(EnergyAsia, May 21 2010, Friday) — Sinar Mas Agro Resources Technology (SMART), a unit of the world’s second-biggest palm oil producer, Singapore-listed Golden Agri-Resources, has reiterated its commitment to achieving sustainable palm oil production amid fresh allegations by Greenpeace that the subsidiary has been felling rainforests in Indonesia. “Within the last few days we have...

(EnergyAsia, May 21 2010, Friday) — Emirates National Oil Co has begun work on upgrading its Jebel Ali refinery, the company’s chief executive said.   The Dubai state-owned company recently added a reformer and a hydrotreater to the 120,000 b/d refinery, the smallest of the UAE’s four.   The US$850 million upgrade would also allow...

(EnergyAsia, May 20 2010, Thursday) — US-based natural gas producer Chesapeake Energy Corp said it has agreed to a private placement of convertible preferred stock to two Asian companies for a total of US$600 million. The buyers are Maju Investments (Mauritius) Pte Ltd, an affiliate of Singapore’s Temasek Holdings (Private) Limited, and Hampton Asset Holding...

(EnergyAsia, May 20 2010, Thursday) — ICE, the energy futures exchange, said it cleared a record 146 million tonnes of coal through 146,445 coal futures contracts traded in April. The company said the contracts, cleared via ICE Clear Europe, exceeded the previous record of 108,730 lots in January. ICE added that its Rotterdam contract traded...

(EnergyAsia, May 20 2010, Thursday) — Singapore-listed Sembcorp Industries said its first quarter net profit rose 19% to S$158.8 million from S$133.6 million for the same period last year. (US$1=S$1.4). Its turnover rose 12% to S$2.4 billion while return-on-equity was a robust 17.5%, and cash and cash equivalents remained strong at S$3 billion. The marine...

(EnergyAsia, May 20 2010, Thursday) — India’s Mumbai Port Trust (MbPT) has announced plans to double its cargo handling capacity to more than 90 million tonnes by mid-2013, with emphasis on serving the country’s growing oil, coal and chemicals trade. Chairman Rahul Asthana said the port, which has begun deepening the common channel, has opened...

(EnergyAsia, May 20 2010, Thursday) — Higher natural gas prices and the increasing popularity of shale drilling have improved the prospects for Canada’s gas production. The National Energy Board has reversed its tune and now predict that new shale supplies would more than offset the decline in conventional gas output, meet domestic demand and spur...

(EnergyAsia, May 20 2010, Thursday)— Global jet fuel demand fell by at least one million barrels per day in April as the volcanic ash cloud from Iceland disrupted air travel in Europe and connecting flights around the world. By the second half of April, around 70% of all flights in Europe had been grounded, resulting...

(EnergyAsia, May 20 2010, Thursday) —With easy-to-access oil now gone, exploration companies will increasingly pursue projects in politically unstable regions or in technologically complex areas, which are more costly and risky. The increased risk and high cost of exploration was highlighted when a leading edge oil rig leased by BP, the Deepwater Horizon, sank in...

(EnergyAsia, May 20 2010, Thursday) — Global demand for liquefied natural gas (LNG) will double by 2020, said Royal Dutch Shell executive vice president for exploration and production Guy Outen. World gas demand will rise 25% to 4 trillion cubic meters a year by 2020 as electricity demand rises 75% over the same period, Mr...

(EnergyAsia, May 19 2010, Wednesday) — Singapore is aiming to reduce the carbon footprints of its oil and petrochemicals production centre on Jurong Island to fulfill its obligations to fight global warming as well as improve the competitiveness of its industries, said Prime Minister Lee Hsien Loong. At the official launch of Shell’s petrochemical complex...

(EnergyAsia, May 19 2010, Wednesday) — Singapore-listed engineering firm Hai Leck Holdings Limited celebrated 35 years serving the oil, gas and petrochemical industries with the opening of a new corporate headquarters and production plant at Tuas View Circuit early this month. The provider of scaffolding, corrosion prevention and insulation services inaugurated its new three-story facilities...

