INDONESIA: Total makes two gas finds in the southern part of Mahakam Block

The discoveries lie a few kilometres from the Stupa field and strengthen the potential of this field. A development plan for the Stupa field was submitted in July 2007 to the Indonesian authorities. Both wells, East Mandu-1 and West Stupa-1, were drilled to about 60 metres, and showed 164 and 72 metres of good quality...

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SOUTH KOREA: SK Energy interested to invest in petrochemical plant in Peru

“Since our first participation in exploration and production activities in Block 8 in 1996, SK has been deeply committed to Peru for more than a decade. We have invested US$900 million in resource development and with future investments in the petrochemical division, we anticipate our investment in the region to reach US$2 billion,” said Mr...

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KOREA: Consortium invest $19 million in Canadian uranium project

Emil Fung, a vice president for the consortium, said: “The consortium comprises Korea’s leading energy and natural resource companies. Korea Electric Power  Corp (KEPCO), Korea Resources Corp (KORES) and SK Energy Co Ltd will join with Hanwha to invest C$19 million towards an earn-in of a 50% ownership interest in the Cree East Project over...

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MARKETS: Crude oil rally bound to run out of steam, says Fimat

US crude future jumped more than 10% from $79.02 a barrel on October 8 to an intraday high of $88.20 on October 17. But according to Fimat, supply-demand fundamentals have not noticeably changed in the last 10 days. It said “a toxic brew” of bullish statistical reports — from the IEA, US DOE and OPEC...

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SINGAPORE: Strong investor demand fuels China Oilfield Technology’s IPO

Based on the total invitation size of 211,607,000 shares, the IPO was approximately 10 times subscribed. As at the close of the IPO on October 15, there were 52,279 valid applications from the public applying for a total of approximately 1,910,658,000 shares, compared to the 3,228,000 shares available for public subscription. Of the applications received...

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VIETNAM: Power sector’s environmental management capacity receives ADB, French boost

The Capacity Building on Environmental Management to the Power Sector, estimated to cost $720,000, will be financed through a $600,000 grant from the AFD to be administered by ADB. The balance will be covered by the government of Vietnam. The assistance will focus on strengthening Vietnam’s environmental management of thermal power plants that are fuelled...

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CHINA: China Sunergy signs polysilicon supply agreement with Luoyang Zhonggui

A total of 60MT and 46MT of solar-grade multicrystalline polysilicon will be shipped to China Sunergy in 2007 and 2008. The contracted volumes will support approximately 13MW of production for China Sunergy during the contractual term which primarily covers the period of September 2007 to March 2008. Pricing is on a fixed basis for the...

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CHINA: DALU Polysilicon break ground on polysilicon plant in Hohhot, Inner Mongolia

The 18,000-metric ton per year (MTY) polysilicon plant will produce high purity electronic grade polycrystalline silicon material that can be used for both electronic and photovoltaic applications. The plant will initially start with a 2,500-t/y capacity. DALU also announced that it has signed letters of intent with Poly Plant Project (PPP), Silicon Chemical Corporation (SCC)...

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CHINA: Sinopec and Iceland’s Glitnir to develop geothermal potential

(EnergyAsia, October 18, Thursday) — China’s state-owned Sinopec and Icelandic bank Glitnir said they have agreed to explore geothermal energy development in China with support from world geothermal leaders Geysir Green Energy and Reykjavík Energy Invest. The partners hope to increase the use of geothermal as a renewable energy source in China. The two companies...

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BANGLADESH: Government eyes hydro projects in Myanmar

(EnergyAsia, October 17, Wednesday) — Bangladesh’s plans to seek out potential investors to help it jointly develop hydropower projects in Myanmar will have to be shelved for now given the political turmoil in the Southeast Asian country. Dhaka need to develop new hydropower capacity to help it meet Bangladesh’s surging electricity demand. The Bangladeshi government...

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CHINA: First phase of coal-to-oil project to start up soon

(EnergyAsia, October 17, Wednesday) — The first phase of a massive coal-to-oil project at Erdos in China’s Inner Mongolia is expected to start up in the coming months. The project by China’s top coal producer, Shenhua Group, will convert coal into a liquid fuel, producing mostly diesel and liquefied petroleum gas (LPG). Construction started in...

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JAPAN: Government buildings to have solar panels by 2012

(EnergyAsia, October 17, Wednesday) — The Japanese government wants to install solar panels on 300 of its buildings by 2012. Together, the solar panels would generate 10 million kilowatt hours (KWh) of electricity to supply some 2,500 homes. About 3,000 state-owned buildings have been identified that could potentially be equipped with solar panels....

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SOUTH KOREA: Researchers target to develop cheaper, more efficient solar cell

(EnergyAsia, October 17, Wednesday) — South Korean researchers are aiming to commercialise an improved and cheaper solar cell by 2012. They are hoping to develop a new plastic to improve the efficiency of converting solar power into electricity by some 15%. The researchers cooperated with the Center for Polymers and Organic Solids at the University...

