(EnergyAsia, November 5 2010, Friday) — BP said it will sell its recently-acquired interests in four mature producing deepwater oil and gas fields in the US Gulf of Mexico to Japan’s Marubeni Oil and Gas for US$650 million in cash. The deal is expected to be completed by early next year. BP acquired the interests...
(EnergyAsia, November 8 2010, Monday) — Puda Coal Inc, a NYSE-listed supplier of high grade metallurgical coking coal, said a 90%-owned subsidiary has agreed to pay a total of RMB191.2 million to acquire two mines as part of its on-going role as a consolidator of coal mines in China’s Shanxi Province. Shanxi Puda Coal Group...
(EnergyAsia, November 4 2010, Thursday) — Australian engineering firm Leighton Holdings said a subsidiary has secured a US$733 million contract with Iraq’s South Oil to build an oil export facility at the Fao terminal near Basra. The contract forms part of the Iraq Crude Oil Export Expansion Project (ICOEEP) which is developing offshore loading facilities...
(EnergyAsia, November 4 2010, Thursday) — British natural gas producer BG Group said it has agreed to sell its 40% interests in both the Santa Rita and San Lorenzo power stations in the Philippines to Korea Electric Power Corporation (Kepco) for a total of approximately US$400 million. BG Group said the net consideration is subject...
(EnergyAsia, November 4 2010, Thursday) — Sarawak is building another two coal-fired power plants in anticipation of future demand in the East Malaysian state. The proposed Balingian plant, which will be an expansion to the Mukah coal-fired power plant, and a new project in the Merit-Pila region are intended to serve as back-up energy sources...
(EnergyAsia, November 4 2010, Thursday) — GE said it has signed a memorandum of understanding (MOU) with Indonesia’s Agency for the Assessment and Application of Technology (BPPT) to jointly develop renewable energy utilisation, cleaner coal and energy efficiency projects to help meet the country’s growing power and environmental needs. The US engineering conglomerate said it...
(EnergyAsia, November 4 2010, Thursday) — Indonesia’s coal production is expected to rise 9.7% to hit 340 million tonnes next year, according to the Indonesian Coal Mining Association. Buoyed by rising demand from China and India, association chairman Bob Kamandanu said he expects Indonesia mining companies to raise production targets. For this year, India is...
(EnergyAsia, November 4 2010, Thursday) — Australia’s Cougar Energy Limited said it has sold an unspecified stake in the company to Limitedless International Holdings (LIH) as part of a wider strategic agreement that would involve their joint investments in underground coal gasification (UCG) projects in China. Cougar Energy said it completed the sale of A$1...
(EnergyAsia, November 4 2010, Thursday) — Insurers need to better understand the properties and risks posed by biofuels as they are seeing more claims for damages resulting from companies transporting, handling and storing these fuels. According to a study by the UK P&I Club, the main problem related to the storage of biofuels, also known...
(EnergyAsia, November 3 2010, Wednesday) — Canada’s Prophecy Resource Corp said it expects to soon start producing coal at its Ulaan Ovoo mine in Mongolia. The mine was inspected early last month by the Mongolian Ministry of Mineral Resources and Energy before it can be cleared to receive the final permit to start operations. Vancouver,...
(EnergyAsia, November 3 2010, Wednesday) — Singapore will add a third 180,000-cubic metre tank to its liquefied natural gas (LNG) import terminal now under construction on Jurong Island, boosting its total handling capacity to six million tonnes per year from 3.5 million previously. The additional S$400 million investment, raising the total to S$1.9 billion, will...
(EnergyAsia, November 3 2010, Wednesday) — Japan’s JFE Steel Corp said its steel subsidiary has agreed to acquire and develop two coal mining projects in Australia for a total of up to 15 billion yen. (US$1=80 yen). JFE Shoji Trade Corp is buying over the shares of Republic Coal, a Sydney-based mining firm from its...
