(EnergyAsia, April 26 2013, Friday) — India’s export of oil products is expected to continue growing this financial year ending March 2014, said Minister of State for Petroleum and Natural Gas Panabaaka Lakshmi. In a statement to Parliament, she said India exported 60.8 million metric tonnes of oil products worth a total of US$59.3 billion...
(EnergyAsia, April 25 2013, Thursday) —- Wison Offshore & Marine Ltd, a subsidiary of China’s Wison Group, said it has signed a memorandum of understanding with US engineering firm Black & Veatch to jointly pursue barge-based natural gas liquefaction facility projects on an exclusive basis. Shanghai-based Wison said it will hold responsibility for barge design (more…)
(EnergyAsia, April 25 2013, Thursday) — India said its crude oil imports from Iran fell by 26.5% in the last financial year ended March 31 on account of tougher Western trade and financial sanctions against the Islamic regime. Faced with restrictions to finance trade with Tehran and unable to secure tankers to take delivery of...
(EnergyAsia, April 25 2013, Thursday) — Qatar Petroleum International and UK energy retailer Centrica plc have teamed up to buy gas fields from Canada’s Suncor Energy for US$1 billion. In separate statements, the companies said Suncor has agreed to sell the conventional portion of its natural gas business in Western Canada to a newly established (more…)
(EnergyAsia, April 25 2013, Thursday) — Indian Oil Corp, the country’s largest downstream oil company, is venturing into the liquefied natural gas (LNG) business with plans to build a five-million-tonne per year import terminal at Ennore in Tamil Nadu state. The state-owned oil refining and marketing firm is reviewing submissions to its invitation “seeking Expression...
(EnergyAsia, April 24 2013, Wednesday) — The Organisation of Petroleum Exporting Countries (OPEC) has slightly reduced its latest forecast for 2013 world oil demand to 89.66 million b/d, compared with its previous forecast of 89.67 million b/d in March and 89.68 million b/d in February. In its April report, the cartel expects this year’s global...
(EnergyAsia, April 24 2013, Wednesday) — For the fourth consecutive month, the International Energy Agency (IEA) has slashed its global oil demand growth forecast for 2013. In its April oil market report, the IEA also predicts that 2013 will be the third consecutive year of weak growth with global demand rising “only 795,000 b/d” down...
(EnergyAsia, April 24 2013, Wednesday) — The world’s largest bank said it will provide financing for the proposed construction of a large export-oriented oil refinery in the port of Kitimat on the west coast of Canada. The Industrial and Commercial Bank of China (ICBC) has agreed to provide financing for the project, estimated to cost (more…)
(EnergyAsia, April 24 2013, Wednesday) — India has vowed to continue to importing oil from Iran in defiance of US threats to punish countries for not following Western trade sanctions against the Islamic regime. In denying reports that New Delhi was bowing to Western pressure to stop trade with Iran, India’s Foreign Secretary Ranjan Mathai...
(EnergyAsia, April 23 2013, Tuesday) — UK-based steel tycoon Lakshmi N. Mittal is finding out how tough it is to be an oil trader a year after venturing into the refining business through a jointly owned nine-million-ton per year plant in India’s Punjab state. Instead of thanking him for bringing prosperity, people living near the...
(EnergyAsia, April 23 2013, Tuesday) — Qatar will derive greater commercial and political value from its new liquefaction capacity in the US than from adding to domestic capacity, said consultant Wood Mackenzie. Qatar Petroleum International (QPI) and ExxonMobil, which jointly own the Golden Pass regasification terminal in the US Gulf Coast, are looking to re-develop...
(EnergyAsia, April 23 2013, Tuesday) — Singapore-listed energy and utilities company Sembcorp Industries said its subsidiaries have recently concluded two power deals in India and the UK. The company’s jointly owned Thermal Powertech Corp India has secured a 25-year agreement to supply a total of 500MW of electricity to four power companies owned by the (more…)
(EnergyAsia, April 23 2013, Tuesday) — Cairn India plans to invest 50 billion rupees to boost production at the country’s second largest oilfields in Rajasthan state from 175,000 barrels of oil equivalent per day (boed) today to 300,000 boed by 2016. (US$1=55 rupees). If Cairn succeeds, production from the 16 onshore fields in the northern...
