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 […]

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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 […]

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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 […]

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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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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 […]

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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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