Archive | February, 2012

MARKETS: ExxonMobil expects world energy demand to rise by 30% between 2010 and 2040

(EnergyAsia, February 29 2012, Wednesday) — ExxonMobil expects global energy demand to rise by about 30% from 2010 to 2040 as economic output more than doubles while the world population grow to nearly 9 billion people from just under seven billion over the same period. The developed economies of the Organization for Economic Cooperation and […]

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KAZAKHSTAN: Chevron-led consortium to begin drilling programme as part of US$25-billion investment

(EnergyAsia, February 28 2012, Tuesday) — A consortium led by US major Chevron Corp plans to spend US$5 to US$6 billion in a five-year drilling programme as part of an estimated US$20 to US$25 billion project to further develop Central Asian country’s biggest producing oil field. Chervon’s 50%-owned the TengizChevroil LLP venture will drill Kazakhstan’s […]

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THAILAND: PTTEP proposed to acquire UK’s Cove Energy for £1.12 billion

(EnergyAsia, February 28 2012, Tuesday) — Thai state upstream company PTTEP has offered to acquire UK-listed Cove Energy plc for £1.196, or nearly US$1.9 billion, surpassing Royal Dutch Shell’s competing bid of US$1.6 billion submitted earlier last week. (US$1= £0.63). Shell is expected to raise its price this week for Cove Energy, which holds an […]

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CHINA: Beijing Blacksea to become ‘substantial shareholder’ of Ruifeng Petroleum

(EnergyAsia, February 28 2012, Tuesday) — Hong Kong-listed investment company Ruifeng Petroleum Chemical Holdings Limited said it has signed a letter of intent to sell off an unspecified “substantial” equity stake to Black Sea Horizon Investment Holdings Limited and Beijing Xuan Fu. The announcement came just as Beijing Black Sea and real estate company, Beijing […]

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AUSTRALIA: Caltex reports huge A$714 million loss on refineries’ write-down

(EnergyAsia, February 28 2012, Tuesday) — Australia’s largest downstream company reported what could be its largest loss of A$714 million after writing down the value of its two ageing refineries that can no longer compete against larger and newer export plants in Asia and the Middle East. (US$1=A$0.94). Caltex Australia Ltd said the outlook for […]

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MARKETS: Analyst predicts Brent-WTI spread to experience “dramatic swings” from -US$10 to US$25 a barrel

(EnergyAsia, February 27 2012, Monday) — BENTEK Energy, a Colorado, US energy information and analytics company, said the Brent-WTI crude oil price differential will range between minus US$10 to US$25 a barrel or an average of US$14 over the next five years. For now, the average Brent-WTI spread for April 2012 to 2016 stands at […]

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PAPUA NEW GUINEA: Japan’s Mitsubishi Corp to pay US$280 million for licence stakes held by Canada’s Talisman Energy

(EnergyAsia, February 27 2012, Monday) — Canadian upstream company Talisman Energy Inc said it has sold stakes in nine of its exploration licences in Papua New Guinea’s onshore Western Province to Japan’s Mitsubishi Corporation (MC) for US$280 million. Talisman said the farmout deal is effective January 1 2012, subject to approvals by government and joint […]

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