RUSSIA: Middle distillates production and exports to soar, says US consultant

(EnergyAsia, January 14 2014, Tuesday) — Thanks to a tax change, Russian production of diesel and jet fuel will increase 500,000 b/d by 2020, said US consultant ESAI Energy. In a new study, ESAI said amended duties on oil exports from January 2014 will trigger this “explosive growth” in output by altering refining profitability in...

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MARKETS: Oil prices to tumble on rising supplies and growing competition, predicts US consultant ESAI

(EnergyAsia, January 13 2014, Monday) — Oil product prices will fall sharply over the next two years on account of rising supplies and growing competition among refiners, predicts US consultant ESAI. In its recently published “Global Fuels Outlook”, the Boston, Massachusetts firm said refined product spreads will narrow, key product trade flows will disappear and...

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ASIA: Despite predictions of global glut, region grows increasingly anxious about oil and gas supplies

(EnergyAsia, January 13 2014, Monday) — Amid growing predictions of a world glutted with shale and other hydrocarbons, Asia’s growing anxiety over its oil and gas supplies is emerging as a major paradox of the global energy markets. Instead of being soothed by the record amount of hydrocarbons being discovered and produced worldwide, Asian countries...

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MARKETS: EIA says additional US production helped stabilise oil markets in 2013

(EnergyAsia, January 10 2013, Friday) — Rising crude oil production in the US and additional pipeline and railroad infrastructure helped keep global crude oil prices stable between 2010 and 2013, said the US Energy Information Administration (EIA). Last year, the US benchmark crude, West Texas Intermediate (WTI), reached their highest average price of US$98 per...

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CHINA: State firm looking to explore for oil and gas, may build refinery in Nigeria, says Niger state official

(EnergyAsia, January 10 2014, Friday) — A Chinese firm is among a group of investors looking to explore for oil and gas as well as build an oil refinery in Nigeria, said the mining and mineral commissioner of the West African country. Speaking to the media this week, Abubakar Baba Jibril declined to name the...

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SINGAPORE: ExxonMobil officially starts up plant that converts crude oil into petrochemicals

(EnergyAsia, January 9 2014, Thursday) — ExxonMobil has officially started up what is claimed to be the world’s first plant to convert crude oil directly into petrochemicals, bypassing the intermediary oil products stage, that will enable the Singapore plant to compete against Middle Eastern rivals who have the advantage of cheap feedstock. The Singapore plant...

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CHINA: Shenhua Energy ties up with US firm to develop shale gas project in Pennsylvania

(EnergyAsia, January 9 2014, Thursday) — China’s Shenhua Energy Co Ltd, one of the world’s biggest coal miners, is planning to venture into the booming shale gas industry in the US through a tie-up with Energy Corp of America (ECA). The company said it will invest US$90 million to set up a subsidiary to work...

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THAILAND: PTTEP aims to raise 2014 production by 15.4%, invest US$27 billion during 2014-2018

(EnergyAsia, January 8 2014, Wednesday) — Faced with rising cost and fierce competition for oil and gas reserves, Thailand’s leading upstream company, PTT Exploration and Production Pcl (PTTEP), said it has lowered its production target for 2020 from 900,000 b/d to a “more realistic” figure of 600,000 b/d. For its latest five-year plan, PTTEP expects...

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UPSTREAM: North America leads the world in production of shale gas, says EIA

(EnergyAsia, January 8 2014, Wednesday) — The US and Canada are the only major producers of commercially viable natural gas from shale formations in the world, even though about a dozen other countries have conducted exploratory test wells, said the US Energy Information Administration (EIA). http://energycontents.com/index.php?route=product/product&path=60&product_id=301 In a recent study it jointly conducted with the...

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INDIA: Upstream companies give up fight to explore for oil and gas

(EnergyAsia, January 7 2014, Tuesday) — Several international oil and gas companies have left or are leaving India after years of battling bureaucratic and regulatory hurdles blocking their attempts to undertake oil and gas exploration in the country. Australia’s BHP and Santos along with UK’s BP and Cairn Energy have either abandoned or sold out...

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INDIA: After 10 years, Manmohan Singh to step down as Prime Minister

(EnergyAsia, January 7 2013, Tuesday) — India will have a new Prime Minister this year after the badly tarnished Manmohan Singh, 81, announced he would not be seeking a third term with a general election due by May. He will likely be succeeded as head of the ruling Congress Party by Rahul Gandhi, 43, an...

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MARKETS: Asian upstream companies to become more selective as M&A transactions plunge

(EnergyAsia, January 6 2014, Monday) — Asian companies will continue to acquire upstream oil and gas assets, but they will be more selective in the face of rising costs, shareholder pressure to grow profits and resource nationalism in host countries, said analysts. The growing caution, most noted among Chinese state-owned firms, was reflected in the...

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KYRGYZSTAN: President seals watershed deal for passage of China-funded pipeline to export Turkmen gas

(EnergyAsia, January 6 2014, Monday) — Kyrgyzstan has formally approved a set of agreements with China worth US$3 billion that includes the construction of a vital 225-km pipeline through the landlocked country for the export of natural gas from Turkmenistan. President Almazbek Atambaev signed the agreements into law last week after they were approved by...

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MARKETS: Oil industry in emerging markets a growing target for private equity investment, says Ernst & Young

(EnergyAsia, January 3 2014, Friday) — The oil and gas industry in emerging markets is an increasingly attractive target for private equity investments, said consultant Ernst & Young (EY) in a recent joint research report with Mergermarket. http://energycontents.com/index.php?route=product/product&path=60&product_id=301 In its survey of 100 senior executives in the global equity business, 55% said they are drawn...

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INDIA: ONGC raise stake in Brazilian offshore block to 27%

(EnergyAsia, January 3 2014, Friday) — Royal Dutch Shell Plc and India’s state-owned upstream ONGC are now the joint owners of Brazil’s offshore Parque das Conchas (BC-10) oil block after acquiring the remaining 35% held by former partner Petrobras for a comined total US$1.56 billion. According to separate announcements by the three companies, Shell will...

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MARKETS: OPEC ends 2013 with strongest ever forecasts for global oil demand for 2013 and 2014

(EnergyAsia, January 2 2014, Thursday) — With global oil demand growth on a tear, it’s little wonder crude prices have rebounded: US WTI is finishing the year above US$100 while Brent is holding firm north of US$110 a barrel. Affirming this growth theme of the last six months, the Organisation of Petroleum Exporting Countries (OPEC)...

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MARKETS: EIA’s last report for 2013 sees world oil demand surging to new highs

(EnergyAsia, January 2 2014, Thursday) — In its last monthly report for 2013, the Energy Information Administration (EIA) is forecasting global oil demand to grow by 1.27% from 90.25 million b/d to a record high of 91.43 million b/d in 2014. The EIA has consistently been more bullish in its outlook on global oil demand...

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