus Technology, a CB&I company (NYSE:CBI), has announced that Essar Oil Limited (EOL) has purchased 50 HELIXCHANGER heat exchangers, which are based on Lummus proprietary technology, to be utilized in the expansion of crude and vacuum units and the delayed coking unit at Essar's refinery in Jamnagar, Gujarat in India. The heat exchangers will be fabricated and supplied by a licensee of Lummus Technology. Essar Oil is expanding its refinery capacity from 21,000 barrels per day to 680,000 barrels per day in the next three years.

The HELIXCHANGER heat exchanger has increasingly become a preferred choice by end-users globally due to technology that helps reduce total costs during the life cycle of the project. HELIXCHANGER heat exchangers are used in plant upgrades to achieve higher capacity and longer run-lengths, as well as in new installations to reduce surface area, resulting in cost savings.

About CB&I

CB&I combines proven process technology from its Lummus Technology business, with global capabilities in engineering, procurement and construction to deliver comprehensive solutions to customers in the energy and natural resource industries.
With more than 70 proprietary licensed technologies and 1,500 patents and patent applications, CB&I is uniquely positioned to take projects from conceptual design, through technology licensing, engineering and construction, and final commissioning. Drawing upon the global expertise and local knowledge of approximately 17,000 employees in more than 80 locations, CB&I safely and reliably executes projects worldwide. For more information visit www.CBI.com.

CB&I
Media: Jan Sieving, +1 832 513 1111
or Analysts: Marty Spake, +1 832 513 1245

ExxonMobil, Petronas sign production-sharing agreement

ExxonMobil and Petronas sign agreement for new production sharing contract

Kuala Lumpur, Malaysia - ExxonMobil Exploration and Production Malaysia Inc., a subsidiary of Exxon Mobil Corporation (NYSE:XOM), and the Malaysian national oil company, PETRONAS, will continue to work together to help ensure sustainable energy supplies for Malaysia under a planned new 25-year production-sharing contract.

At the signing ceremony today for the main principles agreement for the new contract, Mark Albers, senior vice president, Exxon Mobil Corporation, said: "We are proud of our partnership and collaboration with PETRONAS, that have allowed us to develop and deliver energy supplies to help meet growing Malaysian and international energy needs.

"This agreement will let our partnership continue to grow and enable the use of ExxonMobil world-class technologies and project execution capabilities to efficiently develop the substantial petroleum resources offshore Peninsular Malaysia."

The contract includes commitments to implement significant enhanced oil recovery activities and for major investments to continue conventional oil development.

The ExxonMobil subsidiary has invested more than US$15 billion in Malaysia over the past 40 years. The company operates 43 platforms in 17 fields as one of Malaysia's major suppliers of crude oil and natural gas.

Daily operated production is about 150,000 barrels (gross) of oil and approximately 1.2 billion cubic feet (gross) of natural gas. About 96 percent of the affiliate's 1,150 employees are Malaysian nationals.

About ExxonMobil Exploration and Production Malaysia Subsidiaries and predecessors of Exxon Mobil Corporation have operated in Malaysia for 115 years. ExxonMobil Exploration and Production Malaysia Inc. currently operates under six production-sharing contracts with the Malaysian national oil company, PETRONAS.

Esso Malaysia Berhad (EMB) is a significant refiner and marketer of high-quality petroleum products to retail and industrial customers.

Additionally, EMB is one of the largest suppliers of liquefied petroleum gas to Malaysian residential, business and industrial sectors. Another affiliate supplies a portfolio of specialty chemical products to the growing marketplace in Malaysia.

About PETRONAS

PETRONAS, the acronym for Petroliam Nasional Berhad, is wholly-owned by the Malaysian government and is vested with the ownership and management of the country's hydrocarbon resources. A Fortune 500 company, PETRONAS is actively engaged in the various spectra of the oil and gas and related activities in more than 30 countries worldwide.

In Malaysia, its upstream activities are undertaken and managed through production sharing contracts with a number of international oil and gas companies as well as with subsidiary PETRONAS Carigali Sdn Bhd.

CAUTIONARY STATEMENT: Estimates, expectations, and business plans in this release are forward-looking statements. Actual future results, including resource recoveries, capital expenditures, and project plans and schedules, could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments; reservoir performance; timely completion of development projects; technical or operating factors; and other factors discussed under the heading "Factors Affecting Future Results" in the Investor Information section of our website (www.exxonmobil.com) and in Item 1A of our most recent Form 10-K. References to "resources" include quantities of oil and gas that are not yet classified as proved reserves but that we believe will ultimately be produced.

