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Logo of Phnom Penh Post newspaper Phnom Penh Post - Oil surge spills mixed fortune for companies

Oil surge spills mixed fortune for companies

Oil surged the most on international markets since September 2009 on Friday, but firms with interest in Cambodia’s oil blocks had mixed results on international stock markets.

International traders were concerned that continued unrest in Egypt would spread to the Middle East’s major oil producing nations, with crude for March delivery increasing US$3.70, closing the week at $89.34 a barrel on the New York Mercantile Exchange on Friday.

New York-listed Chevron Corporation saw a slight 0.6 percent decline in trading last week, ending at US$93.37 a share.

Shares in the firm – which is 30 percent owner and operator of Cambodia’s offshore Block A – had traded near $95 on Thursday, before it released its quarterly results Friday morning.

Meanwhile, Indonesia’s PT Medco Energi Internasional jumped 8.5 percent last week on the Indonesia Stock Exchange, ending at 3,200 rupiahs (US$0.35).

The firm climbed early in the week following its announcement it had approved an investment for a project on Indonesia’s Senoro gas field.

Medco is the 60 percent owner and designated operator of Cambodia’s Block E offshore concession.

French giant Total SA dropped 0.7 percent in New York trading last week, closing at $57.80.

The firm is listed by the Cambodian National Petroleum Authority as having been awarded a conditional licence in Area III of the overlapping claims area in the Gulf of Thailand.

The firm has been trading near its 52-week high of $60.24.

Another conditional licensee in the overlapping claims area, New York-listed ConocoPhillips, increased 4.1 percent in trading last week, to end at $70.56. It is closing in on its 52-week high which is north of $71.50.

The firm – which jointly holds rights in Area I and II – released generally positive fourth quarter earnings on Friday.

Japan’s Idemitsu Kosan Group is ConocoPhillips’ partner in Area I and II.

Its share value declined 2.8 percent in Tokyo trading last week.

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