UPSTREAM: Global upstream capital expenditure to exceed US$1 trillion for the first time

(EnergyAsia, December 31 2012, Monday) — Global expenditure on oil and gas exploration and production (E&P) is expected to reach a record US$1,039 billion for 2012, said natural resources consultant GlobalData. In a recent report, the UK-based firm predicts that the sector’s capital expenditure will increase by 13.4% over 2011’s US $916 billion as oil (more…)

US: EIA questions bullish forecasts for America to become world leading oil producer

(EnergyAsia, December 31 2012, Monday) — Having contributed to recent bullish sentiments that the US could soon become the world’s largest oil and gas producer, the Energy Information Administration (EIA) has published a commentary laced with doubts and questions that this scenario is far from certain. “Could the US become the leading global producer of...

This article is for Subscriber members only.
Log In Register

SINGAPORE: ExxonMobil starts up new ethylene cracker, power plant at petrochemicals complex

(EnergyAsia, December 31 2012, Monday) — After more than a year of delay, ExxonMobil said it has started up operations at one of the world’s largest ethylene steam crackers, the centrepiece of the company’s multi-billion dollar expansion project at its Singapore petrochemical complex. The US major has added a new 220-megawatt cogeneration power plant, and (more…)

MARKETS: OPEC keeps forecasts for world oil demand growth for 2012 and 2013

(EnergyAsia, December 31 2012, Monday) — The Organisation of Petroleum Exporting Countries (OPEC) has kept its forecasts for global oil demand to grow to grow by just under 800,000 b/d for 2012 and 2013. With no major revision to its December oil report outlook, OPEC said it is holding its forecast for world demand to...

This article is for Subscriber members only.
Log In Register

CHINA: Focus on domestic economy will boost shipping demand, predicts industry

(EnergyAsia, December 28 2012, Friday) — Shipping executives predict their industry will benefit from China’s long-term shift to becoming a domestic consumer-driven economy. As the world’s second largest economy continues to grow at more than seven percent a year, the shipping industry will likely see further growth in new vessel deliveries in 2013, said Xu (more…)

MARKETS: EIA predicts OPEC revenue to decline in 2013 after reaching record US$1.052 trillion in 2012

(EnergyAsia, December 28 2012, Friday) — Amid falling oil prices, OPEC’s net oil export revenues will fall by 9.2% next year to US$955 billion after reaching a record US$1.052 trillion in 2012, predicts the US Energy Information Administration’s (EIA). In 2011, the 12-member Organisation of the Petroleum Exporting Countries earned US$1.27 trillion from oil exports (more…)

SINGAPORE: Keppel’s 2012 rig orders almost equal last year’s record S$10 billion

(EnergyAsia, December 28 2012, Friday) — With three new contracts worth a total S$420 million, Singapore’s Keppel Offshore & Marine Ltd said the combined value of its rig orders for 2012 reached S$9.9 billion, just short of last year’s record S$10 billion. (US$1=S$1.22). Two of the contracts went to Keppel Singmarine Pte Ltd while the (more…)

AUSTRALIA: IEA wants government to establish emergency oil stockpile

(EnergyAsia, 28 2012, Friday) — The Australian government is mulling over a call the International Energy Agency (IEA) that it should build up a national oil stockpile and reduce reliance on private companies to meet any demand for emergency oil supplies. The Paris-based agency has criticised Canberra for failing to meet the minimum 90-day supply...

This article is for Subscriber members only.
Log In Register

KUWAIT: KNPC awards Foster Wheeler US$500 million contract to manage clean fuels project at two refineries

(EnergyAsia, December 27 2012, Thursday) — Switzerland-based Foster Wheeler AG said its global engineering and construction group has been awarded a US$500 million project management and consultancy (PMC) services contract for a clean fuels project at the Mina Al-Ahmadi and Mina Abdullah refineries in Kuwait. Kuwait National Petroleum Company (KNPC), which awarded the contract, is (more…)

CHINA: Oil demand at record high of 10.5 million b/d in November, says Platts

(EnergyAsia, December 27 2012, Thursday) — China’s apparent oil demand surged 9.1% year-on-year in November to a record high to 42.96 million metric tons (mt), or an average 10.5 million b/d, said US energy media Platts. In an analysis of recent Chinese government data, Platts said the November demand surpassed the previous record high of...

This article is for Subscriber members only.
Log In Register

JAPAN: Japex to invest C$1.1 billion to boost Canadian oil output to 30,000 b/d, awaits partner Nexen’s decision

(EnergyAsia, December 27 2012, Thursday) — After decades of relative inaction in Canada’s oil-rich Alberta province, Japan Petroleum Exploration Co (Japex) said it plans to invest C$1.1-billion to boost production at its jointly-owned Hangingstone field from about 6,000 to 7,000 b/d to 30,000 b/d from 2016. (US$1=C$0.99). Japan’s second largest upstream company said subsidiary Japan (more…)

RUSSIA: Putin opens second pipeline to double ESPO crude export to Asia

(EnergyAsia, December 27 2012, Thursday) — Russia’s Transneft has started up the US$11 billion second branch of the East Siberia Pacific Ocean (ESPO-2) pipeline to double its 15-million tonne/year export of the ESPO blend crude oil to Asia and the US. Completed after six years, the 4,200-km pipeline, which ends at the Far Eastern port...

This article is for Subscriber members only.
Log In Register

RUSSIA: Gazprom continues talks with CNPC to supply natural gas to China

(EnergyAsia, December 26 2012, Wednesday) — Russia’s gas giant Gazprom said it is continuing talks with China National Petroleum Corp (CNPC) to secure a long-term deal to supply natural gas to China. Early this month, Gazprom chairman Alexey Miller met Zhou Jiping, CNPC’s President, at the Russian company’s Moscow headquarters in an attempt to narrow...

