(EnergyAsia, November 22 2012, Thursday) — Turkmenistan is investing heavily to expand the domestic production of its crude and refined products. At a conference last week, government and industry officials revealed on-going investments to boost exploration and production in new fields. Russia’s Itera, Germany’s RWE and Cyprus’ Buried Hill are looking to invest billions of...
ASIA: Region is world’s fastest growing for sales of natural gas vehicles, says Pike Research
(EnergyAsia, November 22 2012, Thursday) — The Asia Pacific region has raced ahead of the rest of the world to rapidly become the largest market for natural gas vehicles (NGVs), thanks to strong demand growth in Thailand, India and China, said US-based consulting firm Pike Research. The Boulder, Colorado firm said prospects vary widely across (more…)
MARKETS: IEA again slashed oil demand forecasts for 2012 and 2013
(EnergyAsia, November 22 2012, Thursday) — The International Energy Agency (IEA) has again reduced its forecasts for world oil demand for 2012 and 2013, reflecting its downbeat outlook on the economy. In its latest November monthly report, the Paris-based agency said world oil demand will grow by 700,000 b/d to 89.6 million b/d for 2012,...
CHINA: Sinopec acquires 20% stake in Nigerian oil field for US$2.5 billion
(EnergyAsia, November 21 2012, Wednesday) — A subsidiary of China Petrochemical Corp, or Sinopec Group, has agreed to acquire a 20% stake in an offshore Nigerian field from French major Total SA (FP) for about US$2.5 billion, the two companies have announced. The OML 138 block contains the Usan field which is on course to (more…)
CHINA: Oil and gas reserves up last year, says ministry
(EnergyAsia, November 21 2012, Wednesday) — China’s recoverable oil and gas reserves, a closely guarded secret, rose last year, according the China Mining Resources Report citing an anonymous source from the Ministry of Land and Resources. The report said China’s recoverable oil reserves edged up 2.1% to 3.24 billion tonnes last year while its natural...
MARKETS: Non-OPEC oil supply outages remain above year-ago level, says EIA
(EnergyAsia, November 21 2012, Wednesday) — Unplanned oil supply outages outside the Organisation of the Petroleum Exporting Countries (OPEC) cartel during the first 10 months of this year were almost twice the amount experienced in the last three months of 2011, reported the US Energy Information Administration (EIA). The volume of unplanned non-OPEC oil production (more…)
ASIA: Russia to focus on LNG amid deadlock over planned pipeline projects targeting China and Korea
(EnergyAsia, November 21 2012, Wednesday) — Russia is switching its attention to exporting liquefied natural gas (LNG) as negotiations to develop gas sales to China and South Korea through pipelines remain deadlocked, according to consulting firm GlobalData. In its latest report, GlobalData said China and Russia have once again failed to reach agreement on gas...
COMPANY: Law firm Herbert Smith Freehills adds to Greater China energy and natural resources team
(EnergyAsia, November 20 2012, Tuesday) — Law firm Herbert Smith Freehills said it has strengthened its Greater China energy and natural resources practice with the addition of David Clinch, a senior partner from the firm’s global energy and natural resources practice. Hong Kong-based Clinch will work with partners Anna Howell and Hilary Lau, and China corporate (more…)
UPSTREAM: Consultant predicts global investments in FLNG to exceed US$47 billion between 2013 and 2019
(EnergyAsia, November 20 2012, Tuesday) — Asia will account for about 35% of US47.4 billion in global investment in floating liquefied natural gas (LNG) systems between 2013 and 2019, said UK upstream consultant Douglas Westwood. Of this amount, Douglas Westwood predicts that over US$28 billion will be spent on liquefaction and US$19.1 billion on import (more…)
PAPUA NEW GUINEA: ExxonMobil ups PNG LNG project costs by 21% to US$19 billion
(EnergyAsia, November 20 2012, Tuesday) — Esso Highlands Limited, a subsidiary of the US major, has informed its consortium partners that it has raised the cost of their liquefied natural gas (LNG) project in Papua New Guinea by more than 21% to US$19 billion. Esso Highlands, which is leading the PNG LNG consortium to build (more…)
CHINA: Growing dependence on oil from the Mid East, especially Iraq and Saudi Arabia
(EnergyAsia, November 20 2012, Tuesday) — China is becoming increasingly dependent on oil from the Middle East, with Iraq and Saudi Arabia the big winners. To fuel its fast-growing economy, China is expected to raise its refining capacity by one million b/d this year and by 2.9 million b/d at the end of 2017, said...
SAUDI ARABIA: Aramco signs EPC deals to build 400,000 b/d Jazan refinery and oil terminal
(EnergyAsia, November 19 2012, Monday) — Saudi Aramco, the world’s biggest oil producing company, has signed engineering, procurement and construction (EPC) contracts with eight companies to build a 400,000 b/d refinery and an oil terminal on the country’s west coast. At a ceremony last week, Aramco signed the contracts for the construction of the Jazan...
