(EnergyAsia, July 21 2011, Thursday) — China’s largest offshore oil producer, CNOOC Limited, has swooped in to acquire bankrupt oilsands company OPTI Canada Inc for US$2.1 billion in cash and debt. Wholly-owned subsidiary CNOOC Luxembourg will pay US$34 million in cash for the Calgary, Alberta company’s shares, US$1.18 billion for some notes and assume US$825 (more…)
(EnergyAsia, July 20 2011, Wednesday) — CME Group, the world’s leading and most diverse derivatives marketplace, said it has named Julien Le Noble as head of its Asia Pacific office in Singapore from August 1. Mr Le Noble, 39, will lead CME Group’s efforts to develop benchmark products and services to meet the needs of (more…)
(EnergyAsia, July 20 2011, Wednesday) — While showing signs of economic recovery, post-quake Japan must consolidate its fiscal position by lowering public debt and implementing reforms, said the International Monetary Fund (IMF). Following the massive earthquake that struck northeastern Japan on March 11, Tokyo has increased spending and pushed the country’s public debt to higher (more…)
(EnergyAsia, July 20 2011, Wednesday) — Loyz Oil Pte Ltd, the oil and gas exploration and production (E&P) arm of Singapore’s Sim Siang Choon Limited (SSC), said it has signed an agreement to cooperate with Rex Oil & Gas Limited in undertaking upstream activities in the Asia Pacific region. The two companies will jointly explore...
(EnergyAsia, July 20 2011, Wednesday) — Dutch oil and chemical logistics firm Royal Vopak said it has fully acquired India’s CRL Terminals Pvt Ltd in the Port of Kandla, giving it a stake in the country’s fast growing oil and chemicals storage market. Comprising two sites with a total capacity of 261,600 cubic meters (cbm),...
(EnergyAsia, July 20 2011, Wednesday) — Iran has warned that it will stop supplying 400,000 b/d of crude oil to India unless it is fully paid for more than US$5 billion owed for past shipments. While admitting that it owes Iran, the Indian government is facing internal bureaucratic disagreement and hurdles over how best to...
(EnergyAsia, July 19 2011, Tuesday) — With the oil sands production out of Alberta province due to rise substantially by 600,000 to 700,000 b/d by 2015 and over 1.2 million b/d by 2020, Canada must move faster to build infrastructure (pipelines or a unit-train system) to support exports to Asia’s fast-growing markets. The latest in...
(EnergyAsia, July 19 2011, Tuesday) — Thai state upstream oil and gas company PTTEP has submitted an application to the Australian government to develop a floating natural gas (FLNG) platform off Darwin city in the Northern Territory state. Located 680km off the coast, the 400-metre-long platform will produce and liquefy natural gas at sea. Environmentalists...
(EnergyAsia, July 19 2011, Tuesday) — A Sinopec subsidiary has started building an oil storage terminal on Hainan Island to serve domestic fuel markets as well as the needs of nearby Hong Kong and Southeast Asia. When completed at a cost of RMB4 billion mid-next year, the project’s first phase will consist of 2.05 million...
(EnergyAsia, July 19 2011, Tuesday) — Singapore-listed upstream company Mirach Energy Limited said it has signed an agreement with PT Pertamina EP, Indonesia’s state-owned oil and gas company, to eventually raise oil production to 1,000 b/d from the mature Kampung Minyak field in southern Sumatra. Producing about 80 barrels of oil per day, Kampung Minyak...
(EnergyAsia, July 19 2011, Tuesday) — Longwei Petroleum Investment Holding Ltd, a US-listed company engaged in the storage and distribution of oil products in China, said it has increased its cash deposit to RMB550 million to complete its proposed purchase of the 100,000-tonne oil storage assets of Huajie Petroleum Co Ltd in northern Shanxi Province. (more…)
(EnergyAsia, July 18 2011, Monday) — US engineering firm Black & Veatch said it and Chemtex will design and build two new liquefied natural gas (LNG) terminals in China’s Shaanxi province, adding to the 16 that the consortium has already been awarded since 2006. Located in the cities of Jingbian and Yulin, the terminals will (more…)
(EnergyAsia, July 18 2011, Monday) — The Indian government has raised its budget to build the country’s first strategic crude oil storage terminal by 54% 10.38 billion rupees(US$1=45 rupees). The government had originally allocated R6.7 billion rupees to create an emergency one-million-tonne oil stockpile as a buffer against supply disruptions. With the growing risk of...