ExxonMobilMargaret Ross, 713-656-4376

Platts survey: OPEC pumps 32.33 million b/d in February

London, (ANTARA News/PRNewswire-AsiaNet) - The 13 members of the Organization of Petroleum Exporting Countries (OPEC) pumped an average 32.33 million barrels per day (b/d) of crude oil in February, an 80,000 b/d increase on January levels, according to a Platts (http://www.platts.com/) survey of OPEC and oil industry officials just released.

However, production from the 12 countries, excluding Iraq, bound by output allocations fell to 29.93 million b/d in February from 29.96 million b/d in January, the survey showed.

"It used to be that when prices would soar, OPEC discipline would gradually break down and more supply would come on the market," said John Kingston, Platts global director of oil. "When you look at numbers like this -- soaring prices accompanied by minor increases in output -- it's a sign of very strong discipline but with a significant mix of the apparent inability of many of these member countries to put more oil on the market. For most of them, they are simply tapped out."

Despite the 30,000 b/d drop, the OPEC-12 still exceeded their 29.673 million b/d collective output target by 257,000 b d.

Output increases totaling 190,000 b/d from Angola, Indonesia and Iraq were partly offset by decreases totaling 110,000 b/d from Ecuador, Iran and Saudi Arabia.

Iraq, which does not participate in OPEC output accords, boosted production to 2.4 million b/d in February from 2.29 million b/d in January, an increase of 110,000 b/d.

Meeting in Vienna on March 5, OPEC ministers decided to leave official output targets unchanged, ignoring pleas from major consuming countries for more oil and attributing record prices of more than $100/barrel to factors beyond fundamentals of supply and demand.

US light crude futures hit a new record of $111 per barrel for US light crude on March 13. On March 11, OPEC's crude basket broke above $100 per barrel for the first time.

OPEC is next scheduled to meet on September 9, but ministers have said there could be informal talks on the sidelines of the International Energy Forum next month in Rome.

For more information on OPEC, go to the "Platts Guide to OPEC" at http://www.opec.platts.com

About Platts: Platts, a division of The McGraw-Hill Companies (NYSE: MHP), is a leading global provider of energy and commodities information. With nearly a century of business experience, Platts serves customers across more than 150 countries.

From 14 offices worldwide, Platts serves the oil, natural gas, electricity, nuclear power, coal, emissions, petrochemical and metals markets. Platts' real time news, pricing, analytical services, and conferences help markets operate with transparency and efficiency. Traders, risk managers, analysts, and industry leaders depend upon Platts to help them make better trading and investment decisions. Additional information is available at http://www.platts.com

About The McGraw-Hill Companies: Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries.

Sales in 2007 were $6.8 billion. Additional information is available at http://www.mcgraw-hill.com

SOURCE: Platts
CONTACT: Kathleen Tanzy
212-904-2860 Kathleen_tanzy@platts.com Europe: Shiona Ramage
+44207 1766153 Asia: Casey Yew +65 653 06552
Web site: http://www.platts.com
http://www.mcgraw-hill.com
http://www.opec.platts.com

COPYRIGHT © 2008

Germany`s renewable energies industry provides advantages

Washington (ANTARA News/PRNewswire-AsiaNet) - With oil prices exceeding US$100 a barrel, the United States, and the world, is being forced to recognize that fossil fuels may not only be damaging the environment, but also losing their competitive edge regarding price.

Germany is pioneering solutions to this problem. It has demonstrated that renewable energies can play an important role in a sustainable industrial policy -- providing jobs, returns to investors, and carbon emission reductions.

Results from Germany and how to benefit from them will be presented to investors at WIREC 2008, the Washington International Renewable Energy Congress from March 4-6.

Smart legislation has helped make Germany a renewable energies leader. Its Renewable Energy Sources Act (EEG in German) states that owners of renewable energies systems, such as solar panels, receive a "feed-in tariff" when energy from their systems is sold back to the local utility.

This price is guaranteed for twenty years and, depending on the type of energy and system, can be twice the price paid for energy by private households, making it profitable to produce renewable energy.

Germany wants to be the world leader in all renewable energies by 2020.
This will mean a worldwide market share of over 20 per cent, EUR20 billion in domestic investments, and over EUR80 billion in exports.

Furthermore, networks of research institutes and universities work with industry to develop new technologies.
For example, the Fraunhofer Institute in Freiburg, Germany is a leading location for the study of photovoltaic technologies.
The German government has pledged EUR15 billion through 2009 to aid advanced R&D projects.

