CNOOC Ltd. to jointly develop the Madura BD gas and natural gas liquids field located off the coast of Indonesia’s East Java. The agreement covers the development and further exploration of the Madura Straits production sharing contract (PSC). CNOOC Ltd will pay Husky $125 million to acquire a 50% equity interest in Husky Oil (Madura)...
Administration (EIA) expects world oil consumption to grow by 1.2 million b/d in 2008, the bulk of over 1 million b/d coming from non-OECD countries. It expects OECD consumption to climb by 90,000 b/d. Higher oil prices and slower economic growth have dampened consumption in the US, but available partial data indicate global oil consumption...
Administration (EIA) has raised its forecast of West Texas Intermediate (WTI) crude oil price to $101 per barrel in 2008 and $92.50 per barrel next year. WTI crude averaged $72.32 per barrel last year. The agency also raised its forecast for motor gasoline price to $3.36 per gallon, up 55 cents from last year. Diesel...
(EnergyAsia, April 21, Monday) — NYSE-listed AES Corporation said it has completed the $930 million purchase and transfer of assets of the 660 MW Masinloc coal-fired thermal power plant on Luzon Island in the Philippines. AES and its eight percent minority partner International Finance Corporation (IFC) paid the full purchase price upfront to complete the (more…)
(EnergyAsia, April 21, Monday) — The recently released ‘World Energy Atlas 2007’, a great source of cartographic information for the oil and gas industry, containing 139 mapping plates over 280 colour pages. The Atlas includes details of major oil and gas fields and pipelines, deepwater fields, oil refineries, underground gas storage and processing facilities, LNG (more…)
(EnergyAsia, April 18, Friday) — The ‘5th MidEast Upstream 2008’ conference will be held at the Madinat Jumeirah Hotel in Dubai from May 27 to 28.The conference follows the success of last year’s event which featured presentations from 30 leading experts who addressed more than 150 participants from the world that included representatives from government (more…)
(EnergyAsia, April 18, Friday) — The ‘3rd Renewable Energy Finance Forum China’ will be held at the Ritz Carlton Hotel in Beijing, China from May 14 to 15.As China evolves beyond a speculative venture into a well established investment opportunity, revisions to the renewable energy promotion law are being drafted to encourage the growth of (more…)
(EnergyAsia, April 18, Friday) — ISO said it has approved the creation of a project committee mandated to develop an international standard on energy management.The standard will provide all types of organisations and companies a practical and widely recognised approach to increase energy efficiency, reduce costs and improve their environmental performance by addressing both the (more…)
(EnergyAsia, April 18, Friday) — Countries need to adopt market-based “cap and trade” mechanisms to curb their greenhouse gas emissions that would support investments in alternative energy, said BP chief executive Tony Hayward.Speaking at recent renewable energy conference in the US, Hayward said despite the current buzz of activity, the alternative energy and clean-technology business...
(EnergyAsia, April 18, Friday) — Southeast Asia is solidifying its role as a major international hub for deepwater oil and gas exploration and production following a recent spate of major offshore discoveries.Discoveries of new fields off the coast of eastern Malaysia are especially promising.For example, the Kikeh field, discovered in 2002, is estimated to hold...
(EnergyAsia, April 18, Friday) — Japan’s Mitsubishi Heavy Industries Ltd (MHI) said it has agreed to license technologies for major equipment used in pressurised water rector (PWR) type nuclear power plants (NPP) including steam turbines to the Harbin Group, one of China’s three largest heavy electric machinery manufacturers.MHI said it aims to respond, through collaboration...
(EnergyAsia, April 18, Friday) — The National Iranian Oil Company (NIOC) has agreed with Indonesia’s state energy firm Pertamina to build a 300,000 b/d oil refinery in Bojonegoro, Banten.The project is expected to cost US$5.6 billion with completion expected in 2013.The partners signed a deal to go ahead with the project in early March. NIOC...
