MARKETS: Oil supply may fall short of demand over long term – Shell executive

(EnergyAsia, May 20 2011, Friday) — World oil supply could well fall behind demand growth in the long term, said Royal Dutch Shell chief executive Peter Voser. While Organisation of Petroleum Exporting Countries (OPEC) members have the ability to make up for loss of Libya’s 1.6 million b/d production, they have not done so. Adding...

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MARKETS: US, Japan and South Korea take different positions on oil stockpiles

(EnergyAsia, May 20 2011, Friday) — The US, Japan and South Korea have taken different positions with regard to their strategic oil reserves in response to recent events threatening their energy supply. Japan was forced to tap into its stockpile to overcome the loss of its nuclear power capacity following the March 11 earthquake and...

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AUSTRALIA: Gloucester Coal to buy Donaldson Coal for A$360 million

(EnergyAsia, May 20 2011, Friday) — Australia’s Gloucester Coal said it will acquire Donaldson Coal from Hong Kong-based commodities trader Noble Group for A$360 million, boosting its production base and giving it access to new port capacity in the country’s largest coal export terminal. (US$1=A$0.95). Gloucester, which is 65.4%-owned by Noble, said it planned to...

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MIDDLE EAST: Japan’s MHI secures order for two steam turbines in Morocco

(EnergyAsia, May 20 2011, Friday) — Japan’s Mitsubishi Heavy Industries Ltd (MHI) said it has received an order to supply two 350MW steam-turbines to be installed at two large-scale coal-fired thermal power plants in Morocco. MHI, which will also be sending technical advisers to work on the installation, did not disclose the project’s value. The (more…)

UPSTREAM: DnB NOR remains bullish on offshore sector in Southeast Asia

(EnergyAsia, May 20 2011, Friday) — Norwegian bank DnB NOR remains bullish on the outlook for the offshore and marine sector in Southeast Asia, with a ‘buy’ rating on eight out of 15 companies with stocks that it is tracking on the exchanges of Singapore, Malaysia and Norway. In a recent report, analysts Kay Lim, (more…)

THAILAND: Foster Wheeler awarded contract for refinery upgrade

(EnergyAsia, May 19 2001, Thursday) —- Switzerland’s Foster Wheeler AG said a subsidiary has secured a contract from Thai Oil Public Company Limited to provide basic design engineering package and engineering, procurement and construction management (EPCm) services for work on its refinery in Sriracha by the first quarter of 2013. The project’s objectives are to (more…)

COMPANY: Finland’s Wartsila wins order for new LNG-powered vessel from Norway

(EnergyAsia, May 19 2011, Thursday) — Finland’s Wartsila said it has secured a contract from Kleven Maritime of Norway to design a new liquefied natural gas-powered platform supply vessel (PSV) for operator Rem Offshore, also of Norway. The contract includes the supply of the propulsion machinery, automation and other equipment for the vessel. Wartsila, a (more…)

SINGAPORE: SembCorp reports Q1 net profit of S$159.9 million

(EnergyAsia, May 19 2011, Thursday) — Singapore’s marine and infrastructure company Sembcorp Industries has posted S$159.9 million in net profit for the first quarter, slightly higher from S$158.8 million for the same period last year, while revenue was down about 16.7% to S$2 billion. (US$1=S$1.25). The company said its utilities division reported a 4% rise...

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SINGAPORE: Rotary Engineering posts 62% drop in Q1 net profit to S$5.3 million

(EnergyAsia, May 19 2011, Wednesday) — Rotary Engineering Limited, a Singapore-listed provider of engineering, procurement, construction and maintenance (EPCM) services to the oil, gas and petrochemical industries, has posted a 62% drop in net profit to S$5.3 million for the first quarter of 2011. Its revenue was down 27% to S$130.5 million. (US$1=S$1.25). Rotary said...

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JAPAN: Chevron to supply LNG to JX Nippon Oil and Energy Corporation for 15 years

(EnergyAsia, May 19 2011, Thursday) — US major Chevron Corporation said its Australian subsidiary has agreed to supply Japan’s JX Nippon Oil and Energy Corporation 300,000 tons of liquefied natural gas (LNG) a year for 15 years from the offshore Gorgon project. Chevron is the operator of the Gorgon project in northwestern Australia, with an...

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AUSTRALIA: Experts call for policy to tackle peak oil as IEA cuts global oil output forecast

(EnergyAsia, May 19 2011, Thursday) — Australian energy planners said the country needs to heed the warnings of the International Energy Agency and put in place a strategy to deal with the peaking in global oil supplies. The Paris-based agency has drastically cut its forecast 2030 crude oil production to 96 million b/d from 120...

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AUSTRALIA: Bank warns against growing trade dependence on China

(EnergyAsia, May 19 2011, Thursday) — Australia faces growing risks from its increasing trade dependence on China, according to a recent research from investment bank RBS. Australia’s exports to China account for around 4.6% of its gross domestic product, making its trade exposure to China the largest among any western country. China is credited for...

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ASIA: US State Department on the region’s rising energy and resource nationalism

(EnergyAsia, May 18 2011, Wednesday) — The following is an edited version of a paper delivered by Robert F. Cekuta, Deputy Assistant Secretary, Bureau of Economic, Energy and Business Affairs in the US State Department at an energy security conference in Washington, DC on May 4. If Asia continues its current growth trajectory, its oil...