Germany's favorable legal regime, strong workforce, and network of scientific experts all contribute to the renewable energy industry's impressive statistics: EUR23 billion in revenue in 2006 plus EUR6 billion in exports and EUR9 billion in domestic investments.

Many American firms are taking advantage of Germany's leading position.
General Electric, First Solar, and Nanosolar have all made major new investments in Germany within the past two years.

Invest in Germany is the inward investment promotion agency of the Federal Republic of Germany. It provides investors with comprehensive support from site selection to the implementation of investment decisions. Its booth can be found in the German
Pavilion at WIREC 2008 at the Washington Convention Center.

Media Contact:
Eva Henkel, Invest in Germany,
Phone: +49-30-200099-173,
Fax: +49-30-200099-111,
Email: henkel@invest-in-germany.com
http://www.invest-in-germany.com
SOURCE: Invest in Germany
CONTACT: Eva Henkel of Invest in Germany, +49-30-200099-173,
+49-30-200099-111 Fax, henkel@invest-in-germany.com
Web site: http://www.invest-in-germany.com

COPYRIGHT © 2008 - ANTARANEWS

Nido Thrilled With the Results From Galoc 3

Perth (ANTARA News/PRNewswire-AsiaNet) - Nido Petroleum Ltd (Nido) is pleased to announce that the Galoc 3 horizontal production well flowed oil to the surface unassisted at a maximum rate of 5,397 barrels per day during clean up flow testing on 20 and 21 February 2008.

The purpose of the Galoc 3 clean up and oil flow to surface was to confirm the integrity of the well and installed completion equipment as well as to ascertain the wells ability to flow.

Pressure, temperature and flow rate data were recorded on surface and on subsurface gauges located down-hole, close to the reservoir. Oil samples were also collected and will be sent to a specialist laboratory for assay and PVT analysis.

This data will provide confirmation of; initial reservoir conditions, initial fluid properties, reservoir formation properties and the potential productivity of the well to the FPSO.

Nido's preliminary analysis of the data overnight confirms the expected maximum flow capacity of the well is consistent with its range of predevelopment estimates.

This will be confirmed by a full and detailed testing program to be conducted once the well has been brought into production service through the FPSO.

During normal production operations, production from Galoc 3 to the FPSO will likely be controlled at rates below its maximum capacity to manage the reservoir effectively to maximise total recovered oil volumes throughout the life of the field. In addition, the FPSO processing capacity of the combined flow of both wells is limited to a maximum of 25,000 bopd.

Nido's Deputy Managing Director, Ms Joanne Williams, said "We are excited to reach this important stage in the Galoc development project. The Galoc-3 well has flowed as designed and is now ready for production service. Nido congratulates the Operator, the Galoc Production Company, on successfully flowing Galoc oil to surface for the first time since 1988, 20 years ago. We eagerly await the results from Galoc 4 in the coming week."

Preparations will now commence for the installation of the Galoc 4 sub-sea tree followed by similar testing of that well. The drill ship Energy Searcher will then be demobilised to Singapore prior to its release. The installation of the mooring and riser system and hook-up to the FPSO will follow over the coming weeks.

"The successful testing of Galoc 3 marks a major milestone for Nido and most importantly for the country of The Philippines" says Chairman of the Board, David Whitby.

Nido is preparing for commercial production from Galoc in April 2008.

For more information please visit www.nido.com.au.

For Further Information contact:
Sascha Stone PR Advisor Nido Petroleum Limited
Tel: +61 (08) 9473 0546/ Mob: +61 417
174 072 Fax: +61 (08) 9473 0576
Email: pmswa@ozemail.com.au
SOURCE: Nido Petroleum

COPYRIGHT © 2008 - ANTARANEWS

UK-based oil firm reaches agreement with Korean-based syndicate

Midland Oil and Gas and Ko-Turmkenistan Caspian Sea Oil and Gas Align Strengths to
Form Powerful, New Consortium to Work Together in Caspian Sea Region

New York (ANTARA News/PRNewswire-AsiaNet) - Chairman of the Board of Directors of Midland Oil and Gas, Robert M. Murphy, announced today that the company had reached an agreement with Mr. Seong Eun Hong, Chief Executive Officer and Chairman of Ko-Turkmenistan Caspian Sea Oil and Gas Corp., to explore the potential of joint business opportunities in Turkmenistan.

Ko-Turkmen Caspian Sea Oil and Gas Corp., is a syndicate of large Korean-based or Korea-affiliated enterprises.

