Apexindo received “TOTAL Mahakam award 2010” following its excellent Health, Safety and Environment performance. This award recognize the Company contribution on the overall achievement of Total  E&P Indonesie 2009 HSE Objectives in the High Risk Drilling Activity with 607,297 manhours.

The certificate award is presented to the Company in Balikpapan and signed by Hardy Pramono, Executive VP Operations & East.

Apexindo wins one among four categories through Total’s observation on all activities from 1 January until 31 December 2009. Another three categories are Low Risk Activity, Medium Risk Activity, High Risk Activity and Outstanding Activity. The latest category was achieved by Apexindo on 2007.

To be eligible for each category, the company must completed over 200,000 man hours per year to achieved High Risk predicate,  100,000 man hours/year for Medium Risk, while the Low Risk is limited to the company who had completed over 50,000 manhours/year. The main point of this observation is within those man-hours worked, no incident or accident occurred during operational activities of Total E&P Indonesie. 

News wires  02 August 2010 03:54 GMT

Oil rose towards 12-week highs above $79 today, driven by investor appetite for commodities and energy risk, with macroeconomic indicators in top consumers the United States and China showing slower but sustained growth.

US September crude rose 24 cents to $79.19 a barrel, having reached a 12-week high of $79.69 last week and climbed 4.35% last month. ICE Brent gained 19 cents to $78.37.

Money managers increased bets that prices would rise, the so-called net long crude oil positions, to the highest level since May on the New York Mercantile Exchange in the week to 27 July, the Commodity Futures Trading Commission said on Friday, when wheat surged to cap its biggest monthly gain since 1959.

"Long positions are starting to creep back into the market," said Ben Westmore, a commodities analyst at National Australia Bank in Melbourne, adding, "It’s a gradual process of regaining confidence that there is not going to be a default soon," in a reference to the euro zone’s debt crisis.

"The market is aware of the fact that it’s going to be a pretty slow recovery in the US and the euro zone, so although oil demand will grow over the next 12 months or so, it’s going to be a slow, gradual process," Westmore said.

US gross domestic product expanded at a 2.4% annual rate, missing expectations for growth of 2.5%, after an upwardly revised 3.7% growth pace in the first quarter.