(EnergyAsia, July 11) — Russia is interested to enter into strategic talks with key oil consuming countries, including India and China, aimed at attracting foreign investment into its oil and gas sector. According to India’s Financial Express, Russian foreign minister Sergei Lavrov said Moscow wants to attract foreign investment to help modernise its energy...
(EnergyAsia, July 11) — Taiwan must do more to open up its downstream oil products market to foreign companies to encourage competition and efficiency, said analysts. With oil prices at record levels and still rising, the country risks being hit by a major oil shock. They said that Taiwan places too many obstacles hindering...
(EnergyAsia, July 8) — Pakistani and Indian government officials will press ahead to jointly build a 2775-km pipeline to supply natural gas from Iran despite their long history of enmity and US objections. The US$4 billion project could lay the foundations for an energy corridor in energy-short South Asia. It would originate in Asaluyeh,...
How symbolic was this coincidence of events? As crude oil futures prices rose to another record high in the last week of June, China’s CNOOC Limited stepped up its unsolicited high-profile bid to take over one of America’s largest independent oil and gas companies. Iran votes in a hardline anti-US politician who vows to proceed...
(EnergyAsia, July 8) — MayBan Securities has advised investors to stay invested in Malaysia’s oil and gas stocks. MayBan describes the recent announcement by Murphy Oil Corp of further oil and gas discoveries in East Malaysia as good news for local oil and gas companies. It said investors should buy shares of KNM,...
(EnergyAsia, July 8) — The Indian government is embarking on a second massive round of expansion of its oil refining capacity. Between 1999 and 2004, the country’s oil refining capacity rose by nearly 60% to 113 million tonnes/year or 2.3 million barrels/day. India’s Petroleum Minister Mani Shankar Aiyar last month said he favours expanding...
(EnergyAsia, July 8) — The Indian government has decided to sharply raise domestic natural gas prices, the first increase since April 2002. The tariff hike will affect all Indian consumers and industries, reported Financial Express, although it did not say when exactly the price hike will take full effect. However, the increases will...
(EnergyAsia, July 9) — Shipping group Exmar said it has placed an order for a fourth liquefied natural gas regasification vessel (LNGRV). The vessel, named the EXPLORER, will be placed on long-term charter with Excelerate Energy LP, an LNG shipper and marketers based in Woodlands, Texas. The 150,900-cubic metre vessel will be built by Daewoo...
(EnergyAsia, July 8) — The Australian Gas Light Company (AGL) has acquired Oil Search Limited’s 10% stake in the upstream Papua New Guinea (PNG) gas project. This follows the earlier announcement by AGL of the entry into a conditional gas supply agreement with the PNG producers for around 1500 PJ of natural gas over...
(EnergyAsia, July 8) — US major Chevron Corp said its Australian subsidiary has successfully bid for the exploration rights to four deepwater blocks with significant natural gas potential in the Carnarvon Basin off the coast of Western Australia state. Chevron Australia will be the operator and will hold an equal stake with Shell Development Australia....
(EnergyAsia, July 8) — Singapore-listed Labroy Marine Limited said its subsidiary Labroy Shipbuilding And Engineering Pte Ltd has landed a shipbuilding contract worth S$169 million (US$100 million) for the construction of six sophisticated offshore vessels. The first five will be delivered in 2007 and the sixth in 2008. The company said it has...
(EnergyAsia, July 8) — HongKong-listed companies Sinolink and Enerchina have issued a joint announcement that a wholly-owned subsidiary of Enerchina, Goodunited and Shenzhen Huishen have concluded an equity transfer agreement. Shenzhen Huishen has agreed to sell to Goodunited its 30% equity interest in Shenzhen Fuhuade, a non-wholly owned subsidiary of Enerchina and Sinolink, for RMB250...
(EnergyAsia, July 7) Ð The Thai government has put on hold its ambitious US$7 billion energy pipeline land-bridge from the Andaman Sea to the Gulf on Thailand with officials citing the dangers of earthquakes and tsunamis in the area. According to the Bangkok Post, the decision to halt the project came after a study...
