THAILAND: Wood Group GTS extends long-term agreement with power producers to maintain plants

(EnergyAsia, August 31 2012, Friday) — UK’s Wood Group GTS said it has extended long-term agreements to provide maintenance for the power plants of GDF SUEZ Glow Energy Public Company Limited and Glow SPP11 Company Limited (formerly known as Thai National Power Co Ltd). Wood Group said the extension for the original agreement signed in (more…)

PAPUA NEW GUINEA: Government suspends notice to cancel LNG project, says InterOil

(EnergyAsia, August 31 2012, Friday) — Papua New Guinea government has suspended its May 14 2012 notice of intention to cancel an agreement to jointly develop a liquefied natural gas (LNG) project with Liquid Niugini Gas Limited, said Houston, Texas-based InterOil Corp which owns a 47.5% stake in the company. The suspension of the 2009 (more…)

INDIA: GAIL to 12 LNG cargoes from France’s GDF SUEZ in 2013 and 2014

(EnergyAsia, August 31 2012, Friday) — GAIL (India) Limited has signed an agreement to import 12 cargoes of liquefied natural gas (LNG) from France’s GDF SUEZ in 2013 and 2014. Weighing a total of 800,000 tons, the agreement will contribute to meeting India’s fast-growing energy demand, said GDF SUEZ. Indian natural gas consumption is expected (more…)

CANADA: Government set to approve Petronas takeover of Progress Energy, but stall on CNOOC’s buy-out of Nexen

(EnergyAsia, August 31 2012, Friday) — The Canadian government looks set to approve the takeover of Progress Energy Resources Corp by Malaysia’s state-owned Petronas, but stall over the application of China’s CNOOC Ltd to acquire Nexen Inc. The different treatment meted out to two of Asia’s well-known state-owned energy companies reflects Ottawa’s evolving, cautious approach (more…)

INDIA: Despite refiners’ financial losses, government predicts refining capacity to rise 24% by 2016

(EnergyAsia, August 30 2012, Thursday) — Despite the rising tide of red ink, India’s oil refining capacity will rise more than 24% to 265 million tonnes by March 31 2016, predicts the Petroleum and Natural Gas Ministry. The private and state firms which own the country’s 25 oil refineries with a total capacity of 213...

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NEW ZEALAND: Mobil to expand and upgrade fuel storage facility at Mount Maunganui terminal

(EnergyAsia, August 30 2012, Thursday) — Mobil Oil New Zealand Limited said it is expanding and upgrading fuel storage facilities at its Mount Maunganui Terminal to meet the growing demand for marine fuels at the Port of Tauranga. The ExxonMobil subsidiary will refurbish an existing under-utilised eight-million-litre tank and upgrade the terminal’s boiler, control room (more…)

AUSTRALIA: Transfield Services awarded A$100 million in contracts for fuel storage projects

(EnergyAsia, August 30 2012, Thursday) — Australian engineering firm Transfield Services recently secured two contracts worth a total of A$100 million for the engineering, design and construction of fuel storage terminals in the country’s mining region of Pilbara. (US$1=A$0.97). The company will design and construct Rio Tinto’s Parker Point fuels storage terminal in Dampier for (more…)

MARKETS: Crude oil down on Hurricane Isaac’s miss in US Gulf Coast, possible stockpile release

(EnergyAsia, August 30 2012, Thursday) — Crude oil prices fell on the twin expectations that Hurricane Isaac will not inflict significant damage on crude oil production in the US Gulf of Mexico and the G7 countries might release oil stockpiles to stem the recent rise in prices. Brent crude oil has fallen to near US$112 (more…)

THAILAND: PTT Mining offers S$1.2 billion to acquire Singapore-listed coal miner Sakari Resources

(EnergyAsia, August 29 2012, Wednesday) — PTT Mining Limited, a wholly owned subsidiary of Thai energy firm PTT International Company Limited, said it has offered to acquire the remaining 54.73% stake in Singapore-based Sakari Resources Limited that it does not own for S$1.2 billion. (US$1=S$1.25). At S$1.90 a share, the offer represents a 27.5% premium (more…)

AUSTRALIA: Caltex steps up marketing, trading role with Kurnell refinery’s closure in 2014

(EnergyAsia, August 29 2012, Wednesday) — Caltex, Australia’s leading downstream oil company, is expanding its fuel marketing and distribution activities as its refining operations shrink with the planned closure of the Kurnell plant in Sydney in 2014. In reporting its latest half-year result, the company revealed plans to invest as much as A$$450 million in (more…)

NEW ZEALAND: NZ Refining reports first-half loss of NZ$1.49 million

(EnergyAsia, August 29 2012, Wednesday) — New Zealand’s only oil refining company said it suffered a first-half net loss of nearly NZ$1.49 million on shrinking refining margins and a weaker US dollar, compared with a NZ$31.2 million profit for the same period last year. Revenue fell 28% to NZ$113 million for the six months ending (more…)

AUSTRALIA: Science agency CSIRO and Germany’s BASF collaborate to improve coal recovery

(EnergyAsia, August 29 2012, Wednesday) — Australia’’ science agency CSIRO and Germany’s chemical giant BASF have jointly developed a process that improves the recovery of coal particles, thus making coal production more efficient and lucrative. According to BASF, CSIRO’s coal grain analysis tool had found that particles of some coal types were difficult to recover (more…)

MARKETS: Seven ‘chokepoints’ handle half of world’s oil production, says US EIA

(EnergyAsia, August 28 2012, Tuesday) — About half of the world’s oil is supplied on maritime routes that could easily be disrupted along seven narrow channels known as chokepoints, said the US Energy Information Administration (EIA). Restrictions have to be placed on the size of vessels passing through these channels, making them the most vulnerable...

