SINGAPORE: Sembcorp Marine begins work on huge integrated shipyard on reclaimed land off Tuas

(EnergyAsia, June 23 2010, Wednesday) — Singapore’s Sembcorp Marine has begun work on building a massive integrated shipyard at the newly reclaimed Tuas View Extension on the western part of the island. When fully completed, the 206-hectare custom-designed, purpose-built yard will boost the company’s total dock capacity by 62% to 3,075,000 dwt. Its strategic location (more…)

MARKETS: Gulf of Mexico oil leak to hurt global supply later in the decade

(EnergyAsia, June 22 2010, Tuesday) — Analysts predict the Gulf of Mexico disaster could hurt global oil supply later this decade as a backlash against offshore drilling in more than 500 feet of water will lead to costly regulations and even a prolonged outright ban in the US. The BP-operated Macondo well has been leaking...

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SINGAPORE: Electricity demand surged in first four months

(EnergyAsia, June 22 2010, Tuesday) — Boosted by rising economic growth, electricity demand in Singapore has risen sharply in the first fourth months of the year over the same period last year, said Energy Market Company (EMC) CEO Dave Carlson. He disclosed that early in May, peak electricity demand spiked to an all-time high of...

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SINGAPORE: Study ranks country as worst environmental offender

(EnergyAsia, June 22 2010, Tuesday) — Singapore ranks as the worst environmental offender among 179 countries, according to a study jointly done by the National University of Singapore (NUS) and the University of Adelaide. NUS professor Navjot Sodhi, a co-author of the study, said that Singapore has lost 90% its forest, 67% of its birds,...

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MARKETS: US$44.8b investment in global floating production system for 2010-2014, says Westwood

(EnergyAsia, June 22 2010, Tuesday) — In its latest research report, energy consultant Douglas-Westwood is predicting that worldwide expenditure on floating production systems (FPSs) will total $44.8 billion between 2010 and 2014. “The World Floating Production Report 2010-2014” said that following a tough period of downturn, the sector is poised for strong long-term growth as...

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MARKETS: US research centre says currents will carry oil along Atlantic coast and beyond

(EnergyAsia, June 22 2010, Tuesday) — Researchers at a leading US university in atmospheric research said the oil leaking from the ruptured Gulf of Mexico deepwater well might soon spread along thousands of km of the Atlantic coast and into the open ocean as early as this summer. The University Corporation for Atmospheric Research in...

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COMPANY: BP says cost of Gulf of Mexico oil spill response exceeds US$2 billion

(EnergyAsia, June 22 2010, Tuesday) — Two months after its chartered deepwater rig exploded in the Gulf of Mexico leading to the worst environmental disaster in the US, BP said it has now spent US$2 billion to fight as well as clean up the massive oil leak from the a ruptured exploratory well. The bill...

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DUBAI: Electricity and water authority aims to reduce its carbon output per capita

(EnergyAsia, June 22 2010, Tuesday) — The Dubai Electricity and Water Authority (DEWA) has announced plans to reduce its carbon output as part of its strategy to minimise its environmental impact. Last November, DEWA and various investors collaborated with the UN Development Program (UNDP) to jointly establish the Dubai Carbon Centre of Excellence (DCCE) to...

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INDONESIA: Security stays tight on Jakarta fuel depot

(EnergyAsia, June 22 2010, Tuesday) — Indonesian police said they are continuing to maintain tight security on the country’s largest fuel depot owned and operated by state-owned oil and gas company Pertamina in Jakarta. The 70-hectare facility in heavily-populated Plumpang in the northern part of the city was put on raised terror watch earlier this...

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MARKETS: Crude oil holds on to week’s gains after high inventories threaten rally

(EnergyAsia, June 21 2010, Monday) — Market summary for week ended June 18, by Darrell Delamaide for Oilprice.com. Crude oil futures held on to strong gains for the week in lacklustre Friday (June 18) trading, after higher-than-expected inventories earlier in the week threatened to cut short the rally. At the same time, with the front-month (more…)

SINGAPORE: UOB Kay Hian sees delay in global rig orders from Gulf of Mexico disaster

(EnergyAsia, June 21 2010, Monday) — Singapore’s world-leading rig builders will likely be negatively impacted by the delay in global orders in the aftermath of the Gulf of Mexico oil leak disaster, said analysts at UOB Kay Hian Research. At least 60,000 b/d of crude oil and an unknown quantity of toxic methane gas have...

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INDIA: France’s Technip awarded three contracts for refinery projects

(EnergyAsia, June 21 2010, Monday) — French engineering firm Technip said it has been awarded three lump sum turnkey contracts worth a total of 25-million euro for an expansion project of a refinery in Mangalore on the west coast of India. Mangalore Refinery & Petrochemicals Ltd (MRPL) awarded the contracts for the expansion of its...

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SOUTH KOREA: KNOC completes underground storage facility

(EnergyAsia, June 21 2010, Monday) — State-owned Korea National Oil Corp said it has completed a 30-year project to build an underground storage facility in Ulsan with the capacity to hold 6.5 million barrels of crude oil. The project has boosted the storage capacity of Asia’s fourth-largest economy to 146 million barrels or the equivalent...

