(EnergyAsia, April 23 2012, Monday) — Riding on high oil prices, OPEC’s oil export revenues will surge to hit a new record high of US$1.171 trilllion this year before easing off to US$1.133 in 2013, said the US Energy Information Administration. In its April 2012 Short-Term Energy Outlook (STEO) report, the EIA said the Organisation (more…)
(EnergyAsia, April 23 2012, Monday) — French energy infrastructure company GDF SUEZ said it has been selected by Andhra Pradesh Gas Distribution Corporation (APGDC) as strategic partner to develop a floating liquefied natural gas (FLNG) import terminal project on the east coast of India. GDF SUEZ said it expects to complete a feasibility study by (more…)
(EnergyAsia, April 23 2012, Monday) — Japan’s Toyota Tsusho Corp said it is paying Encana C$602 million for a 32.5% royalty interest in natural gas production from the Canadian firms’s coalbed methane (CBM) reserves in Alberta province. (US$1=C$0.99). The agreement includes production from a total of about 5,500 existing wells and potential future drilling locations (more…)
(EnergyAsia, April 23 2012, Monday) — The Asian Development Bank (ADB) has agreed to provide the Mongolian government US$434 million of loans and technical assistance as part of a new five-year development assistance strategy to help the country diversify its economic activities and narrow its inequality gap. ADB said its board of directors has endorsed (more…)
(EnergyAsia, April 20 2012, Friday) — The Maritime and Port Authority of Singapore (MPA) has established a Joint Industry Project (JIP) to investigate the operational feasibility of developing liquefied natural gas (LNG) into a shipping fuel in Singapore in collaboration with Det Norske Veritas (DNV) Clean Technology Centre and 21 industry partners. The JIP, co-funded (more…)
(EnergyAsia, April 20 2012, Friday) — World oil prices are being kept high by fears of Middle East supply disruption which are offsetting reports of rising production in the US and other non-OPEC countries, according to consultants Ernst & Young LLP. As a result, Brent has remained well supported at around US$120 a barrel while (more…)
(EnergyAsia, April 20 2012, Friday) — The Middle East is rapidly expanding its petrochemicals and plastics industries to reduce its economic dependence on the production and export of crude oil and natural gas. In a new report, industry intelligence company GlobalData traced the emergence of the region’s upstream petrochemicals industry over the last decade, which (more…)
(EnergyAsia, April 20 2012, Friday) — Qatargas said it achieved a milestone last month when it loaded its 1,000th liquefied natural gas (LNG) cargo for export from a loading base built less than three years ago. Bound for Elba Island in Georgia state in the US, the cargo was loaded from the Common Lean LNG (more…)
(EnergyAsia, April 20 2012, Friday) — One of Indonesia’s largest fuel storage terminals remains under heavy police protection weeks after protestors threatened to torch it in protest against the government’s attempt to raise fuel prices. The Plumpang depot in North Jakarta, which had prevously been set on fire, was not harmed this time as police...
(EnergyAsia, April 19 2012, Thursday) — VTTI said the ATB oil terminal in Pelepas Port in Malaysia’s southern Johor state has received its first oil cargo, marking the facility’s start as an oil storage and logistics hub serving the region. VTTI, an equal joint venture between Swiss trader Vitol and Malaysian energy shipping firm MISC Bhd, (more…)
(EnergyAsia, April 19 2012, Thursday) — Norway’s DNV and state-owned Korea Gas Corporation (KOGAS) have signed a memorandum of understanding (MOU) to jointly undertake research and development in the liquefied natural gas (LNG) sector. The companies will jointly organise conferences and cooperate on R&D projects focusing on the entire LNG value chain from gas reservoir (more…)
(EnergyAsia, April 19 2012, Thursday) — The consortium developing Azerbaijan’s Shah Deniz gas reserves has reached an important milestone with its decision to start work on the front-end engineering and design (FEED) of the project’s estimated US$25 billion stage 2 development, operator BP has announced. The UK major, which owns a 25.5% stake in the (more…)
(EnergyAsia, April 19 2012, Thursday) — US major Chevron Corp said a consortium led by its Australian subsidiaries has secured an agreement for the annual supply of one million tons of liquefied natural gas (LNG) to Japan’s Chubu Electric Power Company Incorporated for up to 20 years. The Chevron-operated consortium will supply the LNG from (more…)
(EnergyAsia, April 18 2012, Wednesday) — Masdar Institute of Science and Technology, an Abu Dhabi-based graduate-level university focused on advanced energy and sustainable technologies, and First Solar Inc, a producer of photovoltaic (PV) solar modules and solar systems, recently conducted a workshop to highlight the role of research and development (R & D) in the (more…)
(EnergyAsia, April 18 2012, Wednesday)— Russia’s Rosneft and US major ExxonMobil have signed agreements to implement joint efforts to explore and develop oil and gas in both their countries as well as Canada. Signed in the presence of Russian Prime Minister Vladimir Putin and Deputy Prime Minister Igor Sechin, the agreements form joint ventures to (more…)
(EnergyAsia, April 18 2012, Wednesday) — Canada’s SouthGobi Resources Ltd said the Mongolian government has suspended exploration and mining licenses for its Ovoot Tolgoi coal mine which is being targeted for a stake buyout by Chinese state aluminum firm Chalco. SouthGobi said the Mineral Resources Authority of Mongolia (MRAM) held a press conference in the...
