MARKETS: Oil prices looking wobbly after Obama derailed “imminent” war against Syria and Iran with classic brinksmanship play

(EnergyAsia, September 30 2013, Monday) — Oil prices have temporarily lost a major source of support as the world’s super and regional powers have been surprisingly cooperative in trying to contain Syria’s civil war from becoming a global conflict at the same time that the US is looking to thaw relations with long-time enemy Iran....

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MARKETS: US EIA raised forecasts for world oil demand

(EnergyAsia, September 30 2013, Monday) — In line with OPEC and the IEA, the US Energy Information Administration (EIA) has raised its global oil demand forecasts for 2013 and 2014. In its latest September energy outlook, the EIA said world oil consumption would grow by 1.32% to 90.06 million b/d this year and by 1.32% (more…)

IRAN: State firm to launch floating terminal to store up to 2.2 million barrels of crude oil

(EnergyAsia, September 30 2013, Monday) — Iran expects to soon launch what a state oil company claims will be the largest floating oil storage terminal in the Middle East. According to the Iranian Offshore Oil Company (IOOC), the terminal will start up in the country’s southern province of Bushehr in the fourth quarter. With the...

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MARKETS: NGLs to exceed 26% of world oil supply in 2023, says ESAI Energy

(EnergyAsia, September 27 2013, Friday) — Natural gas liquids (NGLs), which have just over 60% the energy content of crude oil, will account for around 26% of the world’s total oil production of over 100 million b/d a decade from now, said US consultant ESAI Energy. Increasingly, the industry is counting NGLs, comprising liquefied petroleum (more…)

BANGLADESH: Government may turn to China to finance construction of floating oil terminal

(EnergyAsia, September 27 2013, Friday) — Faced with a looming domestic energy crisis, Bangladesh may soon turn to China for help in financing the construction of a US$325-million floating oil storage terminal in the Bay of Bengal. Bangladeshi officials complain they have made little progress after over a year of talks to attract investment for...

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MARKETS: IEA’s forecast for global oil demand breaches 92 million b/d for the first time

(EnergyAsia, September 27 2013, Friday) — Global oil consumption will exceed 92 million b/d for the first time next year, said the International Energy Agency (IEA) in raising its outlook in its September report. Buoyed by improving economic prospects in Europe and the US, the agency boosted its forecasts for global oil consumption to rise...

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AUSTRALIA: Coal association to cease operations after merger with minerals council

(EnergyAsia, September 26 2013, Thursday) — The Australian Coal Association (ACA) said it will cease its operations Friday September 27 when it is fully integrated with the larger Minerals Council of Australia (MCA). With the merger, MCA, which already represents 85% of the nation’s minerals output, will be in a stronger position to represent the (more…)

MARKETS: OPEC raised global oil demand forecasts for 2013 and 2014 on OECD’s improving prospects

(EnergyAsia, September 26 2013, Thursday) — The Organisation of Petroleum Exporting Countries (OPEC) has raised its forecasts for global oil consumption over the next two years based on improving prospects in Europe and the US, and continued strong growth in the developing economies. In its latest monthly report for September, the 12-member cartel said it...

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MARKETS: Consultants predict Indonesian demand to drive global gasoline trade, Saudi refinery to add to diesel glut

(EnergyAsia, September 26 2013, Thursday) — Indonesia will become the world’s biggest gasoline importer by 2018 while Saudi Arabia’s new 400,000 b/d refinery in Jubail will add to Asia’s diesel glut when it starts up in the coming weeks, according to separate analyses by two consultants. Indonesian demand will exceed the combined gasoline consumption of...

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CHINA: Nasdaq-listed coal firm L & L Energy Inc to fight allegations as law firm announced investigation over securities fraud claim

(EnergyAsia, September 25 2013, Wednesday) — Nasdaq-listed L & L Energy Inc, which owns and operates coal mines and trades in China, is preparing to fight allegations by an article on a website on September 19 that it might have violated US federal securities laws. The Seattle, Washington state-based firm immediately responded by describing GeoInvesting’s...

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AZERBAIJAN: SOCAR, Singapore’s Keppel O&M start up new Baku Shipyard to follow on BP’s US$100-billion gas export deal

(EnergyAsia, September 25 2013, Wednesday) — Azerbaijan has started up the first phase of a new shipyard to build, repair and convert vessels mostly to serve the Caspian region’s booming oil and gas sector, just days after BP announced a landmark deal, worth some US$100-billion, to export natural gas from the giant Shah Deniz field. (more…)

CHINA: Russia’s Gazprom to soon begin building gas pipeline, in race against upstart Novatek to supply CNPC

(EnergyAsia, September 25 2013, Wednesday) — China National Petroleum Corp (CNPC) is on course to tap Russia’s enormous natural gas reserves after securing two major deals earlier this month made in large part by the growing rivalry between Gazprom and Novatek to supply the Chinese market. Gazprom is expected to soon start the construction of...

