MARKETS: Consumer nations to pay record US$2 trillion in oil imports this year, says IEA

(EnergyAsia, March 30 2012, Friday) — The tab for world oil imports will reach a record US$2 trillion this year at current prices, with the European Union contributing a quarter of that sum, according to a Reuters report citing the International Energy Agency (IEA). “For the first time, the world will pay US$2 trillion of (more…)

PHILIPPINES: IMF notes economy’s “positive signs” amid global gloom

(EnergyAsia, March 30 2012, Friday)  — The International Monetary Fund (IMF) has given the Philippines economy a positive assessment, noting that it has grown amid the gloom in the West while keeping inflation and the deficit low. In its annual Article IV review of the economy, the IMF said that while the Philippines has been (more…)

CONFERENCE: 17th Asia Oil Week Exploration, Development, New Ventures Strategy in Singapore on June 25-27

(EnergyAsia, March 30 2012, Friday) — Global Pacific & Partners has released its programme for the 17th Asia Oil Week , which includes the 21st Asia Petroleum Strategy Briefing and the 17th Asia Upstream Conference to be held at the Goodwood Park Hotel in Singapore on June 25 to 27 2012. The event begins with (more…)

CHINA: CNOOC reports record net profit of 70.26 billion yuan for 2011

(EnergyAsia, March 30 2012, Friday) — Helped by high crude prices last year, China’s leading offshore oil producer CNOOC Limited said it earned a record 70.26 billion yuan in net profit for a 29.1% increase over 2010. (US$1=6.3 yuan). Its revenue rose 29.5% to 189.28 billion yuan, boosted by the record average realised oil price (more…)

THAILAND: UK’s ITF signs up Thai state upstream company PTTEP

(EnergyAsia, March 30 2012, Friday) — ITF, a UK-based oil and gas industry technology facilitator, said it has signed up Thai state oil company PTT Exploration & Production Public Company Limited (PTTEP) as a member. PTTEP is the latest ITF member in Southeast Asia and the second after Malaysia’s state Petronas to support oil and (more…)

MARKETS: Canadian crude discount to US WTI to grow, to average US$27 in 2014, predicts BENTEK Energy

(EnergyAsia, March 29 2012, Thursday) — Western Canadian Select (WCS) crude prices will continue to weaken against West Texas Intermediate (WTI) and will sell for an average discount of US$27 below the US benchmark in 2014, predicts BENTEK Energy, a US-based energy markets information and analytics company. Earlier this week, the Canadian discount surged above (more…)

ASIA: Rising LNG demand to drive region’s offshore marine growth

(EnergyAsia, March 29 2012, Thursday) — The following is an edited version of an article written by Alex Bailey on behalf of Seatrade, a producer of maritime and cruise publications, conferences and exhibitions. Soaring demand for liquefied natural gas (LNG) across Asia is driving major new investments into exploration and infrastructure capabilities. This will stimulate (more…)

MARKETS: OPEC sees 2012 world oil demand growth at 860,000 b/d, up from 800,000 b/d last year

(EnergyAsia, March 29 2012, Thursday) — OPEC expects world oil demand to grow by 860,000 b/d, or 0.98%, to 87.84 million in 2012, unchanged from its previous month’s forecast, but still above last year’s increase of 800,000 b/d. The Organisation of Petroleum Exporting Countries issued this forecast in its latest monthly report based on its (more…)

MARKETS: High oil prices supported by slow supply growth, production loss, declining spare capacity

(EnergyAsia, March 29 2012, Thursday) — Despite weak global demand, oil prices are being supported at current high levels by below-expectations supply growth from non-OPEC countries, continuous production outages and declining spare inventory, said the International Energy Agency (IEA) said on Wednesday. The agency said oil supply from producers outside the Organisation of Petroleum Exporting (more…)

CHINA: Gasoline, diesel prices at record high after 6-7% increases

(EnergyAsia, March 29 2012, Thursday) — Chinese motorists are paying record pump prices after the government allowed refiners and marketing companies to raise gasoline and diesel by six to seven percent last week. Following intense lobbying by the oil companies, the National Development and Reform Commission allowed gasoline and diesel prices to rise by 600 (more…)

INDIA: Import tax waived on LNG and natural gas for power generation

(EnergyAsia, March 28 2012, Wednesday) — Indian companies will no longer have to pay tax on imported natural gas and liquefied natural gas (LNG) cargoes for power generation in the current financial year to March 31 2013 as the government looks to encourage increased use of the fuel. In his budget speech, Finance Minister Pranab (more…)

INDIA: LNG import capacity, gas pipeline network to be expanded

(EnergyAsia, March 28 2012, Wednesday) — India is targeting to more than triple its liquefied natural gas (LNG) import capacity to 50 million tonnes a year by the second half of this decade from around 13.6 million tonnes in 2010. Petronet LNG Ltd, Indian Oil Corp and Gujarat State Petroleum Corp (GSPC) are at various (more…)

INDIA: State firms interested to acquire ADB’s 5.2% stake in LNG importer Petronet

