US: Refinery throughput at highest level since 2007, underpinning crude oil demand

(EnergyAsia, July 19 2013, Friday) — US refineries drew heavily on crude inventories and increased imports to process 16.1 million b/d for the week ending July 5, the highest for any week since 2007, said the Energy Information Administration (EIA). This level represented a 2.1-million b/d increase from the first week of March, the low...

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AUSTRALIA: India’s gas utility wants to renegotiate price for 2009 Gorgon LNG supply deal

(EnergyAsia, July 19 2013, Friday) — Emboldened by potential supply deals with US shale gas producers, India wants to renegotiate the estimated US$14.50 per million BTU price that it had agreed to pay Australia for liquefied natural gas (LNG) imports from the Gorgon project. In August 2009, Petronet LNG Ltd, a joint venture between the...

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MARKETS: IEA sees global oil demand at record 92 million b/d in 2014, 90.8 million b/d in 2013

(EnergyAsia, July 18 2013, Thursday) — The International Energy Agency (IEA) has raised its forecasts for global oil consumption to reach new all-time highs over the next two years. Powered by China, India and other large emerging economies, global oil demand will rise to 90.8 million b/d this year and to 92 million b/d in...

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AUSTRALIA: As costs soar and labour challenges persist, LNG investors turn to the US, Canada

(EnergyAsia, July 18 2013, Thursday) — Stung by high business costs, a scarce and inflexible labour market and tough regulations, liquefied natural gas (LNG) investors are increasingly turning away from Australia and looking to tap emerging opportunities in North America. Three of Australia’s biggest fans, Chevron, Exxon and Royal Dutch Shell, have decided to slowdown...

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OMAN: Economy to continue growing by 5% to 5.1%, predicts IMF

(EnergyAsia, July 18 2013, Thursday) — Steady as she goes, Oman’s hydrocarbon-powered economy will grow by 5.1% this year after expanding 5% last year and 4.5% in 2011, said the International Monetary Fund (IMF). Oil and gas exports will bring in record high revenues of US$36.4 billion this year, just slightly higher than 2012’s level (more…)

NIGERIA: Snubbed by the US, welcomed in China

(EnergyAsia, July 17 2013, Wednesday) — Barely two weeks after US President Barack Obama skipped Nigeria on his three-day trip to Africa, President Goodluck Jonathan flew to a high-profile welcome in Beijing and left with as much US$3 billion worth of deals including a US$1.1 billion low-interest loan to pay for infrastructure projects. The contrast...

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SAUDI ARABIA: Japan expected to extend Aramco’s crude oil storage deal beyond 2013

(EnergyAsia, July 17 2013, Wednesday) — Japan is expected to extend a three-year deal for the free storage of Saudi crude oil on Okinawa Island when it expires at the end of 2013. In December 2010, state Japan Oil, Gas and Metals National Corp (JOGMEC) signed an agreement with Saudi Aramco to store up to (more…)

VIETNAM: Businesses warn against worsening electricity supply disruptions

(EnergyAsia, July 17 2013, Wednesday) — Local and foreign businesses warn that they may have to cut back on operations and reduce long-term expansion plans in Vietnam in response to the country’s worsening electricity supply disruptions, particularly in the southern provinces where most of its trading and manufacturing activities are conducted. At the recent 2013...

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INDIA: Natural gas price could double to US$8 per million BTU, but still well below spot market

(EnergyAsia, July 16 2013, Tuesday) — After years of debate over the need to reduce energy subsidies, the Indian government said it has agreed to raise the domestic price of natural gas to as high as US$8 per million BTU from next April 1, compared with US$4.2 today. The new price still represents a huge...

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INDIA: Officials say Iraq offers oilfields while Iran is ready to accept rupee payment

(EnergyAsia, July 16 2013, Tuesday) — Indian officials said Iraq and Iran have made unprecedented offers to expand oil and trade ties with their country. Worried about potential competition from surging shale oil output in the US and slowing global demand, the two Middle Eastern oil producers are racing to lock up sales to Asian...

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ASIA: InterOil, Schneider Electric and Societe Generale announce new appointments

(EnergyAsia, July 16 2013, Tuesday) — InterOil, Schneider Electric and Societe Generale, three companies with substantial exposure to the energy business in Asia, have announced senior executive appointments. InterOil Corporation, which is developing an integrated oil and gas business in Papua New Guinea, said it has appointed Michael Hession as CEO effective July 11, 2013. (more…)

SINGAPORE: KrisEnergy aims to raise S$270.8 million from listing to develop upstream assets

(EnergyAsia, July 15 2013, Monday) — The team that launched Singapore’s most successful oil company in 2005 is back again to try raise S$270.8 million through a public listing. (US$1=S$1.28). KrisEnergy Ltd will offer nearly 152 million shares at S$1.10 each, with 132.1 million shares marked for institutional and other sophisticated investors, and the remaining (more…)

CHINA: Climate agreement with the US to limit emissions from coal-fired plants, vehicles and buildings

(EnergyAsia, July 15 2013, Monday) — The world’s two largest polluting nations have agreed to a non-binding five-point plan to reduce greenhouse emissions from coal-fired power plants, manufacturing facilities, heavy-duty vehicles and buildings. The US and China signed the agreement in Washington DC last week that includes exchanging climate data and cooperating on developing smart...

