MARKETS: IEA trims forecast for global oil demand to 90.56 million b/d

(EnergyAsia, June 28 2013, Friday) — Amid the weaker outlook for world economic growth, the International Energy Agency (IEA) has reduced its forecast for this year’s global oil consumption to 90.56 million b/d, down from its previous May forecast of 90.64 million b/d. “Relatively sluggish macroeconomic conditions are expected to keep a lid on growth (more…)

MARKETS: OPEC expects further slowdown in oil demand growth for 2013

(EnergyAsia, June 28 2013, Friday) — The Organisation of Petroleum Exporting Countries (OPEC) said it is ready to downsize its forecast for global oil consumption growth this year in view of possible weakening in the world economy. In its June oil market report, the cartel kept its forecast for global oil demand virtually unchanged for (more…)

INDIA: Sembcorp’s jointly-owned power plant secures second coal supply deal

(EnergyAsia, June 28 2013, Friday) — Singapore’s Sembcorp Industries said its joint venture firm, Thermal Powertech Corporation India (TPCIL), has secured a 20-year deal for coal supply to its 1,320MW power plant now under construction in Andhra Pradesh state. Mahanadi Coal Fields, a subsidiary of state-owned Coal India, has agreed to provide an annual supply (more…)

ANGOLA: CNPC unit pays US$1.52 billion for 10% stake in offshore oil field

(EnergyAsia, June 27 2013, Thursday) — China National Petroleum Corp (CNPC) said a fully owned subsidiary has agreed to pay US independent Marathon Oil Corp US$1.52 billion for its 10% stake in an offshore oil and gas field in Angola. Subject to government, regulatory and third party approvals, Sonangal Sinopec International Ltd will acquire the (more…)

RUSSIA: CNPC to acquire 20% stake in Novatek’s Yamal LNG project

(EnergyAsia, June 27 2013, Thursday) — China’s largest oil and gas producing company has agreed to acquire a 20% stake in Russia’s US$20-billion Yamal liquefied natural gas (LNG) project for an undisclosed sum. China National Petroleum Corp (CNPC) will join France’s Total as equal minority owners with operator Novatek, Russia’s second-biggest natural gas producer, still (more…)

US: EIA issues another bullish report on domestic oil production outlook, but skeptics abound

(EnergyAsia, June 27 2013, Thursday) — US crude oil production could nearly double to a high of 10 million b/d between 2020 and 2040 “under certain conditions”, said the Energy Information Administration (EIA) in its latest 30-year outlook report. These conditions include the actual level of crude oil resources available, the difficulty or ease in (more…)

NIGERIA: Shell-led company to invest US$3.9 billion in two projects to boost oil and gas production

(EnergyAsia, June 26 2013, Wednesday) — A Shell-led joint venture firm in Nigeria said it will invest a total of US$3.9 billion in building the Trans Niger Pipeline loop-line (TNPL) oil pipeline and the second phase of the Gbaran-Ubie project to boost natural gas production in the West African country. The Shell Petroleum Development Company (more…)

INDONESIA: Germany’s HMS Bergbau AG sells port operations to become “pure-play” coal trader and marketer

(EnergyAsia, June 26 2013, Wednesday) — HMS Bergbau AG, a Germany-based international coal producing and trading company, said it has sold its port operations in Indonesia as part of a plan announced in 2011 to focus on becoming “a pure-play trading and marketing company.” Without disclosing details, the Berlin-based company said the sale will result (more…)

IRAQ: India looking to increase oil imports and opportunities to invest in upstream sector

(EnergyAsia, June 26 2013, Wednesday) — Iraq said it will meet India’s growing oil demand as the two countries pledged to expand economic relations following a meeting between their foreign ministers in Baghdad. Salman Khurshid’s visit, the first by an Indian foreign minister since 1990, was warmly welcomed by his Iraqi counterpart Hoshyar Zebari as (more…)

CHINA: ExxonMobil officially starts up Signum Oil Analysis Lab in Shanghai

(EnergyAsia, June 25 2013, Tuesday) — US major ExxonMobil has launched a new major laboratory in the Chinese city of Shanghai to provide analysis for lubricants and oil used in industrial machinery across the Asia Pacific region. The company said its latest Signum laboratory, the fourth in the world, will offer the most modern oil (more…)

RUSSIA: Rosneft signs record number of major agreements with global oil and gas companies

(EnergyAsia, June 25 2013, Tuesday) — Russia fast-tracked its largest oil producer Rosneft towards global supermajor status by helping it secure a record number of landmark oil and gas agreements with international companies and two governments. At the conclusion of last week’s 17th St. Petersburg International Economic Forum, Russian President Vladimir Putin announced and watched (more…)

CHINA: CNPC wraps up deals with Costa Rica and Ecuador, but setback looms

(EnergyAsia, June 25 2013, Tuesday) — China National Petroleum Corp (CNPC) said it has secured agreements to work on upstream and downstream projects in Costa Rica and Ecuador. During a visit to the two countries, chairman Zhou Jiping said China’s largest oil and gas producer was stepping up efforts to cultivate countries in Latin and (more…)

RUSSIA: Rosneft secures first deals to supply LNG from proposed joint plant with ExxonMobil

(EnergyAsia, June 24 2013, Monday) — Russian energy major Rosneft has become a liquefied natural gas (LNG) supplier by securing its first long-term contracts last Friday with Switzerland’s Vitol and Japan’s Sakhalin Oil and Gas Development Co Ltd (Sodeco) and Marubeni. In breaking Gazprom’s monopoly over the country’s LNG trade, Russia’s largest crude oil producer (more…)

