(EnergyAsia, July 23 2013, Tuesday) — Strong summer demand and supply disruptions in Nigeria lifted the average August liquefied natural gas (LNG) price for delivery to Asia by 6.8% from July to US$15.46 per million British thermal units (/MMBtu), said energy media Platts. Assessed over the period of June 17 to July 15, Platts said...
(EnergyAsia, July 23 2013, Tuesday) — Nigeria lost more than US$475 million in revenue while Asia ended up paying more for its spot liquefied natural gas cargoes (LNG) cargoes when an internal dispute caused a three-week disruption in exports from the West African country from June 21. The dispute appears to have ended after Nigeria...
(EnergyAsia, July 22 2013, Monday) — More than a decade after the violent overthrow of dictator Saddam Hussein from power, Iraq is a case study in extremes, with its economy and oil industry in their best shape in over 30 years while its political and security conditions reflect an on-going civil war. The most contrasting...
(EnergyAsia, July 22 2013, Monday) — Asia will play a growing role in the development of Iraq’s oil industry and economy, said the International Monetary Fund (IMF). In a special 28-page report on the country’s oil industry, the IMF said Asians are buying up more than half of Iraq’s oil exports today and paying a...
(EnergyAsia, July 22 2013, Monday) — NYSE-listed InterOil Corp said it and subsidiaries, EP InterOil and InterOil Limited, have secured a US$350 million working capital structured facility arranged by BNP Paribas (BNP), also acting as lead manager, to replace an existing $240.0 million bilateral working capital facility with the French bank. A five-bank syndicate comprising...
(EnergyAsia, July 19 2013, Friday) — China National Offshore Oil Corp (CNOOC Group) and UK major BP said they have signed a production sharing contract (PSC) to jointly develop the 54/11 deepwater block in the South China Sea. Located in the western part of the Pearl River Mouth Basin, the 4,586-sq km block sits in...
(EnergyAsia, July 19 2013, Friday) — US refineries drew heavily on crude inventories and increased imports to process 16.1 million b/d for the week ending July 5, the highest for any week since 2007, said the Energy Information Administration (EIA). This level represented a 2.1-million b/d increase from the first week of March, the low...
(EnergyAsia, July 19 2013, Friday) — Emboldened by potential supply deals with US shale gas producers, India wants to renegotiate the estimated US$14.50 per million BTU price that it had agreed to pay Australia for liquefied natural gas (LNG) imports from the Gorgon project. In August 2009, Petronet LNG Ltd, a joint venture between the...
(EnergyAsia, July 18 2013, Thursday) — The International Energy Agency (IEA) has raised its forecasts for global oil consumption to reach new all-time highs over the next two years. Powered by China, India and other large emerging economies, global oil demand will rise to 90.8 million b/d this year and to 92 million b/d in...
(EnergyAsia, July 18 2013, Thursday) — Stung by high business costs, a scarce and inflexible labour market and tough regulations, liquefied natural gas (LNG) investors are increasingly turning away from Australia and looking to tap emerging opportunities in North America. Three of Australia’s biggest fans, Chevron, Exxon and Royal Dutch Shell, have decided to slowdown...
(EnergyAsia, July 18 2013, Thursday) — Steady as she goes, Oman’s hydrocarbon-powered economy will grow by 5.1% this year after expanding 5% last year and 4.5% in 2011, said the International Monetary Fund (IMF). Oil and gas exports will bring in record high revenues of US$36.4 billion this year, just slightly higher than 2012’s level...
(EnergyAsia, July 17 2013, Wednesday) — Barely two weeks after US President Barack Obama skipped Nigeria on his three-day trip to Africa, President Goodluck Jonathan flew to a high-profile welcome in Beijing and left with as much US$3 billion worth of deals including a US$1.1 billion low-interest loan to pay for infrastructure projects. The contrast...
