(EnergyAsia, September 6 2010, Monday) — Australian upstream company Santos said higher oil prices and lower exploration expense helped its first half after-tax net profit surge 94% to A$198 million from the same period last year. (US$1=A$1.15). Sales revenue climbed 7% to A$1.091 billion. Its first half production fell 9.4% to 24.2 million barrels...
(EnergyAsia, September 1 2010, Wednesday) — Shell said it has been forced to halt the export of Bonny light crude oil from Nigeria following recent attacks on its pipelines in the Niger Delta. The force majeure declared by Shell took effect on August 16, disrupting deliveries for August and September. The company said it has...
(EnergyAsia, September 1 2010, Wednesday) — Far East Wind Power Corp (FEWP) said it plans to invest US$20 million in a proposed 49.5MW wind farm in China’s Yunnan province after signing a Letter of Intent (LOI) to acquire a 49% stake in it from Taitong Energy Limited. FEWP said it will be paid back by...
(EnergyAsia, September 1 2010, Wednesday) — Fund managers consider Nigeria as one of the most attractive investment destinations these days as Africa’s second-largest economy pursues banking and oil sector reforms. Some say Africa’s largest oil producing country is starting to look as attractive as the leading emerging economies of Brazil, Russia, India and China, given...
(EnergyAsia, September 1 2010, Wednesday) — Norwegian bank DnB NOR has forecast that 70 of the world’s leading upstream companies will increase their collective exploration and production (E&P) spending by 11% to US$435 billion this year, and by a further 8% in 2011. In its annual E&P spending report, the bank found that the 70...
(EnergyAsia, September 1 2010, Wednesday) — Three companies have been shortlisted to house a new coal-fired power plant that will supply the Malaysian national electricity grid by 2015. The Energy Commission said it will choose between MMC Corp subsidiary Malakoff Corp Bhd’s Tanjung Bin Power Plant, Jimah Power Plant in Port Dickson in Negri Sembilan...
(EnergyAsia, September 1 2010, Wednesday) — State-owned Korea National Oil Corp is using robots to monitor its 957,000-square metre oil storage terminal south of Seoul. Together with Samsung Techwin Co, KNOC has put into operation five robots and 24 security cameras at the Seosan oil storage facility. The Ministry of Knowledge Economy said it is...
(EnergyAsia, September 1 2010, Wednesday) — US, Texas-based Kosmos Energy said it has cancelled an agreement to sell its stake in Ghana’s offshore Jubilee oilfield to ExxonMobil. The cancelled deal was valued at US$4 billion, and would have delivered a huge profit to Kosmos. The Ghana government was believed to have blocked the planned sale...
(EnergyAsia, September 2 2010, Thursday) — The Gulf of Mexico oil leak will lead to tighter operating and regulatory standards that are likely to undermine the industry’s ability to explore and produce oil from new offshore sources, said the International Energy Agency (IEA). Financial liabilities from deepwater development will rise if new legislation being considered...
(EnergyAsia, September 2 2010, Thursday) — Oil and gas infrastructure contractor Rotary Engineering said it is looking to build, own and operate oil storage terminals in Asia and the Middle East as it expands beyond engineering and procurement work. The breakaway move is viewed by analysts as positive for Rotary’s bottomline as it will generate...
(EnergyAsia, September 2 2010, Thursday) — Oil trader Trafigura Beheer BV is likely to appeal a one-million euro fine imposed by a Dutch court that found the company guilty of illegally exporting toxic waste to Ivory Coast four years ago. (US$1=EUR0.78). The ruling said Trafigura failed to disclose the harmful nature of the waste and...
(EnergyAsia, September 2 2010, Thursday) — The administration of Philippine President Benigno Aquino III is reviving a decade-old plan to set up an oil stockpile facility to bolster the country’s energy security. The details of the plan, including the location and capacity of the facility, have yet to be finalised, said Energy Secretary Jose Rene...
(EnergyAsia, September 2 2010, Thursday) — The UAE’s Crescent Petroleum has disputed reports that its long-term agreement to purchase natural gas from National Iranian Oil Company (NIOC) has been rescinded. The deal remains in force as neither party has cancelled it, with an international arbitration going on, according to a Crescent Petroleum spokesman. The two...
(EnergyAsia, September 2 2010, Thursday) — Oil spills and leaks are an established fact of life in hydrocarbon-rich Nigeria. But, who is to blame? In recent months, the industry said armed groups have been stepping up acts of sabotage on oil facilities in southern Nigeria, increasing the risk of spills while reducing the country’s income...
(EnergyAsia, September 2 2010, Thursday) — An energy consultant has predicted that coalbed methane (CBM) will make up one-third of China’s unconventional gas supply by 2030, and account for 14% of its total domestic supply despite slow production growth In a report, ‘China’s CBM industry on the lauchpad’, Wood Mackenzie also identified PetroChina as an...