(EnergyAsia, May 31 2013, Friday) — With its easy access to low-cost feedstock and proximity to the fast-growing markets of Asia and Africa, the Middle East is set to dominate the global petrochemicals industry by 2020, say experts at a recent industry event in Dubai. Middle Eastern companies are also raising their performance by adopting…
(EnergyAsia, May 31 2013, Friday) — ExxonMobil said it has boosted production of ethylene and other downstream chemicals on Singapore’s Jurong Island with the start-up of its long-delayed second world-scale steam cracker.
Integrated with the existing petrochemical complex and powered by a 375-megawatt cogeneration plant, the new plant will enable the US major to increase production at three polyethylene plants, two polypropylene plants, a specialty metallocene elastomers unit and the expanded oxo-alcohol and aromatics units over the next few weeks.
With the expansion completed last December, ExxonMobil said it has begun producing commercial grades of new products such as specialty metallocene elastomers for the first time in the Asia Pacific region.
“This expansion gives ExxonMobil unparalleled feedstock flexibility in the industry and positions the Singapore petrochemical complex well to serve growth markets from China to the Indian sub-continent and beyond,” said Matthew Aguiar, chairman and managing director, ExxonMobil Asia Pacific Pte Ltd.
“We are committed to meeting the regional demand for petrochemical products and to contributing to Singapore’s growth.”
During more than 83 million hours of project work, the major said it set an industry-leading record in construction safety without an injury involving a lost day of work.
“We successfully completed the commissioning of the steam cracker and we are now focused on ensuring that the plant operates safely and reliably,” said Georges Grosliere, venture executive and manufacturing director of the Singapore Chemical Plant, ExxonMobil Chemical Company.
“The scale and complexity of this expansion project, which doubled the steam-cracking capacity, demanded a strong focus on safety, operational integrity and discipline.”
ExxonMobil has operated in Singapore for 120 years and is one of Singapore’s largest foreign manufacturing investors. The company has expanded refining and petrochemical production in Singapore to meet expected demand for transportation fuels and the chemicals used for plastics and other manufacturing across the Asia Pacific region.
(EnergyAsia, May 31 2013, Friday) — Coal companies have helped launch another two indices to track the price of the commodity produced and traded in China, adding to two already in use since 2006. Producers in coal mining Shanxi province have helped create the China Taiyuan Coal Transaction Price Index, which they claim is the…
(EnergyAsia, May 30 2013, Thursday) — Papua New Guinea’s economy will have a powerful new engine next year when an Exxon Mobil-led consortium starts up a US$19-billion plant near Port Moresby to export liquefied natural gas (LNG) to Asia. Starting with two trains with a combined 6.6-million-ton/year capacity, the PNG LNG project will help the…
(EnergyAsia, May 30 2013, Thursday) — Companies will maintain a high level of investment in Australia’s resource sector through 2015, building on this year’s projected record A$85 billion on natural gas, coal, iron ore and other resource projects, said UK-based consultant Wood Mackenzie. (US$1=A$1.03).
Chris Graham, the company’s Head of Australasia Upstream Research, expects natural gas development to be the star attraction, taking in a projected A$48 billion worth of investment in 2013 and A$50 billion next year.
Iron ore, the second most popular resource play, is seen attracting a record high A$22 billion worth of investment, followed by coal which will account for about approximately 10% of 2013 spending.
Gero Farruggio, the company’s Head of Global Metals and Mining Supply Research, said:
“The Australian iron ore sector has invested heavily over the past five years, lifting Australia’s share of global seaborne trade from 35% in 2007 to 44% in 2012. Capital investment in the Australian iron ore sector will reach a peak in 2013 as infrastructure construction and mine expansions are completed by the majors, and Chinese steel production growth moderates. Australia’s dominance will increase further, taking its share of global seaborne trade to over 50% by 2016, as major Pilbara-based mine and infrastructure investments come to fruition.
“Coal will remain subdued over the next few years due to the tough price environment but the resumption of deferred projects, and development of new producing areas, will keep capital spending strong through to 2017.
“This will drive an increase in coal’s proportion of overall capital spend in Australia, taking over iron ore’s position as the commodity with the second highest investment.”
Two states, Western Australia (WA) and Queensland (QLD), will draw a total of A$24 billion of investments or 83% of total capital expenditure in 2013. Most of the spending will be accounted for by large gas and iron ore projects.
