SINGAPORE: Offshore engineering support firm Dyna-Mac reports 29% increase in fourth quarter net profit

(EnergyAsia, July 25 2011, Monday) — Dyna-Mac Holdings Ltd, a Singapore-based provider of engineering, procurement and construction (EPC) services to the offshore oil and gas industries, has reported a 29% increase in net profit to S$7.6 million on revenue of S$44.8 million for its fourth quarter ended May 31 2011. (US$1=S$1.22). The company has proposed (more…)

MARKETS: US energy consultant warns against the “bull trap”

(EnergyAsia, July 22 2011, Friday) — As the investment banking community continues to sound the alarm of tight oil markets and rising oil prices, US energy consultant ESAI is offering a contrarian view that the oil markets are “not that tight and the IEA’s strategic stock draw is significant.” OPEC production is up and will...

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MARKETS: IEA expects world oil demand to reach record 91 million b/d next year

(EnergyAsia, July 22 2011, Friday) — The International Energy Agency (IEA) expects world oil demand to grow by 1.5 million b/d to climb to a record high of 91 million b/d. Growth will be driven entirely by the developing economies, offsetting the slight decline in OECD demand. This year’s global oil consumption is expected to...

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AUSTRALIA: Caltex to invest A$80 million to expand oil storage capacity in South Australia

(EnergyAsia, July 22 2011, Friday) — Caltex said it is investing A$80 million to build a 85-million-litre oil terminal in Adelaide city that on completion by 2013 will double the fuel storage capacity of South Australia state. Construction is expected to start later this year, with plans for its expansion to store 135 million litres...

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CHINA: Peabody Energy and Xinjiang government to develop 50-million-ton-per-year surface coal mine

(EnergyAsia, July 22 2011, Friday) — US Peabody Energy said it and the government of China’s Xinjiang Uyghur Autonomous Region have signed an agreement to develop a 50- million-ton-per-year surface mine that would supply coal to China for several decades. Peabody will construct, manage and operate the project into one of the largest surface mines...

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SINGAPORE: “Energy Map of Singapore/Johor 2011” and “Energy Industry in Singapore 2011 with directory”

(EnergyAsia, July 22 2011, Friday) —  The 2011 edition of this map, measuring 120 cm by 90 cm, shows the latest oil, gas, petrochemical, chemical and power and marine installations and plants in Singapore and Johor.First produced in 1999, this unique map contains latest statistical information including oil and power consumption, refining capacities, power generation (more…)

MYANMAR: Canada’s Shawcor to provide pipe coating services for offshore Zawtika project

(EnergyAsia, July 22 2011, Friday) — Canada’s ShawCor Ltd said its pipecoating division, Bredero Shaw, has secured a contract worth more than US$60 million from Welspun Corp Limited to provide pipeline coatings and related products and services for an oil and gas project off the coast of Myanmar. Bredero Shaw will provide anticorrosion coating and (more…)

COMPANY: Germany’s Tognum to expand MTU power solutions services to Asia’s oil and gas industry

(EnergyAsia, July 21 2011, Thursday) —- German’s Tognum engineering and energy services group said it plans to increase its offering of MTU power solutions to the fast-growing oil and gas industry in Asia. Asian companies are becoming more active in oil and gas exploration and production activities, with shipyards a central piece in producing offshore (more…)

AUSTRALIA: Chevron awards US$2.3 billion Gorgon gas project contract to CB&I-Kentz

(EnergyAsia, July 21 2011, Thursday) — US engineering giant CB&I said its joint venture with Ireland’s Kentz Corp has been awarded a US$2.3 billion contract by Chevron Australia Pty Ltd to provide mechanical, electrical and instrumentation work on the Gorgon natural gas project on Barrow Island in Western Australia state. Scheduled to be completed in...

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QATAR: Qatar Petroleum, JX Nippon to explore for gas

(EnergyAsia, July 21 2011, Thursday) — Qatar Petroleum (QP) and Japan’s JX Nippon Oil & Gas Exploration Corp will jointly explore for gas off the northern coast of Qatar. Under a 30-year agreement, JX Nippon will initially invest US$100 million to explore a 6,173-sq km area, and will invest more if the partners discover gas....

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JAPAN: Electricity costs, fossil fuels use to surge as complete nuclear power shutdown looms

(EnergyAsia, July 21 2011, Thursday) — Japan’s demand for oil, liquefied natural gas (LNG) and coal to fuel power plants as well as electricity costs are set to surge if the government moves to shut down all of the country’s 54 nuclear reactors in response to public safety concerns in the wake of the March...

