(EnergyAsia, December 23 2014, Wednesday) — OPEC’s latest monthly report on the oil markets contains a paradoxical call for faster global economic growth and weaker oil demand….
(EnergyAsia, December 22 2014, Monday) — Dutch oil and logistics firm Royal Vopak and two Malaysian firms, state-owned Petronas and listed Dialog Group, have signed a shareholders agreement to jointly develop an oil storage terminal for the planned Pengerang Integrated Complex (PIC) in Malaysia’s Johor state. The terminal, to be developed on a 63.5-hectare plot...
(EnergyAsia, December 19 2014, Friday) — As oil prices collapsed to their lowest levels since July 2009, analysts say the industry may have to defer more than US$900 billion in upstream investments, with some US$150 to US$170 billion at risk next year that will threaten the survival of many players around the world.
(EnergyAsia, December 18 2014, Thursday) — Woodside Petroleum Limited has delayed its investment decision in the proposed massive US$40 billion Browse liquefied natural gas (LNG) project off the coast of western Australia in favour of new opportunities in Canada.
(EnergyAsia, December 17 2014, Wednesday) — The weaker outlook for Asia’s developing economies is being offset by a “golden opportunity” to implelemt reforms presented by declining oil prices, said the Asian Development Bank (ADB).
(EnergyAsia, December 16 2014, Tuesday) — Brent crude oil is expected to fall below US$60 a barrel for the first time since May 2009 as the UAE and Iran warn it could slump to US$40. The North Sea benchmark crude was trading just above US$60 a barrel during the New York trading day Monday while...
(EnergyAsia, December 16 2014, Tuesday) — Saudi Aramco Mobil Refinery Company Limited (SAMREF), an equal joint venture of state-owned Saudi Aramco and ExxonMobil, has completed construction of major desulphurisation facilities including a new hydrotreater at their 400,000 b/d Yanbu oil refinery to drastically cut sulphur levels in gasoline and diesel.SAMREF, which was established in 1984,...
(EnergyAsia, December 15 2014, Monday) — With the extra combined push from Chinese financing, French upstream expertise and South Korean shipbuilding, Angola is on course to becoming Africa’s largest oil producer with a two million b/d output target by 2017.
(EnergyAsia, December 11 2014, Thursday) — Malaysia’s state-owned energy firm, Petronas, expects to start up a 1.22-gigawatt coal-fired power plant by 2017 to supply electricity to a proposed oil refinery-petrochemical complex under construction in Johor state.
(EnergyAsia, December 10 2014, Wednesday) — BG Group plc, a world leading UK-based upstream and liquefied natural gas (LNG) company, said it has agreed to sell its wholly-owned Australian subsidiary QCLNG Pipeline Pty Ltd for US$5 billion as part of its divestment of non-core assets. The buyer, APA Group, owns and operates Australia’s largest gas...
(EnergyAsia, December 9 2014, Tuesday) — The world’s first floating liquefied natural gas (FLNG) plant has undocked at a Chinese shipyard, said China’s Wison Offshore & Marine and US Black & Veatch which collaborated to build the project for their client EXMAR, a Belgium-based shipping firm. The companies celebrated the undocking of the Caribbean FLNG...
EnergyAsia, December 8 2014, Monday) — US-based WGL Midstream Inc has agreed to supply natural gas to the local subsidiary of state-owned GAIL India Limited for the production of 2.5 million tonnes/year of liquefied natural gas (LNG) from the export-oriented Cove Point terminal now under construction in Maryland state. WGL Holdings, a Washington DC clean...
(EnergyAsia, December 5 2014, Friday) — German oil, chemicals and gas storage company Oiltanking GmbH has named Koen Verniers to lead the company’s eastern operations while Daan Vos will have responsibility for the western half from January 1. Koen Verniers, currently acting as President of Oiltanking Asia Pacific Pte Ltd, will be managing director for...
