SAUDI ARABIA: Crude oil supply to India to be increased by 56%

(EnergyAsia, April 30 2010, Friday) — India may still need more crude oil from Saudi Arabia despite recently signing a contract to raise term lifting by 56% to 40 million tonnes a year from 25.5 million tonnes currently. In February, the two countries agreed to the increased volume following a meeting between Ali al-Naimi, Saudi...

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MYANMAR: Government privatising 246 fuel filling stations

(EnergyAsia, April 30 2010, Friday) — Myanmar’s government is selling off 246 fuel retail outlets in an attempt to stabilise fuel prices, which it blames for contributing to runaway inflation. The 246 stations, owned by the Myanmar Petroleum Product Enterprises, are located mostly in Yangon, Mandalay, Bago, Ayeyarwady and Shan. The Privatisation Committee has issued...

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CHINA: PetroChina’s 2009 net profit down 9.7% on weaker oil prices

(EnergyAsia, April 30 2010, Friday) — PetroChina, one of the world’s biggest oil and companies, said its 2009 net profit fell 9.7% to 103.39 billion yuan on the effects of falling energy prices compared with 2008’s record levels. (US$1=6.82 yuan). The integrated company reported a turnover of RMB1.02 trillion, and basic earnings of RMB0.56 per...

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SAUDI ARABIA: Oilfield support specialist Baker Hughes opens “Superbase”

(EnergyAsia, April 30 2010, Friday) — US supplier and oil-field support company Baker Hughes has launched a $35 million “Superbase” facility in Dhahran city in Saudi Arabia. The centre features laboratories, offices, repair and maintenance shops and offsite monitoring facilities. Saudi Aramco senior vice president of exploration and production Amin H. Nasser said Baker Hughes...

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QATAR: Gas projects in Venezuela and Turkey eyed

(EnergyAsia, April 30 2010, Friday) — Qatar is interested to invest in a regasification venture in Venezuela and a natural gas pipeline to Turkey. Khalid bin Mohammed al-Attiyah, Qatar’s acting Business and Trade Minister, said his government may invest US$800 million in a joint regasification venture with Venezuelan state oil company PDVSA. He said current...

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INDIA: Hindustan Petroleum considering investing 250-billion rupees in new refinery

(EnergyAsia, April 30 2010, Friday) — Hindustan Petroleum Corp (HPCL), India’s third-largest refiner, is considering investing 250-billion rupees to build a new refinery to meet strong domestic fuel demand. (US$1=45 rupees). The company is expected to launch a study for the proposed 20-million-tonne-per-year plant to be built along the Indian coast south of Mumbai. HPCL...

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INDONESIA: Government will not extend LNG export contracts

(EnergyAsia, April 30 2010, Friday) — The Indonesian government has announced that it will not be extending expiring contracts for liquefied natural gas (LNG) exports as it plans to divert supply to meet domestic consumption. Industry Minister M. S. Hidayat said the country’s three LNG plants at Arun in Aceh, Badak in East Kalimantan and...

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INDONESIA: Latham & Watkins advised on two power project financings totalling US$1.81 billion

(EnergyAsia, April 29 2010, Thursday) — Law firm Latham & Watkins said it recently advised on two landmark power projects under development in Indonesia– the US$1.215 billion Paiton 3 project in East Java and the US$595 million Cirebon project in West Java. Latham & Watkins  said it represented Japan Bank for International Cooperation (JBIC) and (more…)

MARKETS: Oil spill from leaking well in Gulf of Mexico spreading to coasts by weekend, said AccuWeat

(EnergyAsia, April 29 2010, Thursday) — AccuWeather.com said oil leaking from an oil well and TransOcean’s sunken rig in the Gulf of Mexico is spreading and could reach the beaches along four states this weekend. While sunshine and calm seas will aid in cleanup efforts of the Deepwater Horizon rig through Wednesday, thunderstorms, increasing winds...

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DUBAI: Vopak Horizon Fujairah to expand storage capacity by 606,000 cubic meters in 2012

(EnergyAsia, April 29 2010, Thursday) — Vopak Horizon Fujairah said it is planning to add 606,000 cubic metres to boost its total storage capacity in the UAE to more than 2.1 million cubic metres by the first quarter of 2012. The decision was made in response to growing demand as the Port of Fujairah is...

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SINGAPORE: CB&I completes construction of Shell ethylene cracker complex

(EnergyAsia, April 29 2010, Thursday) — US engineering firm CB&I said it and Japan’s Toyo Engineering Corporation have fulfilled their engineering, procurement and construction contract work for Shell Eastern Petroleum Ltd on its ethylene cracker project in Singapore. The complex, which has started producing ethylene and propylene, is an integral component of the Anglo Dutch...

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INDONESIA: Vopak opens first independent oil product import terminal in Jakarta

(EnergyAsia, April 29 2010, Thursday) — Dutch oil and chemical logistics giant Royal Vopak said it has opened the first independent import and distribution terminal for oil products in Jakarta in Indonesia. A ceremony marking the opening of the 250,800-cubic metre terminal in Tanjung Priok earlier this month was attended by the Indonesian Coordinating Minster...

