(EnergyAsia, February 22 2011, Tuesday) — Europe’s carbon trade faces an uphill task to regain credibility as the European Commission continues investigations into damaging allegations of possible widespread fraud and theft of carbon permits. The commission has allowed some national registries to resume trade after having completely suspended trade in the permits for weeks till...

(EnergyAsia, February 22 2011, Tuesday) — Indian upstream company ONGC Videsh Ltd (OVL) faces the challenge of having to operate in the newly separated countries that once constituted Sudan. OVL has interest in both the north and the oil-rich south which voted overwhelmingly to secede last month. The company has a 25% stake in the...

(EnergyAsia, February 22 2011, Tuesday) — UK major BP is looking to raise US$4.4 billion by selling off some of its US refining and retail assets, and will focus on growing its business in Asia, Russia and Brazil in the coming year. BP reported net profit of US$4.36 billion or US$1.47 per share in the...

(EnergyAsia, February 22 2011, Tuesday) — Royal Dutch Shell said it expects to approve the construction of its proposed $10 billion floating liquefied natural gas (LNG) project off Western Australia by end-June. Dubbed the Prelude, the floating plant could start production by 2016. The project, which will employ 350 people, is estimated by some analysts...

(EnergyAsia, February 22 2011, Tuesday) — First Reserve Corporation, a world leading energy private equity firm with US$20 billion in its buyout funds, said it has formed First Reserve Asia Limited and opened an office in Hong Kong in February 2011. The company said it made these moves to reflect the growing importance of Asia...

(EnergyAsia, February 21 2011, Monday) — Two research houses have recommended the stock of Singapore-listed PEC Ltd after upgrading their outlook for the oil and gas engineering firm. CIMB has set a target price of SS$1.54, after raising PEC’s outlook from ‘neutral’ to ‘outperform’, while Phillip Securities has recommended the stock as a ‘buy’ with...

(EnergyAsia, February 21 2011, Monday) — Brent’s premium over US benchmark WTI futures rose to a record US$19.48 a barrel last Thursday, as the world oil markets continue to worry about events in the Middle East while the US remains seemingly untouched. Brent and the many regional benchmarks around the world have been holding above...

(EnergyAsia, February 21 2011, Monday) — Malaysian oil and gas companies are expected to increase collaboration with their counterparts in Southeast Asia to jointly acquire and develop proven or marginal fields, invest in new upstream technology to enhance hydrocarbon recovery (EOR) and improve reservoir management practices. Consultant Frost & Sullivan made this prediction in conjunction...

(EnergyAsia, February 21 2011, Monday) — Australia will not revoke the licences of Thai state upstream firm PTT Exploration & Production PLC after being assured that it will raise its operating standards to prevent a recurrence of a major oil leak in Timor Sea in August 2009. Energy Minister Martin Ferguson said PTTEP had satisfied...

(EnergyAsia, February 18 2011, Friday) — Finland’s power solutions provider Wartsila Corporation said it recently received an order from Puri Akraya Engineering Ltd to supply engines and other equipment for two projects in the Democratic Republic of Timor-Leste, formerly known as East Timor. The Helsinki-based company said it will supply seven 18V46 generating sets with...

(EnergyAsia, February 18 2011, Friday) — Siemens Energy, a leading German supplier of products, solutions and services for power generation, transmission and distribution, said it recently received an order to supply high-efficiency gas turbine (H Class) to South Korean utility GS Electric Power and Services Co Ltd (GS EPS). As a turnkey project scheduled to...

(EnergyAsia, February 18 2011, Friday) — Thai upstream company PTT Exploration and Production Public Co Ltd (PTTEP) said it has started oil sands production at its partly-owned Kai Kos Dehseh (KKD) project in the northeast of Alberta province in Canada. The company said the KKD project, an in-situ project involving an oil sands deposit covering...

(EnergyAsia, February 18 2011, Friday) — In the wake of spreading violent protests in the Middle East, the International Monetary Fund (IMF) has called for the region to focus on “inclusive growth” and “give better-targeted help to poorer households”.   As a silver lining, the IMF said the popular protests could unleash the region’s long-term...

(EnergyAsia, February 18 2011, Friday) — In probably its most lucrative week ever, Keppel FELS Limited said it has secured contracts to build oil rigs worth nearly US$1.38 billion from subsidiaries of Denmark’s A.P. Moeller-Maersk and US Transocean. On February 15, the Keppel Offshore & Marine Ltd (Keppel O&M) unit said it signed a near-US$1...

(EnergyAsia, February 18 2011, Friday) — More international companies are establishing liquefied natural gas (LNG) trading desks in Singapore, supporting the city state’s plan to become a regional gas trading hub. At least 12 companies have established presence in Singapore ahead of the expected start up of the S$1.7 billion LNG terminal on Jurong Island...

(EnergyAsia, February 17 2011, Thursday) — Growing concerns over the risks associated with deepwater drilling are starting to negatively oil production among some of the industry’s key players. Following a serious incident last May, Norwegian energy group Statoil has shut 50 wells at its Gullfaks field. The company expects its North Sea production to continue...

(EnergyAsia, February 17 2011, Thursday) — Some Western oil and gas companies like Apache Corp, BG Group, Statoil, Shell and Transocean have temporarily closed offices and curtailed drilling operations in response to the on-going unrest in Egypt. While the country is still reeling from three weeks of popular revolt that has led to the overthrow...

(EnergyAsia, February 17 2011, Thursday) — Liquefied natural gas (LNG) prices would surge if the political troubles in Egypt lead to a disruption in traffic through the Suez Canal, said industry participants. As the main passageway between Europe and Asia, the canal handles around 3.1 million tonnes per month of LNG or some 14% of...

(EnergyAsia, February 17 2011, Thursday) — After years of glut and price weakness, the world liquefied natural gas (LNG) market is set to turn to deficit this year, due largely to rising demand from Asia, the Middle East and Latin America, analysts said. According to Bernstein Research, the recent glut in global LNG capacity will...

(EnergyAsia, February 17 2011, Thursday) — With an eye to possible geopolitical upheavals in the Middle East, some traders are betting on US WTI crude oil futures contract reaching US$250 a barrel sometime this year. The New York Mercantile Exchange (NYMEX) has reported a surge in the number of call options placed on US$250 oil...

(EnergyAsia, February 17 2011, Thursday) — Iran said its newly commissioned oil refinery in Arak town will boost the country’s gasoline production by 100,000 b/d when it reaches full commercial operation. Oil minister Seyed Masoud Mirkzaemi has boasted that the Shazand refinery, located about 240 km south of Tehran, will meet his country’s entire gasoline...

(EnergyAsia, February 16 2011, Wednesday) — The Australian renewable energy (RE) markets, especially its wind and solar power sectors, has a “bright future” as it continues to grow at a rapid rate and receives strong support from the government in the form of incentives, achievable numerical targets, and launch of industry specific programmes. According to...

(EnergyAsia, February 16 2011, Wednesday) — After nearly two months of a standoff, India has decided to use a German bank to handle its euro payments for its crude oil imports from Iran. Indian companies will make payments through Europisch-Iranische Handelsbank AG (EIHBank) of Hamburg, instead of the State Bank of India. Last December, fearing...

(EnergyAsia, February 16 2011, Wednesday) — The International Monetary Fund has projected Qatar’s economy to grow 20% this year, noting that the country has weathered the global financial crisis exceptionally well. In its recent 2010 Article IV Consultation paper, the IMF noted that Qatar’s continuing public investment in infrastructure will keep growth high in the...