US: Oil product exports set to climb further after reaching record high in 2013, says GlobalData

(EnergyAsia, March 13 2014, Thursday) — US oil products are set to rise further to break last year’s record high level, predicts research firm GlobalData. Despite the decline in domestic product demand, the country’s refining utilisation levels have increased significantly in the last few years as foreign demand for US products have surged 70% since…

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SINGAPORE: Futures trading, solar energy to increase competition in electricity market

(EnergyAsia, March 12 2014, Wednesday) — Futures trading and solar energy will debut on the Singapore electricity markets later this year as part of a plan to increase price and supply competition. Following a six-month trial starting April, the Singapore Exchange (SGX) will aim to launch its electricity futures contract that will allow consumers to…

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SINGAPORE: DNV GL expands presence with regional HQ, larger laboratory and R&D agreement with MPA

(EnergyAsia, March 12 2014, Wednesday) — Coinciding with its 150th anniversary, DNV GL is increasing its presence in Singapore through a new regional head office, an expanded marine and offshore laboratory, and an agreement to undertake R&D with the Maritime and Port Authority (MPA). Reflecting its position as the world’s leading ship classification society and…

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PAPUA NEW GUINEA: Oil Search to pay US$900 million for 22.835% stake in major gas field

(EnergyAsia, March 11 2014, Tuesday) — Australia-listed Oil Search Limited has agreed to pay US$900 million for a 22.835% stake in the Elk-Antelope fields which hold the largest undeveloped gas resource in Papua New Guinea. The seller of the PRL 15 stake is Pacific LNG Group, an affiliate of Clarion Finanz AG, a private company…

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MARKETS: Brent crude oil trading range in 2013 was narrowest since 2006, says US EIA

(EnergyAsia, March 11 2014, Tuesday) — In 2013, North Sea Brent crude oil, the most important global benchmark for waterborne light sweet crude, traded in the narrowest price range since 2006 and exhibited the lowest magnitude of daily price movements in more than 10 years, said the US Energy Information Analysis (EIA). According to EIA…

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INDIA: IOC buys 10% stake in Petronas’s Canadian LNG project

(EnergyAsia, March 10 2014, Monday) — Confirming earlier media reports, state-owned Indian Oil Corp Ltd (IOC) has agreed to acquire a 10% stake in a Canadian liquefied natural gas (LNG) project led by Malaysia’s state energy firm Petronas through its two subsidiaries, Progress Energy and Pacific NorthWest LNG (PNW LNG). IOC has also committed to…

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JAPAN: Current account to remain in surplus despite rising energy import bill, says BoA

(EnergyAsia, March 10 2014, Monday) — Japan will continue to enjoy a current account surplus in 2014, but it will shrink as a result of rising energy import cost, according to a Bank of America (BoA) analysis. Last year, the country’s current account surplus, which reflects the balance of payment, fell by 1.5 trillion yen…

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KUWAIT: Foster Wheeler awarded engineering and design contract for LNG import and regasification terminal

(EnergyAsia, March 7 2014, Friday) — Swiss engineering giant Foster Wheeler AG said a subsidiary has secured a contract to provide pre-front-end engineering design and the front-end engineering design for a new onshore liquefied natural gas (LNG) import and regasification terminal to be built in Kuwait. Kuwait National Petroleum Company (KNPC) awarded the contract for…

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SINGAPORE: “Systemic issues” loom after oil spills, LNG vessel collision as shipping traffic and cargo soar to another record high

(EnergyAsia, March 7 2014, Friday) — Four vessel collisions within 45 days leading to oil spills and an under-reported first transfer of flammable liquefied natural gas (LNG) are raising questions of “systemic issues” in Singapore’s increasingly busy shipping lanes which handled record traffic and cargo tonnage last year. Three of the most recent collisions took…

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SINGAPORE: Sembcorp, Keppel units awarded contracts worth more than US$1 billion, Loyz Energy buys into oil explorer and concessions

(EnergyAsia, March 6 2014, Thursday) — Singapore’s upstream oil and gas industry is continuing its hot streak of dealing making and sales into the first quarter of 2014. Its two leading upstream contractors recently secured contracts worth a total more than US$1.5 billion to build drillships and rigs while explorer Loyz Energy said it buying…

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MARKETS: Experts debate impact of Russia-Ukraine conflict on oil markets

(EnergyAsia, March 6 2014, Thursday) — One expert believes the Ukraine crisis will have no impact on the world oil markets while another says it could cause prices to spike as Russia’s retaliation against Western actions could disrupt energy supplies to its highly dependent customers in Europe. In a memo, US consulting firm, ESAI Energy,…

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MALAYSIA: Petronas reports 13% surge in net profit, 5.8% rise in oil production for 2013

(EnergyAsia, March 6 2014, Wednesday) — Helped by a weaker currency and the full-year contribution of its Canadian subsidiary, Malaysian state energy firm Petronas reported increases in its net profit, revenue, oil production and asset base in 2013 to reverse a decline from previous years. The company, which accounts for 40% to 45% of the…

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JAPAN: Coal, gas consumption to reach record levels this and next year, predicts energy institute

(EnergyAsia, March 5 2014, Wednesday) — With its nuclear plants still largely idle, Japan’s consumption of coal and natural gas will surge to record high levels over the next two financial years, predicts the country’s main energy think tank. In a recent report, the Institute of Energy Economics, Japan (IEEJ) said it expects domestic demand…

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MARKETS: Oil prices poised for further gains on war fears, prolonged cold weather, demand strength and supply fears

(EnergyAsia, March 4 2014, Tuesday) — Oil prices are quietly building a base for further gains in the coming months after a stuttering start to 2014. Prices are supported by four aces: prolonged cold weather in North America, the US-Russia faceoff over Ukraine, supply disruption fears in the Middle East and Africa, and growing global…

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MARKETS: Despite concerns over Fed tapering, IEA raised forecast for world oil demand, said there was no supply glut

(EnergyAsia, March 4 2014, Tuesday) — The US Federal Reserves’s decision to reduce the pace of money creation will not restrain global oil demand growth, judging by the International Energy Agency’s latest forecast. While emerging economies and the world’s stock markets reacted negatively to the initial suggestions made as far back as last year, the…

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CANADA: Petronas to reveal names of new Asian partners in Pacific NorthWest LNG project

(EnergyAsia, March 3 2014, Monday) — Malaysia’s state-owned energy firm Petronas is expected to soon reveal the identities of two new Asian partners in its proposed C$36-billion project to develop and export liquefied natural gas (LNG) from Canada’s British Columbia province by the end of the decade. CEO and President Shamsul Azhar Abbas said at…

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UPSTREAM: Oil and gas industry must drill 670,000 wells through 2020 to keep up with global demand growth, says consultant

(EnergyAsia, March 3 2014, Monday) — The oil and gas industry will need to drill more than 670,000 oil and gas wells from 2014 through 2020 to keep up with rising global consumption, said UK consultant Douglas-Westwood (DW). In its ‘World Development Drilling & Production Forecast’ report, the firm said the industry drilled more than…

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MARKETS: EIA’s forecast for 2015 global demand at nearly 93 million b/d is highest among world agencies

(EnergyAsia, March 3 2014, Monday) — The world will consume nearly 93 million b/d of oil for 2015, said the Energy Information Administration (EIA) in its latest monthly forecast, making it the most bullish call among the world’s leading energy agencies. In its February report, the EIA also revised upward its forecast for this year’s…

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