MARKETS: Deepwater E & P spending forecast to rise to $35 billion by 2014, predicts Douglas-Westwood

(EnergyAsia, March 22 2010, Monday) — Oil and gas companies desperate to replenish their dwindling reserves will drive investments in the deepwater exploration and production sector to US$35 billion by 2014 for a cumulative $167 billion in the 2010-2014 period, according to a new study by consultant Douglas-Westwood. “Despite global economic turmoil and oil price...

This article is for Subscriber members only.
Log In Register

MARKETS: Crude oil futures slip; funds increase bet on higher prices

(EnergyAsia, March 22 2010, Monday) — This article was written by Darrell Delamaide for Oilprice.com. Crude oil futures kept falling back from new highs as speculative funds increased their bets that prices are headed higher. The benchmark West Texas Intermediate contract ended the week March 19, Friday, at US$80.68 a barrel, after nearing $83 earlier...

This article is for Subscriber members only.
Log In Register

IRAQ: IMF to provide $3.6 billion loan

(EnergyAsia, March 22 2010, Monday) — The International Monetary Fund (IMF) said it has approved a $3.6 billion loan to help Iraq as it struggles with high deficits and falling government revenues due to lower than anticipated oil prices. The money will help Iraq implement its two-year economic plan to improve public financial management and...

This article is for Subscriber members only.
Log In Register

CHINA: Increased collaboration with US, EU to develop clean coal technologies

(EnergyAsia, March 22 2010, Monday) — China is stepping up its collaboration with the US and European Union to develop and implement the use of clean coal technologies. Peabody Energy, a major coal producer in the US coal-producing state of Wyoming, recently agreed to participate in GreenGen, a near-zero emissions coal-fired power plant to be...

This article is for Subscriber members only.
Log In Register

MARKETS: Indonesian, South African coal producers see more cargoes to China, India

(EnergyAsia, March 22 2010, Monday) — Indonesian and South African coal producers expect increases in shipments to China and India for the rest of the year on the back of strong demand from the two energy-short Asian economies. PT Berau Coal, Indonesia’s fifth-largest coal producer, expects its sales to India to rise by 50% this...

This article is for Subscriber members only.
Log In Register

COMPANY: Shell reducing downstream role to make huge bets on upstream sector

(EnergyAsia, March 22 2010, Monday) — Royal Dutch Shell is selling off its downstream refining and retailing assets to bet its future on finding and producing hydrocarbons.   In allocating more than US$100 billion on the upstream sector through 2014, the European major is hoping to arrest seven years of falling output, with an ambitious...

This article is for Subscriber members only.
Log In Register

OMAN: Crude oil production targeted at 900,000 b/d in 2010

(EnergyAsia, March 19 2010, Friday) — Oman aims to produce up to 900,000 barrels per day (b/d) by the end of 2010 as its enhanced oil recovery (EOR) projects begin to bear fruit, said Oil Minister Hamad bin Seif Al-Rumhy. Steam-flood operations at Mukhaina raised production in the field to 50,000 b/d in 2008 from...

This article is for Subscriber members only.
Log In Register

SAUDI ARABIA: Domestic oil consumption may constrain exports, analysts warn

(EnergyAsia, March 19 2010, Friday) — Saudi Arabia’s rising domestic oil consumption could eventually put a brake on supplies available for exports, analysts warned. The International Energy Agency has adjusted its forecast for Saudi domestic oil consumption upwards to 2.6 million barrels a day (b/d) in 2009 and 2.8 million b/d in 2010 after seeing...

This article is for Subscriber members only.
Log In Register

SAUDI ARABIA: Government revenues plunged by more than 50% in 2009

(EnergyAsia, March 19 2010, Friday) — Saudi Arabia’s revenues plunged by more than 50% in 2009 from the previous year on lower oil prices and drastic crude oil production cuts, according to a report by the National Commercial Bank (NCB).   NCB pointed out, however, that 2008 was an exceptional year because of the oil...

This article is for Subscriber members only.
Log In Register

SAUDI ARABIA: Share in Middle East’s oil supply and market seen rising

(EnergyAsia, March 19 2010, Friday) — Saudi Arabia is forecast to account for 40% of the Middle East’s oil supply and 21% of its demand in the coming years.   In a recent study, UK-based Business Monitor International (BMI) projected that Middle Eastern oil consumption would rise to 12 million barrels per day (b/d) in...

This article is for Subscriber members only.
Log In Register

SINGAPORE: SRC looking to revive gasoline plant, cogeneration project

(EnergyAsia, March 19 2010, Friday) — Singapore Refining Company (SRC) is evaluating the possibility of investing a total of at least US$350 million to build a 25,000 b/d catalytic cracker to produce ultra-low- sulphur gasoline (ULSG), and a co-generation power plant. Design work on the cracker is expected to be completed by the end of...

This article is for Subscriber members only.
Log In Register

UAE: Sustainable crude oil production seen to rise by 12.5% by 2014

(EnergyAsia, March 19 2010, Friday) — The UAE is able to raise its sustainable crude oil production by 12.5% to 3.06 million b/d 2014, according to the International Energy Agency (IEA).   The agency predicted that the Gulf nation’s crude production capacity will decline slightly to 2.71 million b/d this year from 2.72 million b/d....

This article is for Subscriber members only.
Log In Register

IRAQ: Increased production may help cap global oil prices, say analysts

(EnergyAsia, March 19 2010, Friday) — Iraq’s plan to increase crude oil production could put a ceiling on world prices this decade, according to some analysts.   Foreign oil companies awarded licences to develop Iraq’s vast oil fields have bandied production targets amounting to 10 million barrels per day (b/d).   An adviser to Iraq’s...

