MALAYSIA: Petronas and partners to invest RM15 billion in upstream project to boost natural gas supply

(EnergyAsia, August 31 2011, Wednesday) — Malaysian state oil and gas company Petronas said it and its partners will jointly invest RM15 billion to boost the country’s natural gas supply by developing a cluster of nine fields located some 300km off the coast of north-eastern Terengganu state. (US$1=RM3). Petronas said it and its partners which (more…)

MARKETS: IEA forecasts world oil demand to grow by 1.2 million b/d in 2011, 1.6 million b/d in 2012

(EnergyAsia, August 31 2011, Wednesday) — The International Energy Agency (IEA) has trimmed its latest forecast for world oil demand growth for 2011 by 100,000 b/d to 1.2 million b/d on account of high prices and slowing economic growth. The Paris-based agency still expects the world to consume a record 89.5 million b/d this year, (more…)

SINGAPORE: Jurong Aromatics complex sells off first seven years of production

(EnergyAsia, August 31 2011, Wednesday) — Making up for lost time from years of delayed start-up, Jurong Aromatics Corporation (JAC) said it has sold off the entire production from its world-scale Jurong Island complex for the first seven years. Based on today’s prices, the company said the sales would bring in revenue of around US$2.2 (more…)

VIETNAM: Petrolimex to start up Van Phong oil products terminal in 2012

(EnergyAsia, August 31 2011, Wednesday) — State-owned downstream company Vietnam National Petroleum Corp or Petrolimex said it plans to start up its 505,000-cubic-metre bonded oil terminal at Van Phong port next year. According to subsidiary Petrolimex Singapore Ltd, the 29-tank terminal in southern Khanh Hoa province will have the capacity to store 230,000 cubic metres (more…)

ASIA: Developing world to drive oil refinery expansions through 2016

(EnergyAsia, August 31 2011, Wednesday) — Asia, the Middle East and Africa will account for more than 80% of the world’s planned oil refining capacity addition by 2016, said UK-based consulting group GlobalData. In its study, “Planned Oil Refineries – Global Market Analysis, Competitive Landscape and Capacity Forecasts to 2016”, the company forecasts that the (more…)

MARKETS: E&Y expects oil prices to rise in Q3 as OPEC spare capacity sinks to 20-year low

(EnergyAsia, August 31 2011, Wednesday) — Oil prices and world demand should continue to rise in the third quarter of 2011 but the supply outlook remains unclear, according to Ernst & Young’s latest oil and gas survey. Despite an uncertain economic recovery, deficit-reduction initiatives in the US and the debt crisis in Europe, the company (more…)

NIGERIA: Terrorism, conflict and environmental disaster threaten Africa’s largest oil exporter

(EnergyAsia, August 29 2011, Monday) — Last Friday’s deadly bomb attack in its capital city of Abuja and the on-going sabotage of its oilfields and infrastructure are a powerful reminder of the obstacles blocking Nigeria’s attempts to raise oil production beyond the West African state’s recent peak of over 2.5 million b/d. Islamic radicals linked (more…)

MARKETS: FLNG terminals emerging as low-cost solution to monetise offshore gas reserves

(EnergyAsia, August 29 2011, Monday) — Companies have found that not all of their recent offshore natural gas discoveries can be commercially developed as they require high capital expenditure (capex) for the required infrastructure to produce and transport the gas to shore. In most cases, natural gas from such areas is either flared off or (more…)

SINGAPORE: Speech by CEO Mehdi Adib at groundbreaking of Jurong Aromatics plant

(EnergyAsia, August 29 2011, Monday) — The following is an edited version of the speech by Jurong Aromatics Corp’s CEO Mehdi Adib at the plant’s groundbreaking ceremony on Jurong Island last Friday. The event was attended by Lim Hng Kiang, Singapore’s Minister for Trade and Industry, Oh Joon, the South Korean Ambassador to Singapore, and (more…)

SINGAPORE: Speech by ChemOne’s M.Y. Ling at groundbreaking of Jurong Aromatics plant on Jurong Island

(EnergyAsia, August 29 2011, Monday) — The following is an edited version of the speech by ChemOne Holdings’ vice chairman M.Y. Ling at the groundbreaking ceremony of the Jurong Aromatics plant on Jurong Island last Friday. The event was attended by Lim Hng Kiang, Singapore’s Minister for Trade and Industry, Oh Joon, the South Korean (more…)

AFRICA: Amnesty calls for Trafigura compensation to be paid to Côte d’Ivoire toxic waste victims

(EnergyAsia, August 29 2011, Monday) — Côte d’Ivoire’s new government must ensure that the compensation paid out by oil trader Trafigura reaches the thousands of victims affected by a toxic waste dumping in 2006, Amnesty International said, on the fifth anniversary of the disaster. Trafigura has paid US$260 million in a number of payouts but (more…)

NIGERIA: Amnesty says UN study confirms Shell role in Niger Delta oil spill

(EnergyAsia, August 26 2011, Friday) — Amnesty International has demanded that Shell “totally overhaul their procedures” for cleaning up oil spills in Nigeria following the release of a long-awaited UN report confirming the company’s extensive role in polluting the Niger Delta region. The United Nations Environment Programme (UNEP) report said Shell’s oil spill clean-up procedures (more…)