(EnergyAsia, April 18 2012, Wednesday) — State-owned Indian Oil Corp said its refineries processed a record volume of 55.6 million tonnes (MT) of crude oil for the last financial year ending March 31 2012. It achieved its previous best of 53 million tonnes the previous year. It is India’s largest refiner with a nameplate capacity...
(EnergyAsia, April 18 2012, Wednesday) — China Petroleum & Chemical Corp (Sinopec) is planning to expand its existing 160,000 b/d oil refinery and petrochemical complex on Hainan Island. Together with the Hainan provincial government, the company is hoping to obtain Beijing’s approval this year for the proposed 39-billion-yuan investment to add 100,000 b/d of refining...
(EnergyAsia, April 17 2012, Tuesday) — Australia’s Origin Energy Limited said it has agreed to develop low-carbon, cost efficient trigeneration precincts to supply cleaner energy to central Sydney, the country’s largest city. Origin said its wholly owned subsidiary, Cogent Energy, will invest A$100 million over a 10-year period to build trigeneration precincts in four zones (more…)
(EnergyAsia, April 17 2012, Tuesday) — Saudi Basic Industries Corporation (SABIC) has announced that it will be investing US$100 million to develop new technology centre in Kangqiao, east of Shanghai, China. When completed in 2013, the 60,000 sq m facility will house some 200 commercial and corporate function staff as well as a team of (more…)
(EnergyAsia, April 17 2012, Tuesday) — Malaysian state energy firm Petronas said it is making progress in developing an integrated oil refinery-petrochemical project in Pengerang town in the southern Malaysian state of Johor. The proposed RM60-billion Refinery and Petrochemical Integrated Development (RAPID) complex will include a 300,000 b/d refinery to supply feedstock to an adjoining (more…)
(EnergyAsia, April 17 2012, Tuesday) — Southeast Asia will be an attractive area for gas activity amid growing demand for energy in the region, according to the International Gas Union (IGU). Globalenergy demand is expected to increase in tandem with growing population, economic expansion, individual’s prosperity and urbanisation. It is projected that the world will (more…)
(EnergyAsia, April 17 2012, Tuesday) — Swiss energy trader Vitol SA said it has signed a long-term agreement to supply Korea Midland Power (KOMIPO), a South Korean power company 400,000 tons of liquefied natural gas (LNG) a year for 10 years starting 2015. The contracted volume is equal to about 17% of KOMIPO’s annual consumption (more…)
(EnergyAsia, April 16 2012, Monday) — Swiss trading giant Vitol Group said its subsidiary, Vitol Energy (Bermuda) Ltd, has bought a 9.1% stake in Canada’s CIC Energy Corp, which owns and operates a coal mine in Botswana, for C$10 million. (US$1=C$0.99). Vitol said it bought a total of 5,263,158 CIC Energy common shares through a...
(EnergyAsia, April 16 2012, Monday) — India’s Bharat Petroleum Corp Ltd (BPCL) said it will be investing 142.25 billion rupees to expand as well as upgrade its 190,000 b/d Kochi oil refinery in the southwestern part of the country. (US$1=51 rupees). On completion by December 2015, the plant will have the capacity to refine 310,000...