(EnergyAsia, December 4 2014, Thursday) — With oil prices at a five-year low and falling, Malaysia’s state energy firm Petronas is under financial and domestic political pressure to delay either the final investment decision (FID) or the project start-up date, or both, of its proposed liquefied natural gas (LNG) plant in Canada’s British Columbia (BC) province. Petronas had earlier set a mid-December deadline to announce its decision for the construction of a C$9-to-$11 billion LNG export terminal on Lelu Island near Prince Rupert. (US$1=C$1.13).
(EnergyAsia, December 3 2014, Wednesday) — As panic grips oil and gas producers spooked by crude prices plunging to five-year lows, traders are focused on how much lower the markets can go. US$100 is suddenly a distant memory while talk of US$150 oil has been consigned to unfounded fears associated with the Islamic State’s (ISIS) emergence back in June 2014.
(EnergyAsia, December 2 2014, Tuesday) — Indonesia’s Adaro Energy said it and China’s Shenhua have signed a memorandum of understanding (MOU) to develop a 2x300MW coal-fired power plant in East Kalimantan. The project represents the Indonesian coal miner’s first venture into the power industry. Through their subsidiaries, the two companies will establish a joint venture...
(EnergAsia, December 1 2014, Monday) — Oil prices are hovering at a five-year low after OPEC announced the retention of its current production ceiling of 30 million b/d through to its next meeting in 2015. Following the end of the cartel’s bi-annual meeting in Vienna last week, US WTI crude futures settled at US$66.15 a...
(EnergyAsia, November 28 2014, Friday) — The US Energy Information Administration (EIA) expects oil prices to remain under selling pressure after slashing its latest forecast for 2015 global demand while raising the supply outlook. In its November report, the agency said it expects Brent crude oil spot prices to average US$83 per barrel in 2015,...
(EnergyAsia, November 28 2014, Friday) — After plunging by a third since peaking in June to their lowest levels in four-and-half years, crude oil prices still have room to fall, going by the conclusions of two recent studies pointing to the resilience of US unconventional oil in a bear market.
(EnergyAsia, November 27 2014, Thursday) — With liquefied natural gas (LNG) supply growth outpacing demand, Asian buyers have the upper hand for now although a blast of cold from unpredictable weather conditions could easily spike prices, said consultant Wood Mackenzie.
Riding the downtrend, according to the International Energy Agency (IEA), Asian buyers are digging in with their demand for an overhaul of the LNG pricing formula as the market’s weakness could be protracted on account of weak global demand, rising supply and depressed oil prices.
(EnergyAsia, November 26 2014, Wednesday) — The weakest oil market in four years is having no impact on the Organisation of Petroleum Exporting Countries’ (OPEC) views on the world economy and oil supply-demand balances. For the fourth consecutive month, OPEC has kept unchanged its forecasts for the world economy to grow by 3.2% this year...
(EnergyAsia, November 25 2014, Tuesday) — Singapore’s stretched infrastructure is forcing Asia’s oil traders to tweak a winning formula of over two decades to accommodate a bigger storage and pricing role for neighbouring Malaysia and Indonesia, said the International Energy Agency (IEA) and energy media Platts.
(EnergyAsia, November 24 2014, Monday) — Singapore’s Universal Terminal Pte Ltd is looking to raise at least S$1 billion through a local share offering as a business trust that would make it the largest listed oil storage firm in Asia. (US$1=S$1.3).
(EnergyAsia, November 21 2014, Friday) — Singapore Exchange (SGX) said it will begin offering petrochemical swaps and futures contracts from December 2 in response growing demand from industry players to hedge their trading positions. The exchange said it will introduce a set of five petrochemical derivatives tools in two phases, starting with the SGX Platts...
(EnergyAsia, November 21 2014, Friday) — The spirit may be willing but weak market conditions and strong opposition from environmental, business and labour groups will likely block India’s pent-up desire to heal its sickly coal industry.