INDONESIA: Election of Widodo as President could trigger US$30 billion in new foreign investment in upstream oil and gas sector, says consultant

(EnergyAsia, July 25 2014, Friday) — The election of Joko Widodo as Indonesia’s new president and Jusuf Kalla as vice president is potentially good news for Southeast Asia’s largest economy, particularly its energy and mining sectors, says UK consultant Wood Mackenzie. As a more progressive and pragmatic choice than his opponent, Prawbowo Subianto, Widodo’s victory […]

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AUSTRALIA: Japan’s Mitsubishi Corp to invest A$110 million in diesel import terminal

(EnergyAsia, July 25 2014, Friday) — Japanese trading house Mitsubishi Corp said it is investing A$110 million in a new terminal in South Australia state to import, store and distribute diesel to serve the local markets hit by the closure of several refineries in Australia. (US$1=A$1.05). Mitsubishi Corp said it will launch the final design […]

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NIGERIA: State NNPC affirms target to boost crude reserves to 40 billion barrels, production to 4 million b/d

(EnergyAsia, July 24 2014, Thursday) — Nigeria’s state oil and gas firm Nigerian National Petroleum Corp (NNPC) has affirmed its targets to boost the nation’s crude oil reserves to 40 billion barrels and production to rise to four million b/d. But group managing director Andrew Yakubu did not mention a deadline to achieve those goals […]

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US: Group of companies files application with Department of Energy to export LNG from proposed Alaska project

(EnergyAsia, July 22 2014, Tuesday) — A group comprising an Alaska firm and four major companies have filed an application with the US Department of Energy to export liquefied natural gas (LNG) from a proposed project from a greenfield site in Nikiski near the port of Achorage. The application seeks authorisation for the annual export […]

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SAUDI ARABIA: Non-oil activities to contribute to economy’s projected 4.6% growth this year, says IMF

(EnergyAsia, July 22 2014, Tuesday) — Thanks to its expanding non-oil sector, Saudi Arabia’s economic growth will accelerate to 4.6% in 2014 to build on last year’s 4% increase, said the International Monetary Fund (IMF). Saudi Arabia’s economic growth, % 2010    2011    2012    2013    2014 (projected) Real GDP                 7.4       8.6       5.8       […]

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MONGOLIA: Economic outlook fading on falling investor interest as resource curse takes hold

(EnergyAsia, July 21 2014, Monday) — As its resources-dependent economy began to take off at the start of the decade, Mongolia was repeatedly warned to guard against the “resource curse” associated with corruption, waste, internal power struggle, runaway inflation and political instability that has befallen many developing economies. But, Mongolian leaders paid little heed as […]

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IRAQ: EIA slashed oil production forecast by 600,000 b/d on political unrest

(EnergyAsia, July 18 2014, Friday) — Citing Iraq’s worsening violence, the US Energy Information Administration (EIA) said it has slashed its forecast for the country’s crude oil production by 600,000 b/d to between 3.1 million b/d and 3.2 million b/d from now through end-2015. The escalation of violence in northern Iraq that started in June […]

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SRI LANKA: ADB lends US$300 million of US$440-million programme to boost renewable energy use in place of fuel oil

(EnergyAsia, July 17 2014, Thursday) — The Asian Development Bank (ADB) said it has approved a US$300 million dual-tranche loan to help Sri Lanka scale up its use of clean energy and cut its reliance on costly fuel oil for electricity generation by 2020. The bank’s first US$150 million tranche will help pay for a […]

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SINGAPORE: Ezra to create one of region’s largest offshore services providers with consolidation of two related firms

(EnergyAsia, July 16 2014, Wednesday) — Singapore’s Ezra Holdings Limited said it is aiming to create one of Asia’s largest offshore services providers by merging an offshore division with an associated firm to own and operate a vessel fleet worth more than US$1 billion. The enlarged EOC Group will comprise EMAS Marine, Ezra’s offshore support […]

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