Wood Mackenzie expects iron ore projects to lift resource sector investment in WA to record levels.
Committed capital spend for the seven LNG projects that are under construction will ensure that investment remains high for the next three years at least, particularly in WA and QLD. Investment in Northern Territory will also peak over this period, primarily due to construction of the Ichthys project off Darwin.
Mr Graham said: “The outlook for the next three years confirms the strength of the Australian resource sector, as we see investments being made based on decisions taken during the boom years. Today’s decision makers are faced with different challenges in a changing environment. A new wave of major gas and iron ore projects are needed to maintain these levels of investment in the longer-term.”
(EnergyAsia, May 30 2013, Thursday) — With oil prices and production under pressure from slowing global demand, the economies of oil producing countries in the Middle East and North Africa (MENA) region will grow at a combined rate of 3.2% this year, down from 5.7% in 2013, said the International Monetary Fund (IMF). But with…
(EnergyAsia, May 29 2013, Wednesday) — The Philippines’ main oil refining and retailing company said it has started building storage facilities in three provinces to support growing local fuel demand as it prepares for the eventual closure of the country’s traditional storage and distribution hub in Pandacan in Manila city. Petron Corp expects to complete…
(EnergyAsia, May 29 2013, Wednesday) — Intertek, a leading global quality solutions provider, said it has invested £900,000 to develop a new centre in Malaysia to provide enhanced services to the oil exploration and production (E&P) sector in Southeast Asia. (US$1=£0.66).
Based in Kuala Lumpur, the facility includes two specialised laboratories to support Intertek’s plan to expand services for its E&P business as well as provide consultancy, technical support and testing services for the region. One of the laboratories analyses oil and gas samples while the other provides production chemistry, microbiology and corrosion testing services.
Started up last November, the three-floor, 10,000-sq foot facility was officially opened two weeks ago. The office has capacity for 30 people and recruitment plans are underway to increase the workforce by a third.
Intertek said it has been growing its business in the region over the past two years through a number of significant contract wins, particularly in production chemistry, corrosion and chemical testing. To date, these projects have been delivered from its production and integrity assurance centres of excellence in the UK.
Intertek said it has relocated two of its managers from the UK to the new office. Tom Whitfield is E&P manager while Douglas Bennet is microbiology manager, both with responsibility for Southeast Asia.
Dr Whitfield said: “Intertek has seen a growing demand for local testing and support services in Southeast Asia. We see Malaysia as the focal point for the region because it has a mature oil and gas market and also a large amount of exploration.
“Our facility is targeted at technology needs encountered by our clients. It will give them easier access to international experts in a range of disciplines from production chemistry and microbiology to materials performance and corrosion. Our aim is to reduce risk in the local industry through accurate, analytical assessment and testing.
“Malaysia is an established oil producer and continues to attract new activity by local and international energy companies in the region. Intertek plans to be a contributor to that success through the integrated support and services our new facility offers to companies operating in the region.”
(EnergyAsia, May 29 2013, Wednesday) — China’s April oil demand rose by 2.1% to 9.66 million b/d, or 39.54 million metric tonnes, its lowest level last August, said US energy media Platts. In an analysis of just-released official government data, Platts said Chinese oil consumption fell compared with March’s average of 9.77 million b/d. For the…
(EnergyAsia, May 28 2013, Tuesday) — Saudi Arabia’s economy will face headwinds over the next two years on account of lower oil production, rising inflation and reduced fiscal and current account surpluses, said the International Monetary Fund (IMF). The kingdom’s GDP growth is expected to slide to 4.4% this year and 4.2% in 2014 after…
(EnergyAsia, May 28 2013, Tuesday) — A combination of reforms and rising natural gas production is attracting investors and blowing life into Myanmar’s previously stagnant economy, said the International Monetary Fund (IMF).
For the current financial year to March 2014, the agency expects Southeast Asia’s latest emerging economy to grow by 6.75% to follow on last year’s 6.5% expansion.
In praising the government for undertaking economic reforms, the IMF provided other positives, predicting inflation to stay at around 5.5% and international reserves to continue rising as foreign direct investment inflows outweigh a widening current account deficit.
“The authorities’ ambitious reform programme is bearing fruit, with macroeconomic stability and high investor interest,” said Matt Davies, the IMF’s Mission Chief for Myanmar after a 15-day visit to the country.
