SAUDI ARABIA: Aramco starts up production at giant Manifa field ahead of schedule

(EnergyAsia, April 22 2013, Monday) — Saudi Arabia’s state oil company expects to raise production of Arab Heavy crude at its new giant Manifa oilfield to 500,000 b/d by July, rising to a peak of 900,000 b/d by end-2014. Saudi Aramco said the offshore field, located about 200 km northwest of Dhahran city, officially started...

This article is for Subscriber members only.
Log In Register

MARKETS: “Significant” gas liquefaction capacity needed to meet global demand over next decade, says consultant

(EnergyAsia, April 22 2013, Monday) — The world will need 180 trillion cubic feet (tcf) of natural gas feed and “significant” liquefaction capacity over the next decade to meet a projected doubling in global liquefied natural gas (LNG) demand by 2025, said consultant Wood Mackenzie. Presenting at the LNG 17 conference in Houston, US last (more…)

INDIA: Companies expect to make more oil and gas discoveries

(EnergyAsia, April 22 2013, Monday) — India expects to uncover more oil and gas reserves in waters off its coast as well as onshore in unconventional formations as it seeks to continue raising crude oil production from last year’s record volume of just under 900,000 b/d. India is probably the only major country to report...

This article is for Subscriber members only.
Log In Register

INDONESIA: Introduce fiscal incentives to improve long-term potential of upstream sector, consultant suggests

(EnergyAsia, April 19 2013, Friday) — Indonesia should introduce fiscal incentives to improve the long-term potential of its mature upstream oil and gas sector, said consultant Wood Mackenzie. Speaking at the recent SEAPEX 2013 event in Singapore, Wood Mackenzie’s head of Asia upstream research said Indonesia still holds huge potential, with an estimated 45% or (more…)

INDIA: Petronet plans to expand stake in LNG shipping

(EnergyAsia, April 19 2013, Friday) — Petronet LNG Ltd, India’s main importer of liquefied natural gas, is planning to hep launch a new carrier that will initially own and operate a vessel to deliver the fuel to two import terminals currently under construction. Petronet is building the terminals at Kochi in Kerala state and at...

This article is for Subscriber members only.
Log In Register

MALAYSIA: Shell completes storage and pipeline expansion at Westport Terminal

(EnergyAsia, April 19 2013, Friday) — Royal Dutch Shell said it has completed the expansion of its Westport Terminal on the west coast of Malaysia with the addition of three new fuel storage tanks and 1.4km of pipelines. The new facilities are part of the third and final phase of the project which started in (more…)

AUSTRALIA: Who would want to buy Shell’s Geelong refinery?

(EnergyAsia, April 19 2013, Friday) — So, who would want to buy a small past-its-shelf-life oil refinery in a highly competitive slow-growth market with a poor profit outlook that is subject to rising environmental regulations? That is the question facing Royal Dutch Shell now that it has decided to sell off its 55-year-old Geelong oil...

This article is for Subscriber members only.
Log In Register

INDIA: IOC says FY2012 refinery throughput exceeded target

(EnergyAsia, April 18 2013, Thursday) — Indian Oil Corp (IOC), the nation’s largest downstream company, said its refinery throughput of 54.6 million tonnes or 1.1 million b/d in the recently ended financial year ending March 31 2013, slightly exceeding its target of 54.25 million tonnes. IOC said its 10 refineries operated at 100.7% of their...

This article is for Subscriber members only.
Log In Register

CHINA: Sinopec may start building Caofeidian refinery within 2013

(EnergyAsia, April 18 2013, Thursday) — Sinopec could begin construction of a long-awaited 12-million tonne/year refinery in northern China’s Hebei province later this year. The planned 28.6-billion-yuan Caofeidian Island refinery, which was approved in August 2011, could start up within two years upon environmental approval by the central government. According to Sinopec, the project will...

This article is for Subscriber members only.
Log In Register

MYANMAR: Energy ministry opens up 30 offshore blocks for bidding, says Herbert Smith Freehills

(EnergyAsia, April 18 2013, Thursday) — Myanmar’s Ministry of Energy is inviting international bids for production sharing contracts for 11 shallow and 19 deep-sea blocks, said law firm Herbert Smith Freehills. Interested parties have until June 14 to submit expressions of interest for the blocks, said the firm, which has an office in Yangon under (more…)

AUSTRALIA: Woodside gives up on US$45 billion onshore LNG project in search of cheaper options and diversification

(EnergyAsia, April 18 2013, Thursday) — Woodside Petroleum has begun cooling off Australia’s liquefied natural gas (LNG) fever with its decision to call off the construction of an out-of-control US$45 billion onshore project in Western Australia state in favour of a cheaper floating terminal as well as the possibility of taking small stakes in new...

This article is for Subscriber members only.
Log In Register

COMPANY: Gunvor secured total of US$950 million in credit to support oil and gas business in Asia and MidEast

(EnergyAsia, April 17 2013, Wednesday) — European commodities group Gunvor Group said it has recently secured a total of US$950 million in credit to support its fast-growing oil and gas business in Asia and the Middle East. Last week, a wholly owned subsidiary, Gunvor Singapore Pte Ltd, launched US$650 million in syndicated revolving credit facilities (more…)

SRI LANKA: Colombo threatens to seize India-owned oil depot in Trincomalee port

(EnergyAsia, April 17 2013, Wednesday) — The Sri Lankan government intends to seize a strategic oil storage depot in the northeastern port of Trincomalee from the Indian Oil Corp (IOC) after New Delhi voted in favour of a UN Human Rights Council resolution to investigate alleged war crimes committed by Colombo in the recently ended...

