AUSTRALIA: Caltex acquire fuel retailer and depot owner for A$95 million

(EnergyAsia, February 28 2014, Friday) — Caltex Australia said it has agreed to acquire retailer Scott’s fuel divisions including its businesses known as Scott’s Agencies and Sabadin Petroleum for a total outlay of approximately A$95 million. (US$1=A$1.1). Caltex will acquire Scott’s 28 retail sites and 18 depots as well as cover working capital and related (more…)

MARKETS: OPEC raised forecast for world oil demand for 2014 to 90.98 million b/d

(EnergyAsia, February 28 2014, Friday) — The Organization of Petroleum Exporting Countries (OPEC) has boosted its forecast for this year’s global oil demand to 90.98 million b/d in its February report, up from 90.91 million b/d in January, and 90.84 million b/d in December. The cartel also raised its estimate for last year’s oil demand...

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SINGAPORE: Selected comments by Trade Minister S. Iswaran on developments in the LNG markets

(EnergyAsia, February 27 2014, Thursday) — The following are excerpts presented this week by Singapore’s Trade and Industry Minister S. Iswaran on developments in the LNG markets. He spoke at the 9th edition of the LNG Supplies for Asian Markets (LNGA) Conference. “On the supply-side, a tight market is anticipated in the next two years (more…)

FUJAIRAH: Ruler officially launched Horizon’s US$100 million oil terminal

(EnergyAsia, February 27 2014, Thursday) — Horizon Terminals Limited (HTL), the terminals business and wholly-owned subsidiary of Dubai’s Emirates National Oil Company (ENOC), has officially launched its 240,000-cubic metre oil storage terminal in Fujairah port. At a ceremony on Tuesday, Fujairah ruler Sheikh Hamad Bin Mohammed Al Sharqi opened the US$100 million terminal that started (more…)

RUSSIA: Gazprom, Shell prepare to build third LNG train on Sakhalin 2 plant

(EnergyAsia, February 26 2014, Wednesday) — Two of Europe’s largest energy firms, Gazprom and Shell, have agreed to add a third train to their jointly owned liquefied natural gas (LNG) plant on Russia’s Sakhalin Island. Meeting at the Winter Olympics city of Sochi, Russia’s Gazprom chairman Alexei Miller and Anglo Dutch Shell CEO Ben van (more…)

SINGAPORE: Plans underway for second import terminal as dependence on LNG grows

(EnergyAsia, February 26 2014, Wednesday) — Singapore is planning to build a liquefied natural gas (LNG) import terminal on a new site while expanding the current one on Jurong Island as it prepares to become more dependent on the fuel as an energy source, said Prime Minister Lee Hsien Loong. Planners are studying various sites...

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INDONESIA: Pertamina expanding fuel storage capacity on Riau islands

(EnergyAsia, February 25 2014, Tuesday) — Indonesia’s state-owned Pertamina said it is investing more than US$150 million to expand the fuels storage capacity on two islands in the Riau region located to the south of Singapore. The company said it will invest US$95 million to nearly triple its storage capacity on Sambu Island from 210 (more…)

CANADA: Singapore firm, the surprise leader in race to build BC’s first LNG-export plant

(EnergyAsia, February 25 2014, Tuesday) — A low-key 11-year-old Singapore firm has emerged as the surprise leader in a crowded field of established global giants racing to export liquefied natural gas (LNG) from Canada’s British Columbia province to Asia. While the likes of Chevron, Shell, BG, ExxonMobil, CNOOC, Sinopec, Inpex and Petronas dominate the headlines,...

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MARKETS: Work on Panama Canal expansion said to resume as project is hit by further cost overrun and delay

(EnergyAsia, February 24 2014, Monday) — Work on expanding the Panama Canal is said to have resumed after a recent construction shutdown for two weeks while the European-led consortium building it and the Panama government try to resolve their differences over an estimated US$1.6 billion cost-overrun. The consortium led by Spain’s Sacyr and Italy’s Salini...

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AUSTRALIA: Vitol buys Shell’s downstream businesses including refinery and service stations for a total of A$2.9 billion

(EnergyAsia, February 21 2014, Friday) — Shell said it has sold its Australian downstream business including the Geelong refinery in Victoria state and 870 retail service stations to European trader Vitol for a total of A$2.9 billion. (US$1=A$1.11). The sale covers Shell’s bulk fuels, bitumen, chemicals and part of its lubricants businesses as well as (more…)

MALAYSIA: Petronas awards contract for floating LNG project to JGC-Samsung consortium

(EnergyAsia, February 21 2014, Friday) — Malaysian state oil firm Petronas said it has awarded the engineering, procurement, construction, installation and commissioning (EPCIC) portion for its second floating liquefied natural gas (FLNG) project to a consortium comprising Japan’s JGC Corporation and South Korea’s Samsung Heavy Industries. Petronas announced the award at the same time that...