“Budget policy has managed to balance the twin goals of addressing Myanmar’s large development needs and maintaining macroeconomic stability.”
Mr Davies warned that the country faces risks from its limited macroeconomic management capacity to deal with the rapid, broad-based economic transition currently underway.
Mr Davies’ team met with Finance Minister U Win Shein, Deputy Minister U Maung Maung Thein, Central Bank Governor U Than Nyein along with representatives from think tanks, private sector and donor community.
Myanmar has begun to increase the speed of its political and economic reforms after the military regime, which had ruled with an iron fist for decades, handed power over to civilian rule in 2011.
(EnergyAsia, May 28 2013, Tuesday) — Canada’s Federal Court has ruled on several points in favour of a government decision to allow a coal mining company to hire 201 temporary foreign workers from China deemed to have special skills not available among Canadians. The decision brought to a close a high-profile bitter battle brought on…
(EnergyAsia, May 27 2013, Monday) — Reliance Industries Limited (RIL) and its partners BP and Niko Resources Ltd said they have made a “significant” gas and condensate discovery in the KG D6 block off the eastern coast of India.
The KGD6-MJ1 well was drilled in a water depth of 1,024 metres – and to a total depth of 4,509 metres – to explore the prospectivity of a Mesozoic Synrift Clastic reservoir lying over 2,000 metres below the already producing reservoirs in the D1-D3 gas fields, said BP.
Formation evaluation indicates a gross gas and condensate column in the well of about 155 metres in the Mesozoic reservoirs. In the drill stem test, the well flowed 30.6 million standard cubic feet per day (mmscf/d) and liquid rate of 2,121 b/d with a choke of 36/64 inches with a flowing bottom hole pressure of 8,461 psia suggesting good flow potential. Well flow rates during such tests are limited by the rig and well test equipment configuration.
The discovery, named ‘D-55’, is expected to add to the hydrocarbon resources in the KG D6 block. Appraisal will now commence to better define the scale and quality of the field, said BP.
RIL is the operator of KG D6 with 60% equity while BP has a 30% share and Niko the remaining 10%.
P.M.S. Prasad, RIL’s executive director, said:
“This is a successful outcome of the combined exploration efforts of the joint venture partners with the active support of the GoI. We shall embark on the appraisal program in the next few months in order to evaluate the options for developing this discovery.
Mike Daly, BP’s executive vice president for exploration, said:
“The discovery demonstrates the effective technical co-operation between the partners, allowing us to make a new and significant discovery within KG D6. It follows an 18 month drilling time-out and detailed geoscience work that has re-focused our India exploration program and delivered this early success.”
Edward Sampson, chairman, President and CEO of Niko Resources Ltd, said:
“We congratulate our partners and the government of India as co-operation in an event like this shows what good can be created for the energy sector and most importantly, for the people of India.”
The discovery was announced a week after BP held its first board meeting in India and met with senior Indian government and business leaders including the country’s President, Pranab Mukherjee.
In February 2013, BP and Reliance had announced a plan to enhance KG D6 block’s reserves to four trillion cubic feet (tcf). BP believes India has the potential to find significantly more oil and gas, which requires policy and regulatory support to attract the investment, right technology and capability to find and develop the resources.
(EnergyAsia, May 27 2013, Monday) — Oman’s Takamul Investment Co and Singapore’s Sembcorp have announced they will jointly develop centralised utilities facilities for the Duqm Special Economic Zone (SEZ) in the Middle Eastern country.
Takamul, an Oman Oil Company subsidiary, will be the majority owner with a 65% stake in building the country’s first centralised facilities to supply power, steam, water, sewerage treatment and on-site logistics services to industrial customers in what will become one of the world’s largest industrial and commercial hubs in southern Oman. The new joint venture firm, Centralised Utilities Company (CUC), will have an initial share capital of one million Omani rial. (US$1=0.38 rial).
Sembcorp and Takamul intend to invest in separate special purpose companies to develop and own facilities supplying CUC with energy, water and other on-site logistics. CUC will operate and maintain the facilities.
Strategically located along the Gulf of Oman with a long coastline running along the Arabian Sea, Duqm is being developed as a major gateway for the oil trade in the Middle East as well as an regional industrial and commercial hub.
With an 80-kilometre coastline, the 1,777-sq km Duqm SEZ will rank as the largest in the Middle East and North Africa region and one of the largest in the world. It will be administered, regulated and developed by the Duqm Special Economic Zone Authority, a financially and administratively independent government entity.
