Archive | June, 2012

MALAYSIA: Petronas to acquire Canada’s Progress Energy for US$5.5 billion, build LNG terminal in Prince Rupert?

(EnergyAsia, June 29 2012, Friday) — Malaysia’s state-owned energy company Petronas has agreed to purchase Canadian gas producer Progress Energy Resources Corp for C$5.5-billion, and to build a liquefied natural gas export terminal in the coastal town of Prince Rupert. (US$1=C$1.03). The proposed acquisition will build on the companies’ previous announcement to develop a portion […]

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ASIA: Shah Deniz consortium selects second gas export route option to Europe, says BP

(EnergyAsia, June 29 2012, Friday) — The Shah Deniz consortium, led by UK’s BP and Norway’s Statoil, has concluded its evaluation of potential gas export routes towards Southeastern and Central Europe. In a statement, the consortium operator BP said the Nabucco West project with a route running from the Turkish-Bulgarian border to Baumgarten has been […]

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CHINA: MIE to acquire 51% stake in Sino Gas & Energy, secures exploration contract extension in Kazakhstan

(EnergyAsia, June 29 2012, Friday) — Hong Kong-listed upstream firm MIE Holdings Corporation said it has agreed to acquire a 51% stake in Sino Gas & Energy Limited (SGE) as part of a strategic partnership with its Australia-listed parent firm, Sino Gas & Energy Holdings Limited, which is undertaking exploration work in China’s Shanxi province. MIE […]

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KAZAKHSTAN: Government to pay US$2 billion for 10% stake in Karachaganak oil and gas project

(EnergyAsia, June 29 2012, Friday) — The Kazakhstan government has agreed to pay a Western consortium US$2 billion for an immediate 10% stake in the development of the country’s Karachaganak condensate and gas fields that is shaping up to be one of the largest upstream projects in the world. In a statement, key shareholder UK’s […]

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PAPUA NEW GUINEA: NGOs outline challenges facing ExxonMobil’s US$16 billion LNG project

(EnergyAsia, June 28 2012, Thursday) — A coalition of non-governmental organisations (NGOs) has issued a report outlining the challenges and negative impacts arising from an increasingly troubled US$16 billion dollar liquefied natural gas (LNG) project in Papua New Guinea’s Hela province. ExxonMobil is leading a consortium to extract natural gas from the onshore Hela region […]

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MYANMAR: Thai upstream firm PTTEP eyes expansion after securing another two exploration deals

(EnergyAsia, June 27 2012, Wednesday) — Thai state upstream firm PTT Exploration and Production Public Company Limited (PTTEP) is targeting Myanmar for expansion after securing its another two production sharing contracts with state Myanma Oil and Gas Enterprise (MGOE). PTTEP, which will partner with Myanmar’s Win Precious Resources Pte Ltd (WPR), signed the agreement early […]

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CHINA: Wison Offshore & Marine awarded contract for construction of floating LNG unit

(EnergyAsia, June 26 2012, Tuesday) — Wison Offshore & Marine Ltd, a subsidiary of China’s Wison Group, said it has secured a contract from the Exmar group to undertake the engineering, procurement, construction, installation and commissioning (EPCIC) of the world’s first floating LNG liquefaction, regasification and storage unit (FLRSU). The unit will be deployed off […]

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MARKETS: Doubts over data and supply outlook cloud BP’s report that world oil reserves grew by 1.9%

(EnergyAsia, June 26 2012, Tuesday) — The world still has serious energy worries ahead despite a near 1.9% rise in its oil reserves to a record 1,653 billion barrels at the end of 2011 to keep well ahead of consumption growth of only 0.7%, according to BP’s latest annual Statistical Review of World Energy. Exploration […]

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