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CHINA: CNOOC Limited to acquire bankrupt oilsands company OPTI Canada for US$2.1 billion

(EnergyAsia, July 21 2011, Thursday) — China’s largest offshore oil producer, CNOOC Limited, has swooped in to acquire bankrupt oilsands company OPTI Canada Inc for US$2.1 billion in cash and debt. Wholly-owned subsidiary CNOOC Luxembourg will pay US$34 million in cash for the Calgary, Alberta company’s shares, US$1.18 billion for some notes and assume US$825 (more…)

PEOPLE: Julien Le Noble to head up CME Group’s Asia Pacific operations from August 1

(EnergyAsia, July 20 2011, Wednesday) — CME Group, the world’s leading and most diverse derivatives marketplace, said it has named Julien Le Noble as head of its Asia Pacific office in Singapore from August 1. Mr Le Noble, 39, will lead CME Group’s efforts to develop benchmark products and services to meet the needs of (more…)

JAPAN: IMF says lower public debt, structural reforms critical to revive quake-damaged economy

(EnergyAsia, July 20 2011, Wednesday) — While showing signs of economic recovery, post-quake Japan must consolidate its fiscal position by lowering public debt and implementing reforms, said the International Monetary Fund (IMF). Following the massive earthquake that struck northeastern Japan on March 11, Tokyo has increased spending and pushed the country’s public debt to higher (more…)

SINGAPORE: Loyz Oil and Rex Oil & Gas to cooperate on upstream activities in the Asia-Pacific region

(EnergyAsia, July 20 2011, Wednesday) — Loyz Oil Pte Ltd, the oil and gas exploration and production (E&P) arm of Singapore’s Sim Siang Choon Limited (SSC), said it has signed an agreement to cooperate with Rex Oil & Gas Limited in undertaking upstream activities in the Asia Pacific region. The two companies will jointly explore...

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INDIA: Vopak enters fast-growing market through acquisition of bulk liquid storage terminal in Kandla Port

(EnergyAsia, July 20 2011, Wednesday) — Dutch oil and chemical logistics firm Royal Vopak said it has fully acquired India’s CRL Terminals Pvt Ltd in the Port of Kandla, giving it a stake in the country’s fast growing oil and chemicals storage market. Comprising two sites with a total capacity of 261,600 cubic meters (cbm),...

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INDIA: Dispute with Iran over oil payments escalate

(EnergyAsia, July 20 2011, Wednesday) — Iran has warned that it will stop supplying 400,000 b/d of crude oil to India unless it is fully paid for more than US$5 billion owed for past shipments. While admitting that it owes Iran, the Indian government is facing internal bureaucratic disagreement and hurdles over how best to...

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ASIA: Economist repeats call for Canada to step up exports and diversify from US dependence

(EnergyAsia, July 19 2011, Tuesday) — With the oil sands production out of Alberta province due to rise substantially by 600,000 to 700,000 b/d by 2015 and over 1.2 million b/d by 2020, Canada must move faster to build infrastructure (pipelines or a unit-train system) to support exports to Asia’s fast-growing markets. The latest in...

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AUSTRALIA: Thailand’s PTT planning to build floating LNG platform off Darwin

(EnergyAsia, July 19 2011, Tuesday) — Thai state upstream oil and gas company PTTEP has submitted an application to the Australian government to develop a floating natural gas (FLNG) platform off Darwin city in the Northern Territory state. Located 680km off the coast, the 400-metre-long platform will produce and liquefy natural gas at sea. Environmentalists...

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CHINA: Sinopec unit building oil storage terminal on Hainan Island

(EnergyAsia, July 19 2011, Tuesday) — A Sinopec subsidiary has started building an oil storage terminal on Hainan Island to serve domestic fuel markets as well as the needs of nearby Hong Kong and Southeast Asia. When completed at a cost of RMB4 billion mid-next year, the project’s first phase will consist of 2.05 million...

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INDONESIA: Singapore’s Mirach Energy aims to raise Kampung Minyak oil production to 1,000 b/d

(EnergyAsia, July 19 2011, Tuesday) — Singapore-listed upstream company Mirach Energy Limited said it has signed an agreement with PT Pertamina EP, Indonesia’s state-owned oil and gas company, to eventually raise oil production to 1,000 b/d from the mature Kampung Minyak field in southern Sumatra. Producing about 80 barrels of oil per day, Kampung Minyak...

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CHINA: Longwei Petroleum increases deposit to complete take-over of Huajie Petroleum’s storage terminal

(EnergyAsia, July 19 2011, Tuesday) — Longwei Petroleum Investment Holding Ltd, a US-listed company engaged in the storage and distribution of oil products in China, said it has increased its cash deposit to RMB550 million to complete its proposed purchase of the 100,000-tonne oil storage assets of Huajie Petroleum Co Ltd in northern Shanxi Province. (more…)

CHINA: Black & Veatch technology to be deployed in two new LNG terminals

(EnergyAsia, July 18 2011, Monday) — US engineering firm Black & Veatch said it and Chemtex will design and build two new liquefied natural gas (LNG) terminals in China’s Shaanxi province, adding to the 16 that the consortium has already been awarded since 2006. Located in the cities of Jingbian and Yulin, the terminals will (more…)

INDIA: Budget for first strategic oil storage raised 54% to 10.38 billion rupees

(EnergyAsia, July 18 2011, Monday) — The Indian government has raised its budget to build the country’s first strategic crude oil storage terminal by 54% 10.38 billion rupees(US$1=45 rupees). The government had originally allocated R6.7 billion rupees to create an emergency one-million-tonne oil stockpile as a buffer against supply disruptions. With the growing risk of...

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ASIA: Rising energy demand boosting hopes for US role in global LNG business

(EnergyAsia, July 18 2011, Sunday) – Asia’s rising energy demand and the rapid development of the shale gas industry could position the US to become a leading world supplier of liquefied natural gas (LNG) after 2015, said Standard Chartered Bank. In a research report, the bank said the US could be supplying more than 20...

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