To be developed in three phases through 2025, Duqm will include a sea port, city centre, industrial zone, tourism zone, logistics centre and an education and training zone, all supported by a multimodal transport system connecting the SEZ to nearby regions.
SembCorp said Duqm will showcase Oman’s first centralised utilities model, building on the company’s considerable expertise and operating experience in this field.
“Under this unique model, multiple customers are offered an integrated supply of energy, water and on-site logistics produced by centralised facilities. By outsourcing critical utilities to Sembcorp, companies can focus on their core business and save on investment and operating costs. They can also be assured of reliable solutions which meet stringent environmental standards.
“From its beginnings in Singapore’s petrochemical hub, Jurong Island, this model has been successfully replicated in key industrial sites internationally. Including Duqm, Sembcorp’s centralised utilities model has now been implemented in 10 sites across Singapore, the UK, China and the Middle East. The company also lends its expertise to develop local resources in markets where it operates through skills and knowledge transfer programmes.”
Nasser bin Khamis Al Jashmi, Oman Oil Company’s chairman, said:
“The CUC will contribute to His Majesty’s vision of developing Duqm as a major national and international hub supporting the economic development of Oman. We are happy that Takamul and Sembcorp have joined forces and together we are confident of a very successful outcome.”
Nabil Al-Ghassani, Takamul’s CEO, said:
“Sembcorp was selected through a very extensive evaluation process of a number of utilities providers, because of their considerable expertise and operating experience in this field.”
Sembcorp’s presence in Duqm will mark its second project in Oman.
Earlier, the company celebrated the official opening of its first operation in Oman, the Salalah Independent Water and Power Plant. The plant supplies 445 megawatts of power and 15 million imperial gallons (69,000 cubic metres) per day of desalinated water to state-owned Oman Power and Water Procurement Company under a 15-year power and water purchase agreement.
(EnergyAsia, May 27 2013, Monday) — Sincro Energy Systems has opened an office and a centre in Singapore for distributing a range of rotating electrical machines for Italy’s Soga SpA to Asia.
At last week’s launch ceremony attended by Enrico Soga, Soga’s CEO, and 50 business partners, the company announced that Sincro Energy Systems would be distributing Soga, Sincro, Agrowatt and Soga brands of products.
Soga SpA is the leading company of Soga Energy Team, which designs and creates rotating electrical machines with a broad range of industrial, marine and energy applications.
Manufactured in northern Italy, Soga said the products are made in accordance with ISO 9001 certification and come with a guarantee of reliability. All stages of manufacture, from die-casting of lightweight aluminum bodies to winding of stators and rotors and final assembly are handled by the Italian factory’s production staff, enabling stringent quality control.
Mr Soga said: “To create great products, you need power behind the process”, says Enrico Soga. “No one knows better how to harness power for industrial use than the Soga Energy Team. Made in Italy, our products have the quality guaranteed that comes from being manufactured in Europe.
“We want to be here to stay as close as possible to our customers, to understand what they want and to reinforce our presence and service offering. By being close to the market, we believe we can offer better engineering solutions.”
(EnergyAsia, May 27 2013, Monday) — Papua New Guinea’s vision for an export-oriented liquefied natural gas (LNG) industry has been further enhanced by Exxon Mobil’s interest to expand its presence following on Osaka Gas’s decision to pay US$204 million for a 40% stake in natural gas assets. Exxon Mobil, which expects to start exporting LNG…
(EnergyAsia, May 23 2013, Thursday) — Malaysian state energy firm Petronas has taken another step forward in developing its proposed C$5 billion liquefied natural gas (LNG) terminal in western Canada with the award of front-end engineering and design (FEED) contracts this week.
Pacific NorthWest LNG Ltd, a Petronas subsidiary, announced it has awarded the contracts for the Lelu Island terminal near Prince Rupert port in British Columbia to three international contractors, Bechtel of the US, a joint venture between KBR of the US and Japan’s JGC, and a consortium comprising France’s Technip, South Korea’s Samsung Engineering and China Huanqiu.
Due for start-up in 2018, the terminal will initially comprise two trains each with a capacity to export six million tonnes of LNG per year that will be followed by a third train of the same size. The trains would liquefy and export natural gas produced by Petronas subsidiary Progress Energy Canada in northeastern British Columbia.