NIGERIA: UNEP study reveals massive environmental contamination, health threats from oil spill in Oroniland

(EnergyAsia, August 26 2011, Friday) — A United Nations agency said the environmental restoration of Nigeria’s Ogoniland could prove to be the world’s most wide-ranging and long term oil clean-up exercise ever undertaken if contaminated drinking water, land, creeks and important ecosystems such as mangroves are to be brought back to full, productive health. In (more…)

AUSTRALIA: Indian-UAE engineering consortium to build diesel storage tank in Queensland state

(EnergyAsia, August 26 2011, Friday) — Two engineering and procurement companies from India and the UAE have formed a consortium to build a diesel storage terminal near Port Mckay in Australia’s Queensland state. The consortium of India’s Shriram EPC and UAE’s Chemie-Tech said it plans to complete the 75-million-litre terminal by late next year. It (more…)

AUSTRALIA: Caltex next to review viability of refining operations

(EnergyAsia, August 26 2011, Friday) — Australia’s largest oil refiner is wondering if it should stick it out in an increasingly cut-throat business hurt by competition from cheaper imported fuel from Asia, a strong Australian dollar and high crude oil prices. After reporting that its two refineries and downstream operations had suffered a 24.2% decline (more…)

BANGLADESH: Plans to build 12 oil storage tanks at four major depots

(EnergyAsia, August 26 2011, Friday) — The Bangladeshi government is looking to build 12 new tanks with a total capacity to store 120,000 tonnes of diesel and fuel oil in different parts of the country to support the operations of oil-based power plants. The Energy Ministry is aiming to complete the tanks by next year (more…)

AZERBAIJAN: SOCAR eyes increased trading role with storage deal in South Korea

(EnergyAsia, August 25 2011, Friday) — SOCAR Trading, a subsidiary of the State Oil Company of Azerbaijan, is aiming to triple its oil trading volume over the next five years after securing a deal to store a total of 5.3 million barrels of crude and products in South Korea. SOCAR Trading said the agreement with (more…)

INDIA: Natural gas displacing naphtha as feedstock, says US consultant ESAI

(EnergyAsia, August 25 2011, Thursday) — India’s consumption of natural gas has taken off thanks in large part to a 50% increase in domestic production in recent year, said US consultant ESAI. While impediments to supply growth remain, ESAI expects Indian consumption will continue to grow and reach 85 billion cubic metres in the next (more…)

VIETNAM: Coal, power companies struggle to keep pace with demand

(EnergyAsia, August 25 2011, Thursday) — Vietnam could face further energy supply shortages as coal miners and power companies are struggling to complete projects in the face of financing difficulties and rising interest rates at around 20%. Banks are unable or unwilling to provide loans to the country’s domestic coal and electricity companies, said the (more…)

SINGAPORE: Tiong Woon wins contract for Tuas New Yard Phase 1 Project

(EnergyAsia, August 25 2011, Thursday) — Singapore’s Tiong Woon Corporation (TWC) Holding Ltd said its 51%-owned subsidiary, Tiong Woon Oasis Marine & Engineering Pte Ltd (TWOME), has won a contract to help develop the first phase of the super shipyard being built in Singapore’s western Tuas area. The contract was awarded by Zhen Hua (Singapore) (more…)

IRAQ: Oil production target revised lower

(EnergyAsia, August 25 2011, Thursday) — Bowing to the reality of the country’s inadequate war-torn infrastructure and political instability, Iraq has abandoned its original plan to boost production to 12 million b/d by 2017. The government has been forced to set a new target of producing 6.5 to 7 million b/d, still a significant achievement (more…)

INDIA: Iran to continue supplying crude after receiving back payment

(EnergyAsia, August 24 2011, Wednesday)— Iran said it will continue to supply crude oil to India after receiving the first instalments of some five billion euro owed for cargoes shipped to several Indian refiners since last December. (US$1=0.70 euro). The two countries had been locked in a heated argument over India’s failure to pay for an (more…)

INDONESIA: Krakatau Steel to use Honeywell services to improve energy efficiency and reduce costs

(EnergyAsia, August 24 2011, Wednesday) — Indonesia’s PT Krakatau Daya Listrik (KDL), a subsidiary of PT. Krakatau Steel Group (PTKS Group), has selected Honeywell Process Solutions (HPS) to implement energy management and monitoring solutions to realise long-term cost savings through greater energy efficiency. KDL will implement the selected HPS solutions at PTKS Group’s facilities, said (more…)

AUSTRALIA: EnergyQuest predicts Queensland LNG production to exceed national production by 2020

(EnergyAsia, August 24 2011, Wednesday) — Australia’s Queensland state will be producing more liquefied natural gas (LNG) than the nation’s current production rate within nine years, according to consultant EnergyQuest. In a new report, “Australian Coal Seam Gas 2011: From Well to Wharf,” EnergyQuest said the state’s LNG capacity is set to exceed 25 million (more…)

IRAQ: China, South Korea to help boost crude production

(EnergyAsia, August 24 2011, Wednesday) — Iraq is working with China and South Korea to develop its oil and gas production. Despite the challenges of operating in a war-torn economy, Iran has raised its total crude oil output to more than 2.8 million b/d and expects to earn more than US$80 billion in export revenues (more…)