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AFGHANISTAN: Dubai’s Supreme Group wins US$550 million contract to supply and store fuel for the US military

(EnergyAsia, September 24 2013, Tuesday) — The Supreme Group, a Dubai-based logistics firm focused on providing supply solutions in difficult environments, said it has secured a US$550-million contract to deliver and store fuels for the US military in Afghanistan. The two-year contract by the Defense Logistics Agency – Energy (DLA-E) calls for the delivery of (more…)

UPSTREAM: Known conventional reserves estimated at 1.1 trillion barrels, with five-year deepwater budget worth US$223 billion, say consultants

(EnergyAsia, September 24 2013, Tuesday) — The world has nearly 1.1 trillion barrels of known undeveloped conventional oil and gas reserves, with more than half worth tapping at current price assumptions, said consultant Wood Mackenzie. “Over half of these discoveries which we classify as ‘good technicals’, are potentially economic under our current price assumptions. These (more…)

INDIA: Supreme Court seeks government clarification in bid to dismantle 20-year-old coal allocation system

(EnergyAsia, September 24 2013, Tuesday) — Seeking to free up the country’s vast domestic coal reserves to meet its rising power demand, India’s Supreme Court wants the government to clarify and dismantle its opaque 20-year system of allocating coal blocks for development. Despite having one of the world’s largest coal reserves, India is increasingly relying...

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SINGAPORE: Global LNG leaders to attend CWC’s LNG conference on Sept 23-24 and EMA’s SIEW on Oct 28-Nov 1

(EnergyAsia, September 23 2013, Monday) — Leading global figures in the liquefied natural gas (LNG) industry will be speaking at and attending two key events in Singapore over the next two months. UK-based CWC will be organising the Asia Pacific Summit of its 5th World LNG Series at the Shangri-la Hotel on September 23 to (more…)

AZERBAIJAN: European companies sign 25-year agreements to buy Shah Deniz gas, says BP

(EnergyAsia, September 23 2013, Monday) — Azerbaijan will start exporting natural gas to Europe for the first time following the conclusion of a major 25-year agreement with nine buyers, said BP which is leading a consortium to develop the Shah Deniz reserves. The consortium will supply just over 10 billion cubic metres a year (bcm/year) (more…)

INDIA: Coal India share price back up above 300 rupees, but outlook remains troubled

(EnergyAsia, September 23 2013, Monday) — Having recently plunged to a record low, the share price of Coal India Limited (CIL) will continue to struggle amid continuing doubts over its ability to meet its production and operating targets for the year. CIL’s share price fell to 238.35 rupees on August 30, below its offer price...

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RUSSIA: Foster Wheeler secures technical services contract for Khabarovsk refinery’s hydroprocessing unit

(EnergyAsia, September 20 2013, Friday) — Switzerland-based engineering giant Foster Wheeler AG said a subsidiary has secured a technical services agreement to provide construction management services for a hydroprocessing project at an oil refinery in Russia’s Far East. OJSC Khabarovsk Oil Processing Refinery awarded the contract to a subsidiary of Foster Wheeler’s Global Engineering and (more…)

MARKETS: Global LNG capital expenditure to more than double over the next five years, predicts Douglas-Westwood

(EnergyAsia, September 20 2013, Friday) — The global expenditure on liquefied natural gas (LNG) projects will rise 109% to nearly US$228 billion for the 2013-2017 period compared with the previous five years, said consultant Douglas-Westwood (DW). In its latest eighth edition of the global LNG markets, the UK-based firm said growing demand for the fuel (more…)

PAPUA NEW GUINEA: ExxonMobil-led consortium on course to start LNG production and exports next year

(EnergyAsia, September 20 2013, Friday) — Papua New Guinea is set to become the world’s latest liquefied natural gas (LNG) producer and exporter with operator ExxonMobil affirming its plan to complete and start up a US$19 billion plant near the city port of Port Moresby in the second half of next year. Operator Esso Highlands...

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ASIA: Caspian countries expanding capacity to export oil and natural gas, says EIA

(EnergyAsia, September 19 2013, Thursday) — Kazakhstan’s long-delayed Kashagan field has produced its first oil, according to the North Caspian Operating Company. In an update, the US Energy Information Administration said the Caspian Sea region has the potential to export oil and natural gas to markets in Europe, South Asia and East Asia. With rising (more…)

INDONESIA: Canada’s MicroCoal makes initial payment for construction of first coal upgrading plant

(EnergyAsia, September 19 2013, Thursday) — Canada’s MicroCoal Technologies Inc. (MTI), said it has made an initial payment for the construction of its first plant in Indonesia which has the capacity to upgrade the calorific value of 190,000 tonnes of low-rank coal per year. The Vancouver, British Columbia-based firm paid PT Citicon Energy (CEN) to (more…)

CHINA: Toronto exchange becomes third bourse to trade CNOOC Ltd stock as Alberta Premier courts Beijing for more

(EnergyAsia, September 19 2013, Thursday) — As oil-rich Alberta province steps up its courtship of Chinese investment, Canada’s Toronto Stock Exchange (TSX) became the third international exchange after the main ones in New York and Hong Kong to trade the shares of China’s oil and gas major CNOOC Limited. China’s largest offshore oil producer had...

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MALAYSIA: UK’s Petrofac secures US$120 million contract to provide “world-class” training capabilities for state Petronas

(EnergyAsia, September 18 2013, Wednesday) — UK-based oil and gas services provider Petrofac said it has secured a US$120 million agreement from Malaysian state energy firm Petronas to build, operate and manage two high-specification training facilities as part of its programme to enhance the capabilities of the local workforce. The operations and management components of (more…)