MARKETS: EIA scales back forecasts for global oil demand for 2014 and 2015

(EnergyAsia, July 31 2014, Thursday) — Amid signs that the global economy could be slowing again, the US Energy Information Administration (EIA) has scaled back its forecasts for global oil demand growth for 2014 and 2015 in its July report. The agency now expects the world to consume 91.62 million this year and 93.08 million...

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MARKETS: IEA predicts strong global oil demand for 2015, scales back 2014 growth

(EnergyAsia, July 31 2014, Thursday) — Global oil demand will reach a new record high of 94.08 million b/d in 2015, rising more than 1.5% from this year’s projected 92.67 million b/d, said the International Energy Agency (IEA). In its first crystal ball gaze into next year’s markets, the agency said developing Asia led by (more…)

ANGOLA: Africa’s new leading oil producer? Officials hopeful but decline looms after 2017

(EnergyAsia, July 30 2014, Wednesday) — Angola officials believe their country could soon overtake Nigeria to become Africa’s leading oil producer although analysts expect both to experience declines over the next few years. Angola’s petroleum ministry and state energy firm Sonangol have variously been stating that the country’s oil production could exceed two million b/d...

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MARKETS: EIA predicts OPEC’s net export revenues to fall further in 2014 and 2015

(EnergyAsia, July 29 2013, Tuesday) — The export revenues of the Organisation of the Petroleum Exporting Countries (OPEC), excluding Iran, will continue to fall in 2014 and 2015 to follow through on last year’s 15.9% plunge, said the US Energy Information Administration (EIA). As a result of lower production and weak oil prices, the 12-member (more…)

MARKETS: IEA study values “economic benefits” of 29 members’ oil stockpiles at US$3.5 trillion

(EnergyAsia, July 29 2014, Tuesday) — The International Energy Agency (IEA) has valued the combined 30 years of oil stockpiles of its 29 member countries at more than US$3.5 trillion due mainly to their ability to limit the impact of supply disruptions on the world economy. Up to end-March 2014, the IEA said its members...

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INDONESIA: Election of Widodo as President could trigger US$30 billion in new foreign investment in upstream oil and gas sector, says consultant

(EnergyAsia, July 25 2014, Friday) — The election of Joko Widodo as Indonesia’s new president and Jusuf Kalla as vice president is potentially good news for Southeast Asia’s largest economy, particularly its energy and mining sectors, says UK consultant Wood Mackenzie. As a more progressive and pragmatic choice than his opponent, Prawbowo Subianto, Widodo’s victory (more…)

AUSTRALIA: Japan’s Mitsubishi Corp to invest A$110 million in diesel import terminal

(EnergyAsia, July 25 2014, Friday) — Japanese trading house Mitsubishi Corp said it is investing A$110 million in a new terminal in South Australia state to import, store and distribute diesel to serve the local markets hit by the closure of several refineries in Australia. (US$1=A$1.05). Mitsubishi Corp said it will launch the final design (more…)

NIGERIA: State NNPC affirms target to boost crude reserves to 40 billion barrels, production to 4 million b/d

(EnergyAsia, July 24 2014, Thursday) — Nigeria’s state oil and gas firm Nigerian National Petroleum Corp (NNPC) has affirmed its targets to boost the nation’s crude oil reserves to 40 billion barrels and production to rise to four million b/d. But group managing director Andrew Yakubu did not mention a deadline to achieve those goals...

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IRAN: China leads Asia to raise crude oil imports amid easing of Western trade sanctions

(EnergyAsia, July 23 2014, Wednesday) — China has become the biggest buyer of Iranian crude oil with imports for the first half of this year surging 48% to a record 628,000 b/d compared with 425,000 b/d over the same period last year. According to Chinese Customs data, China’s intake of Iranian crude oil reached their...

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US: Group of companies files application with Department of Energy to export LNG from proposed Alaska project

(EnergyAsia, July 22 2014, Tuesday) — A group comprising an Alaska firm and four major companies have filed an application with the US Department of Energy to export liquefied natural gas (LNG) from a proposed project from a greenfield site in Nikiski near the port of Achorage. The application seeks authorisation for the annual export (more…)

SAUDI ARABIA: Non-oil activities to contribute to economy’s projected 4.6% growth this year, says IMF

(EnergyAsia, July 22 2014, Tuesday) — Thanks to its expanding non-oil sector, Saudi Arabia’s economic growth will accelerate to 4.6% in 2014 to build on last year’s 4% increase, said the International Monetary Fund (IMF). Saudi Arabia’s economic growth, % 2010    2011    2012    2013    2014 (projected) Real GDP                 7.4       8.6       5.8      ...

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MONGOLIA: Economic outlook fading on falling investor interest as resource curse takes hold

(EnergyAsia, July 21 2014, Monday) — As its resources-dependent economy began to take off at the start of the decade, Mongolia was repeatedly warned to guard against the “resource curse” associated with corruption, waste, internal power struggle, runaway inflation and political instability that has befallen many developing economies. But, Mongolian leaders paid little heed as...

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IRAQ: EIA slashed oil production forecast by 600,000 b/d on political unrest

(EnergyAsia, July 18 2014, Friday) — Citing Iraq’s worsening violence, the US Energy Information Administration (EIA) said it has slashed its forecast for the country’s crude oil production by 600,000 b/d to between 3.1 million b/d and 3.2 million b/d from now through end-2015. The escalation of violence in northern Iraq that started in June...

