Nippon Oil aims to double production of crude by 2015
Nippon Oil aims to double production of crude by 2015 - Business Asia by Bloomberg - International Herald Tribune
Nippon Oil aims to double production of crude by 2015
By Hector Forster and Fumishige Asano Bloomberg News
FRIDAY, AUGUST 12, 2005
TOKYO Nippon Oil said Thursday that it planned to invest ¥1 trillion to double production from crude oil and natural gas fields as energy prices surge.
The company said its nearly $9 billion investment program would aim to raise oil production to 300,000 barrels a day in 2015, from 150,000 barrels a day at the end of March.
It said it would approach government agencies for funding in addition to investing its own capital.
Nippon Oil's president, Shinji Nishio, is reinvesting record profits in a global search for energy resources to fuel Japan's recovering economy. The expansion will put Nippon Oil, the largest Japanese oil refiner, into competition with Inpex, the biggest Japanese oil explorer, and Cnooc of China, pushing up the cost of buying and developing oil and gas projects.
"It would have been better to invest when prices were lower," said Taiji Yoshida, a fund manager at Yasuda Asset Management in Tokyo. "What they're doing isn't wrong, it's just they're investing as oil prices have surged, so this carries some risk."
The company said it planned to conduct further drilling and raise production in Southeast Asia, Australia, Canada and Mexico to help it cut purchases of oil from other producers.
Nippon Oil had record net income of ¥131.5 billion last fiscal year, and on Aug. 2 reported a 63 percent jump in profit to ¥39.9 billion for the first quarter that ended June 30.
"The market judges the upstream investment as positive for the company because of record oil prices," said Masanori Wakae, an analyst at Shinko Securities in Tokyo. "The exploration business has a high rate of return, especially when oil prices are expected to remain high."
Nippon Oil said in March that it had set aside ¥200 billion to spend on oil exploration and output in the three years ending March 31, 2008. It is aiming to produce 180,000 barrels a day in 2008 and 200,000 barrels a day in 2010. Production averaged 110,000 barrels a day in the year that ended March 31.
TOKYO Nippon Oil said Thursday that it planned to invest ¥1 trillion to double production from crude oil and natural gas fields as energy prices surge.
The company said its nearly $9 billion investment program would aim to raise oil production to 300,000 barrels a day in 2015, from 150,000 barrels a day at the end of March.
It said it would approach government agencies for funding in addition to investing its own capital.
Nippon Oil's president, Shinji Nishio, is reinvesting record profits in a global search for energy resources to fuel Japan's recovering economy. The expansion will put Nippon Oil, the largest Japanese oil refiner, into competition with Inpex, the biggest Japanese oil explorer, and Cnooc of China, pushing up the cost of buying and developing oil and gas projects.
"It would have been better to invest when prices were lower," said Taiji Yoshida, a fund manager at Yasuda Asset Management in Tokyo. "What they're doing isn't wrong, it's just they're investing as oil prices have surged, so this carries some risk."
The company said it planned to conduct further drilling and raise production in Southeast Asia, Australia, Canada and Mexico to help it cut purchases of oil from other producers.
Nippon Oil had record net income of ¥131.5 billion last fiscal year, and on Aug. 2 reported a 63 percent jump in profit to ¥39.9 billion for the first quarter that ended June 30.
"The market judges the upstream investment as positive for the company because of record oil prices," said Masanori Wakae, an analyst at Shinko Securities in Tokyo. "The exploration business has a high rate of return, especially when oil prices are expected to remain high."
Nippon Oil said in March that it had set aside ¥200 billion to spend on oil exploration and output in the three years ending March 31, 2008. It is aiming to produce 180,000 barrels a day in 2008 and 200,000 barrels a day in 2010. Production averaged 110,000 barrels a day in the year that ended March 31.
TOKYO Nippon Oil said Thursday that it planned to invest ¥1 trillion to double production from crude oil and natural gas fields as energy prices surge.
The company said its nearly $9 billion investment program would aim to raise oil production to 300,000 barrels a day in 2015, from 150,000 barrels a day at the end of March.
It said it would approach government agencies for funding in addition to investing its own capital.
Nippon Oil's president, Shinji Nishio, is reinvesting record profits in a global search for energy resources to fuel Japan's recovering economy. The expansion will put Nippon Oil, the largest Japanese oil refiner, into competition with Inpex, the biggest Japanese oil explorer, and Cnooc of China, pushing up the cost of buying and developing oil and gas projects.
"It would have been better to invest when prices were lower," said Taiji Yoshida, a fund manager at Yasuda Asset Management in Tokyo. "What they're doing isn't wrong, it's just they're investing as oil prices have surged, so this carries some risk."
The company said it planned to conduct further drilling and raise production in Southeast Asia, Australia, Canada and Mexico to help it cut purchases of oil from other producers.
