Archive | February, 2013

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CHINA: CNOOC to pay US$1.02 billion for 50% stake in US shale developer Chesapeake Energy

(EnergyAsia, February 28 2013, Thursday) — Hours after CNOOC Ltd completed its US$15.1 billion purchase of Canada’s Nexen, another Chinese state Sinopec said it had agreed to pay more than US$1 billion for a 50% stake in US-based Cheaspeake Energy which is developing oil-rich shale fields in Texas, Colorado and Wyoming states. The swoop will […]

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MARKETS: OPEC boosts forecast for 2013 oil demand to 89.68 million b/d

(EnergyAsia, February 28 2013, Thursday) — Bowing to further evidence of a near-term global economic recovery, the Organisation of Petroleum Exporting Countries (OPEC) raised its forecast for 2013 world oil demand growth to 840,000 b/d after holding it unchanged at under 800,000 b/d the three previous months. In its February report, OPEC said it expects […]

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COMPANY: ExxonMobil to name chiefs of production, and gas and power marketing subsidiaries

(EnergyAsia, February 28 2013, Thursday) — Exxon Mobil Corporation said its board is expected to appoint Tom Walters as president of ExxonMobil Production Company and Rob Franklin as president of ExxonMobil Gas & Power Marketing Company from March 1. Mr Walters, the president of ExxonMobil Gas & Power Marketing Company and a vice president of […]

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ASIA: IEA backs consuming nations’ call for change to LNG pricing system, cites Singapore’s potential role

(EnergyAsia, February 28 2013, Thursday) — To the delight of Asia’s energy-importing countries paying the world’s highest fuel prices, the International Energy Agency (IEA) has thrown its considerable weight behind the region’s growing call for reforms to pricing of the international natural gas trade. In a report, “Developing a Natural Gas Trading Hub in Asia”, […]

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CHINA: CNOOC Limited completes acquisition of Canada’s Nexen Inc

(EnergyAsia, February 27 2013, Wednesday) — Seven months after launching its troubled takeover bid, Chinese state-owned CNOOC Limited said it has completed the US$15.1 billion acquisition of Canada’s upstream company Nexen Inc. Operating as a wholly owned subsidiary of CNOOC Limited, Nexen will continue to be led by CEO, Kevin Reinhart, who has been with […]

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AUSTRALIA: Caltex recovers from 2011 loss to report A$57 million profit for 2012

(EnergyAsia, February 27 2013, Wednesday) — Caltex Australia has returned to profitability reporting a A$57 million net gain last year to reverse the huge A$714 million loss for 2011. (US$1=A$0.97). The country’s largest downstream company said its performance was helped by increased production at its two refineries and higher sales of gasoline, diesel and jet […]

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IRAN: Oil products storage terminal starts up in Kerman city

(EnergyAsia, February 27 2013, Wednesday) — Iran has started up a new oil products storage terminal in the southeastern city of Kerman. The National Iranian Oil Products Distribution Company, a subsidiary of state NIOC, invested more than US$50 million to develop the 350,000-cubic metre terminal to store gasoline, jet fuel, kerosene and diesel. According to […]

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ASIA: Canada must seize opportunity to export oil and gas to emerging markets, says former Cabinet minister Prentice

(EnergyAsia, February 27 2013, Wednesday) — Canada must capitalise on its numerous advantages to develop an industry exporting oil and gas to the fast-growing markets of Asia and reduce its traditional dependence on the US, said former Cabinet minister Jim Prentice. In making this call yet again at a liquefied natural gas (LNG) conference in […]

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MARKETS: EIA projects world oil demand growth to accelerate in 2013 and 2014

(EnergyAsia, February 27 2013, Wednesday) — The US Energy Information Administration (EIA) has revised upwards its forecast for world oil demand growth for 2013 and 2014, reflecting improving economic conditions. In its February short-term energy outlook report, the agency said it expects world oil consumption, led by developing Asia, to rise by 1.18% to 90.21 […]

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INDIA: Indian Oil Corp reports 34% rise in net profit for Oct-Dec 2012 quarter, but losses surged for the year

(EnergyAsia, February 26 2013, Tuesday) — Citing increased production, sales of oil products and government compensation, state-owned Indian Oil Corporation (IOC) said its net profit for the October-December 2012 quarter rose 33.9% to 33,319.6 million rupees. (US$1=55 rupees). India’s main refining and marketing company said government compensation amounting to 134,750 million rupee enabled it to […]

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