BHP eyeing other opportunities after Rio Tinto (AP) and Chevron Announces First Oil Production From Indonesias North Duri Field (Business Wire)

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City of Industry, CA --(www.USEquityNews.com)-- 11/26/2008 - Commodities industry alert provided by U.S. Equity News. SYDNEY, Australia (AP) -- Mining giant BHP Billiton Ltd. said it was looking for other takeover targets during the current global financial turmoil, after abandoning its $68 billion hostile bid for Rio Tinto citing risky conditions. Rio Tinto, meanwhile, defended its balance sheet Wednesday after conceding that its purchase of Canadian aluminum producer Alcan Inc. last year had lumbered it with a large debt burden. BHP Billiton cited Rio Tinto's debt as one reason for walking away from the mammoth takeover bid.Rio Tinto's share price plunged more than 35 percent within minutes of markets opening in Australia on Wednesday, to Australian dollars 40.94, following similar losses on the London bourse Tuesday. [Read the full article]


SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today announced that its wholly owned subsidiary, PT Chevron Pacific Indonesia, has started producing crude oil from the North Duri Field Area 12 in Indonesia, where Chevron produces nearly half the nation's crude oil. First oil was achieved on Nov. 14, 2008, and production is projected to increase to 34,000 barrels of crude oil per day by 2012. Initial production from North Duri Area 12 will increase with the application of steamflood technology next year.“The Duri Field is a remarkable base business success for Chevron. [Read the full article]

DUBLIN, Ireland--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/daac69/snapshots_malaysia)
has announced the addition of the "Snapshots Malaysia Natural Gas 2008"
report to their offering. Snapdatas Snapshots Malaysia Natural Gas 2008 provides 2007 year-end market size data, with 2008 estimates, 5 years of historical data and
five-year forecasts. The Snapshots report gives an instant overview of the Malaysian natural gas market and covers power and non-power natural gas use. Market volume is based on consumption. The data is supplied in both graphical and tabular format for ease of interpretation and analysis. [Read the full article]

By James Regan and Sonali PaulSYDNEY/MELBOURNE (Reuters) - Global miner Rio Tinto Ltd said on Wednesday it was confident it could sell billions of dollars in assets to pay down massive debt, despite concerns about a lack of buyers, a day after rival BHP Billiton Ltd dropped a bid for the firm. BHP's shock decision on Tuesday to pull its $66 billion bid sent Rio's shares plunging by almost 40 percent, amid concerns Rio would struggle to sell assets and cut its $39 billion in net debt during a severe global economic downturn.Analysts questioned Rio Tinto's confidence it could sell assets in the next few months."That's by no means certain," said FW Holst analyst Rob Craigie. "There may be additional assets they would consider selling. [Read the full article]

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