(EnergyAsia, September 12 2014, Friday) — Brent crude prices hit a new 15-month low of US$96.72 a barrel hours after US President Barack Obama ordered the start of a new protracted war campaign in the Middle East with air strikes in Syria and Iraq to try stop the advance of the Islamic State (ISIS) military....
(EnergyAsia, September 11 2014, Thursday) — Fearing rising energy prices, Australian consumers could force the country’s booming liquefied natural gas (LNG) industry to limit its export plans, according to a new study by the UK-based Oxford Institute for Energy Studies. This will add to the growing list of challenges including rising business cost, labour shortages...
(EnergyAsia, September 10 2014, Wednesday) — India’s Adani Group is expected to soon begin work on Australia’s largest coal project which the UN, environmentalists and marine scientists say poses a long-term threat to the health of the Great Barrier Reef and its marine life. Speaking to India’s leading business executives in New Delhi last week,...
(EnergyAsia, September 9 2014, Tuesday) — The developer of a diesel fuel tank farm in South Australia’s Port Bonython said it will soon invite companies to bid for contracts for its construction. Petro Diamond Australia, a remote subsidiary of Japanese trading house Mitsubishi Corp, made the announcement after providing an update on the schedule for...
(EnergyAsia, September 8 2014, Monday) — With its refineries operating at record levels, the US has become a major exporter of oil products with first-half sales hitting a new high of 3.7 million b/d, said the US Energy Information Administration (EIA). Boosted by cheap domestic crude feedstock, the expansion of refining capacity together with pipeline...
(EnergyAsia, September 5 2014, Friday) — The refining industry will launch a total of two million b/d of new distillation capacity in 2015 that will lead to the “inevitable” shutdown of uncompetitive plants in Europe, said US consultant ESAI Energy. “Global refiners will add nearly two million b/d of distillation capacity in the coming 12...
(EnergyAsia, September 5 2014, Friday) — With the drastic cutback in its ambitious shale production plans, China will have to revert to relying on oil and gas imports to meet its growing energy demand. In 2013, China produced just 200 million cubic metres of its vast shale reserves, which the US Energy Information Administration (EIA)...
(EnergyAsia, September 4 2014, Thursday) — Singapore has launched the first phase of an underground oil storage terminal comprising five caverns with the capacity to hold a total of 1.47 million cubic metres of crude and condensate, and nine km of tunnels. State industrial landlord JTC Corp invested a total of S$1.7 billion to develop...
(EnergyAsia, September 3 2014, Wednesday) — Russia has started construction of the world’s largest natural gas pipeline to deliver an estimated US$400 billion worth of the fuel to China over 30 years from early 2019. Russian President Vladimir Putin and Chinese Vice Premier Zhang Gaoli jointly launched the construction of the 3,978-km pipeline on Russian...
(EnergyAsia, September 2 2014, Tuesday) — A subsidiary of India’s state-owned integrated oil and gas firm ONGC has started up the petrochemicals fluidised catalytic cracking (FCC) unit as part of the planned upgrade and 50% expansion of its 200,000-b/d refinery in Mangalore. Mangalore Refinery & Petrochemicals Ltd (MRPL) said the new unit is designed to...
(EnergyAsia, September 1 2014, Monday) — The International Energy Agency (IEA) has scaled back its forecast for next year’s global oil demand to 94 million b/d while keeping it little changed at 92.68 million b/d for 2014. The agency detected a slowdown in oil demand growth in the second quarter on account of a weaker...
(EnergyAsia, August 29 2014, Friday) — Three months after sensationally announcing their world-record US$400 billion gas supply agreement in Shanghai, Russia and China are facing a raft of challenges to meet the ambitious project’s targeted start-up from 2018. Under pressure from both governments, state-owned firms Gazprom and China National Petroleum Corp (CNPC) hurriedly set aside...
(EnergyAsia, August 28 2014, Thursday) — Russia could supply about 10% of China’s natural gas demand in 2018 if the two governments are able to implement their ambitious plan to develop and pipe reserves from Siberia to the northern and eastern provinces of Asia’s largest economy. Both governments are hugely motivated to meet the 2018...
