CHINA: Diesel shortage set to worsen

(EnergyAsia, February 1 2011, Tuesday) — China’s diesel shortage could worsen this year, with the country’s refineries unable to keep pace with the growth in consumption, said China National Petroleum Corp (CNPC). Demand for the fuel used for transportation and power generation may exceed supply by 3.5 million metric tons, said the country’s largest oil…

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CHINA: Sinopec investing in Enbridge’s $5.5 billion pipeline project

(EnergyAsia, February 1 2011, Tuesday) — China’s Sinopec has made a strategic C$100 million investment in a proposed C$5.5 billion pipeline to deliver diluted bitumen to a marine terminal in Canada’s British Columbia province for export to Asia. (US$1=C$1). Canadian energy infrastructure builder and operator Enbridge Inc is launching a consortium to build the Northern…

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CHINA: Commercial oil storage capacity to exceed 200 million barrels in 2011

(EnergyAsia, February 1 2011, Tuesday) — China expects to expand its commercial storage capacity for oil products by 30 million barrels to 208 million barrels this year. The world’s second-largest oil consuming country, which began building its strategic petroleum reserves in 2005, added 12 million barrels of capacity last year.   It completed the first…

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NORWAY: Lack of discoveries imperils goal of being gas exporter

(EnergyAsia, February 1 2011, Tuesday) — To the dismay of Western Europe, Norway’s goal of transforming itself into a leading gas supplier could be derailed if it is unable to raise production and find new reserves. European consumers, who had been looking to reduce their dependence on Russia, now face the prospects of a shortfall…

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NORWAY: Oil production and reserves declining rapidly

(EnergyAsia, February 1 2011, Tuesday) — Despite actively investing in exploration activities, Norway has reported a decline in both its crude oil production and reserves for 2010.   Over the five-year period to 2010, its unproven reserves plunged 21% to 16.4 billion barrels of oil equivalent (boe) while proven reserves fell from 5.2 billion boe…

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UAE: Fujairah port to raise oil storage capacity by nearly 50%

(EnergyAsia, February 1 2011, Tuesday) — Boosted by fresh investment interest from Japanese trading house Mitsubishi Corp, the UAE’s Fujairah port is looking to raise its oil products storage capacity by nearly 50% by end-2012. A senior Mitsubishi representative in the Middle East, Hiroshi Nishimoto, recently met with the Fujairah Chamber of Commerce and Industry…

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CHINA: First Solar and China Guangdong Nuclear partner to develop Ordos solar project

(EnergyAsia, January 31 2011, Monday) — Arizona, US-based thin-film solar module manufacturer, First Solar Inc, and China Guangdong Nuclear Solar Energy Development Co Ltd (CGN SEDC) have agreed to jointly develop Phase 1 of the previously announced solar photovoltaic (PV) plant in Ordos in China’s Inner Mongolia. Their memorandum of understanding (MOU) represents an important…

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AUSTRALIA: Riversdale Mining’s Benga JV to fully own US$1 billion power project in Mozambique

(EnergyAsia, January 31 2011, Monday) — Australia’s Riversdale Mining Limited said its 65/35 joint venture with India’s Tata Steel will soon fully own the proposed US$1 billion Benga power plant (BPP) in Mozambique. Elgas SARL, Riversdale’s former joint partner in BPP, has agreed to allow Riversdale to acquire its option for a 50% interest in…

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THAILAND: AGE interested to acquire coal mines in Indonesia

(EnergyAsia, January 31 2011, Monday) — Thai coal processor and trader Asia Green Energy (AGE) is looking to invest up to 4.5 billion baht to acquire three coal mines in Indonesia. (US$1=30 baht). The company has begun talks for the acquisitions and expects to complete a deal for at least one mine with the annual…

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AUSTRALIA: PTTEP upstream projects under review after Montara oil spill

(EnergyAsia, January 31 2011, Monday) — The Australian government is reviewing projects operated by Thailand’s PTT Exploration and Production as part of its moves to tighten up regulation of offshore oil exploration. PTTEP’s Australian unit caught fire at the Montara field wellhead off northwestern Australia in August 2009, spilling oil and condensate into the sea…

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AUSTRALIA: Chinese firms tie up to import gas from Icon Energy

(EnergyAsia, January 31 2011, Monday) — Chinese state-owned ShanTou SinoEnergy Co has tied up with privately-owned Shenzhen SinoGas in a deal to import liquefied natural gas (LNG) from Australia’s Icon Energy. Under a proposed  agreement, the joint venture partners will import 40 million metric tonnes of LNG from Icon Energy over 20 years. The sales…

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AUSTRALIA: Altona steps up plan to develop Arckaringa coal mining project

(EnergyAsia, January 31 2011, Monday) — Australia’s Altona Energy Plc is stepping up plans to develop an estimated 7.8 billion tonnes of coal deposit in the Arckaringa Basin of South Australia. The A$3 billion Arckaringa project is 51%-owned by CNOOC New Energy International (Australia) Pty Ltd (CNOOC-NEIA), a subsidiary of one of China’s largest national…

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CHINA: 2010 oil demand at 8.71 million b/d; December at record high of 9.6 million b/d, says Platts