Nippon Oil had record net income of ¥131.5 billion last fiscal year, and on Aug. 2 reported a 63 percent jump in profit to ¥39.9 billion for the first quarter that ended June 30.
"The market judges the upstream investment as positive for the company because of record oil prices," said Masanori Wakae, an analyst at Shinko Securities in Tokyo. "The exploration business has a high rate of return, especially when oil prices are expected to remain high."
Nippon Oil said in March that it had set aside ¥200 billion to spend on oil exploration and output in the three years ending March 31, 2008. It is aiming to produce 180,000 barrels a day in 2008 and 200,000 barrels a day in 2010. Production averaged 110,000 barrels a day in the year that ended March 31.
TOKYO Nippon Oil said Thursday that it planned to invest ¥1 trillion to double production from crude oil and natural gas fields as energy prices surge.
The company said its nearly $9 billion investment program would aim to raise oil production to 300,000 barrels a day in 2015, from 150,000 barrels a day at the end of March.
It said it would approach government agencies for funding in addition to investing its own capital.
Nippon Oil's president, Shinji Nishio, is reinvesting record profits in a global search for energy resources to fuel Japan's recovering economy. The expansion will put Nippon Oil, the largest Japanese oil refiner, into competition with Inpex, the biggest Japanese oil explorer, and Cnooc of China, pushing up the cost of buying and developing oil and gas projects.
"It would have been better to invest when prices were lower," said Taiji Yoshida, a fund manager at Yasuda Asset Management in Tokyo. "What they're doing isn't wrong, it's just they're investing as oil prices have surged, so this carries some risk."
The company said it planned to conduct further drilling and raise production in Southeast Asia, Australia, Canada and Mexico to help it cut purchases of oil from other producers.
Nippon Oil had record net income of ¥131.5 billion last fiscal year, and on Aug. 2 reported a 63 percent jump in profit to ¥39.9 billion for the first quarter that ended June 30.
"The market judges the upstream investment as positive for the company because of record oil prices," said Masanori Wakae, an analyst at Shinko Securities in Tokyo. "The exploration business has a high rate of return, especially when oil prices are expected to remain high."
Nippon Oil said in March that it had set aside ¥200 billion to spend on oil exploration and output in the three years ending March 31, 2008. It is aiming to produce 180,000 barrels a day in 2008 and 200,000 barrels a day in 2010. Production averaged 110,000 barrels a day in the year that ended March 31.
Nippon Oil aims to double production of crude by 2015
By Hector Forster and Fumishige Asano Bloomberg News
FRIDAY, AUGUST 12, 2005
TOKYO Nippon Oil said Thursday that it planned to invest ¥1 trillion to double production from crude oil and natural gas fields as energy prices surge.
The company said its nearly $9 billion investment program would aim to raise oil production to 300,000 barrels a day in 2015, from 150,000 barrels a day at the end of March.
It said it would approach government agencies for funding in addition to investing its own capital.
Nippon Oil's president, Shinji Nishio, is reinvesting record profits in a global search for energy resources to fuel Japan's recovering economy. The expansion will put Nippon Oil, the largest Japanese oil refiner, into competition with Inpex, the biggest Japanese oil explorer, and Cnooc of China, pushing up the cost of buying and developing oil and gas projects.
"It would have been better to invest when prices were lower," said Taiji Yoshida, a fund manager at Yasuda Asset Management in Tokyo. "What they're doing isn't wrong, it's just they're investing as oil prices have surged, so this carries some risk."
The company said it planned to conduct further drilling and raise production in Southeast Asia, Australia, Canada and Mexico to help it cut purchases of oil from other producers.
Nippon Oil had record net income of ¥131.5 billion last fiscal year, and on Aug. 2 reported a 63 percent jump in profit to ¥39.9 billion for the first quarter that ended June 30.
"The market judges the upstream investment as positive for the company because of record oil prices," said Masanori Wakae, an analyst at Shinko Securities in Tokyo. "The exploration business has a high rate of return, especially when oil prices are expected to remain high."
Nippon Oil said in March that it had set aside ¥200 billion to spend on oil exploration and output in the three years ending March 31, 2008. It is aiming to produce 180,000 barrels a day in 2008 and 200,000 barrels a day in 2010. Production averaged 110,000 barrels a day in the year that ended March 31.
TOKYO Nippon Oil said Thursday that it planned to invest ¥1 trillion to double production from crude oil and natural gas fields as energy prices surge.
The company said its nearly $9 billion investment program would aim to raise oil production to 300,000 barrels a day in 2015, from 150,000 barrels a day at the end of March.
It said it would approach government agencies for funding in addition to investing its own capital.