(EnergyAsia, May 19 2010, Wednesday) — State-run Qatar Petroleum (QP) has delayed the construction of its 250,000 b/d al Shaheen oil refinery. The firm is terminating the tender for the engineering, procurement and construction contract as it looks to scale down the proposed the US$11 billion project and re-tender at a later date. French engineering...

(EnergyAsia, May 19 2010, Wednesday) — The overseas investment arm of India’s state Oil and Natural Gas Corp (ONGC) and local gas transmission giant GAIL Limited are expected to purchase a combined 12.5% stake in a Chinese oil and gas pipeline project being developed in Myanmar. The companies also recently received approval from the Indian...

(EnergyAsia, May 19 2010, Wednesday) — Gulf oil exporters could be negatively impacted by green policies being considered in the world’s two largest energy consuming countries, according to a US think tank. Amy Myers, an energy expert at Rice University’s James A Baker III Institute for Public Policy in Texas, noted that plans by China...

(EnergyAsia, May 19 2010, Wednesday)— Indonesian state energy company PT Pertamina said it will increase light crude imports by 200,000 b/d to 325,000 b/d from Saudi Arabia this year. According to President Karen Agustiawan, Pertamina will use the additional imports for its Cilacap and Balongan refineries. She expects to soon conclude talks with state-owned oil...

(EnergyAsia, May 19 2010, Wednesday)— Indonesia’s oil production is likely to fall to 917,000 barrels per day this year, about 5% below forecasts, on account of field shutdowns and regulatory restrictions, said Raden Priyon, head of state agency BPMigas. In a meeting with the energy commission of the House of Representatives, he said production is...

(EnergyAsia, May 19 2010, Wednesday) — Sinopec Corp, China’s second largest  oil company, has started building a 3.2-million-cubic-metre terminal to store crude oil in the country’s  northern industrial hub of Tianjin. The 3-billion-yuan facility comprising 32 oil tanks will be built over a 68-hectare site in Tianjin’s Binhai New Area. Construction is expected to finish...

(EnergyAsia, May 18 2010, Tuesday) — Ghana’s first floating production storage and offloading (FPSO) vessel FPSO Kwame Nkrumah MV21, is on track to undertake its landmark assignment in the offshore Jubilee field following its official naming in Singapore early this month. The FPSO, officially named by Mrs Ernestina Naadu Mills, Ghana’s First Lady, was converted...

(EnergyAsia, May 18 2010, Tuesday) — A possible loss of oil supply from Iran can be covered by the world’s stockpiles for at least a year, according to an official from the International Energy Agency (IEA). David Fyfe, head of the oil and industry markets division at the Paris-based IEA, noted that Iran produces between...

(EnergyAsia, May 18 2010, Tuesday) — The commodities market including oil is headed for more volatility on a clash of conflicting forces brought on, most notably, by rising demand in the developing countries and the rapid decline of the American and European economies. Crude oil has held between US$70 and $85 a barrel for nearly...

(EnergyAsia, May 18 2010, Tuesday) — Indonesia has failed to meet its oil production target in the first two months of this year as a result of rapid declines at several mature wells, according to the Oil and Gas Upstream Regulatory Body (Migas). Actual production amounted to 951,214 b/d against a target of 965,000 b/d...

(EnergyAsia, March 14) — Indonesia is targeting to produce between 275 million to 280 million metric tonnes of coal this year despite investment delays arising from uncertainty over mining regulations. Herman Heru Suprob, an Association of Indonesian Coal Mining Companies spokesman, said the industry is optimistic it will exceed last year’s production of 254 million...

(EnergyAsia, May 18 2010, Tuesday)—Saudi Arabia plans to open an oil storage facility in Japan as it shifts more of its crude export away from the declining developed markets in the US and Europe to Asia. The plan, which has been in discussion for some months, follows an agreement that the Abu Dhabi National Oil...