(EnergyAsia, March 21 2011, Monday) — Brunei Shell Petroleum Sdn Bhd (BSP) said it has made a deepwater discovery in the Geronggong oil field off Brunei. The Royal Dutch Shell joint venture said the new field is located approximately 100 kilometres offshore where water depth is approximately 1,000 metres, the deepest water depth in which...
(EnergyAsia, March 21 2011, Monday) — China discovered new coal, gas and oil reserves in 2010, easing the depletion of energy resources caused by rising consumption to meet the needs of its rapidly growing economy. The Ministry of Land and Resources (MLR) said the country discovered more than 43 billion metric tons of coal, 1.15...
(EnergyAsia, March 21 2011, Monday) — China National Petroleum Corp (CNPC), the country’s largest oil and gas producer, has suspended production in Libya and evacuated all its employees from the crisis-hit North African country. CNPC has stopped all operations and sealed up its equipment in Libya, where it has been operating since 2002.The company said...
(EnergyAsia, March 21 2011, Monday) — Despite fighting the military might of the West and its allies, Libyan leader Mohamed Gaddafi has insisted the country’s oil fields and ports are still under his control. The long-time dictator of the North African country has defied international opinion and has promised to battle the rebels in the...
(EnergyAsia, March 18 2011, Friday) — By 2015, Asia is likely to be gobbling up around two-thirds of the world’s liquefied natural gas (LNG) supplies, up from 50%-55% at present, according to a Credit Suisse report. While the bulk of the increased demand will come from China and India, there will be new consumption from...
(EnergyAsia, March 18 2011, Friday) — The US Energy Information Administration (EIA) said it expects OPEC surplus capacity to fall from 4.4 million b/d in 2010 to 4.1 million b/d in 2011, followed by a further decline to 3.1 million b/d in 2012. It sees WTI crude averaging US$102 a barrel this year and US$105...
(EnergyAsia, March 18 2011, Friday) — Australia’s GB Energy Limited said it will be acquiring interests in a portfolio of oil and gas interests from Cooper Energy Limited including a Cooper Basin oilfield, exploration licences and farm-out contracts. The transaction is subject to GB Energy completing a capital raising and normal regulatory approvals. The principal (more…)
(EnergyAsia, March 18 2011, Friday) — globalCOAL, a UK-based international online coal trading platform, said it has signed up four new members in Asia. They are China’s Guangdong Power Industry Fuel Co Ltd, Korea Western Power Co Ltd and SK Networks Co Ltd of South Korea, Singapore-based Klandee Resources Pte Ltd. Guangzhou-based Guangdong Power Industry (more…)
(EnergyAsia, March 18 2011, Friday) — The Organisation of Petroleum Exporting Countries’ (OPEC) crude oil production output rose to an average 29.8 million barrels per day (b/d) in February, up 230,000 b/d from an estimated 29.57 million b/d in January, according to an oil industry survey by energy information provider Platts. Attributing the jump to (more…)
(EnergyAsia, March 17 2011, Thursday) — BP said it is investing A$50 million to expand and upgrade its fuel storage facilities at its Port Hedland Fuel Terminal in the Pilbara region in northern Western Australia state. (US$1=A$1). In consolidating its position as the largest fuel storage operator in the state, BP said it has added...
(EnergyAsia, March 17 2011, Thursday) — UK’s BG Group said it has signed an agreement to supply Japan’s Tokyo Gas Co Ltd 1.2 million tonnes of liquefied natural gas (LNG) a year for 20 years from 2015. The LNG will be sourced from the Queensland Curtis LNG (QCLNG) terminal on Curtis Island, near Gladstone in...
(EnergyAsia, March 17 2011, Thursday) — Citing supply cuts and growing war risks, Macquarie Research has sharply raised its Brent oil price forecast by 20% to US$117 a barrel. “Barely more than two months into the year, we have no choice but to revise up our old mid-January forecast. And we fully expect to have...
