INDONESIA: Government to begin curbing exports of low-grade thermal coal from this year

(EnergyAsia, March 12 2013, Tuesday) — After months of vacillating, the Indonesian government is moving to gradually ban the export of low and middle-grade thermal coal for power generation from this year. Officials said the hotly debated move reflects Indonesia’s growing resource nationalism stance as policy makers once again bow to pressure from domestic consumers...

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CHINA: Coal’s share of energy mix may drop to 52.8% by 2020, predicts Deutsche Bank

(EnergyAsia, March 11 2013, Monday) — Deutsche Bank has endorsed China’s drive to green its economy with a bold forecast that coal’s share in the country’s energy mix could fall sharply from 68.4% now to just 52.8% by 2020. China is under growing pressure from its own citizens and other countries to reduce its greenhouse...

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MALAYSIA: Petronas reports 14% net profit drop, plans to reduce dividend payout to state

(EnergyAsia, March 11 2013, Monday) — Malaysian state energy firm Petronas said it plans to reduce its dividend pay-out to the country’s increasingly oil-dependent government by 10% after reporting a 14% drop in net profit for 2012. As it focuses on building up its upstream assets at home and abroad in the face of rising...

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MARKETS: Impact of Chavez’s death on Venezuela and the oil trade

(EnergyAsia, March 11 2013, Monday) — The following is an edited version of a comment by Boston, US-based consultant Energy Security Analysis Inc (ESAI). “Although there were rumours that Venezuelan President Hugo Chavez died on December 30, his death was officially announced on March 5, triggering a 30-day countdown to the election of a new (more…)

MARKETS: Metallurgical coal prices to recover, unit production costs down on higher volumes, says Goldman Sachs

(EnergyAsia, March 11 2013, Monday) — Metallurgical coal prices will recover this year despite rising supply following Australia’s Queensland mines returning to 2010 production levels, predicts Goldman Sachs. In its latest research report, the Wall Street bank noted that metallurgical coal unit costs have fallen on rising volumes, helped by Queensland state having largely overcome...

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MONGOLIA: Canada’s Prophecy Coal obtains land use rights for construction of 600MW power plant

(EnergyAsia, March 8 2013, Friday) — Canada’s Prophecy Coal Corp said its wholly owned Mongolian subsidiary, Prophecy Power Generation LLC, has been granted the use of a 532.4-hectare plot of land for the proposed construction of a 600MW power plant in the electricity-short Asian country. The Vancouver-based company said the Mongolian government granted the rights (more…)

AUSTRALIA: Cougar Energy raised funds, seeks investments for coal projects in Queensland state

(EnergyAsia, March 8 2013, Friday) — Australia’s Cougar Energy Limited announced it recently raised A$1.043 million while continuing talks to attract investors to participate in its two conventional coal assets in Queensland state’s proven coal rich Bowen and Surat Basins. (US$1=A$0.97). The company said its sale offer of 208.6 million shares to sophisticated and professional (more…)

MARKETS: BoA Merrill Lynch sees “robust” oil demand growth, supply constraints and production risks through 2017

(EnergyAsia, March 8 2013, Friday) — Global oil demand will grow at a “robust” rate of nearly 1.4% per year through 2017 while production will increasingly run into constraints as non-OPEC supply peaks out in 2015 and OPEC members reduce exports to meet rising domestic demand, said Bank of America Merrill Lynch (BoAML) in a (more…)

INDIA: Shareholder demands Coal India sack chairman

(EnergyAsia, March 8 2013, Friday) — A minority shareholder of Coal India Limited (CIL) has formally demanded that the embattled state-owned company fire its chairman and managing director, S. Narsing Rao. UK-based hedge fund TCI has written to demand Mr Rao “be immediately replaced with someone who can run CIL professionally,” complaining that he has...

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AUSTRALIA: DNV-led study says it’s financially and environmentally beneficial to use LNG as shipping fuel

(EnergyAsia, March 7 2013, Thursday) — Australia should promote the use of liquefied natural gas (LNG) as a shipping fuel as it makes financial as well as environmental sense, said an industry study led by Norwegian classification and inspection firm DNV. In replacing traditional bunker fuel with LNG, the four-month study found that Australia gains (more…)

MONGOLIA: Nuurst mine has 84.7 million tonnes of coal reserves, 30 years of production, says Modun Resources

(EnergyAsia, March 7 2013, Thursday) — Citing a study that it commissioned, Australia’s Modun Resources Nuurst said its Nuurst coal mine in Mongolia could deliver as much as 84.7 million tonnes of sub-bituminous thermal coal over a 30-year operation. The study undertaken by Brisbane’s Bluefield Group has bolstered the Australia-listed company’s confidence to develop Nuurst (more…)

ENVIRONMENT: ADB says low-cost clean technology could help five South Asian states cut emissions by a fifth by 2020

(EnergyAsia, March 7 2013, Thursday) — Bangladesh, Bhutan, the Maldives, Nepal and Sri Lanka could collectively slash greenhouse gas emissions by a fifth by 2020 at little long-term cost by introducing a variety of clean technologies, according to a new study from the Asian Development Bank (ADB). The South Asian countries are projected to produce (more…)

CANADA: Vancouver port set to become North America’s largest coal export hub, targets Asia

(EnergyAsia, March 7 2013, Thursday) — In anticipation of further export increases to Asia, Canada’s Port Metro Vancouver has approved a C$200 million expansion of its coal handling capacity that will help make it the largest in North America. (US$1=C$1.03). The port will more than double its Neptune Bulk Terminals’ current capacity to export 8.5...

