INDIA: ONGC signs MoU with Baker Hughes

Indian upstream oil company ONGC recently signed a Memorandum of Understanding (MOU) with service provider Baker Hughes Singapore Pte Ltd. The MOU was signed by Y.B.Sinha, ONGC’s exploration director and David H Barr, Baker Hughes’ senior vice president in the presence of ONGC’s chairman and managing director Subir Raha. ONGC said the move envisions a (more…)

AUSTRALIA: France’s Total takes a stake in two deep offshore exploration blocks

French energy major Total said it has entered into two agreements to participate in the exploration of two offshore blocks in the northwest of Australia.             In its agreement with Australian upstream company Woodside, Total will take a 30% interest in the WA-269-P exploration block situated 150 kilometres from the shore in water depths between (more…)

VIETNAM: EVN to double power capacity by 2010

State-owned Electricity of Vietnam (EVN) has embarked on expansion, which will see its capacity increase 20% in 2005 and more than double by 2010, the country’s news agency VNA reported.   EVN generates 90% of Vietnam’s total power output. It will produce 53 billion kilowatt-hours (kWh) this year, 9 billion kWh more than in 2004, (more…)

INDIA: ONGC signs MoU with Baker Hughes

Indian upstream oil company ONGC recently signed a Memorandum of Understanding (MOU) with service provider Baker Hughes Singapore Pte Ltd. The MOU was signed by Y.B.Sinha, ONGC’s exploration director and David H Barr, Baker Hughes’ senior vice president in the presence of ONGC’s chairman and managing director Subir Raha. ONGC said the move envisions a (more…)

MALAYSIA: Petronas’ ASEAN Bintulu Fertiliser ventures into melamine production with Korea’s Namhae C

ASEAN Bintulu Fertiliser Sdn Bhd (ABF), a subsidiary of Malaysian state oil and gas company Petronas, recently signed a shareholders agreement with Namhae Chemical Corporation (NCC) of Korea to set up a joint venture melamine production facility in Bintulu, Sarawak. The facility, Malaysia’s first, will have an annual production capacity of 15,000 metric tonnes. ABF (more…)

SINGAPORE: Tokyo Gas Engineering awarded S$4.88 million feasibility study on import of liquefied nat

Singapore’s Energy Market Authority (EMA) has awarded Tokyo Gas the contract to provide a study on the feasibility of importing liquefied natural gas (LNG) as an option to diversify the country’s natural gas supply.   The EMA said it awarded Tokyo Gas Engineering Co Ltd the contract to carry out the study for a fee (more…)

AUSTRALIA: Woodside puts forward A$2 billion plan to boost gas production

Australia’s ability to secure multi-billion-dollar gas export deals has been boosted by Woodside Energy’s plans to ramp up production from its North West Shelf (NWS) fields, The Australian reported. The company, which operates Australia’s biggest resources enterprise, the North West Shelf Joint Venture gas project, wants to construct a A$2billion fifth gas production facility on (more…)

INDIA: Bhagyanagar Gas to invest Rs2.6 billion into CNG and piped gas network

India’s Bhagyanagar Gas has firmed up plans for a Rs2.6 billion project to set up compressed natural gas (CNG) stations and piped gas supply networks in Hyderabad and Vijayawada, the Business Standard reported (US$1=Rs44). Drawing on successful projects like the Indraprastha Gas project in Delhi and Mahanagar Gas in Mumbai, the Bhagyanagar project is expected (more…)

COMPANY: IndianOil Corporate Office moves to new building in Sadiq Nagar

Indian Oil Corp has moved to a new headquarter. Its new address is No. 3079/3, Joseph Broz Tito Marg, Sadiq Nagar, New Delhi 110049. Tel: 9111-26260000.   The company said the new building and headquarter projects its status as India’s largest commercial organisation and India’s No.1 Fortune ‘Global-500’ company.

LPG: Purvin & Gertz released “World LPG Market Outlook”

Houston-based energy consultant Purvin & Gertz said world LPG demand has grown significantly over the last few years, with new markets emerging and every region reporting consumption growth. The company said that LPG as auto fuel is expanding and residential and commercial use is rising particularly fast in developing countries. The expansion of the petrochemical (more…)

MALAYSIA: Terengganu state expects to attract RM3.6 billion from new investors

Malaysia’s Terengganu state expects to attract investments up to RM3.6 billion from two companies involved in the oil and gas industry, said Menteri Besar or Chief Minister Seri Idris Jusoh. (US$1=RM3.8).   He said the companies, one local and the other from abroad, were studying the prospects for investing in the state. He did not (more…)

MARKETS: Asian product prices for January 27

Openspec naphtha tonne C+F Japan – US$ 431.25 (+US$6.10 from Jan 26 closing) 95 ron unleaded gasoline barrel FOB Singapore – 51.50 (-0.90) Jet kerosene barrel FOB Singapore – 55.04 (+0.35) Gasoil barrel FOB Singapore – 52.95 (-0.40) LSWR barrel FOB Indonesia – 30.70(-0.10) HSFO 180cst tonne FOB Singapore – 197.20 (-0.30) HSFO 380cst tonne FOB Singapore – 186.34 (-0.36) 

