CANADA: Prophecy Resources increases size of equity offering to C$42 million

(EnergyAsia, December 30 2010, Thursday) — Canadian mining firm Prophecy Resource Corporation said it has increased the size of its recent offering of common shares by C$12.053 million, or 14,180,000 common shares priced at C$0.85 per share. (US$1=C$1). Due to strong investor demand, the Vancouver, British Columbia-based company said the equity offering now totals 49.475 (more…)

MONGOLIA: Prophecy Resources presents prefeasibility study for Ulaan Ovoo coal mine

(EnergyAsia, December 30 2010, Thursday) — Canada’s Prophecy Resource Corp said its recently completed updated prefeasibility study on the Ulaan Ovoo coal mine in northern Mongolia has recommended that it employs a mining contractor using open pit methods to raise production from 250,000 tonnes in 2010 to 1.1 million tonnes in 2011, and two million (more…)

RUSSIA: CNPC’s Daqing terminal receives first oil through new pipeline

(EnergyAsia, December 30 2010, Thursday) — China National Petroleum Corporation (CNPC) said its Daqing terminal in the northeastern part of the country received its first crude oil cargo last week through a newly completed pipeline from Russia. The 1,000km-long pipeline will start full operation on January 1 with the capacity to deliver 15 million tonnes (more…)

SINGAPORE: Keppel O&M’s 2010 order book reaches S$3.2 billion

(EnergyAsia, December 30 2010, Thursday) — Keppel Offshore & Marine Ltd, or Keppel O&M, has secured S$3.2 billion worth of projects for 2010 after two subsidiaries signed off on three conversion and specialised shipbuilding contracts worth S$240 million. (US$1=S$1.3). These comprise the upgrading of a floating production storage and offloading (FPSO) vessel, the conversion of (more…)

MALAYSIA: Government to invest RM300 million in infrastructure to support oil supply base

(EnergyAsia, December 30 2010, Thursday) — The Malaysian government is investing RM300 million in infrastructure works linked to the development of the Tanjong Agas Oil & Gas and Logistics Industrial Park (TAOGLIP) in Pahang state. (US$1=RMR3.09). The industrial park project, with an integrated supply base to be operated by the Tanjong Agas Oilfields Supply Centre (more…)

SINGAPORE: NewEarth starts construction of waste re-utilisation facility

(EnergyAsia, December 30 2010, Thursday) — Tuas Power said its partly-owned waste recycling subsidiary, NewEarth Singapore (NES), has begun construction of its waste re-utilisation facility in the Tuas industrial area in western Singapore. The facility will employ the award-winning crystallisation technology, patented and licensed by waste treatment technology developer NewEarth Pte Ltd, to transform industrial (more…)

ASIA: Canadian activists oppose ‘dirty’ coal mines on Vancouver Island

(EnergyAsia, December 29 2010, Wednesday) — Environmentalists and local groups are organising to oppose the revival of coal mines on Canada’s Vancouver Island in response to growing demand in Asia. According to volunteer Maryjka Mychajlowycz, Compliance Coal Corp and its partners, Japan’s Itochu Corp and South Korea’s LG International, have met with shocked opposition from (more…)

CHINA: Lloyd’s sponsors research into risks faced by floating infrastructure in offshore sector

(EnergyAsia, December 29 2010, Wednesday) — Lloyd’s Register of the UK said its educational trust has awarded a consortium comprising a UK and two Chinese universities a sum of £1.24 million to jointly conduct research into deepwater engineering and hydrodynamics. (US$1=£0.65). The findings work will greatly benefit drilling contractors and oil companies who are venturing (more…)

ASIA: Billions of dollars pouring into Canada’s oilsands

(EnergyAsia, December 29 2010, Wednesday) — Cash-rich, resource-hungry Asian companies have invested an estimated US$16 billion in Canada’s oilsands over the past 18 months, and are expected to pour in another US$2 billion in 2011. Thailand’s PTT Exploration and Production became one of the two latest players in Canada’s oilsands after buying a 40% stake (more…)

CHINA: Shanghai Petroleum Exchange launched LNG, LPG trading on December 17

(EnergyAsia, December 29 2010, Wednesday) — The Shanghai Petroleum Exchange has launched trading in liquefied natural gas (LNG) and liquefied petroleum gas (LPG) paper contracts to enable traders to price the two commodities. International traders are sceptical and may not support the contracts as they are largely confined to meeting the needs of domestic players. (more…)

CHINA: Venezuela sold oil at low prices, say Wikileaks document

(EnergyAsia, December 29 2010, Wednesday) — Desperate to wean itself off the US market, Venezuela is finding out the high of cost of doing business with China. According to a confidential US document released by WikiLeaks, President Hugo Chavez has been selling the country’s crude to China for as low as $5 a barrel. The (more…)

MARKETS: Oil expected to surge past US$100 a barrel in 2011 as spare capacity dips

(EnergyAsia, December 29 2010, Wednesday) — Oil is expected to surge past the US$100 a barrel barrier sometime next year as analysts and traders worry about a rapid decline in the spare production capacity of the Organisation of Petroleum Exporting Countries (OPEC). Most estimates place the cartel’s production capacity at around five to six million (more…)