(EnergyAsia, July 7) — Thai household spending increased at almost twice the rate of income between 2002 and last year, as a result of higher oil prices and other costs, The Nation reported. That trend will continue through 2005 as inflation is likely to hit 4% per cent for the year, compared with 4.6% since...
(EnergyAsia, July 7) — Thailand’s biomass power plants are having a hard time finding feedstock and trying to cope with volatile prices, the Bangkok Post reported. Industry officials told the newspaper that biomass-powered plants are finding it increasingly difficult to find affordable rice husks. Prices have risen as high as Baht1,000/tonne of husk, sharply...
(EnergyAsia, July 7) — Singapore-listed upstream support company KS Energy Services Limited said that it has sold off 8.5 million shares of another listed company, EZRA Holdings Limited at S$1.20 per share through married deals worth a total of S$10.2 million. (US$1=S$1.67). KS Energy’s shareholding in EZRA, a marine vessel operator for the oil...
(EnergyAsia, July 7) — Malaysian state energy major Petronas plans to raise crude oil production at its Sudan operations to 1 million b/d by 2007 from 300,000 b/d now, news agency Bernama reported. Citing Petronas chief executive Tan Sri Mohd Hassan Marican, Bernama said the company is planning to beef up its investments in...
(EnergyAsia, July 7) — Abacus International, which has provided professional training services to the petroleum industry since June 1993, has moved its administrative office from the UK to Singapore. Founding partner Mike England heads up the office. Now known as Abacus International Training, the business will continue to present seminars which are open to...
(EnergyAsia, July 7) — Climate Exchange Plc said the European Climate Exchange (ECX) and Powernext have signed a cooperation agreement to trade both the carbon dioxide emission futures and spot markets. The move coincides with the launch of Powernext Carbon, the Powernext European Spot Carbon Dioxide Contract. Climate Exchange said: “It is intended that...
(EnergyAsia, July 7) — US carbon dioxide emissions from burning fossil fuels increased by 1.7% last year, from 5,796 million metric tons of carbon dioxide (MMTCO2) in 2003 to 5,896 MMTCO2 in 2004, according to preliminary estimates released today by the Energy Information Administration (EIA). Carbon dioxide emissions per dollar of real gross domestic product...
(EnergyAsia, July 7) — US independent Murphy Oil Corporation said that two of its offshore wells in Malaysia, Endau #1 and Kerisi #1, have been confirmed to hold oil and gas reserves. The Endau #1 exploration well discovered oil and natural gas in multiple horizons. The well reached a total depth of 8,275 feet...
(EnergyAsia, July 6) — The Bank of Thailand wants the government to float diesel prices in a bid to reduce hefty oil-import bills and reduce the country’s rising trade deficit. According to analysts’ estimates, Thailand’s current account came in at a record shortfall of US$1 billion in April, bringing the total deficit to US$2.7...
(EnergyAsia, July 6) — The Tokyo Electric Power Company, Inc has signed an agreement to acquire a 14% stake in Indonesia’s Paiton I Project from a current shareholder. The US$137 million transaction makes TEPCO the first Japanese electric power company to invest in the independent power producer (IPP) business in Indonesia. The project involves a...
(EnergyAsia, July 6) — Finland’s W’rtsil’ has inaugurated a state-of-the-art production plant in Wuxi, located about 100 km west of Shanghai, China. W’rtsil’ Propulsion (Wuxi) Co Ltd, the company’s first wholly-owned production venture in China, focuses on the manufacture of Lips-brand Transverse Thrusters. Also known as bow thrusters or tunnel thrusters, they are used in...
(EnergyAsia, July 6) — Australian resources giant BHP Billiton said it has approved the capital expenditure for its 35% share of the costs to develop the Neptune oil and gas field in the Gulf of Mexico. The Neptune facility will have a design capacity to produce up to 50,000 barrels of oil and 50 million...