UAE: Emarat, BP and Shell establish jet fuel storage company

Emirates General Petroleum Corporation (Emarat) has signed an agreement with subsidiaries of oil majors BP and Shell to establish EMDAD Aviation Fuel Storage in Jebel Ali Free Zone (JAFZ). The partners, who own equal stakes in the new company, have put up AED132 million to fund the capital requirements of the new venture. (US$1=AED3.6).   (more…)

SINGAPORE: Keppel Corp reports 18.5% rise in net profit to S$468 million for 2004

Singapore’s conglomerate, Keppel Corp, said its 2004 net profit rose 18.5% to S$468 million from 2003’s S$395 million, with earnings per share up 18% to 60.3 cents. (US$1=S$1.65). Its returns on equity (ROE) reached 15.7%.   In a statement, Keppel Corp executive chairman Lim Chee Onn said most of its businesses, including oil and gas, (more…)

SINGAPORE: ExxonMobil Chemical to expand ethylene capacity by 75,000 tons/year to 900,000 tons/year

ExxonMobil Chemical said it is expanding the capacity of its ethylene steam cracker in Singapore by 75,000 tons per year to more than 900,000 tons per year by the fourth quarter of next year. Work on the expansion will start in the third quarter.   The Singapore Chemical Plant, ExxonMobil Chemical’s single largest investment in (more…)

MARKETS: ESAI describes crude market as “wildcards” in 2005

In 2004, massive demand growth largely eroded the spare production capacity that oil markets had come to depend upon.   For 2005, US energy consultants ESAI examines in the latest edition of its “Global Crude Oil Outlook” what it believe to be two primary market movers: Chinese demand growth and Iraqi production.   “The prospects (more…)

PAKISTAN: OGDC set to boost free-float to over US$500m

Pakistan’s upstream company, Oil and Gas Development Company Limited (OGDC), is set to be the first company listed in the country to reach a free-float of over half a billion US dollars, the country’s Dawn newspaper reported.   According to the paper, OGDC will reach the half-billion mark following the divestment of an additional 5% (more…)

MARKETS: Oil prices to remain high through first half of 2005

International oil prices will remain relatively high through the first six months of 2005 with a chance of easing down a little in the following six months, according to US-based consultants Cambridge Energy Research Associates (CERA).   According to UAE news agency WAM, CERA director James Burkhard said that three factors will determine the direction (more…)

SOUTH KOREA: SK Corp to lay out plans for new overseas E&P projects

Korea’s leading oil refiner, SK Corp, will soon venture into overseas oil exploration and production (E&P) projects.   In a recent speech, SK Corp. president Shin Heon-cheol said that SK is aiming to become an energy giant by producing 100,000 b/d of oil abroad by 2010, the UAE WAM news agency reported.   With that, (more…)

INDONESIA: PLN builds 30-km power line in tsunami-hit Aceh

Indonesian state-owned electricity company PT Perusahaan Umum Listrik Negara (PLN) has completed construction of a 30-kilometre power transmission line in tsunami-ravaged Meulaboh in Aceh province while continuing work to restore power throughout the region, Indonesia’s Antara news agency reported.   In a statement, PLN said that its engineers were still working to provide electricity to (more…)

INDIA: ONGC planning two new petrochemical complexes

India’s Oil and Natural Gas Corporation (ONGC) is planning to set up two petrochemicals complexes in Dahej and Mangalore, Indian news agency PTI reported.   ONGC officials were quoted as saying that the company would utilise naphtha available from its MRPL refinery for its proposed petrochemicals plant in Mangalore.   They added that the proposed (more…)

INDIA: Talks with Pakistan fail to clinch deal on power project

India and Pakistan have failed to reach an agreement on the Baglihar power project which would generate hydrogenised energy, according to the Kuwaiti news agency KUNA. The project is to be built on the Chenab River in Jammu and Kashmir and would produce some 450 megawatts of power.   Industry sources said that India has (more…)

AUSTRALIA: Environmental assessment for Origin’s gas-fired Victorian Generator power project

Australia’s Victoria state government has determined that Origin Energy’s proposed 1,000 MW gas fired Victorian Generator project will be assessed under the Environment Effects Act 1978.   The decision was made by acting Minister for Planning, John Pandazopoulos, said a statement from Origin Energy, which described it as “a key milestone in the development approval (more…)

SINGAPORE: SPC reports S$253 million profit for 2004 vs $59 million in 2003

Thanks to high oil prices, Singapore’s only listed integrated oil company Singapore Petroleum Company saw its 2004 net profit jump 328% to a record S$253 million from S$59 million last year. Revenue rose 55.8% to S$4.97 billion from S$3.19 billion, while earnings per share surged from 13.92 cents to 59.22 cents. (US$1=S$1.65).   As a (more…)

ASIA: China calls for energy cooperation with Japan, Russia and South Korea

China has called for co-operation with Russia, Japan and South Korea to strengthen the region’s security of energy supply, according to a report by news agency Kyodo.   “By creating an energy cooperation framework in Northeast Asia, we can ensure a stable supply of oil and natural gas, as well as stabilize oil prices from (more…)