(EnergyAsia, October 7 2014, Tuesday) — Singapore Exchange (SGX) is on course to offer electricity and energy futures trading after paying S$23 million to complete the takeover of the remaining 51% stake in the nation’s electricity market operator. (US$1=S$1.27). SGX, which bought a 49% in Energy Market Co (EMC) in August 2012, had announced its...

(EnergyAsia, October 3 2014, Friday) — The International Energy Agency (IEA) expects global oil demand growth to weaken over the next two years even after Brent crude’s sustained weak run below US$100 a barrel. Instead of inducing fresh buying, the oil market’s collapse — as Brent dipped below the US$100-mark for the first time since...

(EnergyAsia, October 3 2014, Friday) — The US Energy Information Administration (EIA) has raised its forecasts for global oil supply over the next two years while retaining its previous month’s prediction for consumption growth to remain little changed. In its September short-term outlook report, the agency said it expects global liquid fuels production to rise...

(EnergyAsia, October 1 2014, Wednesday) — Despite keeping unchanged its outlook for the global economy, the Organisation of Petroleum Exporting Countries (OPEC) has raised its latest monghtly forecast for global oil demand for 2014 and 2015. In its September report, the cartel said it expects the world to consume 91.19 million b/d in 2014 and...

(EnergyAsia, September 30 2014, Tuesday) — Dutch oil and chemical logistics giant Royal Vopak said it has completed the acquisition of a 30% stake in a 890,000 cubic metre (cbm) petrochemicals storage terminal in Gulei in China’s Fujian province. Commissioned last year, the renamed Vopak Terminal Haiteng was launched after the Dutch firm said it...

(EnergyAsia, September 29 2014, Monday) — The breakthrough announcement that Canada had secured its first liquefied natural gas (LNG) sales memorandum to Asia last week was completely overshadowed by the somewhat expected threat by the CEO of Malaysia’s state energy firm Petronas to call off its proposed C$9-to-$11 billion export terminal in British Columbia (BC)…

(EnergyAsia, September 25 2014, Thursday) — Pavilion Energy said it has signed another two long-term agreements to purchase liquefied natural gas (LNG) from the US as it plans to work with other companies to help develop Singapore into Asia’s trading and pricing hub for the fuel. The subsidiary of Singapore’s sovereign wealth fund Temasek Holdings...

(EnergyAsia, September 24 2014, Wednesday) — Investment decisions on many major upstream projects will be delayed if crude oil prices fall below US$85 a barrel at the same time that companies are struggling to contain rising business costs, said consulting firm Douglas Westwood (DW). Oil prices have been falling in recent months on account of...

(EnergyAsia, September 22 2014, Monday) — ExxonMobil said it has begun construction of a new plant at its Jurong facility in Singapore to meet Asia’s growing demand for grease. Located next to an existing lubricants plant, the new unit is expected to be completed and ready in 2016 to add to the US major’s network...

(EnergyAsia, September 19 2014, Friday) — Saudi Arabia could be pushing for crude prices to fall to US$85 a barrel for years in a desperate attempt to stop the oil-fuelled rise of the Islamic State (ISIS) terror group by undermining its finances, said the Bank of America Merrill Lynch. But the strategy would also inflict...

(EnergyAsia, September 16 2014, Tuesday) — Nearly two-thirds of the world’s 365 large oil and gas projects being implemented have exceeded their original combined budget of US$1.2 trillion by more than 40%, according to a new report by EY. Adding to this grim news, Axel Preiss, EY’s Global Oil & Gas Advisory Leader, said rising...

(EnergyAsia, September 11 2014, Thursday) — Fearing rising energy prices, Australian consumers could force the country’s booming liquefied natural gas (LNG) industry to limit its export plans, according to a new study by the UK-based Oxford Institute for Energy Studies. This will add to the growing list of challenges including rising business cost, labour shortages...

(EnergyAsia, September 9 2014, Tuesday) — The developer of a diesel fuel tank farm in South Australia’s Port Bonython said it will soon invite companies to bid for contracts for its construction. Petro Diamond Australia, a remote subsidiary of Japanese trading house Mitsubishi Corp, made the announcement after providing an update on the schedule for...