SINGAPORE: Shipping association warns of accident risks due to poor visibility caused by forest fire smog in Indonesia

(EnergyAsia, June 24 2013, Monday) — Ships sailing the congested narrow straits off Malaysia and Singapore are at risk of accidents from poor visibility caused by record-thick smog set off by forest fires on the Indonesian island of Sumatra. With more than 140 ships from oil tankers to container ships and passenger ferries sailing the (more…)

RUSSIA: Rosneft agrees to supply 300,000 b/d of crude oil to CNPC for 25 years in deal worth US$270 billion

(EnergyAsia, June 24 2013, Monday) — The biggest oil producers in Russia and China have signed what could be the world’s largest long-term contract with Rosneft agreeing to supply 300,000 b/d of crude to China National Petroleum Corporation (CNPC) for 25 years starting 2015. Rosneft President and Chairman Igor Sechin and CNPC Chairman Zhou Jiping (more…)

CHINA: Sinopec in talks with Petrobras to build 300,000 b/d refinery in Brazil

(EnergyAsia, June 21 2013, Friday) — Brazil’s state energy firm Petrobras said it has signed a letter of intent with China Petroleum and Chemical Corp or Sinopec build a 300,000-b/d oil refinery in South America’s largest country. Petrobras, which is looking to build four similar-sized refineries to meet rising domestic fuel demand, said the two (more…)

MARKETS: Oil tanker outlook still hurt by overcapacity, says Drewry Maritime Research

(EnergyAsia, June 21 2013, Friday) — Despite a projected 5% p.a. rise in demand through 2018, the oil tanker market faces a struggle to recover as it “is still blighted by surplus capacity”, according to the latest findings by UK-based consultant Drewry Maritime Research. “Prompt excessive ordering” could overwhelm the projected healthy 5% growth rate (more…)

INDONESIA: Police battle rioters and looters as protests spread over fuel price hikes

(EnergyAsia, June 21 2013, Friday) — Indonesians reacted with fury to the government’s announcement that gasoline and diesel prices will rise sharply from Saturday, June 22, to curb the country’s fuel deficit from further rising beyond last year’s record US$20 billion. As in the past, protests against any attempt to reduce fuel subsidies quickly degenerated (more…)

US: LNG exports will cause “significant” natural gas price volatility at Henry Hub, consultant predicts

(EnergyAsia, June 20 2013, Thursday) — Natural gas prices at Henry Hub will experience “significant” price volatility when the US starts exporting liquefied natural gas, said New York City-based consultant PIRA Energy Group. In a study, entitled “Liquefied Henry Hub: The Repercussions of North American LNG Exports at Home and Abroad,” PIRA predicts the volatility (more…)

TAJIKISTAN: Tethys Petroleum farms out stakes in Bokhtar oil and gas field to China’s CNPC and France’s Total

(EnergyAsia, June 20 2013, Thursday) — Tethys Petroleum Limited said it has completed an agreement with France’s Total Exploration and Production and China National Petroleum Corporation (CNPC) for their subsidiaries to each acquire a one- third interest in its production sharing contract (PSC) in Tajikistan’s Bokhtar oil and gas field. Tethys, listed on the main (more…)

INDIA: Crude oil imports from Iran down sharply

(EnergyAsia, June 20 2013, Thursday) — In sharply cutting back crude oil imports from Iran to around 210,000 b/d, India is turning to Venezuela, Iraq and Oman to meet its rising demand. According to official data, India has reduced its Iranian oil imports by more than 40% in the first five months of the year (more…)

MYANMAR: Despite strife, officials say gas pipeline to China will start up next month

(EnergyAsia, June 19 2013, Wednesday) — Myanmar government officials said a major infrastructure project to deliver oil and natural gas to China is on course to start up next month amid reports of delays caused by security issues and ethnic conflicts along the path of the pipelines. Starting from a new terminal being developed on (more…)

MALAYSIA: Petronas to delay start-up of refinery-petrochemical project in Johor by at least a year to 2017

(EnergyAsia, June 19 2013, Wednesday) — Malaysia’s plan to build a RM60-billion oil refinery-petrochemical complex in the southern state of Johor has run into operational problems that will delay its start-up by at least a year to 2017. (US$1=RM3.15). State energy firm Petronas, which is implementing the ambitious project located near Singapore, has blamed the (more…)

CHINA: Brightoil Petroleum aims to start up Zhoushan oil storage terminal in second half 0f 2014, completion in 2015

(EnergyAsia, June 19 2013, Wednesday) — Hong Kong-listed Brightoil Petroleum Holdings Limited said it expects to complete the construction of a RMB1.32-billion yuan oil storage terminal on Waidiao Island in Zhoushan city in China’s Zhejiang province by the second half of 2015. (US$1=6.13 yuan). The company said wholly owned subsidiary Brightoil Petroleum Storage (Zhoushan) Co (more…)

INDIA: BG Group completes sale of 65.12% stake in gas company to Gujarat state firm

(EnergyAsia, June 18 2013, Tuesday) — UK gas giant BG Group said it has completed the sale of its 65.12% stake in India’s largest private natural gas distributor to a firm owned by the Gujarat state government for 24.6 billion rupees. (US$1=58 rupees). The deal is a follow through of an agreement that BG announced (more…)