(EnergyAsia, April 18, Friday) — US-based Clean Coal Technologies Inc (CCTI) said it has signed a memorandum of understanding in Shanghai with the Shanghai Huayi (Group) Company to determine the applicability of CCTI’s technologies as a complement to Huayi’s gasification programme and other coal, chemical and environmental technologies.CCTI will also recommend the use of lower...
(EnergyAsia, April 18, Friday) — Wood Mackenzie’s latest study ‘Biofuels – Growing in commercial viability?’ shows that, contrary to consensus, world land availability is not going to restrict the supply of biofuels, but economic and technological issues will. The company therefore forecasts a lower demand for biofuels across the globe than is quoted by other...
(EnergyAsia, April 18, Friday) — Dozens of energy experts met in Manila early this month to help the Asian Development Bank (ADB) formulate a new strategic approach to increase access to modern forms of energy for the one billion people in Asia without electricity.Almost half of the world’s population does not have access to modern...
per year refinery in the country’s far eastern port of Nakhodka. The refinery will likely focus on meeting the needs of the north Asian markets. Nakhodka is the terminus of Russia’s East Siberia-Pacific Ocean (ESPO) pipeline, one of the world’s longest oil pipeline projects and one of the largest development projects in Russia. ESPO will...
division of Singapore’s Keppel Integrated Engineering (KIE), has secured a 34 million euro turnkey contract for a Combined Heat and Power (CHP) waste-to-energy plant owned by Amotfors Energi AB in Amotfors, Sweden. (US$1==0.62 euro). When completed in 2010, the plant will process close to 70,000 tonnes of waste per year to generate steam and electricity....
(EnergyAsia, April 17, Thursday) — World renowned energy publisher Petroleum Economist has released three books: Encyclopedia of LNG, LNG – A Glossary of Terms and Fundamentals of Gas to Liquids. For more information on these books, please contact Admin@EnergyAsia.com. Encyclopedia of LNG The liquefied natural gas business has embarked on a sustained period of unparalleled (more…)
(EnergyAsia, April 17, Thursday) — ‘China Nickel 2008’ will be held at the Grand Hyatt hotel in Shanghai, China from May 28 to 29. As China continues to grow, its demand for metal has escalated and despite the fall in nickel price, the country’s demand continues to soar with consumption rising six-fold since 2000. ‘China (more…)
profit for 2007 rose 5.5% to RMB 55.53 billion while its total revenue increased by 13.4% to RMB1,209.71 billion. (US$1=RMB7). The board has proposed to declare a dividend of RMB0.165 per share on a full-year basis. After deducting an interim dividend of RMB 0.05 that has already been paid, the final dividend for 2007 would...
Ta7 and Ta8 permits in Mauritania to Qatar Petroleum International. Total, the operator, will retain a 60% stake in the blocks covering a total surface of 58,000 sq km. The assignment agreement was signed by Qatar’s Deputy Premier Abdullah Al Attiyah, who is also chairman of Qatar Petroleum International, and Christophe de Margerie, Total’s CEO....
industry, the Indonesian government has optimistically forecast that the country will produce 1.05 million b/d of oil this year, up from its earlier target of 910,000 b/d. It added that investment in the domestic oil sector could reach US$1.16 billion. The government has been pressing operators to fully develop their fields to take advantage...
oil prices on the world markets as it cannot continue to maintain costly fuel subsidies, said state oil and gas company Petronas. The government has been keeping domestic fuel prices below world market levels through an increasingly costly subsidy programme. Fuel subsidies are expected to rise to RM35 billion this year from RM16 billion last...
to expand and upgrade its 110,000 b/d refinery in Tabangao, Batangas following recent events that have cast uncertainty over the country’s downstream fuel market. A cause for concern is the recent court ruling that the huge Pandacan oil depot in Manila city must be relocated as it poses safety and health risks to residents,...
replace its Pandacan oil depot in Manila city following a court ruling that the facility must be relocated due to the safety, health and environmental risk it poses to residents. The terminal is operated by Petron together with Pilipinas Shell and Chevron Caltex Philippines. The Pandacan facility handles half the country’s fuel supplies, and...