Archive | December, 2012

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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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. […]

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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 […]

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