August 8th, 2008
Via Energy Daily, news that China’s Sinochem Corp., a state-owned oil trading conglomerate, has entered into an agreement to explore oil and gas in two blocks in Indonesia. As the article notes:
“…Sinochem has bought a 20-percent working interest in Merangin II Block and a 40-percent stake in Belida Block, both in oil-rich south Sumatra, from Pt. Sele Raya, a private oil firm, the Chinese firm said in a statement.
“…It is the first time that Sinochem acquires pure exploration assets overseas,” Han Gensheng, vice president of Sinochem, said in a statement.
“We are confident that the cooperation between Pt. Sele Raya and Sinochem will realise the high exploration potential in Merangin Block and Belida Block,” Han said.
…Sinochem has bought into overseas oil and gas projects in countries such as Ecuador, Tunis and United Arab Emirates since it started overseas exploration operations in 2002, it said earlier this year.
It also acquired Soco Yemen Pty, which owned oil assets in Yemen, for 465 million dollars in April from British company Soco International PLC, according to a Chinese government statement.”
Focusing primarily on The New Seven Sisters - the largely state owned petroleum companies from the emerging world that have become key players in the oil & gas industry as identified by Carola Hoyos, Chief Energy Correspondent for The Financial Times - but spanning other nascent opportunities around the globe that may hold potential in the years ahead, Wildcats & Black Sheep is a place for the adventurous to contemplate & evaluate the emerging markets of tomorrow.