MALAYSIA: Petronas and Brunei agencies sign agreements to jointly develop upstream oil and gas projects

(EnergyAsia, December 12 2013, Thursday) — Malaysia’s state energy firm Petronas said it and Brunei state agencies have signed a set of agreements to jointly develop projects in their countries and Canada. The most important ones to pre-empt and resolve border disputes and contested hydrocarbon reserves are for the merged development of Malaysia’s Kinabalu West…

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UZBEKISTAN: Economy on course to grow 8% this year, 7% in 2014, says government

(EnergyAsia, December 11 2013, Wednesday) — Having launched a “large-scale modernisation programme”, the government of Uzbekistan expects the nation’s economy to grow by more than 8% in 2013 and 7% next year, said the International Monetary Fund (IMF). Despite facing a deteriortaing external environment, the IMF said Uzbekistan’s near-term economic outlook is favourable and the…

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ASIA: ADB to lend Pakistan and Myanmar a total of US$960 million to boost electricity supply

(EnergyAsia, December 11 2013, Wednesday) — The Asian Development Bank (ADB) has announced it is lending a total of US$960 million to boost electricity supply in Pakistan and Myanmar. In Pakistan, the bank’s loan of US$900 million will support the construction of a supercritical coal power generation plant in Jamshoro town in Sindh province, about…

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SINGAPORE: Vopak to build Southeast Asia’s first independent LPG storage facility on Jurong island

(EnergyAsia, December 10 2013, Tuesday) — Dutch oil and chemicals storage giant Royal Vopak has announced that it will be building Southeast Asia’s first independent liquefied petroleum gas (LPG) facility in Singapore. Vopak said it expects to complete the refigerated import terminal on Jurong island with an initial capacity of 80,000 cubic meters (cbm) in…

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PAPUA NEW GUINEA: Total takes charge of Interoil’s troubled LNG project

(EnergyAsia, December 10 2013, Tuesday) — To the peril of most investors, the allure of Asia’s hugely lucrative liquefied natural gas (LNG) business often obscures the view of an industry increasingly threatened by fast-rising cost and political risks. The industry is straining even the tolerance of experienced medium-sized players like Malaysia’s state-owned Petronas which this…

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KUWAIT: UK’s AMEC five-year contract to provide engineering and management services contract for oil refineries

(EnergyAsia, December 9 2013, Monday) — UK’s AMEC said it has secured a contract from Kuwait National Petroleum Company (KNPC) to provide project engineering and management services for the Mina Al Ahmadi, Mina Abdullah and Shuaiba oil refineries in Kuwait. The five-year call-off contract, which has an optional one-year extension, is worth up to 72…

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INDONESIA: Transition to net LNG importer status begins as Pertamina signs first purchase agreement

(EnergyAsia, December 9 2013, Monday) — The world’s third largest liquefied natural gas exporter has begun its transition to become a net importer expected sometime next decade with the signing of its first purchase agreement. As it struggles to meet Indonesia’s rising energy demand, state energy firm Pertamina will begin importing 800,000 tonnes of LNG…

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SINGAPORE: SGX reports record volumes and open interest in thermal coal futures products

(EnergyAsia, December 6 2013, Friday) — Singapore Exchange (SGX) said its suite of thermal coal futures products achieved record volume and open interest last month. The exchange said traders transacted a record high of 705 lots representing 705,000 metric tonnes and maintained 605 open interest lots at the end of November. “Participation in SGX thermal…

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COMPANY: Shell completes hull for Prelude LNG terminal, world’s largest floating facility

(EnergyAsia, December 6 2013, Friday) — With the completion of the 488-metre-long hull of the “largest floating facility ever built”, Shell is preparing to unleash its floating liquefied natural gas (FLNG) technology to mine the world’s oceans. The hull’s recent floatation marked a major step forward in the European major’s construction of its giant Prelude…

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RUSSIA: Wood Mackenzie says investment from international companies needed to develop tight oil, LNG and Arctic projects

(EnergyAsia, December 5 2013, Thursday) — As it shifts investment focus from conventional onshore projects, Russia will need the support of international oil companies to develop its more difficult and expensive tight oil and Arctic reserves, and liquefaction facilities to maintain hydrocarbon production in the long term, said consultant Wood Mackenzie. The new projects will…

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ASIA: LNG buyers meet in India to demand lower prices

(EnergyAsia, December 5 2013, Thursday) — India has taken a first step to push for lower liquefied natural gas (LNG) prices by hosting a major forum for aggrieved Asian consuming countries in New Delhi this week. Apart from India, representatives from Japan, South Korea, China and Taiwan who represent 70% of global LNG consumption are…

