(EnergyAsia, May 24 2011, Tuesday) — At the same time that it has expressed alarm at declining OPEC production, the International Energy Agency (IEA) has reduced its global oil demand growth forecast for 2011 by 100,000 b/d to 1.3 million b/d. Citing persistent high oil prices and poor prospects for the developed economies, the Paris-based...
(EnergyAsia, May 24 2011, Tuesday) — High oil prices brought on by a combination of political unrest in the Middle East and North Africa, and increased demand from post-March 11 quake Japan could threaten global economic growth, said Ernst & Young in a briefing last week. Releasing its latest quarterly global oil and gas forecast, (more…)
(EnergyAsia, May 24 2011, Tuesday) — OPEC expects world oil demand to grow by 1.4 million b/d in 2011, broadly unchanged from the previous report, following an increase of 2.1 million b/d last year. It said post-quake Japan and “economic uncertainty” in the US will offset continued demand growth in China, balancing the outlook for (more…)
(EnergyAsia, May 23 2011, Monday) — The Philippines is expanding and upgrading the fuel depots at Subic Freeport to store and handle nearly four million barrels in response to rising demand. The Subic Bay Metropolitan Authority (SBMA) is working to promote Subic as a one-stop logistics centre for all types of vessels and maritime cargo....
(EnergyAsia, May 23 2011, Monday) — Qatar is developing a second 150,000 b/d condensate refinery at Ras Laffan to meet rising demand for transportation fuels. The new plant will double Qatar’s refining capacity to 300,000 b/d when completed by 2015, said Minister of Energy and Industry Mohammed bin Saleh Al Sada. The project will also...
(EnergyAsia, May 23 2011, Monday) — A US consultant recently delivered to the US House of Representatives Subcommittee on Energy and Power what he has described as “dire warnings about the likely development of China’s future energy demand.” At the April 4 hearing on the ‘The American Energy Initiative’, Douglas-Westwood LLP’s managing director, Steve Kopits,...
(EnergyAsia, May 23 2011, Monday) — China’s fuel oil imports could decline sharply if the government succeeds in its plan to shut down small refineries known as “teapots,” which account for 10%-15% of the country’s total refining capacity. Up to 90% of China’s small refineries, defined as those under 40,000 b/d in capacity, are being...
(EnergyAsia, May 23 2011, Monday) — As part of a tax reform programme, China is looking to introduce a new tax of 5%-10% on the domestic sales of crude oil and natural gas. The tax would be based on sales volume instead of value. For every tonne of crude oil sold, companies may have to...
(EnergyAsia, May 23 2011, Monday) — China’s slowing economy faces a new threat crisis from spreading power supply shortages in its central regions caused by a shortage in coal supply and drought-induced drop in hydropower capacity. Hubei province is the latest to join neighbouring provinces in rationing power supply as China faces its worst power...
(EnergyAsia, May 23 2011, Monday) — Singapore Exchange-listed engineering firm PEC Ltd has reported a 19% drop in net attributable profit to S$28.6 million on revenue of S$305.4 million for the nine months ended March 31. (US$1=S$1.25). Group revenue was 11% lower than the corresponding period for FY2010 due to the decrease in revenue from (more…)
(EnergyAsia, May 20 2011, Friday) — Malaysia’s terminal operator Dialog and Netherland’s Vopak are expected to soon begin construction of their proposed terminal project in the Malaysian state of Johor north of Singapore. Located in the Pengerang region, the new terminal will have the capacity to hold five million cubic metres of oil, with the...
(EnergyAsia, May 20 2011, Friday) — Malaysian state oil and gas company Petronas has set aside RM50 billion to 55 billion a year over the next five years in capital expenditure to replace aging oil and gas-producing assets, said company president and CEO Shamsul Azhar Abbas. (US$1=RM3). The planned capital spending for the coming years...
(EnergyAsia, May 20 2011, Friday) — World oil supply could well fall behind demand growth in the long term, said Royal Dutch Shell chief executive Peter Voser. While Organisation of Petroleum Exporting Countries (OPEC) members have the ability to make up for loss of Libya’s 1.6 million b/d production, they have not done so. Adding...
