CONFERENCE: IEA Asia expert to speak at POWER-GEN Asia in Bangkok on October 2-4

(EnergyAsia, August 30 2013, Friday) — An Asia expert from the International Energy Agency (IEA) will be speaking at the POWER‐GEN Asia conference and exhibition in Bangkok, Thailand on October 2 to 4, said organiser PennWell Corporation. Yerim Park, the IEA’s Southeast Asia Programme Officer, will speak on the issues and challenges of meeting the (more…)

NIGERIA: Three investment banks to help manage US$1 billion sovereign wealth fund

(EnergyAsia, Aug 30 2013, Friday) — Nigeria has appointed Goldman Sachs, UBS and Credit Suisse to manage part of its US$1 billion sovereign wealth fund that was set up to protect and invest the country’s finances. The three banks will manage US$200 million from the Sovereign Investment Authority (NSIA) fund alloted to protecting the fund...

This article is for Subscriber members only.
Log In Register

CHINA: Coal output down, losses rise as downturn continues

(EnergyAsia, August 30 2013, Friday) — China’s slowing economy is hurting its coal miners as they face up to the prospects of mounting losess and reduced production for 2013. For the first half of the year, the China Coal Transport and Distribution Association (CCTD) said the country’s mines fell 3.7% to 1.79 billion tonnes with...

This article is for Subscriber members only.
Log In Register

INDIA: Reliance and BP find new deepwater gas condensate reserves

(EnergyAsia, August 29 2013, Thursday) — India’s Reliance Industries Limited (RIL) and UK major BP said they have jointly found new gas condensate reserves off the east coast of India in the Cauvery basin. The deepwater block CY-DWN-2001/2 (CYD5) reserves, located 62 km from the coast in the Cauvery Basin, is the second gas discovery (more…)

NEW ZEALAND: Z Energy raised NZ$840 million through public listing

(EnergyAsia, August 29, Thursday) — Z Energy, New Zealand’s main downstream oil company, said it raised NZ$840 million through a public offer of its share at NZ$3.50 apiece. (US$1=NZ$1.26). NZSF Aotea Limited sold 60% of the company at the midpoint of a predetermined NZ$3.25-to-NZ$3.75 range, giving Z Energy a market value of NZ$1.4 billion. With...

This article is for Subscriber members only.
Log In Register

MARKETS: Oil prices higher despite agencies tempering oil demand growth forecasts on economic slowdown

(EnergyAsia, August 29 2013, Thursday) — Report from the September 2013 issue of EnergyAsia Report. US WTI and North Sea Brent crude oil prices continued to edge higher on fears that the US and its allies could make good on their threats to launch a military attack on Syria. In New York, US WTI ended...

This article is for Subscriber members only.
Log In Register

MARKETS: Brent above US$114, WTI at US$109 as US threatens to attack Syria

(EnergyAsia, August 28 2013, Wednesday) — US WTI crude prices reached a new high for 2013 while Brent cruised to a six-month peak on escalating tensions in the Middle East as Western officials talked up the possibility of a military strike on Syria. In New York, US WTI closed at US$109.01 after touching US$109.32 a (more…)

MARKETS: EIA lowers forecasts for world oil demand for 2013 and 2014

(EnergyAsia, August 28 2013, Tuesday) — Citing demand contraction in Japan and Europe, and weaker growth outlook in China and India, the US Energy Information Administration (EIA) has reduced its global oil demand forecasts for the next two years. In its latest August energy outlook, the EIA said world oil consumption will grow by 1.23%...

This article is for Subscriber members only.
Log In Register

AFRICA: Oil rich western states projected to be among world’s fastest growing economies in 2013 and 2014

(EnergyAsia, August 28 2013, Wednesday) — It’s been a long wait and it’s now Africa’s turn to say it has some of the world’s fastest growing economies. According to the African Development Bank (AfDB), most of the growth will take place in the western corner of the continent that is home to several of its...

This article is for Subscriber members only.
Log In Register

INDIA: Petronet starts up Kochi LNG terminal, imports first cargo from Qatar

(EnergyAsia, August 27 2013, Tuesday) — India’s main gas importer, Petronet LNG Ltd, has started up its long-awaited second import terminal in Kerala state with the receipt of a liquefied natural gas (LNG) cargo from Qatar. Qatar’s RasGas, , which is also supplying LNG to Petronet’s other terminal at Dahej in Gujarat state, delivered the (more…)

MARKETS: OPEC continues to raise global oil demand forecast as consumption picks up speed

(EnergyAsia, August 27 2013, Tuesday) — The Organisation of Petroleum Exporting Countries (OPEC) has raised its forecasts for global oil consumption for 2013 and 2014, building on last month’s observation that the world has regained its oil appetite after four years of slow growth. The 12-member cartel now expects the world to consume a record...

This article is for Subscriber members only.
Log In Register

MARKETS: IEA lowers forecast for 2014 global oil demand, raises 2013 demand

(EnergyAsia, August 27 2013, Tuesday) — Reflecting a more cautious outlook on the world economy, the International Energy Agency (IEA) has tempered its latest forecasts for global oil consumption over the next two years. In its latest August report, the IEA raised its forecast for this year’s oil consumption growth rate to 1% compared with...

