THAILAND: PTTEP, Norway’s Statoil to continue with Canadian oil sands project following surprise swap deal

(EnergyAsia, January 31 2014, Friday) — Having earlier hinted at exiting Canada’s increasingly troubled oil sands patch, Thai state-owned upstream company PTTEP and Norway’s Statoil have surprised with a deal to swap their respective interests in the Kai Kos Dehseh (KKD) oil sands project in Alberta province. Statoil will remain as operator and assume full (more…)

AZERBAIJAN: BP-led consortium starts producing oil from Caspian Sea’s West Chirag platform

(EnergyAsia, January 30 2014, Thursday) — A BP-led consortium has begun producing oil from Azerbaijan’s offshore West Chirag platform in the Caspian Sea to mark the completion of the US$6 billion Chirag oil project. According to the UK major, which is operating the Azerbaijan International Operating Company (AIOC), the platform is producing 6,000 b/d of (more…)

CHINA: Oil demand rose 2.5% in 2013, slowed down by decline in final quarter, says Platts

(EnergyAsia, January 29 2014, Wednesday) — Pulled down by a decline the final quarter, China’s oil demand grew at the same 2.5% rate last year as it did in 2012, said US oil media Platts. While Platts reported that China consumed a record 9.83 million b/d for the year, it was still lower than (more…)

MARKETS: EIA starts 2014 with forecasts for global oil demand to grow by 1.3% to 1.5% over next two years

(EnergyAsia, January 29 2014, Wednesday) — The Energy Information Administration (EIA) has begun 2014 where it left off last year with its latest forecast calling for stronger growth in global oil demand over the next two years. For 2014, it expects global oil demand to grow by 1.3% to reach 91.59 million b/d, and by (more…)

CHINA: CNOOC Limited aims to raise 2014 oil and gas production by 2.4% to 5.6% from last year’s 412 million barrels

(EnergyAsia, January 28 2014, Tuesday) — At a time when the supermajors are struggling to raise production and replenish reserves, Chinese state-owned giant CNOOC Limited has declared that it plans to raise hydrocarbon production and more than replace reserves for 2014. China’s largest offshore oil and gas producer said it plans to raise its (more…)

SOUTH KOREA: KNOC-led venture to invest 622-billion won in new oil products terminal at Ulsan port

(EnergyAsia, January 28 2014, Tuesday) — South Korea’s state-owned KNOC is leading a consortium to build a 9.9-million-barrel oil products storage terminal at Ulsan port located about 380 km south of Seoul, said the country’s Ministry of Trade, Industry and Energy. KNOC will own a 51% stake with partners Dutch oil and chemical logistics firm (more…)

MARKETS: World oil demand to rise 1% to surge past 90 million b/d in 2014, says OPEC

(EnergyAsia, January 27 2014, Monday) — The Organization of Petroleum Exporting Countries (OPEC) has raised its forecast for this year’s global oil demand to reach 90.91 million b/d, up from 90.84 million b/d in its previous forecast in December. The cartel also raised its estimate for last year’s oil demand to 89.86 million b/d, up (more…)

MARKETS: IEA expects global oil demand to rise 1.4% to 92.5 million b/d in 2014

(EnergyAsia, January 27 2014, Monday) — The world will consume 92.5 million b/d of oil this year, up 1.3 million b/d or 1.4% from 2013, said the International Energy Agency (IEA). The agency’s latest monthly forecast boosted its predicted consumption increase by 90,000 b/d from last December’s 1.21 million b/d, attributed largely to the renewed (more…)

DUBAI: Proposed Sino-Angola refinery still a mystery four months after announcement

(EnergyAsia, January 24 2014, Friday) — Four months after it was announced, details of a proposed refinery to be built in Dubai by Hong Kong-based China Sonangol International remain unavailable. Last September, the joint venture firm between Angola’s state-owned oil company, Sonangol, and Hong Kong’s New Bright International Development signed a memorandum of understanding (more…)

CHINA: ICBC to provide 70% of financing, CNPC to take 30% stake in Ecuador’s US$10-12 billion refinery

(EnergyAsia, January 24 2014, Friday) — Chinese state-owned Industrial and Commercial Bank (ICBC) will provide 70% of the financing for the estimated US$10 to $12 billion cost to build Ecuador’s delayed refinery in the western coastal province of Manabi. With the financing agreement in place, Ecuador’s President Rafael Correa said China National Petroleum Corp (CNPC) (more…)

COMPANY: Shell sells Australian gas stakes, may pare down Canadian interests to control spending cost

(EnergyAsia, January 23 2014, Thursday) — Under pressure to cut spending and improve profitability, Royal Dutch Shell has sold off its stakes in two advanced natural gas projects in Australia and is looking to reduce proposed and existing investments in Canada and elsewhere. After shocking the market with a rare profit warning last week, the (more…)

SINGAPORE: Bunker sales volume down for second consecutive year

(EnergyAsia, January 23 2014, Thursday) — Singapore’s bunker sales volume slipped slightly to an estimated 42.682 million tonnes last year for its second-consecutive year decline. At its peak in 2011, the port handled a record 43.154 million tonnes of bunker fuel sales to ships passing through Singapore. This fell to 42.685 million tonnes in 2012. (more…)

CHINA: Sinopec’s Addax Petroleum signs new oil drilling agreement to end long-running dispute with Gabon

