NetworkOil Opens Office in Asia Pacific; New Vice President To Expand e-Business in Southeast Asia.Business/Energy Editors & High-Tech Writers HOUSTON--(BUSINESS WIRE)--June 12, 2000 NetworkOil Inc., a global Internet marketplace See vertical portal and Web hub. for petroleum services and equipment, today announced the opening of its first international office in Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. . Recognizing the potential for e-commerce growth in this region, NetworkOil International has appointed Michael Balladon as vice president, Asia Pacific to spearhead business development in this region. Balladon brings over 17 years of experience with top management consulting firms List of Management Consulting Firms 1. McKinsey & Company 2. Marakon Associates 3. Boston Consulting Group (BCG) 4. A.T. Kearney 5. Booz Allen Hamilton (BAH) 6. Monitor Group 7. Bain & Company 8. Roland Berger in the Far East including high-level contacts with many of the large multinational oil companies and suppliers. Based in Singapore, Michael Balladon will expand NetworkOil's e-commerce business in Asia, building a team to support key petroleum markets in Southeast Asia, Australia and China. NetworkOil is committed to directly supporting its marketplace members by establishing a physical presence in major oil centers. "NetworkOil's Southeast Asia branch will forge a presence and alliances throughout the Asia Pacific region to achieve rapid market entry," said Balladon. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a recent report, nearly 25% of all active drilling rigs outside of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. were drilling in East Asia East Asia A region of Asia coextensive with the Far East. East Asian adj. & n. (a). Total spending for exploration, development and field equipment in the region has reached $40 billion per year and now exceeds 20% of the world market(b). NetworkOil expects to bring global savings of 5% to 30% of current spending to both buyers and sellers in the oil industry(c). NetworkOil will also bring unparalleled transparency to the procurement process in Asia. "For this reason, the Internet is likely to be an extremely powerful catalyst in realizing the benefits of upstream deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. across Asia. As a result, we expect total marketplace savings will be worth up to $3 per barrel, especially in the newly deregulated markets in Asia," Balladon added. "We look forward to developing the marketplace together with Asian oil and gas and supply companies as the industry moves to the Internet." Most recently, Michael Balladon was vice president and practice leader of the Asian oil, gas & chemicals practice for A. T. Kearney  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . A.T. Inc., the international management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business service industry - an industry that provides services rather than tangible objects business of technology services leader EDS (Electronic Data Systems, Plano, TX, www.eds.com) Founded in 1962 by H. Ross Perot (independent candidate for the President of the U.S. in 1992), EDS is the largest outsourcing and data processing services organization in the country. Inc. Over the last one and a half decades, he has advised senior executives at leading multinational and national energy corporations on key strategic and operational issues in more than 15 Asia Pacific markets. Prior to A.T. Kearney, Balladon was vice president and Asia Pacific practice leader for Mercer Management Consulting Inc., the strategy consulting business of Marsh and McLennan Companies. He was also a founding member of Mercer's global oil and chemicals consulting practices. Over the course of his career, he has lead five successful business startups in the consulting industry, focused on the oil, gas and chemicals industries, and on the Asia Pacific region. "Michael's extensive international experience and background with multinational oil ventures provide a solid basis for NetworkOil's business development in Asia," said Steve Martin Noun 1. Steve Martin - United States actor and comedian (born in 1945) Martin , chief executive officer of NetworkOil Inc. "We are extremely pleased that Michael will be working with us as we begin to expand our business internationally." The NetworkOil Southeast Asian headquarters is located in Singapore, supported by additional field offices across Asia and Australia. For local information, please contact Michael Balladon at 65/720-1380 or mballadon@networkoil.com. The NetworkOil office in Singapore is located at 3 Killiney Road, No. 07-04 Winsland House I. About NetworkOil NetworkOil is the premier, global Internet marketplace for petroleum services and new and used equipment. The electronic exchange provides a secure, neutral forum for conducting a variety of transactions including requests for bid, auctions and reverse auctions. Companies now invested in NetworkOil represent over $11 billion in expenditures. The NetworkOil management team and investor group is drawn from the oil and gas, e-commerce, technology and financial industries. Headquartered in Houston, NetworkOil has offices throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. in San Antonio, Midland and Dallas, Texas; Lafayette, La.; Oklahoma City; Denver; Bakersfield, Calif.; Traverse City, Mich., Calgary, Alberta, and in Singapore. Additional information is available at http://www.networkoil.com. (a) Source: Baker Hughes Incorporated, Worldwide Rig Count, January 2000. (b) Source: McKinsey & Company, Royal Dutch/Shell Group and NetworkOil analysis. (c) Source: McKinsey & Company and NetworkOil analysis. |
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