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CHINA: Sinopec sign broad agreement with Brazil’s Petrobras

(EnergyAsia, April 29 2010, Thursday) — Brazil’s state energy giant Petrobras said it has signed a broad strategic cooperation agreement with China Petrochemical Cooperation (Sinopec) and China Development Bank Corporation (CDB), building on a memorandum of understanding (MOU) it had earlier signed with Sinopec last May. The new agreement covers enhanced cooperation between Petrobras and...

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SINGAPORE: Keppel delivers third Maersk DSSTM 21 semisubmersible 43 days early

(EnergyAsia, April 28 2010, Wednesday) — Singapore’s Keppel FELS Ltd said it earned a US$400,000 bonus for delivering the third DSSTM 21 deepwater semisubmersible drilling rig to Maersk Drilling 43 days ahead of schedule and with a perfect safety record. DSSTM Series rigs are highly cost effective exploration units capable of drilling down 10,000 metres...

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SINGAPORE: EOC said FPSO unit contributed to strong earnings for first half 2010

(EnergyAsia, April 28 2010, Wednesday) — EOC Limited, an Asian provider of offshore oil and gas support services, said its first floating production, storage, and offloading (FPSO) vessel, the Lewek Arunothai, contributed strongly to its performance for the first half of its 2010 financial year ended February 28. The company’s its net attributable profit rose...

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INDONESIA: Ramba Energy acquires gas-producing field in West Java for US$9.72 million

(EnergyAsia, April 28 2010, Wednesday) – Singapore’s upstream company Ramba Energy Limited said it has secured its first oil and gas producing asset in Indonesia after nearly seven months of negotiations. It paid US$9.72 million for Ellipse Energy Jatirarangon Wahana Ltd (EEJW) which owns the assets in Cikarang in Indonesia’s West Java province. (US$1= S$1.38)....

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MARKETS: Kuwait predicts world oil demand to rise by five million b/d by 2015

(EnergyAsia, April 28 2010, Wednesday) — Led by China, India and the Middle East, world oil demand will rise by a total of five million b/d over the next five years, said Kuwaiti Oil Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah. Speaking at the 18th Middle East Oil and Gas Conference in his country, Mr Al-Sabah...

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MARKETS: IEA expects world oil demand to grow by 1.7 million b/d to 86.6 million b/d in 2010

MARKETS: IEA expects world oil demand to grow by 1.7 million b/d to 86.6 million b/d in 2010 (EnergyAsia, April 28 2010, Wednesday) — World oil demand is expected to rise by 1.7 million b/d to 86.6 million b/d in 2010, said the International Energy Agency (IEA). In its latest monthly report on the state...

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MARKETS: Oil well leaking 1,000 b/d of crude into Gulf of Mexico, poses “very serious” threat to eco

(EnergyAsia, April 28 2010, Wednesday) — A damaged oil well in 5,000 feet of water off the coast of Louisiana state in the US is leaking an estimated 1,000 b/d of crude oil into the Gulf of Mexico, posing a “very serious” threat to the marine life and ecosystem. According to the US Coast Guard,...

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SAUDI ARABIA: Oil demand rose 22.4% y-o-y in January

(EnergyAsia, April 28 2010, Wednesday) — Saudi Arabia has emerged as the second-largest source of global oil demand growth after China as the Gulf nation reported its oil consumption rose 22.4% year-on-year in January. The International Energy Agency (IEA) has predicted that higher oil consumption in Saudi Arabia will account for 11.7% of global expansion...

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MARKETS: US military warns of potentially severe oil shortage by 2015

(EnergyAsia, April 28 2010, Wednesday) — The US military has warned that there could be a massive oil shortage by 2015, with significant economic and political impact around the world. A Joint Operating Environment report from the US Joint Forces Command noted that by 2012 surplus oil production capacity could disappear entirely, and that as...

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MALAYSIA: Prime Minister denies banning gasoline exports to Iran

(EnergyAsia, April 27 2010, Tuesday) — Malaysia has not halted exports of gasoline to Iran but rather has not received new shipment orders since March, said Prime Minister Najib Razak. Mr Najib was clarifying media reports earlier quoting him as saying that Malaysia had officially stopped selling fuel to Iran because of looming US sanctions...

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VIETNAM: Saudi Arabia keen to develop oil and gas cooperation

(EnergyAsia, April 27 2010, Tuesday) — Saudi Arabia could be interested to invest in Vietnam’s oil refining sector as part of their governments’ agreement to expand trade and investment ties, focusing on oil and gas.   During the recent state visit of Vietnam’s President Nguyen Minh Triet to the Gulf nation, officials signed protocols to...

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MARKET: BP sends 32 vessels and five aircraft to plug major oil leak in Gulf of Mexico

(EnergyAsia, April 27 2010, Tuesday) — BP said it has dispatched a fleet of 32 spill response vessels and five aircraft loaded with 100,000 gallons of dispersant to contain one of the worst oil leakages in the Gulf of Mexico following the April 22 sinking of a giant drilling rig more than 200km south-east of...

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MARKETS: Oil and gas facilities targeted in Thailand, Saudi Arabia and India

(EnergyAsia, April 27 2010, Tuesday) — Oil and gas facilities including refineries, pipelines and storage terminals have once again emerged as prized targets for disgruntled groups and terrorists in Asia and the Middle East. In Thailand, Saudi Arabia and India, police have tightened security around such facilities amid warnings that they are being targeted by...

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