SINGAPORE: Indonesian coal miner Geo Energy, offshore fabricating company Triyards make strong debut on public listing

(EnergyAsia, October 31 2012, Wednesday) — Shares of fabricating and engineering firm Triyards Holdings and Indonesian coal miner Geo Energy Resources Ltd have performed well since their trading debut on the Singapore Exchange less than two weeks ago. Triyards began trading on October 18 after it was spun off as a form of dividend by (more…)

CHINA: PetroChina unit and TransCanada to jointly build C$3-billion oilsands pipeline

(EnergyAsia, October 31 2012, Wednesday) — Amid the intensifying debate over the role of Chinese state-owned companies in Canada’s oil and gas sector, a  PetroChina subsidary has concluded an equal joint venture deal with TransCanada  Corp to build a C$3 billion oil pipeline in Alberta province. Phoenix Energy Holdings Ltd, the Canadian subsidiary of PetroChina (more…)

RUSSIA: Gazprom to boost LNG production with eye on Asian markets

(EnergyAsia, October 31 2012, Wednesday) — Russian gas giant Gazprom is looking to boost the production of liquefied natural gas (LNG) for export to the lucrative Asian markets while reducing dependence on piped gas sales to Europe. The company will aim to boost LNG production and sales from the Russian Far East and Shtokman field...

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MARKETS: IEA, Goldman Sachs expect oil prices to be capped through 2016

(EnergyAsia, October 30 2012, Tuesday) — Weak demand and rising output will dampen the outlook on oil prices over the next five years, but geopolitical tensions and the risk of military conflict in the Middle East will keep the market from crashing, according to forecasts from two authoritative organisations. Both the International Energy Agency (IEA)...

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SINGAPORE: Ezra Holdings reports 62% rise in full year profit to US$65 million on record revenue

(EnergyAsia, October 30 2012, Tuesday) — Ezra Holdings, a Singapore-based provider of offshore oil and gas services, said its full-year net profit rose 62% to US$65 million with revenues surging 76% to a record US$984.2 million in its 20-year history. The company attributed the sharp rise in revenue for the year to August 2012 to (more…)

ASIA: Region at growing risk of oil supply disruption with declining self-sufficiency and lack of stockpile, says Chatham House report

(EnergyAsia, October 30 2012, Tuesday) — Asia is increasingly at risk of oil supply disruptions as the region does not have sufficient strategic stockpiles while its oil deficit is projected to rise to 30 million b/d in 2030 from 18 million b/d in 2010, said UK-based Chatham House. In a new report, the research institute...

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SINGAPORE: Plans to invest S$500 million to build fourth LNG tank

(EnergyAsia, October 29 2012, Monday) — Singapore will invest S$500 million to add a fourth tank to its liquefied natural gas (LNG) terminal by 2017, boosting the total storage capacity to nine million tonnes, said the country’s Second Trade and Industry Minister S. Iswaran. (US$1=S$1.22). The terminal is expected to start up in the second (more…)

MARKETS: OPEC raised forecasts for world oil demand for 2012 and 2013, but focus still on downside risks

(EnergyAsia, October 29 2012, Monday) — The Organisation of Petroleum Exporting Countries (OPEC) has marginally raised its forecasts for global oil demand to reach 88.81 million b/d in 2012 and 89.6 million b/d next year, but slashed the rate of growth for both years. Continuing its focus on the downside risks to the outlook for...

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COMPANY: Vopak raised US$1 billion from US private placement notes programme

(EnergyAsia, October 29 2012, Monday) — Dutch oil and chemicals logistics giant Royal Vopak said it has raised a total of US$1 billion in various currencies from a new notes programme through a private placement in the US. Comprising a senior tranche of US$900 million and a subordinated tranche of US$100 million, the programme was (more…)

MARKETS: EIA slashed forecast growth in world oil demand for 2012 and 2013

(EnergyAsia, October 29 2012, Monday) — Global oil demand will still breach the 90-million b/d ceiling next year, but the increase from this year will be smaller than earlier forecast, said the US Energy Information Administration (EIA) in its October short-term energy outlook. In its latest monthly forecast, the agency downgraded the world’s oil demand...

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AUSTRALIA: DNV leads industry in study to promote use of LNG as bunker fuel

(EnergyAsia, October 25 2012, Thursday) — Norwegian classification and inspection firm Det Norske Veritas (DNV) said it has teamed up with nine Australian companies to conduct a four-month study into the use of liquefied natural gas (LNG) as a shipping fuel to protect the environment. Similar to a pioneering study launched in Singapore in 2010, (more…)

ASIA: China, India surge ahead in Platts’ rankings of top 250 global energy companies, West still the elite

(EnergyAsia, October 25 2012, Thursday) — Western companies again dominated the elite in the latest rankings of the world’s top 250 energy companies by Platts that featured more companies from Asia led by China and India. At an award dinner ceremony in Singapore on Tuesday, global energy media Platts announced that the Asia Pacific region (more…)

INDIA: Government turns to private firms to build strategic crude oil reserves

(EnergyAsia, October 25 2012, Thursday) — The Indian government wants private companies to build and operate strategic crude oil reserves to augment the stockpiling role played by state-owned companies. For now, Indian Strategic Petroleum Reserves Ltd (ISPR), a subsidiary of the Oil Industry Development Board, and the country’s leading state-owned companies have the responsibility to...