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IRAQ: Turkey’s TPAO replaces Sinochem to develop Missan field

(EnergyAsia, June 21 2010, Monday) — State-run Turkish Petroleum Corp (TPAO) will replace China’s Sinochem International Corp in a consortium to develop the 2.5-billion barrel Missan oil field in southern Iraq, said Iraq’s Oil Ministry. Abdul Mahdy al-Ameedi, head of the ministry’s Petroleum Contracts and Licensing Directorate, said CNOOC Ltd, the Hong Kong-listed unit of...

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CHINA: Canada’s Alberta province welcome investments in oil sands

(EnergyAsia, June 21 2010, Monday) — Canada’s oil rich province of Alberta has defended its decision to welcome and accept Chinese investment in its oilsands sector. Alberta Premier Ed Stelmach, who visited the Asian nation in mid-May, is seeking desperately to diversify its overwhelming economic dependence on the US, which used to account for up...

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AUSTRALIA: LNG projects could be delayed by proposed ‘super tax’

(EnergyAsia, June 21 2010, Monday) — The Australian government’s proposal to implement a super tax of 40% on mining profits is threatening to delay companies’ decision to implement liquefied natural gas (LNG) projects in the country. Analysts said Santos’ Queensland A$8-billion LNG project in joint venture with Malaysia’s Petronas will likely be postponed by at...

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ASIA: LNG supply forecast to outstrip demand, predicts BG subsidiary chief

(EnergyAsia, June 21 2010, Monday) — Liquefied natural gas (LNG) supply in the Asia Pacific region will far exceed demand in the long-term, according to Catherine Tanna, managing director of Australia’s QGC, a subsidiary of UK-based BG Group. Speaking at the recent Australian Petroleum Production and Exploration Association annual conference in Brisbane, she said the...

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MARKETS: ExxonMobil tout technology and “strong partnerships”for future energy demand growth

(EnergyAsia, June 18 2010, Friday) — Developing new energy sources to meet growing demand requires technological advancements and strong international partnerships, Mark Albers, senior vice president of Exxon Mobil Corporation, said at the International Oil and Gas Conference and Exhibition in China last week. “Our common industry goal is to safely deliver safe, reliable, and...

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MARKETS: Gulf of Mexico oil leak rate revised up sharply to between 35,000 and 60,000 b/d

(EnergyAsia, June 18 2010, Friday) — The US government has officially raised its estimate of the crude oil leak from a ruptured deepwater well in the Gulf of Mexico to between 35,000 b/d and 60,000 b/d, from just 20,000 b/d to 40,000 b/d last week. The latest estimate, released on Tuesday by the Department of...

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SINGAPORE: RH Petrogas completes acquisition of Orchard Energy, appoints Tony Tan as CEO

(EnergyAsia, June 18 2010, Friday) — RH Petrogas Limited, a Singapore-listed company engaged exploring, developing and producing oil and gas resources, said it has appointed a CEO after completing its acquisition of Orchard Energy Pte Ltd from Singapore sovereign wealth fund Temasek Holding on June 14. Tony Tan Jee-Theng, the former CEO of Orchard Energy,...

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SINGAPORE: Stolt-Nielsen starts building S$350 million chemical storage terminal on Jurong Island

(EnergyAsia, June 18 2010, Friday) — Stolthaven Terminals, a division of Norway’s Stolt-Nielsen SA, has begun construction work on the first phase of its S$350 million greenfield chemical storage terminal on Singapore’s Jurong Island. (US$1=S$1.4). The company said the June 9 groundbreaking on the island’s Tembusu sector comes after a prolonged delay due to global...

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CHINA: Vopak and partner start building chemical storage terminal, jetties in Tianjin city

(EnergyAsia, June 18 2010, Friday) — Dutch oil and chemical logistics firm Royal Vopak said it has established an equal joint venture with the Tianjin Bohai Chemical Industry Group of China to build and operate a chemical storage terminal on 19.1 hectares land in the Lingang Industry Park in Tianjin city. Separately, Vopak said it...

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COMPANY: British PM appeals to Obama as BP stops dividend payments, sets up US$20b fund

(EnergyAsia, June 18 2010, Friday) — British Prime Minister David Cameron made an open appeal to US President Barack Obama to protect BP from “excessive” compensation claims just before the company agreed to stop paying dividends to shareholders as it diverts resources to set up an initial US$20 billion compensation fund.   Making his most...

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MARKETS: EIA predicts world energy use to grow 49% between 2007 and 2035

(EnergyAsia, June 18 2010, Friday) — Driven by the appetite of fast-growing developing economies, world energy consumption is expected to grow 49% between 2007 and 2035, said the US Energy Information Administration (EIA) in its latest International Energy Outlook 2010. Total world energy use will rise from 495 quadrillion British thermal units (Btu) in 2007...

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SINGAPORE: Falcon Energy 1Q net profit up 87%, revenue 85%

(EnergyAsia, June 17 2010, Thursday) — Singapore-listed Falcon Energy Group Limited (FEG) said its first quarter net profit for the three months to March 31 2010 rose 87% to US$8.1 million on an 85% rise in revenue to US$18.1 million over the same period the previous year. “The strong growth in turnover was driven largely...

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