This article is for Subscriber members only.
Log In Register

INDONESIA: Australia’s Santos acquires 50% stake in Northwest Natuna PSC from AWE

(EnergyAsia, August 26, 2013, Monday) — Australian upstream company Santos said it has paid compatriot AWE an initial sum of US$100 million for a 50% stake in Indonesia’s Northwest Natuna production sharing contract (PSC). The payment could rise by another US$88 million if Santos, which has taken over as operator, decides to develop the Ande (more…)

NIGERIA: State revenue down 42% on oil thefts and losses, while majors warn new taxes could cost economy US$185 billion

(EnergyAsia, August 26 2013, Monday) — Nigeria’s state revenue for July plunged 42% to 498 billion naira from the previous month due largely to theft and losses in crude oil flows that feed over 80% of the government’s budget. (US$1=161 naira). The losses could mount and become permanent if the government proceeds to pass a...

This article is for Subscriber members only.
Log In Register

INDIA: At least four workers killed in Hindustan Petroleum refinery fire

(EnergyAsia, August 26 2013, Monday) — At least four workers have died and five others reported missing after fire damaged the Hindustan Petroleum Corporation Ltd (HPCL) refinery in India’s Andhra Pradesh state last Friday. The death toll will most certainly rise with another 39 workers injured when a cooling tower under construction exploded at the...

This article is for Subscriber members only.
Log In Register

DUBAI: DEWA issues request for tenders for first clean coal-fired power plant in the Middle East

(EnergyAsia, August 23 2013, Friday) — State-owned Dubai Electricity and Water Authority (DEWA) has issued a request for tenders for the construction of the emirate’s first clean coal-fired power plant that could generate 12% of its total electricity demand. Coal will become an important component of Dubai’s energy mix under the ‘Integrated Energy Strategy’ plan (more…)

GHANA: Second oil field to start production in 2016

(EnergyAsia, August 23 2013, Friday) — Ghana will have a second major oil-producing area comprising the three offshore fields of Tweneboa, Enyenra and Ntomme (TEN) in 2016, said operator Tullow of the UK, which helped launch the first at Jubilee in 2010. Located in the Deepwater Tano contract area 60 km off the coast of...

This article is for Subscriber members only.
Log In Register

PHILIPPINES: Oil spill victims demand Petron shut down storage depot, make immediate compensation

(EnergyAsia, August 23 2013, Friday) — Residents and fishermen in Manila Bay’s Cavite coastal villages hit by a second major oil spill in three years are demanding that Philippine state-owned Petron shut down a nearby oil storage depot believed to be the cause of the leaks. Through the newly formed Close Petron Depot Movement (CPDM),...

This article is for Subscriber members only.
Log In Register

AUSTRALIA: Altona Energy proposing to build coal-to-methanol plant in South Australia

(EnergyAsia, August 22 2013, Thursday) — Australia’s Altona Energy said it will add a coal-to-methanol (CTM) unit to its earlier proposal to build a plant to convert coal to liquid fuels and generate electricity in South Australia state. The company, which has been working with China’s state-owned CNOOC to build a coal-to-liquids (CTL) and power (more…)

MALAYSIA: Halliburton expands manufacturing and technology centre in Johor state

(EnergyAsia, August 22 2013, Thursday) — Offshore engineering services giant Halliburton has expanded its manufacturing and technology centre in Senai town in Malaysia’s southern Johor state to better serve its oil and gas customers in the Asia Pacific region. With the additional 9,844 sq metres of space boosting the total to 29,434 sq metres, the (more…)

NIGERIA: Officials accuse majors of aiding oil thefts, want to revoke deal for US$1.1 billion block

(EnergyAsia, August 22 2013, Thursday) — The Nigerian government is pushing for a showdown with the oil majors amid accusations that the companies are involved in organised theft and corruption followed by threats to revoke the award of a major offshore block. Last month, a top adviser to the President said the majors were complicit...

This article is for Subscriber members only.
Log In Register

CHINA: Sinochem to acquire Petrobras oil and petrochemical assets for US$1.54 billion

(EnergyAsia, August 21 2013, Wednesday) — Petroleo Brasileiro or Petrobras said it has agreed to sell US$2.1 billion worth of oil and petrochemical assets, the bulk to China’s Sinochem Group, to lighten up its debt burden to fund a massive investment programme through 2017. Sinochem Group will pay US$1.54 billion for the Brazilian state firm’s...

This article is for Subscriber members only.
Log In Register

CHINA: Crude oil import expense to reach world record US$500 billion by 2020, says consultant Wood Mackenzie

(EnergyAsia, August 21 2013, Wednesday) — China’s annual crude oil import bill will reach a record US$500 billion by 2020, far greater than any incurred by any country in history, predicts consultant Wood Mackenzie. The UK-based firm arrived at this sum based on its forecast for China to import 9.2 million b/d of crude oil (more…)

AFRICA: Oil and gas investors look to Ivory Coat and Senegal

(EnergyAsia, August 21 2013, Wednesday) — Oil and gas companies are looking beyond Nigeria, Ghana and Angola as they scour West Africa’s smaller countries like Ivory Coat and Senegal for new offshore riches. In April, Total E&P Côte d’Ivoire, a subsidiary of the French major, announced it found a rich layer of “high-quality oil” in...

This article is for Subscriber members only.
Log In Register

SINGAPORE: Updates from Kris Energy, Interra Resources, Jaya Holdings

(EnergyAsia, August 20 2013, Tuesday) — Three Singapore Exchange-listed companies involved in the upstream oil and gas industry, Kris Energy, Interra Resources and Jaya Holdings, have provided updates on their activities. Kris Energy said it and Abu Dhabi’s Mubadala Petroleum have decided to jointly develop the G11/48 block as part of the Nong Yao field (more…)