(EnergyAsia, April 22 2013, Monday) — India’s only state-owned gas importing company said it has signed a 20-year deal to secure 2.3 million tonnes of export capacity in the Cove Point liquefied natural gas (LNG) terminal project at Lusby in the US state of Maryland. GAIL (India) Ltd said subsidiary GAIL Global (USA) LNG secured...
(EnergyAsia, April 22 2013, Monday) — Saudi Arabia’s state oil company expects to raise production of Arab Heavy crude at its new giant Manifa oilfield to 500,000 b/d by July, rising to a peak of 900,000 b/d by end-2014. Saudi Aramco said the offshore field, located about 200 km northwest of Dhahran city, officially started...
(EnergyAsia, April 22 2013, Monday) — The world will need 180 trillion cubic feet (tcf) of natural gas feed and “significant” liquefaction capacity over the next decade to meet a projected doubling in global liquefied natural gas (LNG) demand by 2025, said consultant Wood Mackenzie. Presenting at the LNG 17 conference in Houston, US last (more…)
(EnergyAsia, April 22 2013, Monday) — India expects to uncover more oil and gas reserves in waters off its coast as well as onshore in unconventional formations as it seeks to continue raising crude oil production from last year’s record volume of just under 900,000 b/d. India is probably the only major country to report...
(EnergyAsia, April 19 2013, Friday) — Indonesia should introduce fiscal incentives to improve the long-term potential of its mature upstream oil and gas sector, said consultant Wood Mackenzie. Speaking at the recent SEAPEX 2013 event in Singapore, Wood Mackenzie’s head of Asia upstream research said Indonesia still holds huge potential, with an estimated 45% or (more…)
(EnergyAsia, April 19 2013, Friday) — Petronet LNG Ltd, India’s main importer of liquefied natural gas, is planning to hep launch a new carrier that will initially own and operate a vessel to deliver the fuel to two import terminals currently under construction. Petronet is building the terminals at Kochi in Kerala state and at...
(EnergyAsia, April 19 2013, Friday) — Royal Dutch Shell said it has completed the expansion of its Westport Terminal on the west coast of Malaysia with the addition of three new fuel storage tanks and 1.4km of pipelines. The new facilities are part of the third and final phase of the project which started in (more…)
(EnergyAsia, April 19 2013, Friday) — So, who would want to buy a small past-its-shelf-life oil refinery in a highly competitive slow-growth market with a poor profit outlook that is subject to rising environmental regulations? That is the question facing Royal Dutch Shell now that it has decided to sell off its 55-year-old Geelong oil...
(EnergyAsia, April 18 2013, Thursday) — Indian Oil Corp (IOC), the nation’s largest downstream company, said its refinery throughput of 54.6 million tonnes or 1.1 million b/d in the recently ended financial year ending March 31 2013, slightly exceeding its target of 54.25 million tonnes. IOC said its 10 refineries operated at 100.7% of their...
(EnergyAsia, April 18 2013, Thursday) — Sinopec could begin construction of a long-awaited 12-million tonne/year refinery in northern China’s Hebei province later this year. The planned 28.6-billion-yuan Caofeidian Island refinery, which was approved in August 2011, could start up within two years upon environmental approval by the central government. According to Sinopec, the project will...
(EnergyAsia, April 18 2013, Thursday) — Myanmar’s Ministry of Energy is inviting international bids for production sharing contracts for 11 shallow and 19 deep-sea blocks, said law firm Herbert Smith Freehills. Interested parties have until June 14 to submit expressions of interest for the blocks, said the firm, which has an office in Yangon under (more…)
(EnergyAsia, April 18 2013, Thursday) — Woodside Petroleum has begun cooling off Australia’s liquefied natural gas (LNG) fever with its decision to call off the construction of an out-of-control US$45 billion onshore project in Western Australia state in favour of a cheaper floating terminal as well as the possibility of taking small stakes in new...