“These competitive contract awards represent an important next step towards Pacific NorthWest LNG designing and constructing a world-class LNG export facility in the District of Port Edward near Prince Rupert,” the company said. It plans to recruit and hire up to 30 Canadian engineers who will be temporarily embedded with the FEED contractors over the next one to two years.
The plan is to complete the project’s FEED as well as its engineering, procurement, construction and commissioning (EPCC) bids by August 2014. This will enable the company’s shareholders, Petronas and Japan’s Japex, to make the final investment decision on the project by end-2014.
Following completion of the FEED work and awarding of the engineering, procurement, construction and commissioning work, the Canadian team of engineers will be relocated to Pacific NorthWest LNG’s Vancouver office or at the site in the Prince Rupert area.
“This world-class engineering and design work provides a tremendous opportunity to begin the process of creating an LNG knowledge centre here in Vancouver,” said Greg Kist, President of Pacific NorthWest LNG.
“Hiring Canadian engineers and placing them in companies with decades of international experience in LNG engineering will ultimately pay long-term dividends in establishing a base of Canadian LNG engineering expertise in our British Columbia operations.”
British Columbia’s Premier Christy Clark, whose government was decisively re-elected last week partly on the economic momentum provided by the spate of LNG projects flowing into the province, welcomed Pacific NorthWest’s contract award.
“LNG development is a once-in-a-lifetime opportunity to gain a foothold in a global industry, create well-paying jobs for British Columbians today, and keep us on the path to a debt-free BC,” she said.
Pacific NorthWest has signed up Japex Montney Ltd, the Canadian subsidiary of Japan Petroleum Exploration Co Ltd (Japex), as its first customer.
Japex, which had earlier agreed to acquire a 10% stake in Progress Energy’s natural gas assets and the proposed LNG terminal, has purchased 10% of its output for 20 years from 2018.
With the confirmed first sales of both production and equity in the project, Petronas could look to hive off another 40%, leaving it with about half the proposed C$15 billion development.
Petronas will have to move fast as earlier in the month, UK gas producer and trader BG Group revealed more details about its plan to also build an LNG-export terminal in Prince Rupert. The British Columbia government has received at least 10 firm proposals from international companies to build LNG export projects.
BG’s proposed US$16 billion terminal on Ridley Island will export 25 million tonnes of LNG a year or 3.3 billion cubic feet (bcf) per day from 2021. The London-listed company has teamed up with Canada’s Spectra Energy Corp to build a 850-km pipeline to deliver up to 4.2 bcf/day of natural gas from British Columbia and Alberta to the proposed plant.
(EnergyAsia, May 23 2013, Thursday) — Citadel Capital, an Egypt-based leading investment company in Africa and the Middle East, said its subsidiary, Mashreq Petroleum, has secured a 25-year concession agreement to build and operate an independent oil storage terminal in the Suez Canal, making it the first in the country. Mashreq Petroleum’s agreement with the…
(EnergyAsia, May 23 2013, Thursday) — POWER‐GEN Asia and Renewable Energy World Asia, the region’s premier conference and exhibition for the power generation industry, will return to Bangkok, Thailand from October 2 to 4 2013 at the IMPACT Exhibition & Convention Centre.
POWER‐GEN Asia, together with Renewable Energy World Asia, are a leading platform for the power industry to network and discuss solutions for advancing Asia’s energy future. Attracting 7,000 delegates and attendees from over 60 countries from across Southeast Asia and around the world, it is the industry’s premier conference and exhibition dedicated to the power generation, renewable and alternative energy industries.
The POWER‐GEN Asia and Renewable Energy World Asia conference is a key forum for senior executives, industry leaders and senior engineers to discuss a range of important topics, the latest issues and solutions, in order to meet the challenge of the growing demand for electricity in the region, all under the 2013 conference theme of “Advancing Asia’s Energy Future”.
For the first time, the event will include an Industrial Water Day as part of its conference programme. Water Day will take place on October 3 in conjunction with the other four conference tracks.