This article is for Subscriber members only.
Log In Register

CHINA: January import of crude oil from the US was first since 2005, too early to call it a trend

(EnergyAsia, April 17 2013, Wednesday) — The US has made its first direct crude oil sales to China since November 2005, but it is far from certain if this heralds the start of a trend amid the growing clamour for American companies to export oil and gas in the face of rising domestic production. Without (more…)

BANGLADESH: Funding sought to develop floating deep-sea oil storage and handling terminal

(EnergyAsia, April 17 2013, Wednesday) — Bangladesh is seeking funding to develop a proposed US$327 million offshore oil storage and handling terminal in the Bay of Bengal. The government has approached the Islamic Development Bank (IDB) to support the project which has been hit by rising cost since the completion of a feasibility study in...

This article is for Subscriber members only.
Log In Register

COMPANY: Hong Kong-listed Brightoil Petroleum chairman raised shareholding to 74.8%

(EnergyAsia, April 16 2013, Tuesday) —Hong Kong-listed Brightoil Petroleum (Holdings) Limited said its chairman and CEO Sit Kwong Lam has raised his shareholding in the company from 74.49% to 74.8%. Dr Sit’s wholly owned Canada Foundation Limited bought 27,077,000 shares of Brightoil Petroleum on the open market between March 11 and April 11 2013, the (more…)

INDIA: State upstream firm Oil India Ltd to set up international unit for oil and gas acquisitions

(EnergyAsia, April 16 2013, Tuesday) — State upstream firm Oil India Ltd (OIL) has announced plans to set up an international subsidiary to acquire and develop oil and gas assets abroad. India’s second largest state-owned explorer after ONGC said its board approved the proposal for the wholly owned subsidiary at a meeting on April 10...

This article is for Subscriber members only.
Log In Register

MARKETS: Brent, WTI prices at nine-month low on bearish economic and oil consumption data

(EnergyAsia, April 16 2013, Tuesday) — Oil prices sank to nine-month lows as global crude benchmark Brent and US WTI crude joined other commodities in a mass sell-off triggered by panic over spreading economic worries in North America, Europe and Asia. Brent could soon break US$100 support after touching US$100.02 early in New York trading (more…)

SINGAPORE: Temasek to launch Pavilion Energy with initial S$1 billion capital

(EnergyAsia, April 16 2013, Tuesday) — Temasek Holdings Pte Ltd, Singapore’s sovereign wealth fund, is venturing into the fast-growing global liquefied natural gas (LNG) business with an initial investment of S$1 billion to launch new subsidiary Pavilion Energy Pte Ltd. (US$1=S$1.25). Seah Moon Ming, a former deputy CEO of another Temasek company ST Engineering, will...

This article is for Subscriber members only.
Log In Register

MONGOLIA: Canada’s Erdene brings in Teck Resources after winding up coal alliance with Xstrata

(EnergyAsia, April 15 2013, Monday) — Canada’s Erdene Resource Development Corp said it has recruited Vancouver-based Teck Resources Ltd after terminating its seven-year-old alliance with the local subsidiary of Swiss firm Xstrata to develop coal mining projects in Mongolia. Teck, one of Canada’s largest mining companies, will start fieldwork in Mongolia with its new partner (more…)

US: Coal production seen rising 0.5% in 2013 and 2% in 2014, says EIA

(EnergyAsia, April 15 2013, Monday) — US domestic coal production is expected to rise 0.5% to 1,025.4 million short tons (mmst) this year and by a further 2% to 1,045.9 mmst in 2014, predicts the US Energy Information Administration (EIA). US coal consumption is seen rising from 889 mmst in 2012 to 948 mmst in...

This article is for Subscriber members only.
Log In Register

ASIA: ESAI says gasoline prices lifted by Sinopec output shortfall and China’s declining surplus

(EnergyAsia, April 15 2013, Monday) — Asia’s gasoline prices will be supported by a 100,000 b/d decline in China’s exportable surplus of the fuel in 2013, about the same as last year, predicts US consultant ESAI Energy. The bulk of that decline is down to a production shortfall at Sinopec’s refineries which are struggling to (more…)

INDIA: Bentek Energy predicts LNG imports could surge 19% in 2013

(EnergyAsia, April 15 2013, Monday) — India’s liquefied natural gas (LNG) imports could surge by as much as 19% this year, thanks to new short-term contracts, added capacity and increased throughput at existing terminals, predicts US consultant Bentek Energy. In a new report, the company, a unit of energy media Platts, said the same factors...

This article is for Subscriber members only.
Log In Register

INDONESIA: Officials meet Japanese counterparts in fifth coal policy dialogue in Tokyo

(EnergyAsia, April 12 2013, Friday) — About 40 officials representing the Indonesian and Japanese governments held a one-day meeting in Tokyo last month to discuss issues affecting the coal industry and their countries’ trade in the fuel. The Indonesian delegation, led by Edi Prasodjo, coal director in the Ministry of Energy and Mineral Resources, met (more…)

RUSSIA: Mechel secures 40-billion ruble loan from VTB Bank amid reports of stake sale to China’s Baosteel

(EnergyAsia, April 12 2013, Friday) — Heavily indebted Russian coal mining and steel company Mechel OAO said it has secured a 40-billion ruble loan from Moscow-based VTB Bank amid reports that it is in talks to sell off a sizeable stake to China’s Baosteel. (US$1=30 rubles). Mechel said it plans to use 25-billion rubles of...

This article is for Subscriber members only.
Log In Register