Philippines oil and gas industry

As per latest reports of Philippines oil and gas industry Philippine based unit of Royal Dutch Shell and BHP Billiton are trying to bid for 20 percent ownership of oil and gas exploration project initiated by Philippine government.

As per reports of New Straits Times, Petronas, which is a state owned company of oil and gas industry of Philippines would put in $194.8 million in energy sector of Uzbekistan. This money would be invested for a period of three years.

As per latest reports of Philippines oil and gas industry Philippine based unit of Royal Dutch Shell and BHP Billiton are trying to bid for 20 percent ownership of oil and gas exploration project initiated by Philippine government.

As per reports of New Straits Times, Petronas, which is a state owned company of oil and gas industry of Philippines would put in $194.8 million in energy sector of Uzbekistan. This money would be invested for a period of three years.

Petronas has been a major name in oil and gas industry of Philippines. During July 2008 this company declared record profits while reviewing its involvement in Phase 11 of development of South Pars gas field in Iran.

Bow Energy based in Brisbane, Australia has come up with a bid worth 64 million Australian dollars for Roma Petroleum. This company is a major name of oil and gas industry at Philippines. Yet another Australian company Queensland Gas Company has already placed a bid on this company.

Petronas has signed a deal for SK310 block in offshore Sarawak. This deal has been signed with Newfield, which is an independent oil and gas establishment from United States of America and Mitsubishi from Japan. This deal represents a new direction for Philippine oil and gas industry.

In another new development in Philippines oil and gas industry Petronas has also decided to buy 40 percent stakes in liquified natural gas project of Santos during May 2008. Santos is a well known gas producer of Australia. They were ready to pay a maximum of $2.51 billion for this particular project being executed at Gladstone.

Total, a well known oil and gas company of France entered into an agreement of sharing of production with Petronas in May 2008. This deal focuses on a couple of major offshore locations of Philippines oil and gas industry.

In 2007 oil production in Philippines reached 336 thousand billion barrels per day. Philippines is among those few major oil producing countries, which has witnessed a decline in oil consumption in last ten years.