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SINGAPORE: Philippines’ Meralco, Hong Kong’s First Pacific to acquire GMR power plant stake for S$660 million

(EnergyAsia, March 6 2013, Wednesday) — Manila Electric Co (Meralco) and its main shareholder, Hong Kong-listed First Pacific Co Ltd, have agreed to jointly pay S$660 million for a 70% stake in the GMR Energy (GMRE) power company in Singapore. (US$1=S$1.24). The subsidiary of India’s GMR Group is developing an 800 MW combined cycle gas (more…)

INDONESIA: Canada’s Challenger expands Barito River coal mining project in Kalimantan

(EnergyAsia, March 6 2013, Wednesday) — Canada’s Challenger Deep Resources Corp said its wholly owned subsidiary, PT Bestindo Energy, has signed an exclusive agreement to fully acquire privately-held PT HAAS which owns the rights to mine and market coal from the Alam Bahteria Barito Raya (ABBR) project in Central Kalimantan as well as its mining (more…)

COMPANY: APICORP’s “landmark” US$150 million petroleum shipping fund starts with five tankers

(EnergyAsia, March 6 2013, Wednesday) — The Arab Petroleum Investments Corporation (APICORP) said its newly launched “landmark” US$150 million petroleum shipping fund has acquired five medium range (MR) petroleum product tankers to be leased out to the regional and international markets for five years. APICORP, the Saudi Arabia-based multilateral development bank owned by the Organization (more…)

ASIA: Five countries to continue to account for 97% of APEC region’s coal output through 2035

(EnergyAsia, March 6 2013, Wednesday) — China, Australia, US, Indonesia and Russia are projected to maintain their 97% share of coal production in the 21-member Asia Pacific Economic Cooperation (APEC) region through 2035. According to APEC’s latest fifth edition of its energy demand and supply outlook, China will remain the group’s and the world’s largest...

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CHINA: Coal production at new high of 3.65 billion tons in 2012

(EnergyAsia, March 5 2013, Tuesday) — Despite growing at its slowest rate in recent years, Chinese coal production still hit a new high of 3.65 billion tons last year, said the National Development and Reform Commission (NDRC). The country’s miners were able to raise production by 3.8% over 2011 levels in the face of weaker...

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INDIA: ONGC, IOC and GAIL boost capex by between 4.5% and 12.6% for financial year 2013

(EnergyAsia, March 5 2013, Tuesday) — With energy security a growing concern, India’s state oil and gas companies have boosted their investment spending plans by 2.9% to 790,522 billion rupees for the current financial year to March 31 2014. (US$1=55 rupees). Upstream company ONGC will have the largest budget, drawing on internal resources to invest...

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AUSTRALIA: Endocoal shareholders approve takeover by China’s U&D Mining

(EnergyAsia, March 5 2013, Tuesday) — Australia’s Endocoal Limited said its shareholders have voted overwhelmingly in favour of its A$71 million takeover by the local subsidiary of China’s U&D Mining. (US$1=A$0.98). The Queensland state coal explorer said 91.6% of its shareholders voted in favour of the offer by U&D Mining Industry (Australia) Pty Ltd at (more…)

CHINA: Gazprom aims to sign gas supply deal with CNPC by end-2013

(EnergyAsia, March 5 2013, Tuesday) — Russian gas monopoly Gazprom said it and China’s CNPC are aiming to conclude protracted talks for a gas supply deal before the end of the year. With China exploring options to import liquefied natural gas (LNG) from North America and Africa, expand existing agreements with Australia as well as...

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AUSTRALIA: Whitehaven Coal blames weak price, strong local currency for July-December 2012 loss

(EnergyAsia, March 4 2013, Monday) — Australia’s Whitehaven Coal has blamed weak commodity prices and a strong local currency for its first half loss of A$47 million, reversing a profit of A$19.9 million for the same period the previous year. (US$1=A$1.03). The company also blamed a rail outage at its Narrabri mine in New South...

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UPSTREAM: US oil production exceeded seven million b/d to reach 20-year high in late 2012, says EIA

(EnergyAsia, March 4 2013, Monday) — US oil production climbed to a 20-year high of more than seven million b/d in the last two months of 2012, said the Energy Information Administration (EIA). The agency attributed the surge to the revolution in exploiting unconventional and shale reserves in the states of North Dakota and Texas,...

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AUSTRALIA: Hodges may add US assets to expand coal portfolio, BHP looks to sell off mine

(EnergyAsia, March 4 2013, Monday) — Australia’s Hodges Resources said it may acquire metallurgical coal resources in the US to build up its coal portfolio while BHP Billiton is looking to close one of its mines in Queensland state. Hodges Resources said it has signed a binding heads of agreement with Specialty Metallurgical Coal Assets (more…)

AUSTRALIA: ConocoPhillips looking to sell off part of APLNG stake

(EnergyAsia, March 4 2013, Monday) — US upstream company ConocoPhillips is looking to reduce its stakes in the Australia Pacific LNG (APLNG) project in Queensland state as well as its oil sands activities in Canada to focus on developing shale reserves in the US. At last Thursday’s briefing for analysts and investors, CEO Ryan Lance...

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