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UPSTREAM: Investments in floating production systems to rise 138% to US$99 billion over next five-year period, says UK consultant

(EnergyAsia, February 20 2014, Thursday) — Oil and gas companies are projected to boost their investment in floating production systems (FPS) to US$99 billion between 2014 and 2018, said UK consultant Douglas Westwood. This sum represents a 138% increase over the preceding five-year period, according to the consultant’s latest World Floating Production Market Report. “FPSOs (more…)

CHINA: Brightoil Petroleum ventures into upstream sector with US$1.075 billion purchase of Anadarko’s assets

(EnergyAsia, February 20 2014, Thursday) — Hong Kong-listed oil trader and storage operator Brightoil Petroleum Holdings Ltd has made its long awaited move into the upstream sector by agreeing to acquire the Chinese assets of US firm Anadarko Petroleum for US$1.075 billion. Brightoil, which has been struggling to reverse the fortunes of its downstream business, (more…)

ASIA: ADB says water supply shortages threaten region’s food and energy security

(EnergyAsia, February 19 2014, Wednesday) — Asia must increasingly consider and manage its scarce water, food and energy resources in a coordinated way to meet the growing needs of its population, said Asian Development Bank (ADB) President Takehiko Nakao. According to the bank, 36 of its 48 Asian member countries, led by China and India, (more…)

QATAR: Qatargas 3 signs long-term deal to supply LNG to Japan’s Tohoku Electric Power

(EnergyAsia, February 18 2014, Tuesday) — Qatargas Operating Company Limited, the world’s largest liquefied natural gas producing company, said a subsidiary has signed a new 15-year agreement to supply the fuel to Japan’s Tohoku Electric Power Company Incorporated from 2016. Qatar Liquefied Gas Company Limited 3 (Qatargas 3) will supply annual shipments of 60,000 and (more…)

QATAR: Qatargas undertook ship-to-ship transfer of LNG cargo in Singapore waters following unspecified incident

(EnergyAsia, February 18 2014, Tuesday) — Qatargas said one of its chartered Q-flex vessels transferred a liquefied natural gas (LNG) cargo to another in an unknown part of the Singapore Straits last month after it was damaged in an unspecified incident. While there were no reported injuries or impact on the environment, Qatargas said the (more…)

MALAYSIA: ExxonMobil starts up Damar gas field, Petronas producing oil from new offshore fields

(EnergyAsia, February 17 2014, Monday) — In Malaysia, ExxonMobil has started up its new Damar gas field following on an earlier announcement by state-owned energy firm Petronas that it is producing oil from a cluster of offshore fields. The US major said subsidiary ExxonMobil Exploration and Production Malaysia Inc and equal joint-venture partner, Petronas Carigali (more…)

SINGAPORE: MPA looking into “systemic issues” to improve navigational safety in busy straits following recent vessel collisions

(EnergyAsia, February 17 2014, Monday) — Following three recent vessel collisions in Singapore’s busy waterways in under two weeks, the country’s Maritime and Port Authority (MPA) said it is investigating the possibility of “systemic issues” while announcing that it is immediately implementing measures to minimise such incidents It, the Baltic and International Maritime Council (BIMCO),...

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SINGAPORE: Keppel FELS wins US$650 million order for three jackups, Keppel O&M joins ocean council

(EnergyAsia, February 14 2014, Friday) — Singapore’s Keppel Offshore & Marine (Keppel O&M) said subsidiary Keppel FELS Limited has secured contracts to build three high-specification KFELS B Class jackup rigs worth about US$650 million from new customer Fecon International Corp. Described by Keppel O&M as cost-effective and high-performance with the ability to operate in water...

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SINGAPORE: Seraya Energy hosts Forex and Oil Symposium 2014 today

(EnergyAsia, February 14 2014, Friday) — Seraya Energy, the retail arm of Singapore’s energy provider YTL PowerSeraya, is organising a symposium today to help organisations take an integrated approach to purchasing electricity, oil and gas to increase energy and cost efficiency. Seraya Energy’s Forex and Oil Symposium 2014 will feature four experts to speak on (more…)

RUSSIA: Switzerland’s ABB integrating electrical and propulsion systems for two icebreaker vessels for use in the Arctic region

(EnergyAsia, February 13 2014, Thursday) — Switzerland’s automation technology and services provider ABB will supply the integrated electrical and marine propulsion systems for Russia’s newest two icebreaker vessels to operate in the harsh Arctic region. The Swiss firm said last September that it had secured the US$25 million contract from Russia’s State Maritime Rescue Coordination...

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UPSTREAM: Majors to reduce capital expenditure by 20% over next two to three years, says Douglas Westwood

(EnergyAsia, February 13 2014, Thursday) — In an attempt to hold down rising cost, the international oil majors are expected to reduce capital expenditure (capex) from 2013’s US$270 billion by 20% over the next two to three years, predicts UK consultant Douglas Westwood. This would equate to about 7% of the total industry’s annual upstream (more…)

CHINA: Wison Offshore & Marine secures another contract to build floating regasification unit

(EnergyAsia, February 12 2014, Wednesday) — China’s Wison Offshore & Marine said it has secured a second contract to build a barge-based floating regasification unit from Pacific Midstream Holding Corp, an equal joint venture between Belgium’s Exmar NV and Canada’s Pacific Rubiales Energy Corp (PRE). The Shanghai-based firm said its affiliates will be responsible (more…)

KAZAKHSTAN: Oil exports to China up 14% in 2013

(EnergyAsia, February 12 2014, Wednesday) — China imported a record 11.85 million tonnes of crude oil from Kazakhstan last year, up nearly 14.1% from 2012. The oil was exported entirely through the 1,200km pipeline linking the two countries, starting from Atasu in Kazakhstan into China’s Xinjiang Uygur Autonomous Region in its far western region. According...

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RUSSIA: Refinery modernisation programme to “rattle” global oil products markets, says US consultant

(EnergyAsia, February 11 2014, Tuesday) — Russia’s export of ultra-low sulphur diesel will quadruple by 2020 as reforms of the country’s oil export duties will substantially boost its investment in hydrocracking and other secondary refining units, predicts US consulting firm ESAI Energy. In a new study, “From Russia without Sulfur: Russian Oil Tax Reform Upends (more…)