MARKETS: Oilfield services sector headed for consolidation, says BCG

(EnergyAsia, October 18) — Oilfield services and equipment suppliers will be under pressure to consolidate and merge given the current hardware glut, warns the Boston Consulting Group (BCG). According to the consulting firm, there are now close to 570 offshore rigs on the market with more than 1,000 rigs due to be delivered. By 2012,…

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MARKETS: World oil and gas reserves down despite record spending in 2008, says consultant

(EnergyAsia, October 27, Tuesday) — The world’s oil and gas reserves fell 0.4% last year despite a 21% surge in exploration and production spending, said oil and gas research firm IHS Herold Inc and upstream corporate advisor Harrison Lovegrove & Co Ltd, a Standard Chartered group company Their joint survey of 232 oil and gas…

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MARKETS: Oil-producing and Asian nations looking to reduce US dollar oil price reference

(EnergyAsia, October 27, Tuesday) — The world’s biggest oil producers and Asia’s leading economies are in talks to reduce or even stop using the US dollar as the reference currency for oil trading over the next decade. According to various media reports, finance ministers and central bank governors of Gulf Arab states have been holding…

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SINGAPORE: Offshore sector outlook brightening on rising oil prices

(EnergyAsia, October 27, Tuesday) — Rising oil prices could well lift the gloom off Singapore’s offshore and marine sector as oil and gas companies prepare to resume exploration and production activities around the world. The Singapore companies which provide a range of services to the oil industry including rig and shipbuilding, tanker repairs and conversion,…

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CHINA: Platts says oil demand growth resumes after August dip

(EnergyAsia, October 27, Tuesday) — Chinese oil demand climbed out of its August trough to 33.8 million metric tons in September, as refiners in the world’s second largest oil consumer raised their crude processing rates and at the same time, the country’s net refined product imports went up, said energy media Platts. Analysing official data,…

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MARKETS: Supply and demand peaks to help end of oil age, says Deutsche Bank

(EnergyAsia, October 27, Tuesday) — Global oil supplies will peak within a few years but this will also see the end of the oil age as demand starts to fall, said a report by Deutsche Bank. According to the bank’s “The Peak Oil Market” report, underinvestment in finding new oil supplies will bring about a…

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AUSTRALIA: Chevron’s Wheatstone LNG plant to cost at least US$20 billion

(EnergyAsia, October 27, Tuesday) — Competition for natural gas reserves will raise the cost of Chevron’s planned Wheatstone liquefied natural gas (LNG) project in Western Australia to cost more than US$20 billion to develop, according to a local media report. Citing figures put out by US independent upstream company Apache, The Australian newspaper said it…

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SOUTH KOREA: KNOC to build up more than 100 million barrels in crude oil stockpile

(EnergyAsia, October 26, Monday) — State-run Korea National Oil Corp (KNOC) has announced plans to raise its crude oil stockpile to 101 million barrels by 2013 from around 82 million barrels now. The company is also managing nearly 39 million barrels for international traders at some of its terminals as part of the national progamme…

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QATAR: 50 hurt as storage tank explodes at Hilal petrol station

(EnergyAsia, October 26, Monday) — An underground fuel storage tank recently blew up in Qatar’s Hilal area, injuring more than 50 people including workers travelling on a passing bus which was badly damaged. The diesel tank located below a retail station exploded during the morning rush hour. Police believe a build-up of gas was responsible…

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SINGAPORE: Bunker sales holding up despite gloom over industry, shipping sector

(EnergyAsia, October 26, Monday) — Singapore’s marine fuel trade showed a surprising three percent growth in the first nine months of the year, confounding expectations that it would be dragged down by the gloom overhanging the global bunker and shipping industries. Maritime and Port Authority of Singapore (MPA) said the port handled more than 27…

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MARKETS: Offshore supply vessel market to face short-term weakness

(EnergyAsia, October 26, Monday) — The market for offshore supply vessels faces tough conditions but some niches are underserved, according to industry practitioners at the recent Marine Money Asia conference in Singapore. With oil prices rising again after breaking $80 per barrel, there remains healthy demand for accommodation and warehousing vessels as a result of…

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MARKETS: IMO approves voluntary guidelines to reduce carbon emissions

(EnergyAsia, October 26, Monday) — The International Maritime Organisation (IMO), the UN’s shipping body, has approved non-compulsory technical and operational measures to reduce greenhouse emissions from ships. The voluntary guidelines include an energy efficiency design index for new ships and existing vessels. Environmental groups, however, said the approved guidelines were disappointing and should have been…

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AUSTRALIA: Marstel Terminals to invest up to A$10 million on Bundaberg Port tanks

(EnergyAsia, October 26, Monday) — Australia’s Marstel Terminals plans to invest up to A$10 million to rehabilitate and redevelop eight bulk storage tanks at Bundaberg Port in Queensland state that have been unused for five years. (US$1=A$1.08). The tanks were in relatively good condition when Marstel acquired them from Mobil Oil Australia in September last…

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ASIA: Government support to aggravate shipbuilding market woes

(EnergyAsia, October 26, Monday) — Government support for Chinese and South Korean shipbuilders is having a negative impact on the global shipbuilding industry which is already reeling from slumping vessel prices and freight rates. Industry officials warn that the world’s two largest shipbuilding countries are disregarding weak market condition and are set to flood the…

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AUSTRALIA: Apache, Kufpec sign on with Wheatstone LNG project