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AUSTRALIA: Santos claims country’s first commercial shale gas production, names first Asian to board

(EnergyAsia, October 25 2012, Thursday) — Australian upstream company Santos made two landmark announcements the past week. It has claimed the country’s first production of natural gas from shale as well as admitted the first Asian businessman into its board of directors. Santos said its Moomba-191 shale well in the Cooper Basin is producing around (more…)

AFGHANISTAN: China’s CNPC starts producing crude oil in northern Amu Darya basin

(EnergyAsia, October 25 2012, Thursday) — Afghanistan has become a crude oil producer for the first time following the recent start-up of operation in the Amu Darya basin in northern Afghanistan by China’s state-owned CNPC. Production is expected to rise to under 2,000 b/d by year end, and to more than 4,100 b/d from January,...

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OMAN: Plans to establish large refinery and world’s largest oil storage terminal

(EnergyAsia, October 24 2012, Wednesday) — Oman is looking to build a large refinery and the world’s largest oil storage terminal to hold up to 200 million barrels of crude in an area south of the Straits of Hormuz to reduce the risk of supply disruption from geopolitical events. State-owned Oman Oil Company has begun...

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CHINA: Ministry raised oil and gas resources estimates by 15%

(EnergyAsia, October 24 2012, Tuesday) — The Chinese government has raised its estimate of the country’s oil and gas reserves to 88.1 billion tonnes of oil equivalent as at end-2010, an increase of 15% over its previous survey in 2007, according to local media reports citing the Ministry of Land and Resources. Recoverable oil in...

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CHINA: China Offshore Oil Engineering Co Ltd and France’s Technip awarded 200-million-euro subsea contract

(EnergyAsia, October 24 2012, Wednesday) — France’s Technip and its consortium partner, China Offshore Oil Engineering Co Ltd (COOEC), have secured a 200-million euro contract to provide engineering, procurement, installation and construction services for an offshore oil and gas exploration project. Technip said the contract was awarded by China National Offshore Oil Corporation (CNOOC) Deepwater (more…)

CHINA: Sinopec Kantons to use Vesta’s terminals for fuel distribution in Europe

(EnergyAsia, October 24 2012, Wednesday) — Hong Kong-listed Sinopec Kantons Holdings Limited said it will pay Swiss trader Mercuria Energy Group Limited 128.6 million euros for a 50% stake in its Europe-based oil storage firm as part of their establishment of a new joint venture. (US$1=0.77 euro) With its first foray into Europe, Sinopec Kantons...

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IRAQ: Oil production could double by 2020 if conditions are right to attract large flow of investments, says IEA

(EnergyAsia, October 23 2012, Tuesday) — Iraq could more than double its crude oil production to 6.1 million b/d by 2020 if it is able to attract international investment to build up its key infrastructure including power supply, transportation, storage and port facilities, pipelines and domestic security, said the International Energy Agency (IEA). In a...

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SINGAPORE: Oil rigging and lifting services provider Gaylin offering 110 million shares at S$0.35 each

(EnergyAsia, October 23 2012, Tuesday) — Gaylin, a Singapore-based oil rigging and lifting services provider, has launched an initial public offering (IPO) of 110 million shares at S$0.35 each for listing on the mainboard of the Singapore Exchange Securities Trading Limited (US$1=S$1.22). At S$0.35 per share, the offering is priced at a price earnings ratio (more…)

MALAYSIA: Canadian oil industry, economy brace for fallout from rejection of Petronas takeover offer

(EnergyAsia, October 23 2012, Tuesday) — Canadian oil and gas stocks tumbled as an immediate response to the government’s shock decision to reject a generous C$5.9-billion offer by Malaysian state energy firm Petronas to take over mid-sized Calgary-based Progress Energy Resources Corp. Longer term, it might cast a shadow over Canada’s attraction as a destination...

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AUSTRALIA: Pipeline association chief warns against “regulating for the sake of it”

(EnergyAsia, October 22 2012, Monday) — Australia’s gas pipeline association said the government should not implement regulation for its own sake as the nation already has in place the “most appropriate” environmental rules. Speaking at the opening session of the recent annual convention of The Australian Pipeline Industry Association (APIA) in Brisbane, its President, Kevin (more…)