(EnergyAsia, May 20 2011, Friday) — The US, Japan and South Korea have taken different positions with regard to their strategic oil reserves in response to recent events threatening their energy supply. Japan was forced to tap into its stockpile to overcome the loss of its nuclear power capacity following the March 11 earthquake and...
(EnergyAsia, May 20 2011, Friday) — Australia’s Gloucester Coal said it will acquire Donaldson Coal from Hong Kong-based commodities trader Noble Group for A$360 million, boosting its production base and giving it access to new port capacity in the country’s largest coal export terminal. (US$1=A$0.95). Gloucester, which is 65.4%-owned by Noble, said it planned to...
(EnergyAsia, May 20 2011, Friday) — Japan’s Mitsubishi Heavy Industries Ltd (MHI) said it has received an order to supply two 350MW steam-turbines to be installed at two large-scale coal-fired thermal power plants in Morocco. MHI, which will also be sending technical advisers to work on the installation, did not disclose the project’s value. The (more…)
(EnergyAsia, May 20 2011, Friday) — Norwegian bank DnB NOR remains bullish on the outlook for the offshore and marine sector in Southeast Asia, with a ‘buy’ rating on eight out of 15 companies with stocks that it is tracking on the exchanges of Singapore, Malaysia and Norway. In a recent report, analysts Kay Lim, (more…)
(EnergyAsia, May 19 2001, Thursday) —- Switzerland’s Foster Wheeler AG said a subsidiary has secured a contract from Thai Oil Public Company Limited to provide basic design engineering package and engineering, procurement and construction management (EPCm) services for work on its refinery in Sriracha by the first quarter of 2013. The project’s objectives are to (more…)
(EnergyAsia, May 19 2011, Thursday) — Finland’s Wartsila said it has secured a contract from Kleven Maritime of Norway to design a new liquefied natural gas-powered platform supply vessel (PSV) for operator Rem Offshore, also of Norway. The contract includes the supply of the propulsion machinery, automation and other equipment for the vessel. Wartsila, a (more…)
(EnergyAsia, May 19 2011, Thursday) — Singapore’s marine and infrastructure company Sembcorp Industries has posted S$159.9 million in net profit for the first quarter, slightly higher from S$158.8 million for the same period last year, while revenue was down about 16.7% to S$2 billion. (US$1=S$1.25). The company said its utilities division reported a 4% rise...
(EnergyAsia, May 19 2011, Wednesday) — Rotary Engineering Limited, a Singapore-listed provider of engineering, procurement, construction and maintenance (EPCM) services to the oil, gas and petrochemical industries, has posted a 62% drop in net profit to S$5.3 million for the first quarter of 2011. Its revenue was down 27% to S$130.5 million. (US$1=S$1.25). Rotary said...
(EnergyAsia, May 19 2011, Thursday) — US major Chevron Corporation said its Australian subsidiary has agreed to supply Japan’s JX Nippon Oil and Energy Corporation 300,000 tons of liquefied natural gas (LNG) a year for 15 years from the offshore Gorgon project. Chevron is the operator of the Gorgon project in northwestern Australia, with an...
(EnergyAsia, May 19 2011, Thursday) — Australian energy planners said the country needs to heed the warnings of the International Energy Agency and put in place a strategy to deal with the peaking in global oil supplies. The Paris-based agency has drastically cut its forecast 2030 crude oil production to 96 million b/d from 120...
(EnergyAsia, May 19 2011, Thursday) — Australia faces growing risks from its increasing trade dependence on China, according to a recent research from investment bank RBS. Australia’s exports to China account for around 4.6% of its gross domestic product, making its trade exposure to China the largest among any western country. China is credited for...
(EnergyAsia, May 18 2011, Wednesday) — The following is an edited version of a paper delivered by Robert F. Cekuta, Deputy Assistant Secretary, Bureau of Economic, Energy and Business Affairs in the US State Department at an energy security conference in Washington, DC on May 4. If Asia continues its current growth trajectory, its oil...