MARKETS: OPEC holding on to previous months’ forecasts for world oil demand and non-OPEC supply

(EnergyAsia, June 30 2015, Tuesday) — With so much uncertainty on the economic and geopolitical fronts, the Organization of Petroleum Exporting Countries (OPEC) has frozen its crystal ball on how much oil the world will be consuming over the next two years in its latest monthly report for June. The cartel is keeping unchanged its...

This article is for Subscriber members only.
Log In Register

CENTRAL ASIA: Oil production from Kazakhstan, Azerbaijan and Turkmenistan to decline in 2015, says OPEC

(EnergyAsia, June 30 2015, Tuesday) — Largely in response to lower oil prices, Kazakhstan, Azerbaijan and Turkmenistan will reduce crude and condensate production by a combined 50,000 b/d in 2015 from last year’s 2.86 million b/d predicts the Organisation of Petroleum Exporting Countries (OPEC). Kazakhstan will reduce production by 10,000 b/d to 1.61 million b/d...

This article is for Subscriber members only.
Log In Register

INDIA: Japan’s MHI to build two storage tanks for IndianOil Corp’s new LNG terminal

(EnergyAsia, June 29 2015, Monday) — Japan’s Mitsubishi Heavy Industries, Ltd (MHI) said it has received an engineering, procurement and construction (EPC) order from Indian Oil Corporation Ltd to construct two storage tanks for a liquefied natural gas (LNG) terminal 25km north of Chennai city, formerly known as Madras. Facing the Bay of Bengal, the...

This article is for Subscriber members only.
Log In Register

SINGAPORE: Trafigura to use excess capacity at LNG terminal

(EnergyAsia, June 28 2015, Sunday) — European commodities trader Trafigura said it has signed an agreement with Singapore LNG Corporation Pte Ltd (SLNG) to use excess storage capacity at the company’s liquefied natural gas (LNG) terminal on Jurong Island. SLNG is the owner and operator of the country’s first LNG terminal that is capable of...

This article is for Subscriber members only.
Log In Register

CHINA: Analysts forecast weakening gas demand and oversupply through 2017

(EnergyAsia, June 26 2015, Friday) — Analysts are reducing their forecasts for China’s natural gas consumption over the next two years in view of a slowing economy, low oil and coal prices, and the high cost of gas-fired electricity. UK consulting firm Wood Mackenzie has sharply reduced its forecast for Chinese gas demand to 360...

This article is for Subscriber members only.
Log In Register
This entry was posted in News and tagged . Bookmark the permalink.

MARKETS: Refiners failed to unleash “wave” of new oil products supply, says consultant

(EnergyAsia, June 22 2015, Monday) — Led by Saudi Arabia in the Middle East and Brazil in Latin America, refiners failed to unleash a much-anticipated new “wave” of petroleum products to meet rising global demand, said a US energy consultant. In the first quarter of 2015 when global oil products demand roared to life, ESAI...

This article is for Subscriber members only.
Log In Register

KAZAKHSTAN: Economic growth to hit 15-year low in 2015, predicts World Bank

(EnergyAsia, June 22 2015, Monday) — After nearly 15 years of rapid growth, Kazakhstan’s high-flying economy will slow to a new low of just 1.7% this year under the combined weight of Russia’s problems and low oil and gas prices, predicts the World Bank. Starting from a low base at the turn of the century,...

This article is for Subscriber members only.
Log In Register
This entry was posted in News and tagged . Bookmark the permalink.

DUBAI: ENOC secures US$1.5b syndicated loan facility following successful £3.7b bid for Dragon Oil

(EnergyAsia, June 18 2015, Thursday) — Following its £3.7b successful bid for oil producer Dragon Oil, Dubai’s state-owned Emirates National Oil Company (ENOC) said it has secured a US$1.5 billion term debt facility from a syndicate of local, regional and international banks. The nine-year facility denominated in US dollars and UAE dirhams was fully underwritten...

This article is for Subscriber members only.
Log In Register

MALAYSIA: Environmental, aboriginal groups affirm opposition to Petronas-led LNG venture in Canada

(EnergyAsia, June 16 2015, Tuesday) — In attaching two major conditions to its twice-delayed final investment decision (FID), Malaysian state energy firm Petronas has thrown the initiative back to Canada over the fate of its proposal to build a C$36 billion liquefied natural gas (LNG) project in British Columbia province. (US$1=C$1.25). Amid the celebratory statements...

This article is for Subscriber members only.
Log In Register

NEW ZEALAND: Chevron to complete exit with sale to Z Energy for NZ$785 million

(EnergyAsia, June 11 2015, Wednesday) — Weeks after divesting its stake in New Zealand’s only refinery, US major Chevron said it is selling its retail and lubricants operations to local company Z Energy for a total of NZ$785 million. (US$1=NZ$1.40). Chevron will sell 150 Caltex service stations together with 70 truck fuelling stations and the...

This article is for Subscriber members only.
Log In Register

CHINA: ‘Belt and Road’ strategy to be implemented through projects worth an estimated US$900 billion

(EnergyAsia, June 9 2015, Tuesday) — Chinese officials said they expect the country to invest a total of nearly US$900 billion in more than 900 projects under its strategy to develop an expanded Silk Route and a new maritime belt to connect various parts of the world. Speaking at an Asia-Europe Meeting (ASEM) Industry Dialogue...

This article is for Subscriber members only.
Log In Register

ASIA: IMF sharply downgrades Central Asia’s growth prospects

(EnergyAsia, June 9 2015, Tuesday) — The eight economies of Central Asia and the Caucasus will experience a sharp slowdown in growth this year on the twin negative impacts of weak global commodity prices and Russia’s financial troubles, said the International Monetary Fund (IMF). Azerbaijan, Kazakhstan, Turkmenistan, Uzbekistan Armenia, Georgia, Kyrgyzstan and Tajikistan will collectively...

This article is for Subscriber members only.
Log In Register

ASIA: A route for US warships through the South China Sea, by Grenatec

Comment by Grenatec (EnergyAsia, June 8 2015, Monday) — If US navy ships traverse the South China Sea to demonstrate freedom of navigation, what route might they take? A US Navy flotilla tour of the South China Sea could underscore Reed Bank’s potential as a Joint Development Area. One route could be a broad arc passing...

This article is for Subscriber members only.
Log In Register

US: Proposed LNG projects to start well ahead of Canada’s, says Wood Mackenzie

(EnergyAsia, June 1 2015, Monday) — The US is well ahead of its resource-rich northern neighbour in developing projects to liquefy and export natural gas projects to Asia, said consultant Wood Mackenzie. “While North America’s huge gas resource base offers significant potential for LNG exports, 50 million tonnes per annum (mmtpa) of LNG production capacity (more…)