Archive | December, 2012

Offshore Oil Drilling Platform

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 […]

Continue Reading 0
US-1

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 […]

Continue Reading 0
SINGAPORE-1

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 […]

Continue Reading 0
CHINA-1

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 […]

Continue Reading 0
MARKETS-4

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 […]

Continue Reading 0
SINGAPORE-1

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 […]

Continue Reading 0
KUWAIT-1

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 […]

Continue Reading 0
CHINA-1

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 […]

Continue Reading 0

Developed by Bowtie