China National Offshore Oil Corp., the nation's top offshore oil and gas company, will likely produce 60 million metric tons of oil equivalent of oil and gas this year, a company executive said.

This is 26% higher than the company's output of 47.66 million tons last year, according to Dow Jones Newswires' calculation.

Cnooc will produce 50 million TOE from domestic offshore oil fields this year, Cnooc Group Vice President Lu Bo said Tuesday.

The figure is close to output at China's largest oil field, Daqing, owned by PetroChina Co. (PTR).

NOTWITSTANDING NEGATIVE REPORTS OF :- CHILD KIDNAPPING, TERRORISM, RITUAL KILLINGS FOREIGNERS STILL LOVE KAMPALA/UGANDA
The Mzungu diaries in Kampala


Posted Saturday monitor, September 18 2010 at 00:00 BY A SOUTH AFRICAN LADY

I arrive on my first day at the Daily Monitor with my pale legs, white top and diamante sandals covered in mud. The potholes and rainfall have coloured me and my attire orange. As if I have applied some cheap self-tan the night before. The security guard, frowning, looks me up and down. I give an apologetic smile and blame the careless boda-boda driver. Instantly, I feel guilty, because it is really my fault too. In my efforts to read up on the politics of Uganda, I completely forgot to check the weather conditions, not exactly the trademark of a competent traveller. If I had, I would have known it is rain season in Uganda this time of year. I would have reconsidered my packing strategy and exchanged my trench and sandals for a raincoat and some Wellingtons. Silly mzungu!

I came to Kampala to work at the Daily Monitor for a month and gain some experience in African reporting. For some reason, I was mostly attracted to the name of Uganda’s capital, Kampala. It sounds so melodic and tropical. Kampala. Like the name of an exotic cocktail. Kampala, for the lady? Yes, please! With orange juice and no ice. Ugandan people are an absolute delight. Peaceful, friendly and very helpful. Ugandan men seem to think I am very beautiful. The average conversation between the boda-boda driver and myself on my way to and from work is something like this:

Boda: Are you married?
Me: No.
Boda: Can I give you my phone number?

My popularity rates and market value have noticeably increased since coming to Uganda. Maybe I lost some weight on the four hour plane ride from Johannesburg to Entebbe? Although I did take full advantage of the open bar facilities. When I tell my Ugandan friend that I am quite the hit in Kampala, he starts laughing. Compared to South Africa, I feel surprisingly safe in Uganda. In South Africa, crime rates are still terrifyingly high. The nice thing about this place is that the criminals are right where you can see them, sitting in the government.

Admittedly, it is not all love at first sight. Even though, I appreciate the buzz of this lush East African city, I can not help but feel terrified when moving around whether it is on a boda-boda, matatu or 4x4. Everyone seems to have studied a different version of Uganda’s traffic rules, if there are any to begin with. Lack of discipline and consensus can only lead to utter chaos and dangerous manoeuvres. I suppose, for Ugandans, it is also not a real Frisbee to the head when I say the state of Kampala’s roads is appalling.

The traffic in Europe or in South Africa – where I currently live – is hectic as well. And the constant road works make rush hour congestions even worse. But, I don’t see any road works in Kampala. Or am I too busy avoiding the potholes to notice? Minister John Nasasira has been in office for more than 15 years. Clearly, otherwise he might have registered the state of the decaying city and done something about it. Kampala, Kampala, Kampala, you deserve a little more attention.[/

Hong Kong's benchmark index ended above the psychologically important 22,000 level for the first time in more than five months on Tuesday, led by property developers on expectations the U.S. Federal Reserve will leave interest rates unchanged, but profit-taking in other blue chips limited the market's gains.

The Hang Seng Index rose 25.25 points, or 0.1%, to 22,002.59 after hitting a high of 22,118.58. The index last ended above 22,000 on April 15, when it closed at 22,157.

Market volume rose to HK$70.38 billion from HK$63.91 billion Monday.

Analysts said they expect trading volumes to be light and investor interest to be limited Wednesday and Friday, because of the Mid-Autumn Festival public holiday in Hong Kong on Thursday, and the closure of mainland China's markets between Wednesday and Friday for the festival.

However, Peter Lai, a director at DBS Vickers, said: 'I believe trading sentiment remains strong with investors looking at equity markets to park funds.'

He said he expects the blue-chip index to take a breather after its 7% rise since the start of September, and to resume rising in the medium term if the Chinese equities market regains strength.

Hong Kong property firms led the local gains, ahead of the Federal Open Market Committee meeting scheduled later Tuesday. Investors expect the Fed to keep ultra-low U.S. interest rates unchanged, thus benefiting property developers. Because Hong Kong's currency is pegged to the U.S. dollar, Hong Kong's monetary policy follows that of the U.S.

'We don't expect any significant changes to the language of the FOMC statement on Tuesday afternoon,' Deutsche Bank said in a note.

Cheung Kong ended up 2.3% at HK$109.20 and Sino Land ended up 2.3% at HK$15.40. Sun Hung Kai Properties rose 0.7% to HK$123.00 after reporting a 12% rise in underlying net profit for the full year ended June 30.

Hong Kong property firms are also relatively undervalued, said Castor Pang, research director at Cinda International. He said he expects new major residential projects to be the sector's short-term catalyst. For example, Cheung Kong will likely launch a new project in Ma On Shan soon, analysts said.

Bucking the gains, developer China Resources Land fell 1.7% to HK$16.94, becoming the worst-performing blue chip, because of dilution concerns. It plans to issue HK$5.53 billion worth of new shares to its parent company at HK$15.88 each, in addition to HK$2.37 billion to be paid in cash, in exchange for three property projects in mainland China.