(EnergyAsia, October 26, Monday) — US major Chevron Corp said Apache Julimar Pty Ltd, a subsidiary of US-based Apache Corp, and KUFPEC Australia (Julimar) Pty Ltd, a subsidiary of the Kuwait Foreign Petroleum Exploration Company ksc, have joined its Wheatstone liquefied natural gas (LNG) project as natural gas suppliers and 25% equity partners in the…

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THAILAND: EOC’s first FPSO begins gas production, receives client acceptance

(EnergyAsia, October 23, Friday) — EOC Limited, a Singapore-based operator of offshore construction and floating production vessels, said its first floating, production, storage and offloading (FPSO) vessel, the Lewek Arunothai, has begun full production in the Gulf of Thailand. The vessel has also been accepted by its client, a listed state-owned upstream company supplying oil…

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SINGAPORE: Hengyang Petrochemical Logistics’ IPO fully subscribed, raising S$6.8 million

(EnergyAsia, October 23, Friday) — Hengyang Petrochemical Logistics Limited, a petrochemical storage and transportation services provider in China’s Yangtze Delta region, said its recent initial public offering of 18 million new shares at S$0.38 each was fully subscribed. The company said the IPO raised approximately S$6.8 million as a result of the strong interest shown…

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SINGAPORE: JTC deciding on floating or land-based storage for Jurong Island

(EnergyAsia, October 23, Friday) — Singapore’s state industrial landlord JTC Corp is deciding over whether to build large floating oil storage facilities or reclaim more land to address the problem of space shortage on the oil and petrochemicals hub of Jurong Island. An earlier study by JTC showed that establishing a very large floating structure…

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SINGAPORE: Cosco allows for changes to contract terms for oil vessel

(EnergyAsia, October 23, Friday) — As a sign of the continuing weakeness in the shipbuilding market, Cosco Corporation (Singapore) Limited, a subsidiary of China Ocean Shipping (Group) Company, has deferred instalment payments for a client for the construction of another vessel.  Cosco said that its 51%-owned subsidiary, Cosco Nantong, has agreed to accept payment upon…

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PHILIPPINES: Chevron eyes storage hub or 300 MW power plant in Batangas

(EnergyAsia, October 23, Friday) — Chevron Philippines is planning to either build a regional crude oil storage and blending facility or a 300-MW natural gas-fired power plant on its 120-hectare San Pascual, Batangas property south of Manila city.  The investment decision is being studied following the government’s 25-year renewal of Chevron’s lease of various parcels…

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MARKETS: Offshore capex forecast to grow by US$100 billion in five years

(EnergyAsia, October 23, Friday) — The world’s oil companies are expected to invest $360 billion in offshore oil projects by 2013, up from $260 billion last year as delayed projects come back on stream from 2011, said consultants Douglas Westwood. The company said deep-water drilling in particular will see strong growth as offshore oil is…

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CHINA: PetroChina starts construction of Tunli oil depot

(EnergyAsia, October 23, Friday) — State oil giant PetroChina has begun building a 470-million yuan Tunli oil depot in Guangxi Zhuang Autonomous Region in southwestern China. (US$1=6.83 yuan). Construction of the 310,000-cubic metre depot in Guangxi’s capital city of Nanning is scheduled to be finished by next April. The project will support PetroChina’s 10-million-tonne oil…

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SINGAPORE: Germany’s Hellespont sets up regional office

(EnergyAsia, October 23, Friday) — Germany’s Hellespont shipping group has established a new company in Singapore, Hellespont Singapore Pte Ltd, to operate offshore vessels in the region.

Captain Andy Lidgard, managing director of Hellespont Singapore, will be tasked with developing relationships with key charterers, sourcing crew for the company’s PSV fleet and establishing Hellespont as operators of offshore vessels.

Phrixos Papachristidis, managing director of Hellespont AG & Co KG, the parent company of the Hamburg-based Hellespont ship management and marine services group, said:

“We have a growing fleet of offshore vessels and we wanted to place the management and operation close to key charterers. Singapore is a key hub for offshore operations and ideal for operating our new fleet of PSVs.

“We expect to expand the company there to provide third party management to other operators, not just in the offshore service vessel field, but also in our other areas of expertise with tankers, chemical tankers and bulk carriers.”

The group manages a fleet of 17 modern crude, product and chemical tankers and two platform supply vessels, and has ordered another three PSVs and six chemical tankers.

The new company is located at 10 Anson Road, #26-08A International Plaza, Singapore 079903, Telephone: +65 62241913. Email: offshore@hellespont.com.

VIETNAM: Prime Minister approves plan for national crude oil and fuel stockpile

(EnergyAsia, October 22, Thursday) — Vietnam’s Prime Minister Nguyen Tan Dung has approved a national programme to begin stockpiling crude oil and refined products by 2015. The government has allocated US$2.4 billion for the project’s first phase to 2015, and another US$7.2 billion in the second phase to 2025. State PetroVietnam is expected to take…

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VIETNAM: Singapore’s EOC awarded US$1 billion contract to support upstream Chim Sao oil project

(EnergyAsia, October 22, Thursday) — EOC Limited, a Singapore-based operator of offshore construction and floating production vessels, has landed its biggest contract to date worth US$1 billion to provide support services to Premier Oil producing oil in Vietnam’s Chim Sao offshore field. EOC will provide the UK company the services of its floating production, storage…

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