INDONESIA: IMF predicts economy to grow 6% this year, down from 6.5% in 2011, but inflation to rise

(EnergyAsia, September 28 2012, Friday) — Indonesia’s economy will grow at a slower rate of 6% this year from 6.5% in 2011, but inflation will rise to 5% on account of stronger domestic demand and the effects of a moderate fiscal stimulus, said the International Monetary Fund (IMF). The fund recently issued this report following (more…)

QATAR: Japan’s Kansai signs 15-year contract for LNG imports

(EnergyAsia, September 28 2012, Friday) — From next January, Qatargas, the world’s leading liquefied natural gas (LNG) producer, will supply Japanese utility Kansai Electric Power Co (KEPCO) 500,000 tonnes of the fuel a year for 15 years. In separate statements, the two companies announced the conclusion of the new agreement to add to an existing (more…)

SINGAPORE: TOTAL Lubmarine launched three new barges

(EnergyAsia, September 28 2012, Friday) — International marine lubricant supplier TOTAL Lubmarine has launched three new barges at the port of Singapore, strengthening its global service offering to the shipping industry. The 700 dwt double-hulled barges – Marine Champion, Marine Prosper, and Marine Talent – have a cargo load capacity of 860 cubic metres for (more…)

US: Shale gas as an energy policy issue in Presidential election

(EnergyAsia, September 28 2012, Friday) — US President Obama faces a shale gas dilemma that threatens to damage his bid to secure a second term in the White House, according to the latest report from natural resources experts GBI Research. The US is currently endowed with a wealth of natural gas following years of overproduction, (more…)

UPSTREAM: DNV offers Recommended Practice code to assess and manage risk of shale gas extraction

(EnergyAsia, September 27 2012, Thursday) — Norway’s DNV said it has launched a code of Recommended Practice (RP) to assess and manage risks involved in the entire life cycle of shale gas extraction. It said the code provides an independent reference document that hopefully could become the basis for a globally recognised standard for safe (more…)

SRI LANKA: Port expects to start up Hambantota fuel depot complex in October

(EnergyAsia, September 27 2012, Thursday) — Sri Lanka Ports Authority (SLPA) expects to start up a new 80,000-cubic metre fuel depot complex at its Hambantota Magampura harbour from next month. According to SLPA chairman Priyath Bandu Wickrema, construction of the US$76 million complex on a 60-hectare site is now near completion. Hambantota is undergoing a (more…)

MALAYSIA: Petronas to invest RM10 billion in building floating LNG (FLNG) terminal in Bintulu

(EnergyAsia, September 27 2012, Thursday) — Malaysian state oil and gas company Petronas said it will invest RM10 billion to build a floating terminal with an annual capacity to produce 1.2 million tonnes of liquefied natural gas (LNG). (US$1=RM3.05). Known as the Train 9 project, the terminal will be located at the Petronas LNG Complex (more…)

CHINA: Schlumberger opens China Petroleum Institute in Beijing

(EnergyAsia, September 27 2012, Thursday) — Schlumberger, the US-based supplier of technology, integrated project management and information solutions to the oil and gas industry, has opened its China Petroleum Institute in Beijing. Located in Schlumberger’s China headquarters office building in the city’s Chaoyang district, the institute provides “best-in-class” petro-technical services and will undertake joint R&D (more…)

SINGAPORE: Singapore Power to invest S$2 billion in cross-island tunnels for electrical cables

(EnergyAsia, September 26 2012, Wednesday) — Singapore Power said it is investing S$2 billion to build two tunnels to hold and protect cross-island extra-high voltage transmission cables to ensure the supply of reliable, secure and quality power to 1.3 million consumers. (US$1=S$1.23). To be constructed between 2012 and 2018, the North-South and East-West cable tunnels (more…)

CHINA: Sinopec and Airbus team up to develop bio-aviation fuel

(EnergyAsia, September 26 2012, Wednesday) — China Petroleum and Chemical Corporation (Sinopec), one of China’s biggest energy companies, and Europe’s Airbus said they are jointly developing and producing renewable aviation fuel for regular commercial use in China. Sinopec is helping the central government to establish a Chinese airworthiness certification for the new bio-aviation fuels that (more…)

UPSTREAM: ExxonMobil acquires Bakken oil shale assets in swap and cash deal

(EnergyAsia, September 26 2012, Wednesday) — ExxonMobil Corp said it has reached an agreement that will significantly increase its production acreage in the prolific Bakken oil shale region in the US states of North Dakota and Montana. ExxonMobil and its subsidiary, XTO Energy, signed an exchange agreement with Denbury Onshore LLC, a subsidiary of Denbury (more…)

CHINA: Longwei Petroleum expect to complete purchase of fuel storage depot in Shanxi province

(EnergyAsia, September 26 2012, Wednesday) — Longwei Petroleum Investment Holding Ltd, a specialist in storing and distributing petroleum products in China, said it expects to complete the purchase of a 100,000-metri-ton fuel storage depot in northern Shanxi province by the end of this month. Longwei said it has agreed to pay Huajie Petroleum Co Ltd (more…)