(EnergyAsia, August 28 2014, Wednesday) — Citing slightly slower economic growth, the Organisation of Petroleum Exporting Countries (OPEC) has lowered its forecast for global oil demand for 2014 and 2015, with the possibility of further reduction later in the year. In its August report, the cartel said it expects the world to consume 91.11 million...
(EnergyAsia, August 27 2014, Tuesday) — Malaysia could displace Qatar and surprise as the world’s largest supplier of “flexible” liquefied natural gas (LNG) by 2020, said energy consulting firm Wood Mackenzie. In addition to building capacity through ownership of plants in Sabah state, Canada and Australia, Malaysian state energy firm Petronas is adding supplies through...
(EnergyAsia, August 27 2014, Wednesday) — India’s Prime Minister, Narendra Modi, has launched the country’s newest major oil storage depot in the country’s northeastern industrialising state of Jharkhand. Indian Oil Corp invested 1.1-billion rupees to develop the 31,600-cubic metre terminal on a 10.5-hectare site at Jasidih in Deoghar district. (US$1=60 rupees). India’s largest downstream firm...
(EnergyAsia, August 26 2014, Tuesday) —- Caltex Australia said its first-half profit fell 12.3% from year-ago levels to A$173 million caused largely by the impending shutdown of one of its two oil refineries and the weaker local currency against the US dollar. (US$1=A$1.08). But the decline was not as severe as feared when the listed...
(EnergyAsia, August 25 2014, Monday) — For the third consecutive month, the US Energy Information Administration (EIA) has reduced its forecasts for global oil demand growth for 2014 and 2015. In its August short-term outlook on the energy markets, the agency expects the world to consume 91.56 million b/d this year and 92.96 million b/d...
(EnergyAsia, August 22 2014, Friday) — The second annual Global Green Economic Forum (GGEF), to be held next month at the Sands Expo & Convention Centre in Singapore’s Marina Bay Sands, will focus on building a sustainable eco-system for business. The gathering of more than 300 delegates will discuss four themes: building sustainable business practices,...
(EnergyAsia, August 21 2014, Thursday) — China National Oil Corporation (CNOOC), the country’s largest liquefied natural gas (LNG) importer, has started up its seventh terminal on Hainan Island with the receipt of a first cargo from Qatargas on August 7. Qatar’s state-owned firm said it delivered the cargo on its super-size Q-Max class vessel Rasheeda,...
(EnergyAsia, August 19 2014, Tuesday) — US-based Apache Corp said it has found as much as 300 million barrels of crude oil in an offshore well in Canning Basin off the coast of West Australia state. The Houston, Texas upstream company said it confirmed at least four discrete oil columns in the Phoenix South-1 well...
(EnergyAsia, August 18 2014, Monday) — Helped by a 6.3% rise in production, Malaysia’s state energy firm Petronas said its second quarter net profit surged 46.6% over the same period last year. The company said it earned a net profit of RM18.33 billion on revenue of RM85.36 billion in the April-June quarter compared with RM12.51...
(EnergyAsia, August 14 2014, Thursday) — The following is an edited version of a commentary by Amanda Tay of UK energy consultant Douglas Westwood (DW). Recent news headlines on Australia’s liquefied natural gas (LNG) sector seem to be centered around its unsustainable rising costs. Woodside Petroleum had to ditch plans last year for its Browse...
(EnergyAsia, August 13 2014, Wednesday) — To keep up with the pace of its domestic oil markets growth, China has greatly expanded its supply infrastructure over the past decade. There are plans for further investments, focusing mostly on the country’s storage and pipeline networks to enhance energy security. The following is a summary of an...
(EnergyAsia, August 12 2014, Tuesday) — InterOil Corp hopes to advance its long-delayed liquefied natural gas (LNG) project in Papua New Guinea with the appointment of a respected industry veteran as chairman in place of an early investor to follow on last year’s exit of the company’s controversial founder. Former BG Group Plc CEO Chris...