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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CHINA: Ties with oil producer South Sudan frayed

(EnergyAsia, February 29 2012, Wednesday) — China said it wants to repair ties with South Sudan following “misunderstandings” that led to the African oil producer expelling the Chinese head of the local oil producing and pipeline company. Last week, the government of recently independent South Sudan said it expelled Liu Yingcai, President of Petrodar, for […]

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CHINA: Oil and gas finds up more than 20% in 2011, said Ministry of Land and Resources

(EnergyAsia, February 29, Wednesday) — China’s Ministry of Land and Resources said the upstream hydrocarbon industry substantially boosted its oil and natural gas discoveries in 2011 to record its second most successful year since the country’s founding in 1949. It found 1.37 billion tonnes of proven oil reserves, up 20.6% compared with 2010, and 765.95 […]

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CHINA: World Bank presses for economic and energy reforms as dependence on imported oil passed 55% in 2011

(EnergyAsia, February 29 2012, Wednesday) — China’s oil imports exceeded five million b/d for the first time last year, raising the country’s dependence on external supplies beyond 55% and putting it on course to reach 67% by 2020, according to an analysis by the CNPC Economics& Technology Research Institute. Of growing concern to Chinese policy […]

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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: Bangchak to invest eight billion baht to upgrade refinery

(EnergyAsia, February 28 2012, Tuesday) — Thailand’s Bangchak Petroleum Plc (BCP) said it plans to invest eight billion baht to over the next eight years to upgrade its 120,000 b/d refinery and expand its nameplate capacity by 20%. (US$1=30 baht). President Anusorn Sangnimnuan said the upgrade and expansion the Bangkok-based plant will be part of […]

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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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