Nippon Oil's president, Shinji Nishio, is reinvesting record profits in a global search for energy resources to fuel Japan's recovering economy. The expansion will put Nippon Oil, the largest Japanese oil refiner, into competition with Inpex, the biggest Japanese oil explorer, and Cnooc of China, pushing up the cost of buying and developing oil and gas projects.
"It would have been better to invest when prices were lower," said Taiji Yoshida, a fund manager at Yasuda Asset Management in Tokyo. "What they're doing isn't wrong, it's just they're investing as oil prices have surged, so this carries some risk."
The company said it planned to conduct further drilling and raise production in Southeast Asia, Australia, Canada and Mexico to help it cut purchases of oil from other producers.
Nippon Oil had record net income of ¥131.5 billion last fiscal year, and on Aug. 2 reported a 63 percent jump in profit to ¥39.9 billion for the first quarter that ended June 30.
"The market judges the upstream investment as positive for the company because of record oil prices," said Masanori Wakae, an analyst at Shinko Securities in Tokyo. "The exploration business has a high rate of return, especially when oil prices are expected to remain high."
Nippon Oil said in March that it had set aside ¥200 billion to spend on oil exploration and output in the three years ending March 31, 2008. It is aiming to produce 180,000 barrels a day in 2008 and 200,000 barrels a day in 2010. Production averaged 110,000 barrels a day in the year that ended March 31.
TOKYO Nippon Oil said Thursday that it planned to invest ¥1 trillion to double production from crude oil and natural gas fields as energy prices surge.
The company said its nearly $9 billion investment program would aim to raise oil production to 300,000 barrels a day in 2015, from 150,000 barrels a day at the end of March.
It said it would approach government agencies for funding in addition to investing its own capital.
Nippon Oil's president, Shinji Nishio, is reinvesting record profits in a global search for energy resources to fuel Japan's recovering economy. The expansion will put Nippon Oil, the largest Japanese oil refiner, into competition with Inpex, the biggest Japanese oil explorer, and Cnooc of China, pushing up the cost of buying and developing oil and gas projects.
"It would have been better to invest when prices were lower," said Taiji Yoshida, a fund manager at Yasuda Asset Management in Tokyo. "What they're doing isn't wrong, it's just they're investing as oil prices have surged, so this carries some risk."
The company said it planned to conduct further drilling and raise production in Southeast Asia, Australia, Canada and Mexico to help it cut purchases of oil from other producers.
Nippon Oil had record net income of ¥131.5 billion last fiscal year, and on Aug. 2 reported a 63 percent jump in profit to ¥39.9 billion for the first quarter that ended June 30.
"The market judges the upstream investment as positive for the company because of record oil prices," said Masanori Wakae, an analyst at Shinko Securities in Tokyo. "The exploration business has a high rate of return, especially when oil prices are expected to remain high."
Nippon Oil said in March that it had set aside ¥200 billion to spend on oil exploration and output in the three years ending March 31, 2008. It is aiming to produce 180,000 barrels a day in 2008 and 200,000 barrels a day in 2010. Production averaged 110,000 barrels a day in the year that ended March 31.
TOKYO Nippon Oil said Thursday that it planned to invest ¥1 trillion to double production from crude oil and natural gas fields as energy prices surge.
The company said its nearly $9 billion investment program would aim to raise oil production to 300,000 barrels a day in 2015, from 150,000 barrels a day at the end of March.
It said it would approach government agencies for funding in addition to investing its own capital.
Nippon Oil's president, Shinji Nishio, is reinvesting record profits in a global search for energy resources to fuel Japan's recovering economy. The expansion will put Nippon Oil, the largest Japanese oil refiner, into competition with Inpex, the biggest Japanese oil explorer, and Cnooc of China, pushing up the cost of buying and developing oil and gas projects.
"It would have been better to invest when prices were lower," said Taiji Yoshida, a fund manager at Yasuda Asset Management in Tokyo. "What they're doing isn't wrong, it's just they're investing as oil prices have surged, so this carries some risk."
The company said it planned to conduct further drilling and raise production in Southeast Asia, Australia, Canada and Mexico to help it cut purchases of oil from other producers.
Nippon Oil had record net income of ¥131.5 billion last fiscal year, and on Aug. 2 reported a 63 percent jump in profit to ¥39.9 billion for the first quarter that ended June 30.
"The market judges the upstream investment as positive for the company because of record oil prices," said Masanori Wakae, an analyst at Shinko Securities in Tokyo. "The exploration business has a high rate of return, especially when oil prices are expected to remain high."
Nippon Oil said in March that it had set aside ¥200 billion to spend on oil exploration and output in the three years ending March 31, 2008. It is aiming to produce 180,000 barrels a day in 2008 and 200,000 barrels a day in 2010. Production averaged 110,000 barrels a day in the year that ended March 31.
posted by Marcel at 7:29 AM
0 Comments:
Post a Comment
<< Home