(EnergyAsia, November 2 2010, Wednesday) — Wartsila, Finland’s global supplier of decentralised power plant solutions, said it has signed an agreement with KVK Energy Group to supply power generating equipment and engineering for a gas power plant to be built in Rajahmundry in the Indian state of Andhra Pradesh. The company said the the scope...
(EnergyAsia, November 3 2010, Wednesday) — PT Borneo Lumbung Energi is set to become the first coking coal miner to list in Indonesia when it sells 20% of its shares in a public offering this month to raise four trillion rupiah. (US$1=8,900 rupiah). The company is hoping to follow PT Harum Energy’s sale of 550...
(EnergyAsia, November 3 2010, Wednesday) — The Asian Development Bank (ADB) and the Japanese government will fund studies into the feasibility of developing three wind power facilities in northern Philippines to help reduce the country’s reliance on coal and oil-fired power and cut greenhouse gas emissions. A technical assistance grant of up to US$630,000 from...
(EnergyAsia, November 3 2010, Wednesday) — The Chinese government has told coal miners to accelerate efforts to consolidate the industry as part of a move to improve to their environmental and safety records as well as raise their efficiency and profitability. A major objective would be to reduce the number of small, old and unsafe...
(EnergyAsia, November 2 2010, Tuesday) — China said it is on course to produce more than three billion tonnes of coal this year for the first time. According to official data, China produced 2.442 billion tonnes of coal, up 17.2% from year-ago levels in the nine months of 2010. If it continues this rate of...
(EnergyAsia, November 2 2010, Tuesday) — “Unabated” economic growth in China and India is set to shift the global trade in thermal coal in the coming decade, said Jeff Watkins, chairman for coal at consulting firm Wood Mackenzie. He said the first dramatic shift will take place next year when China will overtake Japan as...
(EnergyAsia, Ocotber 25 2010, Monday) — Technics Oil and Gas Limited said it has secured a S$35 million-contract to provide JV Vietsovpetro (VSP) topside equipment for its wellhead satellite platforms, RC-6 and RC-7, to produce oil at the Dragon field in offshore Vietnam. (US$1=S$1.3). Scheduled for completion next September, the platforms are expected to produce...
(EnergyAsia, November 2 2010, Tuesday) –– Coal India plans to invest a total of nearly 88 billion rupees to build 20 coal plants and to acquire coal mines abroad. (US$1=Rs44). It has earmarked Rs60 billion to buy coal mines in the US, Australia, Indonesia and South Africa. The company is looking to invest 28 billion...
(EnergyAsia, November 2 2010, Tuesday) — Indian coal mining firm Gujarat NRE Coke said it will be expanding in Australia with plans to invest an additional A$450 million to develop mines and access roads, and to acquire mining services and equipment by 2015. (US$1=A$1.02). The additional spending will help raise its Australian workforce to 650...
(EnergyAsia, November 2 2010, Tuesday) — The Chinese government said it is tightening regulations to improve mining safety particularly in coal production which killed more than 2,600 workers in this country last year. Mining companies that violate safety practices now face fines of between 150,000 yuan and five million yuan while those that have a...
(EnergyAsia, November 2 2010, Tuesday) — India’s Adani Enterprises said it plans to invest a total of US$6.9 billion to develop its recently acquired coal mines in Australia. The infrastructure and mining group said it will be developing rail and port facilities at its Galilee Basin coal mine in Queensland state to produce up to...
(EnergyAsia, November 1 2010, Monday) — BP said it has agreed to sell its upstream businesses and associated interests in Venezuela and Vietnam to TNK-BP for a total of $1.8 billion. TNK-BP, Russia’s third largest oil company, is owned equally by BP and the AAR consortium comprising Alfa Group, Access Industries and Renova. The agreement...
(EnergyAsia, November 1 2010, Monday) — Gull New Zealand, an independent oil company, said it has sourced biodiesel from leading biodiesel manufacturer Environ Fuels to launch the nation’s only B5 blended biodiesel available to the public at a service station. With the current availability of Gull Diesel Max, three Gull service stations now solely sell...