(EnergyAsia, March 28 2012, Wednesday) — Four of India’s state oil and gas companies have told the Petroleum Ministry they are interested to acquire the Asian Development Bank’s 5.2% stake in state gas firm Petronet LNG Ltd. Indian Oil Corp, Oil and Natural Gas Corp (ONGC), Bharat Petroleum Corp Ltd and GAIL, which each already (more…)

INDIA: Refiners aims to export oil products to Pakistan

(EnergyAsia, March 28 2012, Wednesday) — Indian refiners are targeting to export oil products to energy-deficit Pakistan as the South Asian neighbours look to improve trade ties despite their often tense political relations. Muslim Pakistan is expected to soon confer Most Favoured Nation (MFN) status on largely Hindu India, opening up the possibility for Hindustan (more…)

INDONESIA: Foster Wheeler awarded project management consultancy contract for Cilacap refinery upgrade

(EnergyAsia, March 28 2012, Wednesday) — Foster Wheeler AG said a subsidiary of its Global Engineering and Construction Group has been awarded a contract by PT Pertamina, Indonesia’s state oil company, to provide project management consultancy services for the residue fluid catalytic cracker (RFCC) project at the Cilacap refinery on Java Island. Foster Wheeler will (more…)

CHINA: Sinopec blames refining losses for slow growth in 2011 net profit

(EnergyAsia, March 27 2012, Tuesday) — China Petroleum and Chemical Corp (Sinopec Corp), the country’s second largest integrated oil company, said its 2011 net profits grew by just 1.3% as downstream losses from its refining and marketing operations offset upstream gains. With its net profit at 71.7 billion yuan, the company reported basic earnings of (more…)

INDONESIA: Classification society RINA appointed to work on world’s first marine CNG project

(EnergyAsia, March 27 2012, Tuesday) — International classification society and verification group RINA said it has been appointed by Indonesia’s electricity utility PT PLN to help develop the world’s first marine compressed natural gas (CNG) project. PLN expects to begin delivering between 3,000 and 6,000 standard cubic feet (mscf) per day of CNG from the (more…)

ASIA: Canada’s oil and gas industry cheers government’s free trade talks with Japan, South Korea and Thailand

(EnergyAsia, March 27 2012, Tuesday) — Canada’s upstream oil and natural gas industry said it welcomes and encourages federal initiatives to negotiate trade-related agreements with Asian countries given their strong and growing need for oil and natural gas and growing importance in global energy markets. Prime Minister Stephen Harper, presently on his second visit to (more…)

AUSTRALIA: Caltex’s new bunker tanker to support Sydney shipping boom

(EnergyAsia, March 27 2012, Tuesday) — As a boost to its national marine fuel supply network, Caltex Australia has added a new 65-metre bunker tanker, Anatoma, to its Sydney operations. The company’s leading downstream oil company said it has signed a service agreement with SVITZER to operate the double-hulled bunker tanker, which will begin delivering (more…)

AUSTRALIA: Woodside starts up Pluto LNG project in Western Australia

(EnergyAsia, March 27 2012, Tuesday) — Australia’s third liquefied natural gas (LNG) project started up last week when operator Woodside announced that its Pluto project in Western Australia began processing gas from offshore fields last week. The A$14.9 billion project has been plagued by cost over-run of up to A$1 billion, and weather problems and (more…)

CHINA: Strategic oil stockpiling at Lanzhou, new terminal planned for Luoyang

(EnergyAsia, March 26 2012, Monday) — China has started stockpiling crude oil at a new emergency storage reserve in Gansu province and is planning another in nearby Henan province, both in the country’s northwest. The Lanzhou depot in Gansu, which can hold 18.9 million barrels of crude, is part of China’s second-phase programme to stockpile (more…)

CHINA: Government targets shale-gas production to reach 6.5 bcm a year by 2015

(EnergyAsia, March 26 2012, Monday) — Announcing a five-year programme to tap China’s vast unconventional gas reserves, the country’s energy regulator has set a target for shale gas production to reach 6.5 billion cubic metres (bcm) a year by end-2015. Zhang Yuqing, head of the National Energy Administration (NEA)’s oil and gas department, said production (more…)

FUJAIRAH: Plans to double oil storage capacity, set up LNG terminal by 2015

(EnergyAsia, March 26 2012, Monday) — Fujairah is expected to nearly double the capacity of its oil storage terminal as well as set up liquefied natural gas (LNG) trading terminals over the next three years. According to Salem Kelil, a government technical adviser, Fujairah will nearly double its oil storage capacity of 6.8 million cubic (more…)

MARKETS: Rising oil prices threaten survival of some airlines

(EnergyAsia, March 26 2012, Monday) — More airlines could fold up this year as the industry faces the bleak prospect of losing more than US$5 billion if fuel prices continue to rise beyond the present level with Brent crude hovering around US$125 a barrel, said the International Air Transport Association (IATA) and members. Last December, (more…)

INDIA: Oil Minister says crude imports from Iran will continue despite US threats

(EnergyAsia, March 26 2012, Monday) — In defiance of US threats against countries trading with Iran, India’s Oil Minister Jaipal Reddy said it will continue to import crude oil from the Islamic regime as it does not violate international law. India, which imports around 400,000 b/d of crude oil from Iran to meet about 12% (more…)