(EnergyAsia, July 17 2013, Wednesday) — Japan is expected to extend a three-year deal for the free storage of Saudi crude oil on Okinawa Island when it expires at the end of 2013. In December 2010, state Japan Oil, Gas and Metals National Corp (JOGMEC) signed an agreement with Saudi Aramco to store up to...
(EnergyAsia, July 17 2013, Wednesday) — Local and foreign businesses warn that they may have to cut back on operations and reduce long-term expansion plans in Vietnam in response to the country’s worsening electricity supply disruptions, particularly in the southern provinces where most of its trading and manufacturing activities are conducted. At the recent 2013...
(EnergyAsia, July 16 2013, Tuesday) — After years of debate over the need to reduce energy subsidies, the Indian government said it has agreed to raise the domestic price of natural gas to as high as US$8 per million BTU from next April 1, compared with US$4.2 today. The new price still represents a huge...
(EnergyAsia, July 16 2013, Tuesday) — Indian officials said Iraq and Iran have made unprecedented offers to expand oil and trade ties with their country. Worried about potential competition from surging shale oil output in the US and slowing global demand, the two Middle Eastern oil producers are racing to lock up sales to Asian...
(EnergyAsia, July 16 2013, Tuesday) — InterOil, Schneider Electric and Societe Generale, three companies with substantial exposure to the energy business in Asia, have announced senior executive appointments. InterOil Corporation, which is developing an integrated oil and gas business in Papua New Guinea, said it has appointed Michael Hession as CEO effective July 11, 2013....
(EnergyAsia, July 15 2013, Monday) — The team that launched Singapore’s most successful oil company in 2005 is back again to try raise S$270.8 million through a public listing. (US$1=S$1.28). KrisEnergy Ltd will offer nearly 152 million shares at S$1.10 each, with 132.1 million shares marked for institutional and other sophisticated investors, and the remaining...
(EnergyAsia, July 15 2013, Monday) — The world’s two largest polluting nations have agreed to a non-binding five-point plan to reduce greenhouse emissions from coal-fired power plants, manufacturing facilities, heavy-duty vehicles and buildings. The US and China signed the agreement in Washington DC last week that includes exchanging climate data and cooperating on developing smart...
(EnergyAsia, July 15 2013, Monday) — Saudi Arabia’s economy will grow by 4% in 2013, down from last year’s 5.1%, on account of reduced oil production and a weaker oil price, said the International Monetary Fund (IMF). “Private sector growth is expected to be strong, but oil production is likely to be below 2012 levels...
(EnergyAsia, July 12 2013, Friday) — Two years after it began construction, Sinopec, China’s largest integrated energy and chemical group, has started up a large lubricants plant in Singapore, the first outside its home base, as it prepares for global expansion. Located on a 242,811-sq m site in Tuas on the southwestern tip of the (more…)
(EnergyAsia, July 12 2013, Friday) — China’s recently announced reform of its natural gas pricing system has won the approval of at least one US company, the Houston, Texas-based Far East Energy Corporation which is exploring and developing coalbed methane (CBM) resources in Shanxi province. The National Development and Reform Commission (NDRC), China’s top (more…)
(EnergyAsia, July 12 2013, Friday) — For the first time in memory, growth for Saudi Arabia’s oil-dependent economy will be driven entirely by infrastructure building, construction, tourism, telecommunications, banking and services. The oil sector, which provides around 90% of government revenue, will be the drag in 2013 as it is expected to shrink by 1.5%...
(EnergyAsia, July 11 2013, Thursday) — Australia-listed Aspire Mining said it has signed non-binding memoranda of understanding (MOUs) with four Chinese mills and coking coal buyers that it says will support plans to develop and commercialise a major coal project in northern Mongolia. The Chinese companies could purchase an annual total of up to 5.6...
(EnergyAsia, July 11 2013, Thursday) — Global Pacific & Partners will unveil new exploration, production and development business opportunities in the Asia Pacific region at its upcoming 19th Asia Oil Week event in Singapore on October 3-4. The landmark event for Asia’s upstream oil and gas industry brings together keynote speakers from all over the...