CHINA: CNPC to more than double capacity of Cuban oil refinery

(EnergyAsia, December 28 2010, Tuesday) — China National Petroleum Corp (CNPC) has landed a US$6 billion deal to upgrade and expand the capacity of an ageing 65,000 b/d oil refinery in Cuba to 150,000 b/d. CNPC will be partly paid for by crude oil from Venezuela whose state firm PDVSA is a joint owner of (more…)

AZERBAIJAN: SOCAR to build oil storage facilities in UAE and Thailand

(EnergyAsia, December 28 2010, Tuesday) — The State Oil Company of Azerbaijan (SOCAR) is looking to build storage tanks in the UAE and Thailand as part of an ambitious programme to expand abroad, and to increase export to China. The Azerbaijan state firm expects to complete the 640,000-cubic metre SOCAR Aurora Fujairah Terminal with Swiss (more…)

CHINA: Sinopec to build oil storage terminal in Zhejiang province

(EnergyAsia, December 28 2010, Tuesday) — China Petroleum and Chemical Corp (Sinopec) is building a 180,000-cubic metre oil storage terminal in Zhejiang province in eastern China to serve its refinery in Zhenhai port in Ningbo. To support the oil storage base, the company will be building a wharf in Taizhou city within the province. There (more…)

INDIA: Target to raise bilateral trade with China to US$100 billion by 2015

(EnergyAsia, December 28 2010, Tuesday) — While failing to resolve a host of political and diplomatic issues, the leaders of China and India have agreed to increase bilateral trade to US$100 billion by 2015. At their meeting in New Delhi in mid-December, Chinese Premier Wen Jiabao and Indian Prime Minister Manmohan Singh signed a pact (more…)

INDIA: Punjab oil refinery will be magnet for more downstream investments, says CEO

(EnergyAsia, December 28 2010, Tuesday) — A planned oil refinery in Bathinda city in Punjab is expected to help attract new downstream investments into the Indian state when it starts up next year. Prabh Das, CEO of HPCL-Mittal Energy Limited (HMEL) which is developing the project, said he expects the nine-million-tonne-a-year oil refinery to help (more…)

JAPAN: Saudi Aramco to store crude oil in Okinawa

(EnergyAsia, December 28 2010, Tuesday) — After marathon discussions lasting over three years, Saudi Arabia’s state-owned Saudi Aramco has agreed to lease a terminal in Japan’s southernmost prefecture of Okinawa to store around 600,000 kiloliters or 3.8 million barrels of crude oil. The contract with Japan Oil, Gas and Metals National Corp (JOGMEC) takes effect (more…)

MALAYSIA: Joint venture company to develop oil supply base

(EnergyAsia, December 28 2010, Tuesday) — Tanjong Agas Oilfields Supply Centre Sdn Bhd, a Dubai-Malaysia joint venture company, is looking to develop an oil and gas supply base in an industrial park in Malaysia’s Pahang state. Located in Pekan town, the 100-hectare supply base is a key plank in the government’s programme to stimulate economic (more…)

UPSTREAM: Global oil companies announce technology challenges for 2011

(EnergyAsia, December 27 2010, Monday) — ITF, the UK oil and gas industry technology facilitator, has spelled out the technology challenges that its membership of global service providers want to see tackled in 2011. The organisation tasked with driving new game changing technology solutions also revealed ambitious plans to increase its international reach by opening (more…)

SINGAPORE: Shipbuilder STX OSV pays S$6.6 million for remaining 30% of Vietnam subsidiary

(EnergyAsia, December 27 2010, Monday) — STX OSV Holdings Limited, a world leading designer and builder of offshore and specialised vessels, said it will fully own a Vietnam subsidiary after agreeing to acquire the remaining 30% stake by year-end. The Singapore Exchange-listed company said it will buy out Amanda Shipyards Pte Ltd’s stake in STX (more…)

SINGAPORE: A*STAR, universities to develop R&D capabilities for marine and offshore industry

(EnergyAsia, December 27 2010, Monday) — Singapore’s leading science agency, Agency for Science, Technology and Research (A*STAR), will be initiating research and development (R&D) in oil and gas equipment to strengthen Singapore’s marine and offshore industry. Announcing this S$30 million investment, S. Iswaran, Senior Minister of State for Trade and Industry and Education, said the (more…)

RUSSIA: Gazprom expects to produce 570-580 bcm of gas by 2015

(EnergyAsia, December 27 2010, Monday) — In response to rising domestic and export demand, Russian gas giant Gazprom said it is gearing up to produce up between 570 and 580 billion cubic metres (bcm) of gas a year by 2015. The company is also planning to increase the daily throughput capacity of its underground gas (more…)

UPSTREAM: ODS-Petrodata sees 50 floating rigs entering market over next two years

(EnergyAsia, December 27 2010, Monday) — The global oil rig market could see an influx of as many as 50 rigs over the next 24 months if most of the idle US Gulf of Mexico fleet resume operations, said ODS-Petrodata, the US provider of market intelligence for the upstream oil and gas industry. The ultra-deepwater (more…)

CHINA: CNPC, PetroChina complete crude oil storage terminals

(EnergyAsia, December 27 2010, Monday) — China National Petroleum Corp (CNPC) and its subsidiary PetroChina have each completed the new crude oil storage tanks in different parts of the country. Earlier this month, CNPC completed a 980-million-yuan terminal in the northern port city of Tianjin that has the capacity to store one million cubic metres (more…)