CHINA: Officials predict crude oil demand, imports to rise sharply
(EnergyAsia, November 19 2012, Monday) — China’s crude oil demand and imports are set to rise sharply over the next few years, said government officials and industry analysts. The Energy Research Institute, an affiliate of the top policy-making National Development and Reform Commission (NDRC), expects the country’s crude oil demand to rise from 450 million...
PAPUA NEW GUINEA: Prime Minister announced approval for Interoil’s Gulf LNG project
(EnergyAsia, November 19 2012, Monday) — Houston, US-based InterOil Corporation (IOC) has achieved a major breakthrough in its difficult attempt to build a liquefied natural gas (LNG) project in Papua New Guinea (PNG) that at one point had looked to be in danger of being cancelled. After months of intense negotiations, the company was able (more…)
ASIA: Region offers vital outlet for western Canada’s LNG as exports to US decline sharply
(EnergyAsia, November 19 2012, Monday) — Asia offers a “viable and attractive” market for western Canada’s natural gas exports which look set to lose further ground in the increasingly glutted US after plunging 80% since 2008, said energy consulting firm Wood Mackenzie. Its upstream and global gas consultants estimate that western Canadian producers have lost...
DUBAI: First phase of 13MW solar power plant to start up by next October
(EnergyAsia, November 16 2012, Friday) —Dubai expects to start up its first major solar power plant by next October, said Dubai Electricity and Water Authority (DEWA) which awarded the contract for the construction of the 13MW project’s first phase. Located in the Mohammed Bin Rashid Al Maktoum Solar Park, the project kick-starts Dubai’s plan to (more…)
CHINA: Saudi Aramco opens head office in Beijing
(EnergyAsia, November 16 2012, Friday) — Saudi Arabian Oil Co, or Aramco, has opened a new head office in Beijing as it continues to expand ties with the world’s second largest oil consumer. Aramco Asia, a wholly owned subsidiary of the world’s largest oil company according to a PIW ranking, adds to the company’s two (more…)
COMPANIES: Germany’s BASF, Russia’s Gazprom to swap oil, gas assets
(EnergyAsia, November 16 2012, Friday) — German chemical company BASF SE said it will raise its oil and gas production, and exit the gas trading and storage business following an agreement to swap assets with Russia’s Gazprom OAO. As part of the agreement, BASF subsidiary Wintershall will receive an equity of 25% plus one share (more…)
MYANMAR: Norway to help update electricity law through US$850,000 grant to ADB
(EnergyAsia, November 16 2012, Friday) — The Norwegian government will provide a US$850,000 technical assistance (TA) grant to the Asian Development Bank (ADB) to help Myanmar update its 1984 Electricity Law. According to the bank, the grant will enable the Southeast Asian country to bring forward its laws to reflect current international standards that would...
AUSTRALIA: India’s GVK Group and Hancock commit to opening up Galilee Basin’s coal deposits
(EnergyAsia, November 15 2012, Thursday) — The partners developing what could well be Australia’s largest coal deposits said they are pushing ahead with their multi-billion-dollar project dismissing reports that it faces significant delay from financing difficulties. India’s GVK Group, the majority owner in the Alpha coal project in Queensland state, said it has approved more (more…)
US: EIA predicts coal production to decline in 2012 and 2013
(EnergyAsia, November 15 2012, Thursday) — In response to weak domestic demand, US coal production will decline over the next two years from 1,095 million short tons (mmst) in 2011, said the Energy Information Administration (EIA). The agency sees US coal production falling by 6.2% to 1,027 mmst in 2012 and by a further one...
THAILAND: Banpu’s third quarter profit down 46% on falling coal price
(EnergyAsia, November 15 2012, Thursday) — Slammed by lower coal prices, Thailand’s largest coal miner Banpu Plc has reported a third-quarter profit of 2.26 billion baht, down 46% from year-ago level and 17% lower from the previous quarter. (US$1=30 baht). The Bangkok-listed company, which produces coal in Thailand, Indonesia, Australia and China, expects no relief (more…)
MARKETS: IEA predicts global coal demand to remain leading power-generation fuel for two decades
(EnergyAsia, November 15 2012, Thursday) — Coal will remain the world’s leading fuel for power generation before declining by three percentage points to under 25% by 2035, said the International Energy Agency (IEA). In its latest World Energy Outlook report, the Paris-based agency predicts coal’s share in the global energy mix will drop in favour...
INDIA: Peak power supply shortage to reach 10.6% this year, predicts Central Electricity Authority
(EnergyAsia, November 14 2012, Tuesday) — India’s power supply crisis will worsen, with the shortfall in generation capacity at peak electricity consumption reaching a record of nearly 15,000 MW or 10.6% this fiscal year, predicts the Central Electricity Authority (CEA). For the previous year ending March 31 2012, India’s peak power shortage was 9.6%, the...
INDIA: Surge in diesel demand as national power grid failed, farmers step up irrigation
(EnergyAsia, November 14 2012, Tuesday) — India’s power crisis culminating in the massive blackout of July 31-August 2 and increased irrigation activities by farmers sharply boosted the country’s diesel demand, said the Organisation of Petroleum Exporting Countries (OPEC). In its September market report, OPEC said the world-record blackout left 600 million people without electricity, and...