SINGAPORE: Keppel secures contract for Qatargas LNG carriers

(EnergyAsia, February 28) — Singapore’s Keppel Shipyard Limited said it has signed an alliance service agreement with several Japanese firms for the drydocking of a fleet of Moss Rosenburg (MOSS) type of liquefied natural gas (LNG) carriers chartered by Qatar Liquefied Gas Company Ltd. The five-year agreement was signed with MO LNG Transport Co., Ltd...

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MALAYSIA: MayBan recommends ‘hold’ on shares of Golden Hope Plantations Bhd

(EnergyAsia, February 28) — MayBan Securities has placed a ‘hold’ on the shares of Malaysia-listed plantation operator and biofuels player Golden Hope. The company’s annualised first half FY2006 results came in significantly below MayBan’s expectations and industry consensus.   MayBan said the group’s annualised second quarter FY2006 earnings came in significantly below consensus (-36%) and...

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AUSTRALIA: AGL says it has not received any formal proposal yet from Alinta

(EnergyAsia, February 28) — The Australian Gas Light Company (AGL) said it has not received a formal merger proposal from another Australian company, Alinta, although several days have passed since Alinta revealed its merger plan and disclosed that it had been building a stake in AGL.   AGL said its chairman Mark Johnson had met...

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SAUDI ARABIA: Consultant says oil attack highlights Islamist intentions and Saudi preparedness

(EnergyAsia, February 28) — New York-based consultant Eurasia Group said last Friday’s attempted military attack on the Abqaiq oil facility in Saudi Ariabia showed that terrorism risk remains high, particularly around the kingdom’s oil lifeline. Analyst Rochdi Younsi said the kingdom remained high as a terrorist target “despite Saudi Arabia’s gradual move toward economic reforms...

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SAUDI ARABIA: Vela to acquire six new crude tankers

(EnergyAsia, February 28) — Saudi Arabia’s state-owned Vela International Marine Limited said it has signed contracts with Korea’s Daewoo Shipbuilding & Marine Engineering Co Ltd to build six very large crude carriers (VLCCs) at its Okpo Shipyard in Korea.   Vela said the ships will be built to its high specifications and standards, including state-of-the-industry,...

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MALAYSIA: Scomi’s revenue crosses RM1 billion mark

(EnergyAsia, February 28) — Malaysia-listed oil and gas services provider Scomi Group Berhad said its 2005 revenue surged by 81% to a record RM1.07 billion, crossing the RM1 billion mark for the first time. Its full-year net profit rose by 146% to RM151.7 million. (US$1=RM3.7).             The impressive gains were helped by a strong fourth...

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SINGAPORE: Interra Resources reports turnaround with net profit of S$3.4 million for FY2005

(EnergyAsia, February 28) — Interra Resources Limited, a Singapore-listed oil and gas upstream company, has reported a net profit of S$3.4 million for 2005, compared with a net loss of S$800,000 for 2004. Revenue rose 66% to S$18.1 million from S$10.9 million while gross profit climbed 171% to S$6.7 million from S$2.5 million. (US$1=S$1.62).  ...

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AUSTRALIA: Woodside says Mauritania project has started producing oil

(EnergyAsia, February 28) — Australian upstream company Woodside Petroleum Ltd said its operated Chinguetti oil project in Mauritania in West Africa has begun producing crude oil. The hook-up, testing and commissioning of the floating production storage and offloading facility, the Berge Helene, which is located about 90km south-west of the capital Nouakchott Ð has been...

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INDIA: ONGC and Shell subsidiary team up to for bitumen, refinery study

(EnergyAsia, February 28) — Shell Bitumen India Private Limited (SBIPL), a subsidiary of the Shell Group of Companies, has teamed up with Indian upstream company ONGC to formalise the broad terms of manufacturing bituminous products and marketing.   Subir Raha, ONGC chairman and managing director, and Vikram Singh Mehta, chairman of the Shell Group of...

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MALAYSIA: MayBan continues to call KNM Group Bhd a ‘buy’

(EnergyAsia, February 28) — MayBan Securities has continued to stump for the stock of Malaysian engineering group KNM Group, which reported better-tan-expected FY2005 results.             MayBan said KNM’s financial results came in 13.9% above its forecast of RM36.6million, representing an increase of 190.9% over the previous year. KNM has recommended a final dividend of 5...

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CONFERENCE: US SolArc and China’s UNIPEC to present at 2nd Annual Energy APAC Conference in Beijing

(EnergyAsia, February 27) — SolArc, Inc, a leading provider of enterprise supply, trading and risk management solutions for the global energy industry, will present a UNIPEC case study at the 2nd Annual Energy APAC Conference in Beijing, March 13 and 14 2006.   UNIPEC is China’s largest trader of crude oil and refined products, with...

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CHINA: CNOOC, Devon Energy signed new production sharing contract (PSC)

(EnergyAsia, February 27) — China’s CNOOC Limited said its parent company, China National Offshore Oil Corporation (CNOOC) has signed a production sharing contract (PSC) with NYSE-listed Devon Energy Corporation for block 11/34 in the Yellow Sea.   The block covers a total area of approximately 10,840 sq km in water depth of 20 to 60...