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SRI LANKA: ADB lends US$300 million of US$440-million programme to boost renewable energy use in place of fuel oil

(EnergyAsia, July 17 2014, Thursday) — The Asian Development Bank (ADB) said it has approved a US$300 million dual-tranche loan to help Sri Lanka scale up its use of clean energy and cut its reliance on costly fuel oil for electricity generation by 2020. The bank’s first US$150 million tranche will help pay for a (more…)

SINGAPORE: Ezra to create one of region’s largest offshore services providers with consolidation of two related firms

(EnergyAsia, July 16 2014, Wednesday) — Singapore’s Ezra Holdings Limited said it is aiming to create one of Asia’s largest offshore services providers by merging an offshore division with an associated firm to own and operate a vessel fleet worth more than US$1 billion. The enlarged EOC Group will comprise EMAS Marine, Ezra’s offshore support (more…)

IRAQ: Baghdad bleeding cash as Kurds take over oilfields, Islamic State profits from oil sales

(EnergyAsia, July 15 2014, Tuesday) — Iraq is losing hundreds of millions of dollars in revenue as warring factions led by ethnic Kurds and Sunni revolutionaries cash in on sales of crude and oil products seized from producing fields and refineries previously controlled by Baghdad. Last week, Kurdish troops took over two oilfields in northern...

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SRI LANKA: President opened new fuel storage facilities to serve sea and airports in Hambantota

(EnergyAsia, July 14 2014, Monday) — Sri Lanka’s President Mahinda Rajapaksa officially started up two of the country’s most modern fuel storage facilities in the emerging trade hub of Hambantota city last month. Mattala International Airport’s US$40 million terminal stores up to three million litres of jet fuel to serve the growing air traffic through (more…)

SOUTH KOREA: Iraq’s plans to store, trade oil from Yeosu terminal in doubt as civil war intensifies

(EnergyAsia, July 14 2014, Monday) — Iraq’s plans to store and trade crude oil in South Korea to serve its Asian customers have been thrown into doubt by the growing geopolitical crisis in the Middle East. Iraq had planned to store about four million barrels of its crude oil in Yeosu terminal according to oil...

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SINGAPORE: Keppel to undertake US$735 million FLNG vessel conversion for Golar LNG

(EnergyAsia, July 11 2014, Friday) — Singapore’s Keppel Shipyard Ltd said it has secured a US$735 million contract from Golar Hilli Corp, a subsidiary of Golar LNG Ltd, to convert an existing Moss liquefied natural gas (LNG) carrier, the Hilli, into a floating liquefaction vessel (FLNGV) by the first quarter of 2017. Keppel Shipyard, a (more…)

MONGOLIA: MMC and Risun to jointly market and sell coal in China

(EnergyAsia, July 11 2014, Friday) — Mongolian Mining Corporation said its wholly‐owned subsidiary, Mongolian Coal Corporation Limited (MCCL), and Risun Mining Co Ltd, a subsidiary company of the Risun Group, have agreed to establish a joint venture company to transport, sell and distribute coal in China. With registered capital of RMB10 million and investments totalling (more…)

NIGERIA: Shell could face massive compensation bill after landmark environmental ruling in London court, says Amnesty

(EnergyAsia, July 10 2014, Thursday) — European major Shell could finally be held accountable for “massive compensation” for its role in devastating oil pollution in the Niger Delta following a landmark UK court ruling last month, said Amnesty International. In a judgment delivered by Justice Sir Robert Akenhead, the London Technological and Construction Court found (more…)

IRAQ: China offers words of support for Baghdad in fight against ISIS and Kurds, and little else

(EnergyAsia, July 10 2014, Thursday) — With a nervous eye on its growing exposure to the Middle East, China’s envoy to the region arrived in Baghdad this week to make a high-profile declaration of support for the Iraqi government fighting to hold the country together against the twin break-up threats posed by the Islamic State...

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MARKETS: Crude prices down as Libya terminals resume exports, Iraq supply fears recede

(EnergyAsia, July 9 2014, Wednesday) — Oil prices have fallen an average five percent since peaking in late June in response to the recent upsurge in violence in Iraq and Syria. At the end of the New York trading day on June 8, North Sea Brent was trading below US$109, down from a peak of (more…)

MIDDLE EAST: US to stay engaged while China’s energy dependence on region will grow, says Deloitte

(EnergyAsia, July 9 2014, Wednesday) — North America’s energy boom notwithstanding, the US will remain engaged in the Middle East while China will grow increasingly dependent on the region for its oil and gas supplies, said consultant Deloitte Touche Tohmatsu Limited (DTTL). In its 2014 Oil and Gas Reality Check report, Deloitte said the US’s...

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SOUTH KOREA: Hanjin Group sells 28.4% stake in S-Oil to Saudi Aramco subsidiary for 1.98 trillion won

(EnergyAsia, July 8 2014, Tuesday) — Saudi Aramco said its subsidiary, Aramco Overseas Company BV (AOC), will become the new majority owner of South Korea’s S-OIL Corporation when it completes its proposed buy-out of the Hanjin Energy Company’s entire 28.4% stake for nearly 1.983 trillion won. (US$1=1,010 won). The Saudi state-owned firm will raise its (more…)