Following the accord reached between Chairmen of the Boards of Midland Oil and Gas and Ko-Turkmen Caspian Sea Oil and Gas Corp., the companies elected to form a consortium, which will be lead by Ko-Turkmen Caspian Sea Oil and Gas Corp., and be called "Midland Consortium, USA and Korea" ("Consortium").

The Consortium brings together a global team of professionals that share decades of joint experience in the international oil and gas industry, banking and financing of ventures, international logistics, petrochemicals and industrial operations.

"Midland Oil and Gas was formed specifically to help develop the hydrocarbon resources in the Caspian Sea region," said Murphy.

"We believe that the partnership with Ko-Turkmen Caspian Sea Oil and Gas Corp. will help speed this development and yield the best results for the Turkmen people."

Mr. Hong added: "This alliance affords all parties a great opportunity for success, beginning with the country of Turkmenistan."

Earlier this month, representatives from the Consortium held meetings with high-level representatives of the Turkmen government and submitted several proposals offering its expertise, financial strength and services.

Included in the proposals were a proposal for oil and gas field services (drilling onshore); a proposal for three (3) offshore blocks in the South Caspian basin of the shore of Turkmenistan; a proposal for Turkmenbashi Seaport expansion and modernization; a proposal for building a cement factory; and a proposal for telecommunication system including high speed internet wireless network, dual view data and nationwide cellular dual VCL system.

The Consortium is committed to invest up to $16.2 billion for these projects and is awaiting the formal response of the Turkmen government prior to commencing mobilization of its resources.

About Midland Oil and Gas

Midland Oil & Gas Limited (Midland) was founded in 2006 in the UK, an energy venture born of a Swiss financial company.

Midland was created to explore and develop hydrocarbon deposits in the Caspian Sea region.

Midland is a dynamic, entrepreneurial Company that brings together the world's top oil and gas experts with decades of experience in all aspects of the industry.

Over the years, the Company's management has worked extensively with projects in Central Asia and the Caspian region, as well as every major hydrocarbon-producing region in the world.

The Company's core mission is to create environmentally responsible, long-term oil exploration and production ventures with strong financial returns. Midland has offices in London, New York and Ashgabat.

SOURCE: Midland Oil & Gas Limited
CONTACT: Lewis Goldberg of KCSA Strategic Communications,
+1-212-896-1261,
lgoldberg@kcsa.com,
for Midland Oil & Gas Limited

COPYRIGHT © 2008 - ANTARANEWS

Mark Lyons Joins Touradji Capital Management in new Singapore office

New York (ANTARA News/PRNewswire-AsiaNet) - Touradji Capital Management, LP ("Touradji Capital"), a leading commodities investment firm, today announced that Mark Lyons has joined the firm as a Shipping and Oil specialist. He will be based in the firm's newly established office in Singapore with the aim of further growing the company's business in Asia. His appointment is effective immediately.

Mr. Lyons will examine shipping opportunities in the futures market, public and private equities as well as trading energy products. Mr. Lyons' unique experience in oil and shipping, both physical and paper, will enable the firm to further develop its edge in these areas.

"We are pleased to have Mark on board, and we're particularly excited about opening an office in Singapore," stated Paul Touradji, Founder and Managing Partner of Touradji Capital. "Asia is a very important market for us and opening an office in Singapore will provide a base from which we'll be able to expand our research and investment. Mark is an industry expert with a very extensive background. He began his career as a refinery engineer, moved to trading crude and refined products and then applied this expertise to the crude shipping markets. Mark's unique skills and knowledge will complement our already strong investment team," Mr. Touradji concluded.

Mr. Lyons spent nine years at Chevron, initially as a Chemical Engineer at the Pembroke refinery specializing in business and planning, then worked as a crude trader at the firm's London office. After Chevron, Mr. Lyons joined RWE Trading helping to establish RWE as a recognized oil trading group where he specialized in oil arbitrage and FFA trading. In 2004 Mr. Lyons became a Partner at Navig8, a firm that operates across the shipping value chain with its core expertise in oil products. Mr. Lyons graduated from Loughborough University of Technology with a BS in Chemical Engineering. He is a Chartered Chemical Engineer.

About Touradji Capital Management, LP

Touradji Capital Management, LP is a commodities-focused asset management firm with more than $3 billion in assets under management. The firm invests in commodities and commodity-related equities with a fundamental approach to analysis and investment in commodities.

SOURCE: Touradji Capital Management, LP
CONTACT: Steve Bruce, or Shawn Pattison, or Monica Everett, all of
The Abernathy MacGregor Group for Touradji Capital Management, LP,

COPYRIGHT © 2008 - ANTARANEWS