PXP Energy has sent “feelers” to China National Offshore Oil Corp to resume negotiations on possible joint exploration in the disputed South China Sea, its chairman said Wednesday. PXP Energy Chairman Manuel Pangilinan refused to elaborate. Asked if CNOOC replied, he told reporters: “I can’t say.” PXP Energy sought to reopen communication lines with the…
Tag: oil
Phoenix Petroleum to sell off shipping, industrial park business
PHOENIX Petroleum Philippines, Inc. is selling its shipping and industrial park units to its ultimate parent company Udenna Corp. to pay off debts while focusing on its main business of oil trading and retailing, the company said on Monday. Read more here.
DOE Chief to review energy mix targets
NEW Energy Secretary Alfonso G. Cusi expects to open his term of office reviewing the target energy mix set by the previous government of 30% each generated from coal, natural gas and renewables, as well as 10% from fuel oil. Whatever the outcome of the review, Mr. Cusi was quoted by Reuters as saying that…
Eastern Petroleum eyes 100 more EC Gas outlets
EASTERN Petroleum Corp. announced plans to open more EC Gas outlets, at least five every month, in a bid to enhance its current retail network of franchise-owned outlet in Metro Manila and nearby cities. Read more here.
Oil jumps as US crude inventories fall
New York — Oil scored a second straight day of solid gains Wednesday as US crude inventories fell much more than expected and Brexit fears receded. Oil prices advanced on easing worries about Britain’s vote to leave the European Union and its impact on the global economy. The gains accelerated after the US Department of…
Oil extends slide on worries about impact of Brexit
SINGAPORE, Singapore—Oil prices suffered fresh losses in Asian trade Monday as the fallout from last week’s decision by Britain to leave the European Union batters confidence and ushers in a period of uncertainty. Global markets took a beating Friday, with some $2.1 trillion wiped off valuations and the British pound plunging to 31-year lows against…
Oil prices fall for first time in 3 days
Oil prices fell in Asian trade after a strong two-day rally that was fed by easing concerns Britain would leave the European Union after a referendum this week, allowing market participants to focus on supply issues. Read more here.
DOE taps UP for biodiesel roadmap study
The Department of Energy (DOE) is undertaking two studies on the implementation of a new roadmap for biodiesel to balance its benefits to coconut farmers and impact to consumers. Outgoing DOE Secretary Zenaida Monsada said the agency has engaged another party to do research on biodiesel and its impact on fuel prices. This study, which would be…
Aboitiz Power completes buyout of El Paso from East Asia
Aboitiz Power Corp. has completed the buyout of El Paso Philippines Energy Co. from East Asia Utilities Corp. (EAUC), for a total acquisition cost of P816.41 million. East Asia operates a 50-megawatt power plant in Mactan, Cebu that feeds electricity to the Visayas grid. Read more here.
Oil prices drop as IEA warns of ‘enormous’ stockpiles
NEW YORK, United States — Crude futures fell for a fourth session running Tuesday as the International Energy Agency (IEA) warned that huge stockpiles would cap any future price gains. In New York, US benchmark West Texas Intermediate for July delivery shed 39 cents to $48.49 a barrel. In London, Brent North Sea crude for delivery…
Oil falls on prospects of rising output in Canada, Africa
NEW YORK, United States — Oil prices fell Monday on expectations for stronger production in North America and Africa and tepid global demand growth. Read more here.
Gas prices up; diesel down
A price increase in gasoline and a rollback in the price of diesel is expected this coming Tuesday, June 14, the DOE said. DOE Director for Oil Industry Management Bureau Melita Obillo said the price adjustment would range from P0.20 to P0.35 per liter. These estimates are based on the first few days of trading week…
Winnergy Holdings Corp. 