This article is for Subscriber members only.
Log In Register

MARKETS: Oil demand of industrialised countries likely to have peaked in 2006, 2007

(EnergyAsia, March 18 2010, Thursday) — The industrialised world are unlikely to consume as much oil as they did in 2006 and 2007 because of increased fuel efficiency, the use of alternative energy sources and the impact of the global recession, said the International Energy Agency. The main Organisation for Economic Cooperation and Development (OECD)...

This article is for Subscriber members only.
Log In Register

KAZAKHSTAN: New taxes and regulations could be imposed on Western oil and gas companies

(EnergyAsia, March 18 2010, Thursday) — The Kazakhstan government is threatening to impose new taxes and regulations on oil and gas projects undertaken by western companies. The drastic change of rules and the loss of tax-exempt privileges could undermine the viability of projects that many oil companies had ventured into when the country was actively...

This article is for Subscriber members only.
Log In Register

INDIA: Iraq may use oil storage terminals

(EnergyAsia, March 18 2010, Thursday) — The Indian government has offered Iraq the use of its storage tanks to hold emergency crude oil stockpiles in exchange for guarantee of supplies. Iraq has offered to raise crude oil supply to Indian refiners through long-term contracts by as much as 60%, an official from India’s Oil Ministry...

This article is for Subscriber members only.
Log In Register

CHINA: Premier Wen leads National Energy Commission

(EnergyAsia, March 18 2010, Thursday) — Indicating the importance the Chinese government has placed on energy issues, it has established the National Energy Commission with Premier Wen Jiabao as head and vice-premier Li Keqiang as his deputy. The commission will take charge of drafting national energy development plans, reviewing energy security and coordinating with international...

This article is for Subscriber members only.
Log In Register

CHINA: CNOOC Ltd to acquire 50% of Argentina’s Bridas Energy Holdings for US$3.1 billion (EnergyAsi

(EnergyAsia, March 18 2010, Thursday) — CNOOC Limited said it is investing US$3.1 billion to acquire a 50% stake in Argentina’s second largest oil producer, Bridas Corporation, from 100%-owner Bridas Energy Holdings Ltd (BEH). Based on 2009 statistics, CNOOC said the acquisition, which is aligned with its growth strategy in Latin America, will boost its...

This article is for Subscriber members only.
Log In Register

AUSTRALIA: Oil production fell to lowest level in 40 years, says EnergyQuest

(EnergyAsia, March 18 2010, Thursday) — Australia’s crude oil production for 2009 was at its lowest level in four decades, according to a local energy economics advisory group. In a report, EnergyQuest found that oil production throughout the country fell 17% last year from 120.6 million barrels to 99.5 million barrels. This is the lowest...

This article is for Subscriber members only.
Log In Register

AUSTRALIA: Energy exports expected to continue rising over the next 20 years, says new study

(EnergyAsia, March 18 2010, Thursday) — Australia expects to remain as a net energy exporter as its total energy production will continue growing at a faster rate than its consumption through to 2030, according to a joint report issued by two of the country’s leading resource agencies, Geoscience Australia and Australian Bureau of Agricultural and...

This article is for Subscriber members only.
Log In Register

CHINA: China Clean Energy obtains RMB41 million line of credit to expand biodiesel plant

(EnergyAsia, March 17 2010, Wednesday) — China Clean Energy Inc said its wholly-owned subsidiary, Fujian Zhongde Energy Co Ltd, has secured a line of credit for up to RMB33 million from Fujian Haixia Bank, boosting its total to RMB41 million, to support the expansion of its new biodiesel plant in Jiangyin city in China’s Jiangsu...

This article is for Subscriber members only.
Log In Register

CHINA: Government concern grows over increasing African skepticism

(EnergyAsia, March 17 2010, Wednesday) — The Chinese government has become concerned about increasing scepticism and criticism in Africa about the country’s dealings with the continent.   A Libyan politician recently slammed China for “invading” the African continent while an Egyptian counterpart has accused Beijing for practising neo-colonialism.    Bagudu Hirse, the Minister of State...

This article is for Subscriber members only.
Log In Register

INDIA: First emergency crude oil storage tank to be ready by 2011

(EnergyAsia, March 17 2010, Wednesday) — The Indian government expects the country’s first emergency crude oil storage terminal to be completed by mid-2011. Oil Secretary S. Sundareshan said the tank at Visakhapatnam on the east coast will have a capacity to hold 1.33 million metric tonnes of crude oil.   India’s oil storage capacity will...

This article is for Subscriber members only.
Log In Register

INDIA: Committee blames human error, management for deadly IOC depot fire

(EnergyAsia, March 17 2010, Wednesday) — Human error led to the inferno at Indian Oil Corporation’s Sitapura depot last October that blazed for more than a week and killed at least 12 people, the committee tasked by the government to investigate the fire concluded. In a report, the committee, headed by former Hindustan Petroleum Corporation...

This article is for Subscriber members only.
Log In Register

SINGAPORE: Fluor selected to provide engineering services for new LNG terminal

(EnergyAsia, March 17 2010, Wednesday) — US engineering firm Fluor Corporation said it has been selected by South Korea’s Samsung C&T Corporation to provide engineering and related management services for the development of a liquefied natural gas (LNG) terminal project on Singapore’s Jurong Island. Samsung is the engineering, procurement and construction (EPC) contractor to the...

This article is for Subscriber members only.
Log In Register