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NEPAL: UNDP sponsors power project

(EnergyAsia, October 17, Wednesday) — The UN Development Programme (UNDP) will team up with the governments of Nepal and Norway to finance the construction of a mini-hydro project in Nepal. The 400 kilowatt (KW) project is worth some US$3.8 million. It will help provide about 3,100 households in Nepal’s Dolakha and Ramechhap districts with power....

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RENEWABLES: Deutsche launched climate change fund in Singapore

(EnergyAsia, October 17, Wednesday) — Deutsche Bank has launched a climate change fund for investors in Singapore. DWS Investments, the bank’s mutual funds asset unit, recently launched the DWS Global Climate Change Fund. The minimum investment amount is US$1,000 The fund invests in companies that provide solutions for organisations to reduce greenhouse gas emissions and...

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SRI LANKA: Court case filed against sale of Lanka Marine Service

(EnergyAsia, October 17, Wednesday) — A group of plaintiffs led by a former parliamentarian has filed a court challenge against the sale of Sri Lanka’s state bunkering monopoly firm Lanka Marine Service to John Keels Holdings. The plaintiffs want the courts to cancel the sale which they said is a fraudulent transaction that was “not...

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VIETNAM: Singapore investors plan ethanol JV

(EnergyAsia, October 17, Wednesday) — Vietnam’s Bien Hoa Sugar has teamed up with Singapore’s Fair Energy Asia to build a 50,000-tonne per year ethanol plant. The project, located in Chau Thanh district in Vietnam’s southwestern province of Tay Ninh, will use sugarcane and cassava as feedstock. Vietnam offers big opportunities for ethanol production based on...

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SINGAPORE: Mermaid Maritime’s IPO 24 times oversubscribed, co. valued at S$816m on debut

(EnergyAsia, October 17, Wednesday) — Thailand-based Mermaid Maritime Public Company Limited, a leading provider of drilling and sub-sea engineering services for the oil and gas industry in Southeast Asia, made its trading debut on the Singapore stock exchange yesterday after a successful initial public offering (IPO) of 140 million shares. The company’s offer of 140...

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AUSTRALIA: State govt lifts 15% shareholder cap on upstream company Santos

(EnergyAsia, October 17, Wednesday) — The South Australian state government has announced its intention to repeal the legislation which restricts any one shareholder from holding more than 15% of the shares of upstream company Santos. The government’s decision is subject to Parliamentary review and approval, followed by a transition period of 12 months before the...

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CHINA: PetroChina reports ‘stable growth’ third quarter

It produced 212 million barrels of crude oil and 378.1 billion cubic feet of natural gas. For the January-September period, PetroChina said its combined oil and gas production grew 4.3% to 828 million barrels of oil equivalent compared with the same period in 2006. Its crude oil output edged up 0.9% to 632 million barrels,...

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INDIA: Headwaters Inc to undertake Phase II feasibility study contract for direct coal liquefaction

In this study, Headwaters CTL LLC (HCTL) will confirm the reactivity and liquid yields from low ash Assam coals under HCTL’s coal liquefaction process conditions and provides techno-economic evaluation of constructing a 44,000 BPD syncrude plant in northeastern India. OIL and Coal India Limited, both government owned companies, have formed a joint task force to...

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MARKETS: Big Oil lose credibility as oil price continues to hit new high

As if to mock the doubting Thomases, oil continued to set new record highs almost every day for more than a week after cracking the $80 resistance on September 12. It has since settled comfortably into the $80 range, proving that the run-up was no fluke. Today, the oil price set another high of more...

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MARKETS: WTI crude, Singapore products at new highs in Asian trade yesterday

There are also concerns about winter fuel supply shortages and further decline in the US dollar. WTI prices have stayed above $80 a barrel after breaking that level on September 12. In Singapore, product prices continued to scale new highs. Jet fuel has pushed past $95 a barrel FOB, while gasoil held above $93 and...

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QATAR: Foster Wheeler awarded front-end engineering design and management contracts for new petroche

Qatar Holding, a fully owned subsidiary of Qatar Petroleum, is in the process of establishing a joint venture company for this project with Korea’s Honam Petrochemical Corporation. In addition to the usual FEED scope, Foster Wheeler’s work also includesthe procurement of long-lead items. The new complex will include world-scale olefins and aromatics units, which will...

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RUSSIA: Local companies awarded total of US$10 billion worth of Sakhalin contracts

Since 1996, Russian companies have put in more than 191 million man-hours, or 80% of the total number spent on the project, and invested 9.7 million tons of local materials or 91% of the total volume. At peak this year, the project employed 20,000 Russians. Although the method specified in the Sakhalin II project production...

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