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MARKETS: IEA under pressure to release oil stockpile to check price rise with US Presidential elections in November

(EnergyAsia, August 28 2012, Tuesday) — As oil prices continue to climb out of their 18-month lows in June, the International Energy Agency (IEA) is under pressure again to coordinate a release of its members’ crude oil stockpiles. Brent has reached a three-month high of over US$116 a barrel while WTI has crossed US$97 and...

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SINGAPORE: Marine and offshore industry contributed over S$16 billion to economy

(EnergyAsia, August 28 2012, Tuesday) — Buoyed by strong energy demand from emerging economies and the continued outlook for high oil prices, the marine and offshore industry contributed over S$16 billion to Singapore’s economy last year. (US$1=S$1.25). In addition, the sector provided employment for 18,000 local residents at the end of last year, up 30% (more…)

UPSTREAM: Global oil and gas capital expenditure to exceed US$1 trillion in 2012, says GlobalData

(EnergyAsia, August 28 2012, Tuesday) — Oil and gas companies will invest a record of more than US$1 trillion in exploration and production activities this year, said UK-based consultant GlobalData. In a new report, the company said exploration and production (E&P) investment spending will rise 13.4% to reach US$1,039 billion compared with last year’s US$916 (more…)

REFINERIES: Workers killed in Venezuelan plant explosion, injured in Chevron’s US plant fire

(EnergyAsia, August 27 2012, Monday) — Two major refineries in the US and Venezuela with a combined capacity of 890,000 b/d were hit by fires this month which resulted in human casualties. At least 26 people were killed and 50 injured when fire ripped through the 645,000 b/d Amuay plant in Venezuela’s Punto Fijo city...

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VIETNAM: Dung Quat oil refinery back up again, but for how long?

(EnergyAsia, August 27 2012, Monday) — Vietnam’s only oil refinery has resumed operations after experiencing yet another “technical breakdown” early this month but for how long before it goes down again? Operator Binh Son Petro-chemical Refinery Co Ltd said it shut down the 130,000 b/d plant in central Dung Quat province on August 8 for...

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SINGAPORE: Tougher emission standards to affect oil refineries, power plants and chemical facilities

(EnergyAsia, August 27 2012, Monday) — Singapore’s oil refiners, power plant operators, chemical producers and automobile importers will be among the companies most affected by the National Environment Agency’s (NEA) plan to raise emissions standards and improve air quality by 2020. According to environment minister Vivian Balakrishnan, the agency will be implementing measures to meet (more…)

AUSTRALIA: Shell builds more diesel storage tanks to meet rising demand in Bowen Basin

(EnergyAsia, August 27 2012, Monday) — Shell Australia said it has opened two new tanks with the capacity to hold a combined 38 million litres of diesel at its Mackay Terminal in Queensland state. The tanks will provide extra capacity and supply security to Shell customers in the Bowen Basin and northern Queensland. The company’s (more…)

CHINA: Cabinet approves 2.36-trillion yuan spending to curb energy use, pollution

(EnergyAsia, August 24 2012, Friday) — Chinese’s State Council has approved additional spending of 2.36 trillion yuan to promote energy conservation and reduce pollution through 2016, an implicit acknowledgement that it is falling behind official target to clean up the environment. (US$1=6.36 yuan). More than 40% of that amount will be invested in energy conservation...

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CHINA: Oil demand rebounded in July, but too early to indicate definitive trend, says Platts

(EnergyAsia, August 24 2012, Friday) — China’s apparent oil demand rose 2.4% year on year in July to 38.92 million metric tons (mt), or an average 9.2 million b/d, said US energy media Platts. This is a rebound from June’s first monthly contraction in more than three years, according to the company’s analysis of recent Chinese (more…)

MARKETS: Ernst & Young says oil glut, natural gas growth is story for rest of 2012

(EnergyAsia, August 24 2012, Friday) — Barring new geo-political threats to supply, oil prices will stay flat for the rest of the year on increased production from Libya, Iraq and the US, predicts consultant Ernst & Young. At the same time, smaller, independent oil and gas companies will struggle amid tightening credit conditions, resulting in (more…)

MARKETS: IEA’s forecasts for oil demand growth up for 2012, but down for 2013

(EnergyAsia, August 23 2012, Thursday) — The International Energy Agency (IEA) has raised its forecast for world oil demand growth for 2012, but sharply reduced it for 2013. In its latest monthly report, the Paris-based agency said it now expects world oil demand to grow by 830,000 b/d in 2013, down from its previous forecast...

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MARKETS: OPEC maintains forecasts for world oil demand growth for 2012 and 2013

(EnergyAsia, August 23 2012, Thursday) — The Organization of Petroleum Exporting Countries (OPEC) has maintained its forecasts for global oil demand to grow by 900,000 b/d to 88.7 million b/d in 2012 and by 800,000 b/d to 89.5 million b/d next year. OPEC’s latest forecasts contrast the International Energy Agency which raised its forecast for...

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