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RUSSIA: Crude oil output down in March

(EnergyAsia, May 18 2011, Wednesday) — Russian crude oil production edged lower by 0.2% month-on-month to 10.2 million b/d in March, with Lukoil and Gazprom Neft registering lower output while others kept theirs flat, according to the Energy Ministry. The figure helped Prime Minister Vladimir Putin fulfil his pledge that Russia would keep oil output...

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SAUDI ARABIA: Minimum US$88 oil price needed to support this year’s budget

(EnergyAsia, May 18 2011, Wednesday) — Oil prices will have to stay up and high for governments in the Middle East to pay for generous welfare programmes to keep their people from revolting. The Saudi Arabian government will need to sell its crude oil at a minimum US$88 a barrel this year and US$110 in...

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SINGAPORE: Tender opens for construction of floating storage terminal

(EnergyAsia, May 18 2011, Wednesday) — The Singapore government will likely issue a tender before year-end for the construction of very large floating structures (VLFS) with the capacity to store 300,000 cubic metres of oil at sea. South Korean and Japanese engineering contractors are among those waiting to bid on the contract for the project...

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AUSTRALIA: Origin acquires 40% stake in Chilean geothermal exploration company

(EnergyAsia, May 18 2011, Wednesday) — Australia’s Origin Energy Limited said it has acquired a 40% interest in Energía Andina SA (EASA), Chile’s leading geothermal exploration company. Origin acquired its stake from Empresa Nacional del Petróleo (ENAP) following a competitive bidding process run by ENAP. Antofagasta Minerals SA (AMSA) retains its majority 60% stake. Founded (more…)

MACAU: More than 8,800 visitors attended green business, low-carbon cities exhibition

(EnergyAsia, May 18 2011, Wednesday) — More than 8,800 visitors attended the three-day Macau International Environmental Co-operation Exhibition and Forum (2011 MIECF) last month, said its organisers, the Macao Trade and Investment Promotion Institute (IPIM) and Macao Environmental Protection Bureau (DSPA). They added that 31 pacts or agreements were signed on-site from March 31 to April (more…)

MARKETS: Platts says OPEC’s April output down on lower supplies from Saudi Arabia, Angola and Libya

(EnergyAsia, May 18 2011, Wednesday) — The Organisation of the Petroleum Exporting Countries (OPEC) has failed to make good its promise to raise production to make up for the loss of supply from war-torn Libya, according to US energy media Platts. In a survey of OPEC and oil industry officials and analysts, the McGraw-Hill subsidiary (more…)

CHINA: Longwei Petroleum announces financing plan for 100,000-metric ton fuel storage facility

(EnergyAsia, May 16 2011, Monday) — Longwei Petroleum Investment Holding Ltd (LPH), a New York-listed company engaged in storing and distributing oil products in China, has announced its plan for financing the acquisition of the fuel storage assets of Haujie Petroleum Co Ltd in China’s northern Shanxi Province for RMB700 million (US$1=RMB6.5). LPH had earlier (more…)

ASIA: Wood Mackenzie expects coal to become Southeast Asia’s main power generation fuel by 2030

(EnergyAsia, May 16 2011, Monday) — With domestic natural gas reserves in decline, coal will be the fuel of choice for power generation in Southeast Asia by 2030, said Scotland-based consulting firm Wood Mackenzie. In a report titled “Can coal deliver to Southeast Asia?”, Graham Tyler, the firm’s Head of South East Asia Gas and (more…)

SINGAPORE: Halcyon Group to list on SGX’s Catalist board through takeover of NH Ceramics Ltd

(EnergyAsia, May 16 2011, Monday) — Halcyon Group, a Singapore-based energy and resources company, expects to be listed on the Catalist board of the Singapore Exchange through a reverse takeover of building materials supplier NH Ceramics worth S$133.78 million. (US$1=S$1.25). Halcyon Energy Corporation, which provides offshore and marine engineering services, will issue shares to NH...

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SAUDI ARABIA: Doubts remain over long-term plan to increase production

(EnergyAsia, May 16 2011, Monday) — Saudi Arabia is looking to increase the number of working oil rigs to fulfil its promise to raise long-term oil production capacity to 12.5 million b/d. After a meeting with oil service companies in late March, state-run oil giant Saudi Aramco has begun laying out plans to increase the...

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CHINA: Shanghai retail gasoline prices more costly than US

(EnergyAsia, May 16 2011, Monday) — It now costs more for motorists to fill up in Shanghai than any city in the US. The retail prices of gasoline in Shanghai city recently surged past 8.44 yuan per litre, exceeding the 7.9-to-8.3 yuan per litre price range in parts of the US. (US$1=6.5 yuan). Chinese fuel...

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CHINA: CNOOC, PetroChina report strong Q1 financial results on higher crude oil prices

(EnergyAsia, May 16 2011, Monday) — Two of China’s three state-owned majors said higher crude prices and production boosted their first-quarter financial performances. CNOOC Ltd, China’s main offshore oil and gas producer, said increased production and sales raised its January-March quarter revenue by 59% to 48.5 billion yuan from year-ago levels. (US$1=6.5 yuan). The Beijing-based...

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