(EnergyAsia, September 8 2014, Monday) — With its refineries operating at record levels, the US has become a major exporter of oil products with first-half sales hitting a new high of 3.7 million b/d, said the US Energy Information Administration (EIA). Boosted by cheap domestic crude feedstock, the expansion of refining capacity together with pipeline...

(EnergyAsia, September 5 2014, Friday) — The refining industry will launch a total of two million b/d of new distillation capacity in 2015 that will lead to the “inevitable” shutdown of uncompetitive plants in Europe, said US consultant ESAI Energy. “Global refiners will add nearly two million b/d of distillation capacity in the coming 12...

(EnergyAsia, September 4 2014, Thursday) — Singapore has launched the first phase of an underground oil storage terminal comprising five caverns with the capacity to hold a total of 1.47 million cubic metres of crude and condensate, and nine km of tunnels. State industrial landlord JTC Corp invested a total of S$1.7 billion to develop...

(EnergyAsia, September 2 2014, Tuesday) — A subsidiary of India’s state-owned integrated oil and gas firm ONGC has started up the petrochemicals fluidised catalytic cracking (FCC) unit as part of the planned upgrade and 50% expansion of its 200,000-b/d refinery in Mangalore. Mangalore Refinery & Petrochemicals Ltd (MRPL) said the new unit is designed to...

(EnergyAsia, August 27 2014, Tuesday) — Malaysia could displace Qatar and surprise as the world’s largest supplier of “flexible” liquefied natural gas (LNG) by 2020, said energy consulting firm Wood Mackenzie. In addition to building capacity through ownership of plants in Sabah state, Canada and Australia, Malaysian state energy firm Petronas is adding supplies through...

(EnergyAsia, August 26 2014, Tuesday) —- Caltex Australia said its first-half profit fell 12.3% from year-ago levels to A$173 million caused largely by the impending shutdown of one of its two oil refineries and the weaker local currency against the US dollar. (US$1=A$1.08). But the decline was not as severe as feared when the listed...

(EnergyAsia, August 25 2014, Monday) — For the third consecutive month, the US Energy Information Administration (EIA) has reduced its forecasts for global oil demand growth for 2014 and 2015. In its August short-term outlook on the energy markets, the agency expects the world to consume 91.56 million b/d this year and 92.96 million b/d...

(EnergyAsia, August 22 2014, Friday) — The second annual Global Green Economic Forum (GGEF), to be held next month at the Sands Expo & Convention Centre in Singapore’s Marina Bay Sands, will focus on building a sustainable eco-system for business. The gathering of more than 300 delegates will discuss four themes: building sustainable business practices,...

(EnergyAsia, August 21 2014, Thursday) — China National Oil Corporation (CNOOC), the country’s largest liquefied natural gas (LNG) importer, has started up its seventh terminal on Hainan Island with the receipt of a first cargo from Qatargas on August 7. Qatar’s state-owned firm said it delivered the cargo on its super-size Q-Max class vessel Rasheeda,...

(EnergyAsia, August 19 2014, Tuesday) — US-based Apache Corp said it has found as much as 300 million barrels of crude oil in an offshore well in Canning Basin off the coast of West Australia state. The Houston, Texas upstream company said it confirmed at least four discrete oil columns in the Phoenix South-1 well...

(EnergyAsia, August 14 2014, Thursday) — The following is an edited version of a commentary by Amanda Tay of UK energy consultant Douglas Westwood (DW). Recent news headlines on Australia’s liquefied natural gas (LNG) sector seem to be centered around its unsustainable rising costs. Woodside Petroleum had to ditch plans last year for its Browse...

(EnergyAsia, August 12 2014, Tuesday) — InterOil Corp hopes to advance its long-delayed liquefied natural gas (LNG) project in Papua New Guinea with the appointment of a respected industry veteran as chairman in place of an early investor to follow on last year’s exit of the company’s controversial founder. Former BG Group Plc CEO Chris...