Mahakam Block & The New Political Landscape
Five ministers held a meeting Saturday, March 7, to discuss a proposal from state-owned oil and gas company Pertamina regarding the future of Indonesia’s largest gas producing block, Mahakam Offshore in East Kalimantan province. The meeting is interesting for several reasons.
In GOLD They Trust
Gold for April delivery rose 0.2% to US$1,198.60 per ounce, but declined 1.9% this week amid the rise in Fed interest rate. Then the yellow metal would face a bearish trend in the short run. Companies in this report: Aneka Tambang, G-Resources Sumatra Copper & Gold, Augur Resources, and Southern Arc Minerals Ltd.
PGN: FY14 Results & Outlook
State-owned oil and gas producer & distributor PT Perusahaan Gas Negara (PGAS) Tbk booked net profit of US$722.75 million last year, declined 10.16% from 2013, mainly due to weak performance in the last quarter of the year. Issues to watch going forward?
Oil and Gas Journal No.10/2015: Apexindo, Jangkrik, and BD Field
Like other oil and gas giants, ExxonMobil has decided to cut its spending by 12% to US$34 billion this year due to the falling prices. Interestingly, WTI crude oil for April delivery moved closer to US$52 per barrel in Asian trading this morning. Oil and gas drilling services company PT Apexindo Pratama Duta (APEX) Tbk, meanwhile, decided to move on with a plan to issue S$500 million of Notes for refinancing of debts. Also in this report: Jangkrik Complex, BD Field Madura, and Kampung Minyak Field.
Coal Journal 13/2014: Weak Start for United Tractors & End of Gunung Bayan
United Tractors (UNTR) started 2015 with weak performance in almost all of its business segments: heavy equipment sales, coal mining contracting, and own-coal production. Bayan Resources (BYAN), meanwhile, terminated earlier its mining contract with Petrosea (PTRO) on Gunung Bayan Pratama Coal (GBPC). Also in this report: Adaro Energy’s Central Java Power Plant Project and PLN’s full year 2014 Results.
Timah: FY14 Results & Outlook
State tin producer PT Timah (TINS) Tbk, the world’s second largest producer, booked net profit of Rp638 billion last year, grew 9.9% from 2013 despite strong sales revenue growth of 26%. Falling margins were attributable to weak tin prices due to oversupply in the world market. Outlook?
Palm Oil Journal No. 12/2015: Market & Corporations
Volatility is the name of the game. Crude palm oil (CPO) ended flat Tuesday after dropping significantly in the morning session. In Jakarta’s physical market, KPB Nusantara, the joint marketing office of state plantations, sold most of CPO packages auctioned off that day at Rp9110-9270/Kg (VAT 10% included), supported by a weak rupiah.
Bukit Asam: FY14 Results & Outlook
State coal producer Bukit Asam (PTBA) booked net profit of Rp2.016 trillion last year, grew 10.4% from 2013, thanks to higher sales growth in rupiah and lower costs. Like other coal producers, however, Bukit Asam suffered significantly in the last quarter of 2014 on continued pressures of seaborne coal market.
Cakra Mineral’s Acquisition of Cokal Ltd
Shares of Cokal Ltd surged 37% to A$0.13 on the stock exchange of Australia (ASX) this morning following a proposal from IDX-listed Cakra Mineral’s plan to acquire Cokal, which has some coal projects in Kalimantan, Indonesia.
COAL JOURNAL NO.19/2015: Geo Energy & Cokal Limited
The Indonesian coal mining industry continues to face pressure from an expansionary supply situation and weak demand, resulting in a general expectation of coal prices to remain relatively soft in the near future. Accordingly, the Indonesian Coal Reference Price (HBA) decreased during the last three months from US$-69.69 in September 2014 to US$ 64.65 in December 2014.