HONG KONG--(BUSINESS WIRE)--The board of Brightoil Petroleum (Holdings) Limited (“Brightoil Petroleum” or the “Group”; stock code: 933.HK) announced that Mr. Wang Wei has been appointed as an executive director of the Group with effect from 8 May 2015. Meanwhile, Mr. Justin Sawdon Stewart Murphy will resign as an executive director of the Group and the chief executive officer of Brightoil Shipping Singapore Ptd. Ltd., a wholly-owned subsidiary of the Group, with effect on the same day.
Mr Wang joined the Group as the chief executive officer of Brightoil Petroleum (S’pore) Pte. Ltd, a wholly-owned subsidiary of the Group, on 24 November 2014. He has over 28 years of experience in oil & gas industry. Before joining the Group, Mr. Wang held a number of senior management positions in different business units of Sinochem Group from 1986 to 2014, with the latest position being the Managing Director of Sinochem International Oil (Singapore) Pte. Ltd from 2007 to 2014.
Mr. Wang will hold office until the next following annual general meeting and will thereafter be subject to retirement by rotation and re-election at the Group’s annual general meeting in accordance with the bye-laws of the Company. A service agreement was entered into between the Group and Mr. Wang for an initial term of three years.
Dr. SIT Kwong Lam, Chairman of Brightoil Petroleum, commented, “Mr. Wang possesses extensive experience together with proven track records of success in the oil and gas sector. We are confident that his appointment as a board member will drive the Group’s sustainable development and reinforce its market leadership going forward.”
About Brightoil Petroleum
Brightoil Petroleum (Holdings) Limited is a resource-based energy enterprise focusing on upstream oil and gas resources exploration, along with further developments midstream and downstream. The Group is principally engaged in the exploration, development and production of Upstream Oil and Gas Fields, Marine Transportation, Oil Storage and Terminal Facilities and International Trading and Bunkering Business.
The Group has three oil and gas field projects in its portfolio, including Dina 1 Gas Field, Tuzi Gas Field and Caofeidian Oil Field in Bohai Bay. The Company's interest in 2P reserves is expected to reach approximately 93.9 million barrels of oil equivalent. When all these three areas are in full operation, Dina 1, Tuzi and Bohai will reach a daily net production of approximately 25,000 barrels of oil equivalent, and an annual net production of approximately 9 million barrels of oil equivalent.
The Group currently operates four Aframax Oil Tankers and five VLCCs, and has a total capacity exceeding 2 million metric tonnes.
The Group’s oil storage facility on Waidiao Island in Zhoushan, with a total capacity of 3.16 million cubic meters, is under construction. The terminal facility will be equipped with 13 berths which can accommodate vessels from 1,000 to 300,000 deadweight tonnage. Meanwhile, the Group’s oil storage facility on Changxing Island in Dalian, with a total capacity of 7.19 million cubic meters, is also under construction. The terminal facility will be equipped with 13 berths to accommodate vessels from 1,000 to 300,000 deadweight tonnage.
The Group is one of the largest marine bunkering service providers in China with services expanded to global ports. The Group’s tradable range of products is diversified into fuel oil, crude oil, gas oil, as well as petrochemical and the related petroleum products.
The Group will continue to develop its Upstream business by stretching its tentacles into the exploration, development and production of oil fields with a view to becoming one of the leading resources-based energy conglomerates in the world.
Brightoil Petroleum has been included in the Hang Seng MidCap Index, effective from 9 March 2015.
For additional information about Brightoil Petroleum, please visit the Company’s website at www.brightoil.com.hk.
Press Release distributed by: Brightoil Petroleum (Holdings) Limited