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PHILIPPINES: Army protection for energy installations after President declared national emergency

(EnergyAsia, February 27) — The Philippines is in political turmoil again after President Gloria Macapagal Arroyo declared a national emergency on February 25, ordering the arrest of military officers and civilians allegedly involved in a plot to overthrow her administration. The army has been ordered to protect oil, gas and power installations as part of...

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CHINA: CITIC Group to invest in Ivanhoe Energy as part of quest to secure international energy resou

(EnergyAsia, February 27) — Ivanhoe Energy Inc and CITIC Resources, a subsidiary of China’s CITIC Group, said that CITIC Resources will convert its 40% working interest in the Kongnan Project in China’s Dagang oilfield into shares of Ivanhoe Energy.   CITIC, formerly China International Trust & Investment Corporation, will pay a total of US$27,386,135, comprising...

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INDONESIA: Energy Ministry and Japan’s MHI held nuclear power seminar in Jakarta

(EnergyAsia, February 27) — Japan’s Mitsubishi Heavy Industries Ltd (MHI) said it and Indonesia’s Ministry of Energy and Mineral Resources (MEMR) jointly held a nuclear energy seminar in Jakarta last week. Entitled, “MEMR-MHI Nuclear Seminar for Public Information Towards the Introduction of First Nuclear Power Plant into Indonesia”, the seminar was aimed at providing information...

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MALAYSIA: Scomi Marine reports record fourth quarter profit of RM20.3 million

(EnergyAsia, February 27) — Malaysia-listed Scomi Marine Bhd, an associate company of Scomi Group Bhd, has announced a record net profit of RM20.3 million for the fourth quarter ended December 31 2005, on the back of a RM136.3 million turnover. (US$1=RM3.71).   The company said that for the full financial year ended December 31 it...

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BLOG: US reeling from globalisation’s impact

(EnergyAsia, February 27) — Some members of the US establishment are deeply worried about Arabs taking control of their key ports, citing security fears. This followed the Dubai Ports World’s capture of UK’s P&O last month. after an intense bidding war against Singapore’s PSA. P&O is a global port owner and operator, and counts those US ports among...

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AUSTRALIA: Santos increases energy reserves, adding 122 million barrels of oil

(Energyasia, February 27) — Australian upstream company Santos said it has added a record 122 million barrels of oil equivalent (mmboe) of proven (1P) reserves last year through exploration, appraisal, revisions and acquisitions. After allowing for production of 56 mmboe, 1P reserves increased by 66 mmboe to 414 mmboe, up from 348 mmboe at the...

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CHINA: Push to expand economic, trade and energy ties with Pakistan

(EnergyAsia, February 27) — China and Pakistan vowed to boost their economic, trade and energy ties following last week’s successful visit to Beijing by Pakistani President Pervez Musharraf.   In a joint statement, both sides agreed to explore new ways to expand economic cooperation and trade to promote common development for their peoples.   Xinhua...

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AUSTRALIA: Caltex says profit increase tempered by refinery project delay

(EnergyAsia, February 27) — Caltex Australia has announced an after tax profit of A$414 million for last year compared with A$350 million for 2004. The latest profit is equalled to 2.2 Australian cents of profit per litre of petroleum products sold. (US$1=A$1.33).   Caltex managing director Dave Reeves attributed the higher profit to a stronger...

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CHINA: CNOOC’s offshore field begins production

(EnergyAsia, February 24) — China National Offshore Oil Company Limited (CNOOC Ltd) said one of its offshore oil fields in the South China Sea has come onstream, producing around 1,500 barrels per day of oil.   The Hui Zhou (HZ) 19-1 field is located in the northern part of block 16/19, about 120 kilometres southeast...

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MARKETS: UK consultant questions if refining is headed for overcapacity and low returns

       (EnergyAsia, February 24) — While investor appetite in the oil refining industry has been transformed and asset prices rising with it, UK-based consultant Wood Mackenzie believes that if all of the announced refinery capacity additions come on stream, the refining industry could return to a position of overcapacity and low-returns.             At the end...

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RENEWABLES: BP, Edison Mission plan major hydrogen power project for California

(EnergyAsia, February 24) — BP and Edison Mission Group (EMG), a subsidiary of Edison International, are planning a to build a US$1 billion hydrogen-fuelled power plant in California, US that would generate clean electricity with minimal carbon dioxide (CO2) emissions.   Describing it as the first-of-its-kind plant, the partners said the facility would be located...

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INDONESIA: Oiltanking to build deep water oil terminal in West Java

(EnergyAsia, February 24) —Germany’s Oiltanking group has announced that it will build a storage terminal for oil products and gases at the port town of Merak in West Java, Indonesia. The US$120 million terminal will serve the recently deregulated oil and gas market in Indonesia.                 With water draft of up to 18m and various...

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VIETNAM: First foreign-owned oil refinery approved

(EnergyAsia, February 24) — The Vietnamese government has issued a licence for the country’s first wholly-foreign owned oil refinery. Hong Kong investors will build the 5-million-tonne/year plant in Nhon Hoi in central Binh Dinh Province at an estimated cost of US$1.5 billion, Vietnam Net reported. They have undertaken to complete the project within three years,...

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