This article is for Subscriber members only.
Log In Register

INDIA: IEA says private refineries spearheading oil products export boom, but will soon face MidEast competition

(EnergyAsia, December 26 2012, Wednesday) — Private Indian refineries account for nearly half of this year’s global increase in crude oil processing capacity and are spearheading an oil products export boom, said the International Energy Agency (IEA). Having increased their capacity by nearly 50% over the past five years, Indian refiners are shipping their products...

This article is for Subscriber members only.
Log In Register

CHINA: BP to sell Yacheng gas field to Kuwait’s KUFPEC for US$308 million

(EnergyAsia, December 26 2012, Wednesday) — BP said it has agreed to sell its 34.3% interest in the Yacheng gas field in the South China Sea to Kuwait Foreign Petroleum Exploration Company (KUFPEC) for US$308 million cash. Expected to close in the second half of 2013 upon clearing regulatory, partner and third party approvals, the (more…)

MARKETS: IEA raised world oil demand forecasts on unexpected 4Q surge

(EnergyAsia, December 26 2012, Wednesday) — Following an unexpected surge in fourth-quarter consumption, the International Energy Agency (IEA) has raised its forecasts for world oil demand growth for 2012 and 2013. In its latest December monthly report, the Paris-based agency said world oil demand will grow by 800,000 b/d to 89.7 million b/d for 2012,...

This article is for Subscriber members only.
Log In Register

US: National self-sufficiency for natural gas seen, not crude oil, professionals tell Deloitte

(EnergyAsia, December 24 2012, Monday) — America can bank on plentiful domestic natural gas, but will have to continue relying on foreign oil, according to 250 oil and gas decision-makers who participated in a recent Deloitte survey. Three-quarters of the respondents think the US is already natural gas self-sufficient, or will be within 10 years. (more…)

RUSSIA: Gazprom completes world’s first LNG shipment through Arctic northern sea route

(EnergyAsia, December 24 2012, Monday) — Russian gas giant Gazprom said it has executed the first successful shipment of a liquefied natural gas (LNG) cargo through the Arctic northern sea route. This route cuts the maritime distance from Northern Europe to Northeast Asia by up to 40% compared to southern sea routes via the Suez (more…)

AUSTRALIA: Record petroleum production achieved in latest September quarter, says EnergyQuest

(EnergyAsia, December 24 2012, Monday) — Boosted by its surging natural gas output, Australia produced a record 143.2 million barrels of oil equivalent (mmboe) in the latest September quarter, according to Adelaide-based EnergyQuest. Australia’s natural gas production reached a record 611 petajoules (PJ) in the July-September period, surpassing the previous high of 547 PJ in (more…)

SRI LANKA: Government to buy back China Bay oil tank farm from Indian Oil Corp

(EnergyAsia, December 24 2012, Monday) — The Sri Lankan government is set to buy back the Trincomalee oil storage tank farm in northeastern China Bay now being leased to the Indian Oil Corporation (IOC). The leases was signed in 2002 by the United National Party (UNP) government when Colombo was fighting a civil war against...

This article is for Subscriber members only.
Log In Register

MOZAMBIQUE: Wartsila secured 138-million-euro contract to supply country’s largest gas-fired power plant

(EnergyAsia, December 21 2012, Friday) — Wartsila, a Finnish supplier of flexible and efficient power plant solutions, said it has signed a contract to supply and install the largest gas-fired power plant in Mozambique worth 138 million euro. (US$1=0.75 euro). The company said it will also construct a sub-station and a gas pipeline as part (more…)

PEOPLE: BG names Chris Finlayson to succeed Frank Chapman as CEO

(EnergyAsia, December 21 2012, Friday) — UK gas major BG has named Chris Finlayson to succeed the retiring Frank Chapman as chief executive from January 1. Mr Finlayson, 56, who joined BG from Royal Dutch Shell in 2010, overcame close competition from chief financial officer Fabio Barbosa and chief operating officer Martin Houston to take (more…)

MALAYSIA: Petronas raises Canadian project value to between C$9 and C$11 billion, triples unconventional gas reserves

(EnergyAsia, December 21 2012, Friday) — With the acquisition of Canadian natural company Progress Energy, Malaysia’s state energy firm Petronas has raised the value of its proposed investment in an export-oriented liquefied natural gas (LNG) project which includes a terminal at Prince Rupert Port to between C$9 and C$11 billion as well as nearly tripled...

This article is for Subscriber members only.
Log In Register

CHINA: PetroChina, Encana to form C$2.18 billion JV to develop Canadian gas reserves

(EnergyAsia, December 20 2012, Thursday) — A PetroChina International subsidiary and Canada’s Encana Corp have signed a C$2.18 billion venture to jointly develop the latter’s Duvernay gas reserves in Alberta province. (US$1=C$0.99). Encana said it did not need to seek the approval of the Canadian government as Phoenix Duvernay Gas would acquire a 49.9% stake (more…)

SAUDI ARABIA: Petrofac awarded US$1.4 billion EPC contracts for refinery project

(EnergyAsia, December 20 2012, Thursday) — UK’s Petrofac said it has been awarded two engineering, procurement and construction (EPC) packages worth a total of US$1.4 billion for a US$4 billion oil refinery and storage terminal project in the southwestern Saudi Arabian city of Jazan. Saudi Aramco, which awarded the contracts, expects to start up the (more…)