AUSTRALIA: Chevron begins building A$29 billion Wheatstone natural gas project

(EnergyAsia, December 8 2011, Thursday) — Chevron Australia Pty Ltd and its joint venture participants have started work on their A$29 billion Wheatstone natural gas project with a groundbreaking ceremony at Ashburton North near Onslow on Western Australia’s Pilbara coast. (US$1=A$0.98). As one of Australia’s largest project developments, Wheastone comprises two liquefied natural gas (LNG) (more…)

INDIA: Oil refiners send mixed messages on losses and expansion; power shortages are a bigger threat

(EnergyAsia, December 7 2011, Wednesday) — India’s refining industry is sending out mixed signals about the state of its health,  boasting plans to substantially expand capacity this decade while at the same time warning that  mounting financial osses threaten its viability. Oil Minister S. Jaipal Reddy last month announced that India will expand its oil...

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ASIA: Region faces rising risks from “deep recessions” in Eurozone and US, says ADB

(EnergyAsia, December 7 2011, Wednesday)— East Asia, excluding Japan, faces rising risks from a deep global economic downturn brought on by Europe’s sovereign debt problems and an anemic US economy, said the Asian Development Bank (ADB). But the bank added in its latest Asia Economic Monitor report that the impact on the region would manageable (more…)

AUSTRALIA: ASX-listed firms confirm coal seams in Botswana mine, hydrocarbon find in US shale formation

(EnergyAsia, December 7 2011, Wednesday) — Two Australian firms said they have confirmed coal seams deposits and hydrocarbon finds in their areas of operations in Botswana and Texas state in the US. Hodges Resources Ltd said laboratory results for the first two diamond core holes at its Morupule South project have confirmed coal seams deposits. (more…)

MARKETS: US EIA raised forecast for refiner crude oil cost to US$102 for 2012, drops natgas price to US$3.70

(EnergyAsia, December 7 2011, Wednesday) — US refiners will pay an average US$102 a barrel for their crude oil next year, up by a dollar from this year, while natural gas will become cheaper, falling from US$4.02 per million British Thermal Unit (BTU) to US$3.70, according to the latest short-term forecast by the US Energy (more…)

MARKETS: ExxonMobil chief sees world energy demand growth as “cause for economic optimism”

(EnergyAsia, December 7 2011, Wednesday) — Exxon Mobil Corp sees the growth in world energy demand as “a cause for optimism because it will signal economic recovery and progress”. In his speech at the 20th World Petroleum Congress in Doha, Qatar, yesterday, Rex W. Tillerson, the US major’s chairman and CEO, said world energy demand (more…)

SINGAPORE: Author calls for national plan to deal with end of cheap oil

(EnergyAsia, December 6 2011, Tuesday) — The story below written by Yahoo Singapore’s finance editor Elena Torrijos was published by Yahoo Singapore on December 3. Singapore needs to plan an economic roadmap that takes into account the likelihood that the price of oil could reach between US$200 and US$300 per barrel, a writer and analyst (more…)

MARKETS: Oil continues to rise on growing demand growth, geopolitical tensions despite economic gloom

(EnergyAsia, December 6 2011, Tuesday) — Oil prices continued to edge up as the combined push of rising global demand and geopolitical tensions in the Middle East and Africa over-rode the bearish pull of the rapidly deteriorating state of the US and European economies. North Sea Brent has held up stubbornly around US$110 a barrel (more…)

INDONESIA: Medo Energi, Australia’s Cougar Energy expand underground coal gasification interests

(EnergyAsia, December 6 2011, Tuesday) — Australia’s Cougar Energy said it has signed a memorandum of understanding (MOU) with Indonesian mining company PT Medco Energi Mining Internasional to look into jointly identifying and developing underground coal gasification projects. The partners have agreed to assess and identify coal deposits in Indonesia for application of underground coal (more…)

INDIA: Oil ministry forecasts refining capacity to rise 22% to 238 million tonnes/year by 2013

(EnergyAsia, December 6 2011, Tuesday) — India will boost its oil refining capacity by more than 22% to 238 million tonnes over the next two years with the start-up of new refineries and expansion of existing ones, said Minister of State for Petroleum and Natural Gas R. P. N. Singh. State-owned Indian Oil Corp (IOC),...

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GAS: Fracking risks threaten rosy supply projections

(EnergyAsia, December 6 2011, Tuesday) — If the world is counting on natural gas supply from shale and other unconventional sources to meet its growing demand for energy, it must move quickly and decisively to overcome the threats, complaints and fears brought on by the hydraulic fracturing or ‘fracking’ method of production. Predictions for a...

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PAPUA NEW GUINEA: Exxon-led LNG project on schedule, but cost raised to US$15.7 billion

(EnergyAsia, December 5 2011, Monday) — The ExxonMobil-led Papua New Guinea liquefied natural gas (LNG) project is being implemented according to schedule but it faces a four percent rise in cost to US$15.7 billion on account of a rising Australian dollar, said a venture partner. Australia’s Oil Search which has a 29% stake in the (more…)

CHINA: Electricity price allowed to rise, coal cost increases capped to help ease power shortages

(EnergyAsia, December 5 2011, Monday) — China is hoping to ease the country’s worsening power shortages by allowing electricity prices to rise from December 1, its first increase in six months, while capping the rise in cost of thermal coal to less than 5% from next year. The National Development and Reform Commission (NDRC), the...