Still, Deutsche Bank said in a report the asset injection would enhance the company's net asset value.

Battery maker China Strategic fell 4.8% to HK$0.295, off its intraday low of HK$0.285, after saying it and Primus Financial had decided to terminate their attempt to buy AIG's Taiwan life-insurance unit

Property developers led Hong Kong shares slightly higher Wednesday after the Federal Reserve indicated interest rates will remain low for some time.

The blue-chip Hang Seng Index rose 45.12 points, or 0.2%, to 22,047.71, down from an intraday high of 22,229.18. The index has risen in 10 of the past 11 sessions for a cumulative gain of 4.6%.

Market volume totaled HK$69.08 billion, down a tad from HK$70.38 billion Tuesday.

UOB KayHian director of institutional sales Steven Leung said he expects the index to hit 22,500 in the near term and 26,500 by the end of 2010.

'The latest rally is mainly driven by liquidity as the U.S. dollar's weakness is supporting the prevailing buying spree in the equity market,' he said. The Hong Kong dollar is pegged to the U.S. dollar.

Local shares also rose after the Fed concluded its one-day policy meeting overnight without changing rates, and U.S. central bank officials signaled they are uncomfortable with the low level of inflation and are prepared to take additional action to boost the recovery.

The Dow Jones Industrial Average rose 0.07% to 10,761.03, closing at its highest level since May. It has risen in 13 of the last 15 sessions and is up 7.45% in September.

But a public holiday in Hong Kong on Thursday led investors to pare gains in local shares in the afternoon, said Francis Lun, general manager at Fulbright Securities.

Despite the positive news out of the U.S., 'the market retreated sharply and almost fell into negative territory in the afternoon session because nobody wants to hold too much stock over the holiday,' he said.

Hong Kong markets will be closed for the Mid-Autumn Festival on Thursday. Mainland China's markets are closed from Wednesday through Friday for the festival.

Among property companies, Cheung Kong gained 2.1% to HK$111.50, Sun Hung Kai Properties rose 1.8% to HK$125.20 and Sino Land added 2.0% to HK$15.70.

Bourse operator Hong Kong Exchanges rose 1.4% to HK$142.50 after AIG received approval for a US$10 billion-US$15 billion initial public offering of its pan-Asia life insurer, AIA, which could be world's second-biggest IPO this year.

Gold miners were mixed.

Zhaojin Mining gained 2.2% to HK$23.00 after spot gold hit a fresh record high. Spot gold jumped to $1,288.50 a troy ounce from $1,270.60 after the Fed statement. It hit an all-time record high of $1,291.40 at 0600 GMT. Analysts expect gold prices to reach $1,300 a troy ounce by the end of 2010.

But fellow gold miner Zijin Mining fell 1.2% to HK$5.90, after a typhoon damaged a tin mine it operates in Guangdong province.

'Negative news won't go away for Zijin,' said Tanrich Securities investment manager Jackson Wong. Zijin cut production at its Zijinshan copper mine in June after it polluted a river in Fujian province, and the company suspended its Shandong mining operations in August following a fire.

The blue-chip Hang Seng Index rose 71.72 points, or 0.3%, to 22,119.43, it highest closing level since 22,157 on April 15, after falling to a low of 21,956.76 in the morning session. The index is up 0.7% for the week.

Market volume totaled HK$70.04 billion, up slightly from HK$69.08 billion Wednesday. Hong Kong markets were closed for the Mid-Autumn Festival on Thursday.

Analysts said there is limited room for further gains ahead of the Oct. 1-Oct. 7 National Day holiday. They said they expect the benchmark index to trade in a narrow range between 22,100 and 22,300 points over the coming sessions.

All three companies making their trading debuts Friday ended sharply higher, buoyed by investors seeking to make short-term gains following strong demand for the firms' initial public offerings, according to analysts.

Magic Holdings, China's biggest facial-mask brand, surged 37% to HK$4.51, medical devices maker Microport advanced 36% to HK$8.29, and truck component maker Changfeng Axle rose 12.5% to HK$4.50.

'Market sentiment for IPO activity has picked up, with some investors shifting their focus to listings away from the secondary market given a lack of interesting trading ideas,' said William Lo, an analyst at Ample Capital.

Bourse operator Hong Kong Exchanges rose 3.8% to HK$147.90, adding to Wednesday's 1.4% gain, boosted by the strong performance of the new listings.

Among other blue chips, local developers rose broadly, with the Hang Seng Property Index gaining 0.4% to 30,289.84 because of expectations a government land auction Wednesday will attract high bids from developers. Investors are closely watching the sale of the two sites, in Chai Wan on Hong Kong Island and Fanling in the New Territories, as the results of the sale will be viewed as a barometer of the city's property market outlook.

'The two sites will likely set another record for the city's property market amid ample liquidity inflows,' said Francis Lun, general manager of Fulbright Securities.

Among the developers posting gains Friday, Cheung Kong Holdings rose 1.4% to HK$113.10, Sun Hung Kai Properties was up 1.3% at HK$126.80, and Henderson Land added 1.2% to HK$53.30.

However, overall trading was subdued, with China's markets closed for the Mid-Autumn Festival.

Bucking the trend, banking heavyweight HSBC fell 0.6% to HK$80.60 after people familiar with the situation said Friday the lender's chief executive, Michael Geoghegan, will leave the London-based bank, to be replaced by head of investment banking Stuart Gulliver. The people also said Chief Financial Officer Douglas Flint will replace departing Stephen Green as HSBC's chairman.