(EnergyAsia, May 27 2013, Monday) — Papua New Guinea’s vision for an export-oriented liquefied natural gas (LNG) industry has been further enhanced by Exxon Mobil’s interest to expand its presence following on Osaka Gas’s decision to pay US$204 million for a 40% stake in natural gas assets. Exxon Mobil, which expects to start exporting LNG...
(EnergyAsia, May 23 2013, Thursday) — Malaysian state energy firm Petronas has taken another step forward in developing its proposed C$5 billion liquefied natural gas (LNG) terminal in western Canada with the award of front-end engineering and design (FEED) contracts this week. Pacific NorthWest LNG Ltd, a Petronas subsidiary, announced it has awarded the contracts (more…)
(EnergyAsia, May 23 2013, Thursday) — Citadel Capital, an Egypt-based leading investment company in Africa and the Middle East, said its subsidiary, Mashreq Petroleum, has secured a 25-year concession agreement to build and operate an independent oil storage terminal in the Suez Canal, making it the first in the country. Mashreq Petroleum’s agreement with the...
(EnergyAsia, May 23 2013, Thursday) — POWER‐GEN Asia and Renewable Energy World Asia, the region’s premier conference and exhibition for the power generation industry, will return to Bangkok, Thailand from October 2 to 4 2013 at the IMPACT Exhibition & Convention Centre. POWER‐GEN Asia, together with Renewable Energy World Asia, are a leading platform for (more…)
(EnergyAsia, May 23 2013, Thursday) — The US Energy Information Administration (EIA) has slashed its forecasts for global oil demand growth over the next two years amid signs of slower economic growth in China, India and emerging Asia and possible further weakening in the Euro-zone. In its latest May forecast, the EIA expects world oil...
(EnergyAsia, May 22 2013, Wednesday) — Russian upstream company Rosneft will build on two major agreements with ExxonMobil and Japanese trader Marubeni last month to become a global liquefied natural gas (LNG) company. With the open support of Russian President Vladimir Putin, Rosneft and ExxonMobil unveiled plans for a US$15 billion plan to develop and...
(EnergyAsia, May 22 2013, Wednesday) — The world’s oil demand will grow by a total of 6.1 million b/d between 2013 and 2017 for an annual average gain of 1.22 million b/d, predicts the International Energy Agency (IEA). The size of increase over the five-year period represents a significant mark-up over the agency’s recent forecasts...
(EnergyAsia, May 22 2013, Wednesday) — Continuing its international expansion, Malaysia’s state energy firm Petronas said it will pay US$850 million for a 40% share in two blocks of Brazil’s offshore Tubarao Martelo oil field. Petronas, which only recently acquired Canada’s Progress Energy for C$5.9 billion, will acquire the blocks from Brazilian producer OGX Petroleo (more…)
(EnergyAsia, May 22 2013, Wednesday) — Boosted largely by North America’s surge, oil production outside of the Organisation of Petroleum Exporting Countries (OPEC) is expected to rise by 980,000 b/d to 53.96 million b/d in 2013, the cartel said. In its latest monthly report for May, OPEC said North America’s oil production would account for...
(EnergyAsia, May 21 2013, Tuesday) — China is expected to add 245 million barrels of new capacity to its strategic oil stockpile building programme by 2015, lending support to the global markets, said the International Energy Agency (IEA). In an earlier forecast last year, the Paris-based agency had expected the world’s second largest oil consumer...
(EnergyAsia, May 21 2013, Tuesday) — Malaysia, the world’s second largest liquefied natural gas (LNG) exporter, has allocated RM8.1 billion to expand its first import and regasification terminal in the western Malacca state over the next five years. (US$1=RM3). Faced with rising domestic energy demand, state-owned Petronas has found itself in a curious position to...
(EnergyAsia, May 21 2013, Tuesday) — Canada’s Talisman Energy Inc said it expects to boost oil production at its two new offshore fields in Vietnam to 15,000 b/d once the facilities are fully commissioned. The Hai Su Trang and Hai Su Den (HST/HSD) fields are located within Block 15-2/01, about 75 km off the coast (more…)
(EnergyAsia, May 21 2013, Tuesday) — Sinopec Engineering, a unit of China’s largest oil refiner, raised HK$13.944 billion or nearly US$1.8 billion by selling 1.328 billion shares in an initial public offering in Hong Kong last week. (US$1=HK$7.76). Priced at HK$10.50 each, shares of the engineering and construction company were 29 times subscribed, with retailer...
