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brightoil petroleum holdings (933) Snapshot

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brightoil petroleum holdings (933) Details

Brightoil Petroleum Holdings Limited is a resource based energy company focusing on upstream oil and gas resources exploration along with midstream and downstream developments. The company primarily engages in the exploration, development, and production of upstream oil and gas fields; marine transportation; oil storage and terminal facilities; and international trading and bunkering businesses. It operates four Aframax oil tankers and five VLCCs with a total capacity of approximately 2 million tons. The company provides marine bunkering services in China and internationally. Its tradable range of products includes fuel oil, crude oil, and gas oil, as well as petrochemical and related petroleum products. The company was formerly known as First Sign International Holdings Limited and changed its name to Brightoil Petroleum Holdings Limited in September 2008. Brightoil Petroleum Holdings Limited is headquartered in Sheung Wan, Hong Kong.

300 Employees
Last Reported Date: 03/26/15

brightoil petroleum holdings (933) Top Compensated Officers

Co-Founder, Chairman, Member of Nomination Co...
Total Annual Compensation: $3.6M
Chief Financial Officer, Executive Director, ...
Total Annual Compensation: $5.2M
Executive Director
Total Annual Compensation: $5.2M
Compensation as of Fiscal Year 2014.

brightoil petroleum holdings (933) Key Developments

Brightoil Petroleum (Holdings) Limited Announces Management Changes

The board of directors of Brightoil Petroleum (Holdings) Limited announced that Dr. Sit Kwong Lam, the Chairman and an executive director of the company, has been appointed as the Chief Executive Officer of the company with effect from August 21, 2015. Dr. Sit had been an executive director, Chairman and the Chief Executive Officer of the company since June 20, 2008. He resigned as the Chief Executive Officer on July 16, 2014. He is also a member of the remuneration committee and nomination committee of the company. He is a member of the Chinese People's Political Consultative Conference, vice chairman of China's Chamber of Commerce for Petroleum Industry and chairman of the board of directors of Shenzhen Brightoil Group Co. Ltd. its subsidiaries. He also serves as a director of all subsidiaries of the group. Dr. Sit will be subject to retirement by rotation and re-election at the company's general meeting in accordance with the bye-laws of the company. Dr. Yung Pak Keung Bruce has tendered his resignation as an executive director and the Chief Executive Officer of the company with effect from August 21, 2015 in order to pursue his other personal interests. He will also cease to act as an authorized representative of the company under Rule 3.05 of the Listing Rules with effect from August 21, 2015. Mr. Tang Bo, an executive director of the company, has been appointed as the authorized representative with effect from August 21, 2015.

Brightoil to See 500M CBM Increase in Annual Gas Production with Xinjiang Gas Production Enhancement Plans

Brightoil Petroleum (Holdings) Limited announced that its two wholly owned subsidiaries will conclude agreements with the Second Exploration Branch of PetroChina and the Sixth Exploration Branch of China Petroleum & Chemical Corporation on the new drilling and ground project construction for the Tuzi and Dina 1 Gas Fields in Xinjiang. Upon completion of the aforementioned projects, the aggregate annual production of both fields will increase by 500 million cubic meters, boosting the Group’s competitiveness strengths in upstream operations and generating substantial revenue. According to the May 14, 2015 resolution of the Joint Management Committee for Dina 1 and Tuzi Gas Fields, construction work for the Tuzi 103 platform and ground facilities will start with five new gas wells to be built. When the platform becomes operational, the daily production of Tuzi Gas Field is expected to increase by 800,000 cbm. Meanwhile, demonstrations for repairs and operational work for the Dina 11 well at the Dina 1 Gas Field will start, and efforts will be made to resume its production before August 2015. If this project goes smoothly, the daily production of Dina 1 Gas Field will be increased by 200,000 cbm.

Brightoil Petroleum Holdings Limited and China National Petroleum Corporation Announce New Well Drilling Projects in Dina 1 and Tuzi Gas Fields

Brightoil Petroleum Holdings Limited announced that as per the 2015 resolution of the Joint Management Committee for the two upstream projects, Dina 1 Gas Field and Tuzi Luoke Gas Field, which are jointly developed by the Company and China National Petroleum Corporation (CNPC), satisfactory results have been achieved from the exploration and production of Dina 1 Gas Field and Tuzi Gas Field and new knowledge has been acquired. The Company has achieved its main work targets of the year. The two subsidiaries of the Company have to come to agreements with the Second Exploration Branch of PetroChina and the Sixth Exploration Branch of China Petroleum & Chemical Corporation on the new well drilling and ground project construction for these two projects respectively. The Joint Management Committee has come to an agreement on the following subjects: For Tuzi Gas Field project, construction work for the Tuzi 103 platform and ground facilities will be commenced, and 5 new gas wells will be built. In the case of Tuzi 103 platform being put into production successfully, it is anticipated that by that time, the production of Tuzi Gas Field will be enhanced by 800,000 cubic meters per day. For Dina 1 Gas Filed project, demonstration for repair and operation work for Dina 11 well will be commenced, and production strives to be resumed before August 2015. If the implementation of this project comes to a success, it is anticipated that by that time, the production of Dina 1 Gas Field will be enhanced by 200,000 cubic meters per day. Meanwhile, work for the preparation of exploration adjustment plan of Dina 1 Gas Field and reporting will be carried out based on the current gas reservoir research and reserve review. At the same time, preparation for the new Dina 1-3 well drilling will be activated. In the case that the exploration adjustment plan is implemented successfully and Dina 1-3 well is put into production, the daily production of Dina 1 Gas Field will be enhanced by 500,000 cubic meters by that time. The exploration adjustment plan is subject to the final approval of CNPC. After the completion of the abovementioned projects, the production will be enhanced prominently, by that time, the total additional daily production and the total additional annual production of Dina 1 Gas Field and Tuzi Gas Field altogether are anticipated to reach 1.5 million cubic meters and 500 million cubic meters respectively.

 

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