(EnergyAsia, January 22 2014, Wednesday) — Ending a long-running disagreement, Sinopec Group’s Addax Petroleum has signed a new agreement with the Gabonese government to drill for oil in the onshore Tsiengui, Obangue and Autour fields. Gabonese Petroleum Minister Etienne Dieudonne Ngoubou said the contract’s signing on January 9 ended a long-running disagreement between his (more…)

INDONESIA: Wartsila awarded turnkey order for PLN subsidiary’s dual-fuel power plant project

(EnergyAsia, January 22 2014, Wednesday) — Finland’s Wartsila said it has secured an order from a subsidiary of Indonesia’s state-owned PLN to help build a 200MW power plant that will be the country’s largest when it is fully operational by May 2015. Wartsila will lead PT Pembangunan Perumahan (Persero) Tbk (PT PP), one of Indonesia’s (more…)

SINGAPORE: Shipping traffic and cargo throughput grew in 2013, but bunker sales down

(EnergyAsia, January 21 2014, Tuesday) — Singapore’s shipping traffic and cargo throughput grew last year while bunker sales fell, said Transport Minister Lui Tuck Yew, citing data from the Maritime and Port Authority (MPA). Vessel arrivals totalled 2.33 billion gross tons (GT) for a 3.2% increase over 2012’s 2.25 billion GT, with container ships (more…)

ASIA: ADB approves loans and funds for construction of power projects across regions

(EnergyAsia, January 21 214, Tuesday) — The Asian Development Bank (ADB) is lending as well as approving funds that it administers to support energy access and develop major power projects across the Asia Pacific region. In Indonesia, the bank has approved a US$224 million loan for a US$410 million transmission project to connect rural households (more…)

SINGAPORE: Vopak-led consortium awarded contract to operate first underground oil caverns

(EnergyAsia, January 20 2014, Monday) — A consortium led by Dutch oil and chemicals logistics firm Royal Vopak Terminals has secured a contract to operate Singapore’s first underground oil storage caverns on Jurong Island when it starts up in the second half of this year. State-owned industrial landlord JTC Corp said it has awarded the (more…)

MARKETS: Global coal demand growth to slow down on Chinese policies, says IEA

(EnergyAsia, January 20 2014, Monday) — Tougher Chinese policies aimed at reducing dependency on coal will help restrain global coal demand growth over the next five years, said the International Energy Agency (IEA). Despite the slightly slower pace of growth, however, coal will meet more of the increase in global primary energy than oil or (more…)

CHINA: Oil industry faces growing public pressure to improve pipeline safety and operating practices

(EnergyAsia, January 17 2014, Friday) — After decades of rapid growth, China’s domestic oil and gas industry may be forced to slow down in the face of growing public pressure to raise safety, environmental and health standards and practices. Unlike in the past where the factory floor and China’s sloppy work practices dominated the safety (more…)

RUSSIA: CNPC makes first advance payment for Rosneft’s crude oil supply

(EnergyAsia, January 17 2014, Friday) — Russia’s leading oil producer Rosneft said it has received the first multi-dollar-billion pre-payment from China National Petroleum Corp (CNPC) for a 25-year crude supply contract signed last June. Rosneft said it has begun supplying 290,000 b/d over the 25-year period, up from just 800,000 tonnes or 16,000 b/d last (more…)

MARKETS: Asia and Middle East to account for bulk of projected 8.6 million b/d of new refining capacity by 2018, says OPEC

(EnergyAsia, January 16 2014, Thursday) — Asia and the Middle East will account for the bulk of a projected addition of 9.5 million b/d to the world’s refining capacity between 2013 and 2018, said the Organisation of Petroleum Exporting Countries (OPEC). This includes 8.6 million b/d of new builds and 900,000 b/d of additions to (more…)

INDIA: Indian Oil Corp aims to start up Paradip refinery by mid-year

(EnergyAsia, January 16 2014, Thursday) — State-owned Indian Oil Corp (IOC) has pushed back the start-up of its oft-delayed 300,000-b/d oil Paradip refinery in the northeastern state of Odisha to the middle of the year. Previously scheduled to start up in 2009, 2012 and 2013, the 300-billion rupee refinery will not meet its new launch (more…)

FUJAIRAH: Vopak Horizon Fujairah Limited launched direct pipeline link between terminal and port

(EnergyAsia, January 15 2014, Wednesday) — Vopak Horizon Fujairah Limited, a subsidiary of Dutch oil and chemical logistics giant Royal Vopak, recently launched five oil tanker berth pipelines connecting its terminals to Fujairah Port in the UAE. The new pipelines will significantly increase the speed and efficiency of operations for customers of Vopak Horizon Fujairah (more…)

CHINA: Sinopec to pay compensation for deadly pipeline blast, staff arrested, executives face further punishment

(EnergyAsia, January 15 2014, Wednesday) — China’s largest oil refiner is expected to pay heavy fines and large compensations to victims and their families as well as property owners affected by last November’s deadly explosion at one of its pipelines in a busy section of the coastal city of Qingdao. Despite readily accepting responsibility and (more…)

MALAYSIA: Construction of Petronas’s floating LNG facility moves into key stage

(EnergyAsia, January 14 2014, Tuesday) — Malaysia’s state energy firm Petronas said the construction of its floating liquefied natural gas (LNG) vessel has moved into a key stage with the laying of its keel at Daewoo Shipbuilding & Marine Engineering (DSME)’s Okpo shipyard in South Korea. The first block of the keel, the basic structure (more…)