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IRAQ: Shell halts talks with Kurdistan as ExxonMobil risks sanctions

(EnergyAsia, December 5 2011, Monday) — With its large growing stake in southern Iraq, Shell has suspended negotiations with officials in Kurdistan to avoid incurring the wrath of the Baghdad government which has threatened sanctions against ExxonMobil for dealing with the troubled semi-autonomous region. A partner with ExxonMobil to develop the 8.7-billion barrel West Qurna...

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PAPUA NEW GUINEA: InterOil sign heads of agreement to supply LNG to China’s ENN from 2015

(EnergyAsia, December 5 2011, Monday) — NYSE-listed InterOil Corporation and Pacific LNG Operations Ltd have signed a heads of agreement (HOA) with China’s ENN Energy Trading Company Ltd for the annual supply of one to one and 1.5 million tonnes of liquefied natural gas (LNG) from the Gulf LNG Project in Papua New Guinea. While (more…)

QATAR: Qatar Petroleum and Shell sign heads of agreement to develop world-scale petrochemicals complex

(EnergyAsia, December 5 2011, Monday) — Qatar Petroleum and Royal Dutch Shell yesterday signed a heads of agreement covering the scope and commercial principles for the development of a world-scale petrochemicals complex in Qatar’s Ras Laffan Industrial City. The partners are looking to develop a world-scale steam cracker to be fuelled by Qatar’s natural gas, (more…)

AUSTRALIA: Coal reserves at Columboola JV more than doubled to 1.297 billion tonnes

(EnergyAsia, December 2 2011, Friday) — The joint developers of the Columboola Project in the Surat Basin of Australia’s Queensland state said they have more than doubled its inferred coal reserves by 757 million tonnes to 1.297 billion tonnes. In a joint statement, Australia’s MetroCoal Limited and China’s SinoCoal Resources Pty Ltd, said drilling results...

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JAPAN: Brazil’s Petrobras to hold onto 80,000 b/d refinery for now

(EnergyAsia, December 2 2011, Friday) — Brazil’s state-owned Petrobras is likely to continue owning and operating an 80,000 b/d oil refinery in Japan’s Okinawa which it acquired separately from previous shareholders ExxonMobil in 2008 and Sumitomo Corp in 2010. While not excluding the possibility of selling the refinery, Petrobras may have a business case for holding...

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CHINA: CNOOC Limited, Nexen to jointly explore in Gulf of Mexico

(EnergyAsia, December 2 2011, Friday) — Canada’s Nexen Inc said it and CNOOC Limited have agreed to a joint venture giving the Chinese firm a working interest in up to six deepwater exploration wells in the Gulf of Mexico. The agreement covers the Kakuna well, which is being drilled, and the Angel Fire well, which (more…)

NEW ZEALAND: LanzaTech, China’s Yankuang Group to work on coal-to-fuel project

(EnergyAsia, December 2 2011, Friday) — New Zealand’s LanzaTech said it and Yankuang Group, one of China’s largest coal producers, will jointly produce fuels and chemicals using LanzaTech’s biological fermentation process and synthesis gas from Yankuang’s coal gasification unit. Witnessed by the US Ambassador to China, Gary Locke, as part of a US Trade Mission (more…)

VIETNAM: ADB to support development of 750MW power plant for Mekong Delta economy

(EnergyAsia, December 2 2011, Friday) — The Asian Development Bank (ADB) said it has approved a US310 million loan for the construction of a 750MW combined cycle gas-fired power plant to supply much needed electricity to southern Vietnam. The proposed US$793.5 million plant is one of four being developed at the O Mon thermal power (more…)

RUSSIA: Mechel resumed coal production operations at New-Olzherassk underground mine

(EnergyAsia, December 1 2011, Thursday) — Mechel OAO, a leading Russian mining and metals company, said it has resumed coal production at its New-Olzherassk underground mine. The company suspended operations at the mine operated by subsidiary Southern Kuzbass Coal Company, in August 2010 for repair and upgrades. By year’s end, the company expects the mine’s (more…)

VIETNAM: State PV Gas preparing to import LNG from Australia and Qatar

(EnergyAsia, December 1 2011, Thursday) — Vietnam looks to be joining the growing Asian bandwagon to import liquefied natural gas (LNG) from Australia and Qatar. Traditionally an energy exporter, Vietnam is facing shortages of coal and fuel as its energy demand is growing at a faster rate than its domestic reserves. State PetroVietnam subsidiary PV...

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MALAYSIA: Petronas threatens to close down South Africa oil refinery

(EnergyAsia, December 1 2011, Thursday) — Fed up with what it sees is persistent political interference, Malaysia’s state-owned Petronas is threatening to close down its 135,000 b/d oil refinery in Durban in South Africa. The company has complained that its majority-owned Engen subsidiary has been subject to “serious challenges” from local politicians and community groups...

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JAPAN: Regulations may force Idemitsu to shutter 120,000 b/d refinery by March 2014

(EnergyAsia, December 1 2011, Thursday) — Idemitsu Kosan Co, Japan’s third-largest oil company, could lose nearly a fifth of its 640,000 b/d refining capacity by March 2014 if it chooses not to comply with new government regulations to upgrade ageing plants. The company said it plans to shut down its 120,000 b/d Tokuyama refinery in...

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