ASIA: LNG importers step up campaign for pricing reforms away from oil linkage

(EnergyAsia, September 25 2012, Tuesday) — Led by Japan, Asian natural gas importers have begun aggressively pushing producers to de-link the fuel from more expensively-priced oil to cheaper Henry Hub prices in the US. With US prices stuck at 10-year lows of between US$2 and US$3 per million Btu, Asia has been paying between five (more…)

INDIA: ADB approves facility to mobilise finance for massive infrastructure development

(EnergyAsia, September 25 2012, Tuesday) — The Asian Development Bank (ADB) said it has approved a facility to help kick-start the Indian infrastructure bond market and ultimately channel substantial amounts of domestic and international pension and insurance funds into critically needed energy, railways, roads, water, and other infrastructure and utilities. The guarantee facility, a first (more…)

CHINA: Oil demand down 1.5% in August, second drop this year, says Platts

(EnergyAsia, September 25 2012, Tuesday) — China’s apparent oil demand fell 1.5% year-on-year in August to 37.87 million metric tons (mt), or 8.95 million b/d, the second monthly contraction this year, said US energy media Platts. According to an analysis of recent Chinese government data, Platts said the August decline follows a 1.9% dip in (more…)

SAUDI ARABIA: IMF says strong economy advances social agenda, helps region

(EnergyAsia, September 25 2012, Tuesday) — The following is an edited version of an International Monetary Fund (IMF) annual economic survey of Saudi Arabia. The outlook for the Saudi economy, which grew by 7.1% last year, remains buoyant, said the IMF. The oil sector continues to dominate the economy, but strengthened budgetary institutions have reduced (more…)

ASIA: Principles of Pax Pacifica — Building the East Asia Security Order, by Kevin Rudd, former Prime Minister of Australia

(EnergyAsia, September 24 2012, Monday) — The following is an edited version of the keynote address delivered by Kevin Rudd, a former Prime Minister of Australia, at last Friday’s Singapore Global Dialogue. The core objective of the Asian hemisphere in the first half of the 21st century is to avoid instability, conflict or war between (more…)

IRAN: NIOOC to raise crude oil storage capacity to 8.1 million barrels by next September

(EnergyAsia, September 24 2012, Monday) — National Iranian Offshore Oil Company (NIOOC) plans to raise its crude oil storage capacity to 8.1 million barrels by next September. The company’s managing director, Mahmoud Zirakchianzadeh, told local reporters that it will complete the expansion in two phases, with six million barrels to be ready by next March, (more…)

INDIA: Government under pressure to back down on diesel price hike

(EnergyAsia, September 24 2012, Monday) — Indian oil companies are holding on to their hard won battle to raise diesel prices by an unprecedented 12% on September 13. Strikes and street protests have erupted in cities across the country over the past week in a repeat of the angry mass protests against last May’s 10% (more…)

AUSTRALIA: China welcomed to take role in Browse LNG project

(EnergyAsia, September 24 2012, Monday) — In sharp contrast to Canada’s uncertain attitude, Australia is eager for China to take on increased equity and role in developing the country’s natural gas reserves. Negotiations, supported by Australian officials and industry executives, are underway for Chinese companies to acquire a part of the Browse liquefied natural gas (more…)

SINGAPORE: Lubricants trade expected to hit record of more than S$9 billion in 2012

(EnergyAsia, September 21 2012, Friday) — Singapore’s lubricants trade is expected to reach a record of more than S$9 billion this year, double the value of three years ago. (US$1=S$1.2) According to official trade data, Singapore handled nearly 2.5 million tonnes of lubricant feedstock, oils and grease worth more than S$4.58 billion for the first (more…)

CHINA: Shareholders of Canada’s Nexen overwhelmingly approve C$15.1-billion takeover by CNOOC

(EnergyAsia, September 21 2012, Friday) — Shareholders of stagnated Canadian upstream company Nexen Inc have voted overwhelmingly in favour of a proposed C$15.1 billion takeover by state-owned China National Offshore Oil Company (CNOOC). Of the votes cast, 99% of Nexen’s common shareholders and 87% of preferred shareholders accepted CNOOC’s offer of C$27.50 a share, representing (more…)

MARKETS: IEA lifts forecasts for world oil demand as Japan’s 2Q consumption surges 10%

(EnergyAsia, September 21 2012, Friday) — The International Energy Agency (IEA) has raised its forecasts for world oil demand to grow by 800,000 b/d for both 2012 and 2013. In its latest monthly oil report, the Paris-based agency said it now expects world oil demand to grow to 89.8 million b/d in 2012 and 90.6 (more…)

THAILAND: Oil companies reprieved from boosting stockpiles for now

(EnergyAsia, September 20 2012, Thursday) — Thailand’s oil companies have been spared for now the burden of having to boost their stockpiles from 36 days of consumption to 43 days as set out by the Energy Ministry. The Thai government has set out a target for the industry to raise their mandatory crude and products (more…)

MARKETS: ESAI sees short-term surge in diesel prices followed by a plunge in early 2013

(EnergyAsia, September 20 2012, Thursday) — Latin American demand will push ultra low-sulphur diesel premiums against North Sea Brent crude to a four-year-high of US$30 mark in the fourth quarter, but, “the party will not last,” predicts US-based consultant ESAI. In its latest Global Transport Fuels Outlook report, ESAI said the region’s diesel deficit will (more…)