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SAUDI ARABIA: Economic growth to slow to 4% this year on lower oil production and price, says IMF

(EnergyAsia, July 15 2013, Monday) — Saudi Arabia’s economy will grow by 4% in 2013, down from last year’s 5.1%, on account of reduced oil production and a weaker oil price, said the International Monetary Fund (IMF). “Private sector growth is expected to be strong, but oil production is likely to be below 2012 levels...

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SINGAPORE: Sinopec says company’s first lubricants plant outside China is key to global expansion

(EnergyAsia, July 12 2013, Friday) — Two years after it began construction, Sinopec, China’s largest integrated energy and chemical group, has started up a large lubricants plant in Singapore, the first outside its home base, as it prepares for global expansion. Located on a 242,811-sq m site in Tuas on the southwestern tip of the (more…)

CHINA: US-listed coalbed methane developer Far East Energy welcomes gas pricing reform

  (EnergyAsia, July 12 2013, Friday) — China’s recently announced reform of its natural gas pricing system has won the approval of at least one US company, the Houston, Texas-based Far East Energy Corporation which is exploring and developing coalbed methane (CBM) resources in Shanxi province. The National Development and Reform Commission (NDRC), China’s top (more…)

SAUDI ARABIA: Non-oil sector to fuel GDP’s projected 4.2% growth in 2013

(EnergyAsia, July 12 2013, Friday) — For the first time in memory, growth for Saudi Arabia’s oil-dependent economy will be driven entirely by infrastructure building, construction, tourism, telecommunications, banking and services. The oil sector, which provides around 90% of government revenue, will be the drag in 2013 as it is expected to shrink by 1.5%...

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MONGOLIA: Australia’s Aspire Mining secures non-binding purchase agreements for Ovoot coking coal project

(EnergyAsia, July 11 2013, Thursday) — Australia-listed Aspire Mining said it has signed non-binding memoranda of understanding (MOUs) with four Chinese mills and coking coal buyers that it says will support plans to develop and commercialise a major coal project in northern Mongolia. The Chinese companies could purchase an annual total of up to 5.6 (more…)

SINGAPORE: Global Pacific’s 19th Asia Oil Week to focus on new E&P opportunities in Asia

(EnergyAsia, July 11 2013, Thursday) — Global Pacific & Partners will unveil new exploration, production and development business opportunities in the Asia Pacific region at its upcoming 19th Asia Oil Week event in Singapore on October 3-4. The landmark event for Asia’s upstream oil and gas industry brings together keynote speakers from all over the (more…)

INDONESIA: Coal production expected to fall, miss 2013 production target

(EnergyAsia, July 11 2013, Thursday) — Indonesia could miss its coal production target of 400 million tonnes this year amid mine cutbacks and continuing weak external demand, particularly in China and India. Larger miners have reduced operations while smaller ones have shut down with no signs that the main buyers of Indonesia coal will resume...

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SINGAPORE: Could Pavilion Gas be next to buy into Canada’s gas boom through Petronas?

(EnergyAsia, July 10 2013, Wednesday) — Could Singapore’s newly established Pavilion Gas be next to buy into Canada’s natural gas boom through an equity stake in Petronas’s Pacific NorthWest LNG? The subsidiary of Singapore sovereign wealth fund Temasek Holdings was established in May with an initial capital of S$1.25 million to focus on buying, marketing (more…)

AUSTRALIA: Cokal to raise A$9.6 million in share sale to Singapore’s Blumont Group

(EnergyAsia, July 10 2013, Wednesday) — Australian metallurgical coal miner Cokal Limited said it will raise A$9,609,125.44 from selling shares to Singapore investment company Blumont Group over the next four months. (US$1=A$1.07). The Australia-listed miner said it will sell a total of 60,057,034 fully paid ordinary shares at A$0.16 each in five tranches between July (more…)

IRAN: Hard fight to keep customers as US insists oil markets remain well supplied

(EnergyAsia, July 10 2013, Wednesday) — Iran faces an uphill battle to keep its oil customers as the US and its allies insist the markets are well supplied while further tightening trade and financial sanctions against the Islamic regime for pursuing its nuclear energy programme. In an interview with Reuters last month, US Energy Secretary...

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IRAN: Bilateral trade with India seen rising despite Western sanctions

(EnergyAsia, July 9 2013, Tuesday) — Both facing serious domestic economic challenges, Iran and India expect their bilateral trade to continue growing despite the weight of trade and financial sanctions imposed by the West on Tehran and its trading partners. Iran is holding onto its main oil customers in Asia, while India, faced with its...

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AUSTRALIA: Coal industry to contribute A$43 billion to domestic economy and employ 180,000 people this year

(EnergyAsia, July 9 2013, Tuesday) — The coal industry will contribute about A$43 billion to the Australian economy this year and provide 180,000 direct and indirect jobs, said the Australian Coal Association (ACA). (US$1=A$1.07). The association recently revealed these and other figures contained in a special study that it had commissioned to counter a growing (more…)