(EnergyAsia, January 28 2011, Friday) — China’s apparent oil demand rose 11.43% to a record 434.40 million metric tonnes, or an average 8.71 million b/d in 2010, said US energy media Platts. December consumption surged 18% year over year to a record 40.73 million metric tons (mt), or an average 9.6 million barrels per day…

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MONGOLIA: Coal mines continue to attract foreign investors

(EnergyAsia, January 28 2011, Friday) — Mongolia is continuing to attract foreign interest in developing its vast coal reserves. It recently put up for sale a 30% stake in its Tavan Tolgoi mine which holds an estimated six million tonnes of deposit. Mongolia has emerged as a major coal supplier, while the development of copper,…

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SAUDI ARABIA: Government sets budget of 580 billion riyals for 2011

(EnergyAsia, January 28 2011, Friday) — Saudi Arabia expects to incur a budget deficit of 40 billion riyals this year based on expenditures of 580 billion riyal and revenues set at 540 billion riyal, according to the Finance Ministry. (US$1=3.75 riyal). The projected deficit this year would represent a turnaround from a surplus in 2010,…

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INDONESIA: ExxonMobil to convert Arun plant to import LNG

(EnergyAsia, January 28 2011, Friday) — With natural gas reserves drying up at the Arun field in Indonesia, US major ExxonMobil Corporation plans to turn the town’s liquefied natural gas (LNG) export plant into an import terminal to supply the domestic market. State upstream oil and gas authority BPMigas has outlined plans to build a…

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RUSSIA: Rosneft and BP form strategic alliance to explore Arctic oil and gas reserves

(EnergyAsia, January 28 2011, Friday) — Russia has strengthened its energy portfolio through state-owned Rosneft’s acquisition of a 5% stake in BP. In turn, the UK major has revived its fortunes after last year’s disastrous Gulf of Mexico oil spill by taking a 9.5% stake in the Russian firm in a share swap deal valued…

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SINGAPORE: SGX introduces listing of ‘early stage’ mineral, oil and gas companies

(EnergyAsia, January 28 2011, Friday) — Singapore Exchange Limited (SGX) has opened up its Catalis unit for listing of ‘early stage’ mineral, oil and gas (MOG) companies from February 1. SGX said MOG companies need not have revenue or profit, but they must have established the presence of at least ‘indicated resources’ of minerals or…

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MARKETS: IEA raised projected world oil demand to another new high of 89.1 million b/d

(EnergyAsia, January 27 2011, Thursday) — The International Energy Agency (IEA) has raised its forecast for world oil demand to rise to yet another new high of 89.1 million b/d in 2011. Last month, the Paris-based agency said it had expected 2011 world oil demand to reach 88.8 million b/d. Reflecting the strong economic performance…

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UPSTREAM: Consultant predicts global E&P expenditure to rise 11% to record US$490 billion in 2011

(EnergyAsia, January 26 2010, Wednesday) — A leading energy consultant has forecast that oil companies will invest a record total of US$874 billion on global oil and gas production over the next five years, with deepwater projects claiming about US$137 billion. Speaking to an audience in Singapore yesterday, John Westwood, chairman of UK-based Douglas-Westwood Ltd,…

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AUSTRALIA: Coal prices up sharply on Queensland floodsAUSTRALIA: Coal prices up sharply on Queenslan

(EnergyAsia, January 27 2011, Thursday) — Over half of Australian coal exports are likely to be affected by the Queensland floods, reducing global supplies and boosting prices, said Wood Mackenzie, the Scotland-based global mining and energy consultants. Most of the state’s coal industry has been affected, with 46 mines either flooded or serviced by a…

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AUSTRALIA: BP wins exploration rights to four deepwater blocks

(EnergyAsia, January 27 2011, Thursday) — UK oil and gas major BP said it has secured exploration rights to four deepwater offshore blocks covering an area of 24,000 square kilometers in the Ceduna Sub Basin off the coast of South Australia state. The company has the permit to explore for oil and gas reserves in…

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MARKETS: Some oil exporters oppose increasing output

(EnergyAsia, January 27 2011, Thursday) — With global stockpile still high, some oil producing countries have stated they are against raising output. Iran, Venezuela and Kuwait are convinced that consuming countries would be able to cope with oil at US$100 a barrel. Kuwait Oil Minister Sheikh Ahmad al-Abdullah al-Sabah has stated his opposition to raising…

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MALAYSIA: Petronas under pressure to protect interest in Sudan

(EnergyAsia, January 27 2011, Thursday) — Malaysia is under pressure to defend its vital oil interest in Sudan as the African state’s southern region looks increasingly likely to break away to gain independence. Malaysian state oil and gas company Petronas must quickly build ties with the new government to maintain its claims on the oil…

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INDONESIA: Exxon’s Arun plant may stop exporting LNG by 2014

(EnergyAsia, January 26 2011, Wednesday) — Exxon Mobil Corp’s Arun plant in Indonesia may stop exporting liquefied natural gas (LNG) by 2014 due to depletion of reserves.   The company has been warning for some years that its Arun gas reserves, which yielded its first LNG export cargo in 1978, have been in rapid decline….

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