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RUSSIA: Mechel receives first tranche of financing for development of Elga coal complex from Vnesheconombank

(EnergyAsia, December 4 2013, Wednesday) — Mechel OAO, a leading Russian mining and metals company, said its Elgaugol OOO project company has received the US$150-million first tranche of financing for a major coal project from Vnesheconombank. Mechel is borrowing a total of US$2.5 billion from the Russian bank to develop the first stage of the…

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QATAR: State-owned bank says US shale gas not a threat

(EnergyAsia, December 4 2013, Wednesday) — Qatar’s position as the world’s leading liquefied natural gas (LNG) supplier will not be threatened by the shale gas revolution in North America, said the Qatar National Bank (QNB) Group. While fracking has enabled the US to sharply reduce LNG imports and to even become an exporter in coming…

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IRAQ: ExxonMobil reduce stake in West Qurna-1 field to 25% after sales to Petrochina and Indonesia’s Pertamina

(EnergyAsia, December 4 2013, Wednesday) — ExxonMobil has reduced its original 60% shareholding in the development of a block of Iraq’s giant West Qurna oilfield to 25% after concluding sales to two state-owned firms of China and Indonesia. PetroChina said it has bought a 25% stake in the West Qurna-1 oilfield project from Exxon Mobil,…

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SINGAPORE: SembCorp starts up S$154 million utilities centre on Jurong Island

(EnergyAsia, December 3 2013, Tuesday) — Singapore’s Sembcorp Industries said it has expanded its utilities business on Jurong Island, with the launch of its new S$154 million multi-utilities centre to supply energy, water and on-site logistics services to oil, petrochemical and chemical companies. The new plant on the island’s Banyan district adds to the company’s…

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MARKETS: US EIA’s November forecasts for 2013 and 2014 world oil demand slightly lower than October

(EnergyAsia, December 3 2013, Tuesday) — The Energy Information Administration’s (EIA) has tempered its forecast for global oil demand growth over the next two years in its latest November report. The US government agency now sees world oil demand averaging 90.25 million b/d in 2013 and 91.39 million b/d next year, just slightly lower than…

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MARKETS: OPEC edges up global oil demand forecast for 2013 and 2014 on better outlook for the US and Europe

(EnergyAsia, December 2 2013, Monday) — Citing improving economic conditions in the US and Europe, the Organisation of Petroleum Exporting Countries (OPEC) has slightly raised its November forecast for global oil consumption for 2013 and 2014.

It now expects this year’s global oil demand to rise by 860,000 b/d, up from last month’s call for 820,000 b/d, to reach 89.78 million b/d.

For 2014, the cartel said it sees oil demand rising 1.04 million b/d to 90.82 million b/d, compared with its previous forecast of 90.78 million b/d.

It attributed the positive revision to improving prospects out of the developed economies in the US and Europe, which will more than offset a slowdown in the developing economies, particularly in Africa where oil demand growth forecast has been trimmed by 10,000 b/d from the October report.

OPEC kept unchanged its forecast for the world economy to grow by 2.9% in 2013 and 3.5% next year.

The developed economies are expected to grow by a collective 1.9% in 2014, up sharply from this year’s projected 1.2%.

India’s expected growth has been slashed to 4.7% for 2013 from 5% in the October report, and to 5.6% in 2014 compared with 5.8% previously.

“China’s recent stimulus efforts and rising exports have led to upwardly revised growth of 7.8% this year, from 7.6% previously, and 7.8% next year, from 7.7%. Although the global economy continues to improve, the pace of growth remains sluggish and near-term developments will need close monitoring,” said OPEC.

OPEC: World Oil Demand in million b/d
2012     2013     % change     2014      2014/13 change
November     88.92    89.78    0.97%          90.82     1.16%
October         88.92     89.74   0.92%           90.78     1.16%
September    88.92     89.74     0.92%         90.77     1.15%
August           88.92     89.71     0.89%         90.75     1.01%
July report     88.87     89.64     0.87%       90.68     1.01%

OPEC: Forecast for world economic growth, %
World    OECD     US     Japan     Euro    China     India
2013            2.9      1.2          1.6         1.9        -0.3        7.8       4.7
2014            3.5      1.9          2.5         1.5         0.7        7.8        5.6

SINGAPORE: China Aviation Oil sets up trading subsidiary to expand into Europe

(EnergyAsia, December 2 2013, Monday) — China Aviation Oil (Singapore) Corp Ltd (CAO), said it has set up a London-based subsidiary to expand operations into Europe to take advantage as well as increase the value of the continent’s growing oil trade with Asia. CAO said the establishment of wholly owned China Aviation Oil (Europe) Limited…

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