(EnergyAsia, July 18 2011, Sunday) – Asia’s rising energy demand and the rapid development of the shale gas industry could position the US to become a leading world supplier of liquefied natural gas (LNG) after 2015, said Standard Chartered Bank. In a research report, the bank said the US could be supplying more than 20...
(EnergyAsia, July 18 2011, Monday) — Two Asian companies have declared their intentions to invest in oil storage projects overseas for different reasons. With an eye to bolstering Taiwan’s energy supply security, state-owned refiner CPC Corp said it is looking to invest at least NT$60 billion in building oil depots in Indonesia, Malaysia and Vietnam....
(EnergyAsia, July 18 2011, Monday) — Wary of further dependence on imported energy, China is stepping up plans to tap its own vast reserves of shale and coalbed methane (CBM) gas to sharply raise the domestic production of natural gas. The world’s largest energy user is aiming to raise its CBM production from 8.6 billion...
(EnergyAsia, July 18 2011, Monday) — To meet its fast-rising demand for clean energy, China is looking to raise its natural gas import from 14 billion cubic metres (cbm) this year to 90 bcm by 2015, said consultant Bernstein Research. At 40 bcm, liquefied natural gas (LNG) will account for nearly half the import while...
(EnergyAsia, July 15 2011, Friday) — Oil and gas-rich countries may have a harder time squeezing new concessions following recent reports that China may itself be sitting on vast reserves of shale and unconventional gas that could significantly reduce its dependence on energy imports. According to the US Energy Information Administration (EIA), China may have...
(EnergyAsia, July 15 2011, Friday) — Indonesia is about to discard their contract obligations as they demand that contract producers as well as long-term customers pay more for liquefied natural gas (LNG) supplies. Citing the need to increase revenue, the Energy Ministry’s oil and gas director general Evita Legowo said the government wants to review...
(EnergyAsia, July 15 2011, Friday) — The 2011 edition of this map, measuring 120 cm by 90 cm, shows the latest oil, gas, petrochemical, chemical and power and marine installations and plants in Singapore and Johor. Details at Admin@EnergyAsia.com. First produced in 1999, this unique map contains latest statistical information including oil and power consumption, (more…)
(EnergyAsia, July 14 2011, Thursday) — US-based energy and metals derivatives exchange CME Group said it will launch the world’s first coking coal swap contract on July 25. Based on Platts’ Australian spot hard coking coal price assessment, the Australian Coking Coal Swap Futures contract will be available for trading on the NYMEX trading floor, (more…)
(EnergyAsia, July 14 2011, Thursday) — Marex Spectron Group, the UK-based global commodities and financial markets brokerage, said it has become the first broker to offer coverage of the Chinese coal swaps market. This is a key development in the evolution of the coal market in China, the world’s biggest producer and consumer of coal. (more…)
(EnergyAsia, July 14 2011, Thursday) — A large number of active coal ash disposal sites in 19 US states may be violating a federal ban on open dumping, according to a major analysis released by the Environmental Integrity Project (EIP). The report was released a day after a House Subcommittee voted last month to prohibit...
(EnergyAsia, July 14 2011, Thursday) — Oiltanking Partners LP, a subsidiary of Oiltanking Holding Americas Inc, is targeting to raise more than US$200 million through an initial public offering of 10 million shares to be listed on the New York Stock Exchange under the symbol “OILT”. The company is expected to offer the shares at...
(EnergyAsia, July 14 2011, Thursday) — Seamwell International, a British company specialising in new clean coal technology, has started work with its Chinese partner to jointly develop a US$1.5 billion commercial underground coal gasification plant in China’s Inner Mongolia. With the UK Prime Minister and the Chinese Premier as their witness last month, Seamwell officially...