(EnergyAsia, March 17 2011, Thursday) — US-based engineering company Black & Veatch (B&V) said it will design Reliance Power’s 100-billion-rupee combined-cycle power plant in Samalkot town in the Indian state of Andhra Pradesh. (US$1=45 rupees). With an initial capacity of 2,500 megawatts (MW) and possible future expansion to 3,600 MW, B&V said the plant will (more…)
(EnergyAsia, March 17 2011, Thursday) — Foster Wheeler AG said it and consortium partners, A Al-Saihati, A Fattani & O Al-Othman Consulting Engineering Co (SOFCON) and Saudi Consolidated Engineering Co-Khatib & Alami (SCEC K&A), will provide general engineering services to Saudi Aramco for a five-year period. The global engineering, procurement and construction (EPC) specialist said (more…)
(EnergyAsia, March 17 2011, Thursday) — The UAE economy is expected to grow by 3.25% this year while inflation will remain “moderate” at 4% due to declining rents, said the International Monetary Fund (IMF). The agency made this assessment following an Article IV consultation mission led by Taline Koranchelian to the UAE from February 27 (more…)
(EnergyAsia, March 16 2011, Wednesday) — The importance of Australia’s brown coal and world-class reserves were highlighted at last week’s Australia-Japan High Level Group on Energy and Minerals Consultations at the Melbourne Convention and Exhibition Centre in the Australia’s Victoria state. At its 4th annual session, the bilateral meeting opened opportunities for business and government (more…)
(EnergyAsia, March 16 2011, Wednesday) — Asia’s steam coal prices have been rising since last Friday’s 8.9-scale earthquake and tsunami devastated a large part of northern Japan, damaging or destroying a large part of their nuclear-power and refining capacities. FOB Newcastle, Australia prices edged up to just below US$130 per tonne on Tuesday (March 15),...
(EnergyAsia, March 16 2011, Wednesday) — The share prices of US coal companies are expected to rise further on expectations that Japan will need to increase imports to make up for the loss of its refineries and nuclear power plants from last Friday’s devastating earthquake and tsunamis. Japan has lost a significant portion of its...
(EnergyAsia, March 16 2011, Wednesday) — Canada could lose valuable exports of metallurgical coal for steel production to Japan in the short term as a result of last Friday’s devastating earthquake off northern Honshu Island. More than 2,000 people are confirmed dead while more than 10,000 are reported missing after an 8.9-richter quake and tsunamis...
(EnergyAsia, March 16 2011, Wednesday) — Australia’s energy exports to Japan could suffer “serious consequences” in the wake of the devastating 8.9-richter scale earthquake and resulting tsunamis that struck off northern Honshu Island last Friday, according to a University of Queensland economist. As Japan accounts for 23% of Australia’s energy exports, Liam Wagner, a research...
(EnergyAsia, March 15 2011, Monday) — globalCOAL, a leading online coal trading platform, said it has signed up Korea Western Power Co Ltd, SK Networks Co Ltd and Klandee Resources Pte Ltd as members. State‐owned Korea Western Power (KOWEPO) is one of South Korea’s major electricity generators, while Seoul-based SK Networks is a leading energy (more…)
(EnergyAsia, March 15 2011, Tuesday) — Queensland Gas Company (QGC) is being investigated by the state government for breaching Australia’s national safety code after a local farmer discovered toxic chemicals contamination to an underground water source within the Great Artesian Basin system. QGC, which is leading A$15 billion project to develop coal seam gas or...
(EnergyAsia, March 15 2011, Tuesday) — The Chinese government has pledged to further improve safety in its coal mines after revealing a slight drop in coal mining deaths last year. The State Administration of Work Safety reported that 2,433 people died in coal mine accidents last year, down from 2,631 in 2009. In 2002, a...
(EnergyAsia, March 15 2011, Tuesday) — China Coal Energy Co Ltd said its coal sales for January surged 27.7% on year to 9.09 million tonnes.In a statement to the Shanghai Stock Exchange, the world’s third-largest coal miner said its output of commercial coal increased 5.6% on year to 8.82 million tonnes in January, while its...
(EnergyAsia, March 15 2011, Tuesday) — Contrary to official predictions, coal will continue to dominate China’s energy mix despite the government’s efforts to reduce its dependence on the fossil fuel. Datong Coal Mine Group, China’s third-biggest coal producer, plans to raise its output to 200 million tonnes a year by 2015, up from 113 million...