(EnergyAsia, May 20 2013, Monday) — ITIC, the Thomas Miller subsidiary providing professional indemnity insurance, has revealed how an invoicing error led to a shipbroker being asked to pay the bill for a bunker supply amounting to more than three-quarters of a million dollars. In its latest Claims Review, ITIC cites the case of a (more…)
(EnergyAsia, May 20 2013, Monday) — Japan could be importing lower cost liquefied natural gas (LNG) from the US as early as 2017 following the Department of Energy’s latest decision to approve additional exports to friendly countries that do not have free trade agreements with Washington DC. The department announced last week that it had...
(EnergyAsia, May 20 2013, Monday) — Two companies have launched a pilot project to help large companies reduce their electricity expenses by slashing or shifting their power consumption during peak demand periods in exchange for payments. Germany’s Siemens and Diamond Energy, a local electricity wholesaler, expect to start their demand response (DR) service at the (more…)
(EnergyAsia, May 20 2013, Monday) — China National Petroleum Corp (CNPC) will expand the capacity of its Third West-East gas pipeline when it completes an 817-km link with the capacity to carry 15 billion cubic metres of natural gas a year. The company said it began building the 13.4-billion yuan pipeline linking Ji’an city in...
(EnergyAsia, May 17 2013, Friday) — Wartsila, the Finland-based provider of marine solutions and services provider, said it has received an order to supply a comprehensive solutions package for a series of liquefied natural gas (LNG) carriers being built for Danish operator Evergas, a leading transporter of petrochemical gases and natural gas liquids. Wartsila said (more…)
(EnergyAsia, May 17 2013, Friday) — Iran Oil Terminal Company (IOTC) said it plans to build a 20-million-barrel oil storage terminal in Jusk on the coast of the Oman Sea. Managing director Seyyed Priouz Mousavi said the company has completed engineering studies on what would be Iran’s second largest oil terminal if it succeeds in...
(EnergyAsia, May 17 2013, Friday) —Uncertainty over the global oil demand outlook combined with strong non-OPEC supply growth is putting downward pressure on oil prices with possible impact on investment decisions in the short-term, said Ernst & Young. In the absence of any supply or geopolitical shocks, oil prices will be swayed by economic data, (more…)
(EnergyAsia, May 17 2013, Friday) — India’s leading state upstream company ONGC is steeling itself for defeat in its bid to acquire oil and gas stakes in Kazakhstan and Mozambique. The debt-laden company appears to be losing New Delhi’s support for its proposed US$5 billion take-out of ConocoPhillips’ 8.4% stake in the giant Kashagan oil...
(EnergyAsia, May 16 2013, Thursday) — The Sri Lankan government is seeking local participation in the operation of the increasingly important Trincomalee oil storage terminal in the northeastern corner of the island. Indian Oil Corp bought a one-third stake in Ceylon Petroleum Storage Terminals Ltd in 2003 on the understanding that its subsidiary, Lanka IOC...
(EnergyAsia, May 16 2013, Thursday) — Rising North American oil production over the next five years will inflict a “supply shock” that will prove as transformative of the global markets as Chinese demand over the last 15, said the International Energy Agency (IEA). In its latest annual Medium-Term Oil Market Report (MTOMR), the agency predicts (more…)
(EnergyAsia, May 16 2013, Thursday) — China is preparing to import more oil from Mexico and Kazakhstan, and natural gas from Turkmenistan. Mexico’s state-owned Pemex last month signed a two-year agreement with Sinopec for the supply of 30,000 b/d of crude oil, while CNPC will raise oil imports from Kazakhstan’s KazMunaiGas and natural gas from...
(EnergyAsia, May 15 2013, Wednesday) — The US government has more than doubled its estimate of the size of undiscovered technically recoverable shale oil reserves as well as tripled those of natural gas and natural gas liquids in the nation’s central northwestern region. The US Geological Survey (USGS) said the region holds 7.38 billion barrels...