POWER‐GEN Asia has the support of Thailand’s main utilities, state energy organisations and industry trade bodies including Electricity Generating Authority of Thailand (EGAT), Provincial Electricity Authority (PEA), Metropolitan Electricity Authority (MEA), and the Department of Alternative Energy Development and Efficiency; Ministry of Energy (DEDE). The event also has the support of the country’s top industry trade bodies including the Thailand Convention & Exhibition Bureau, Asian Institute of Technology, Thailand Greenhouse Gas Management Organisation, Institute of Engineers Singapore, Independent Power Producers Forum (IPPF), Thai‐European Business Association, Thailand Environment Institute, Environmental Engineering Association of Thailand, World Alliance for Thai Decentralized Energy, Centre for Energy Environment Resources Development, Philippine Independent Power Producers Association, the Energy Research & Development Institute, International Generator Technical Community, and the Petroleum Institute of Thailand.
The event’s director, Debbie Stanford‐Kristiansen, said:
“We are delighted that POWER‐GEN Asia will be returning to Thailand from October 2 to 4 where we hope to continue upon the achievements of our 20th anniversary edition, in Bangkok last year where we held our most successful event in the show’s history, and enjoyed great support from leading organisations and governments from Thailand and South‐East Asia as a whole.
“As a net importer of energy, Thailand is central to the Southeast Asia region’s power development plans and a vital part of a region undergoing change, a key component of this being the US$100 billion investment in the energy industry and its infrastructure within this part of the world.”
Nigel Blackaby, POWER‐GEN Asia conference director, said:
“The 2013 conference programme is once again taking shape impressively. With a vast amount of abstracts received for the Advisory Board to review this has resulted in a four‐track programme featuring strategic and technical presentations.
“Special focus this year will be on finance and investment within the sector, the influence of fuel pricing and availability on power generation planning, and the importance of energy security to countries that lay within the South‐East Asia region.
“The technical sessions will feature an all‐round look at the latest gas turbine developments, cogeneration and CFB based power plants. There is a real focus regarding growth and opportunity in Asia in this year’s programme and we look forward to some lively and interesting debates at this event.”
(EnergyAsia, May 23 2013, Thursday) — The US Energy Information Administration (EIA) has slashed its forecasts for global oil demand growth over the next two years amid signs of slower economic growth in China, India and emerging Asia and possible further weakening in the Euro-zone. In its latest May forecast, the EIA expects world oil…
(EnergyAsia, May 22 2013, Wednesday) — Russian upstream company Rosneft will build on two major agreements with ExxonMobil and Japanese trader Marubeni last month to become a global liquefied natural gas (LNG) company. With the open support of Russian President Vladimir Putin, Rosneft and ExxonMobil unveiled plans for a US$15 billion plan to develop and…
(EnergyAsia, May 22 2013, Wednesday) — The world’s oil demand will grow by a total of 6.1 million b/d between 2013 and 2017 for an annual average gain of 1.22 million b/d, predicts the International Energy Agency (IEA). The size of increase over the five-year period represents a significant mark-up over the agency’s recent forecasts…
(EnergyAsia, May 22 2013, Wednesday) — Continuing its international expansion, Malaysia’s state energy firm Petronas said it will pay US$850 million for a 40% share in two blocks of Brazil’s offshore Tubarao Martelo oil field.
Petronas, which only recently acquired Canada’s Progress Energy for C$5.9 billion, will acquire the blocks from Brazilian producer OGX Petroleo e Gas Participacoes SA. The blocks are located in the shallow waters of the Campos Basin 95km off the coast of Rio de Janeiro state.
The Malaysian firm has the option to acquire a 5% stake in OGX for a price of 6.30 reais per share from founder and controlling shareholder Eike Batista who is restructuring the company.
Brazil is considered to be one of the world’s top holders of hydrocarbon reserves, with about 145 billion barrels of oil reserves. The proposed acquisition will mark Petronas’s entry into Brazil’s upstream sector.
Law firm Herbert Smith Freehills said it advised OGX on the sale while Bank of America Merrill Lynch provided exclusive financial advice to Petronas.
(EnergyAsia, May 22 2013, Wednesday) — Boosted largely by North America’s surge, oil production outside of the Organisation of Petroleum Exporting Countries (OPEC) is expected to rise by 980,000 b/d to 53.96 million b/d in 2013, the cartel said. In its latest monthly report for May, OPEC said North America’s oil production would account for…
(EnergyAsia, May 21 2013, Tuesday) — China is expected to add 245 million barrels of new capacity to its strategic oil stockpile building programme by 2015, lending support to the global markets, said the International Energy Agency (IEA). In an earlier forecast last year, the Paris-based agency had expected the world’s second largest oil consumer…