(EnergyAsia, June 9 2014, Monday) — Singapore’s Pavilion Gas has signed a new 10-year agreement to increase the annual purchase of liquefied natural gas (LNG) to 700,000 tonnes from France’s Total starting 2018, the two companies have announced. Replacing last year’s agreement for the annual purchase of 500,000 tonnes, the subsidiary of Pavilion Energy, a...
(EnergyAsia, June 6 2014, Friday) — Australia’s Origin Energy has agreed to pay up to US$800 million for a 40% stake in two major gas reserves in the Browse Basin located off the coast of Western Australia state. Origin said it will acquire Karoon Gas Ltd’s WA-315-P and WA-398-P exploration permits in the Poseidon area...
(EnergyAsia, June 4 2014, Wednesday) — PacificLight Power Pte Ltd, a company jointly owned by Filipino and Malaysian interests, has started up the first power plant in Singapore to be fired entirely by liquefied natural gas (LNG). PacificLight Power, which is 70% owned by Manila-based FPM Power Holdings Ltd, invested S$1.2 billion in the state-of-the-art...
(EnergyAsia, June 2 2014, Monday) — Citing the impact of Ukraine’s political crisis on Central Asia, the Energy Information Administration (EIA) has lowered its May forecasts for global oil demand growth from its previous April call. The world will consume 91.56 million this year and b/d 92.80 million b/d in 2015, said the US agency’s...
(EnergyAsia, May 29 2014, Thursday) — Australia’s largest independent fuel operator has started up a new A$70 million storage and distribution terminal in Mackay in Queensland state, adding to its global network of more than 62 bulk fuel terminals. (US$1=A$1.05). Singapore-based Puma Energy said the facility, Australia’s first greenfield fuel terminal, comprises six tanks with...
(EnergyAsia, May 27 2014, Tuesday) — An ExxonMobil-led consortium has exported the first cargo of liquefied natural gas (LNG) from its newly launched 6.9 million tonnes/year project in Papua New Guinea. The US$19 billion PNG LNG project started up several months ahead of schedule to ship out the cargo to Tokyo Electric Power Co Inc...
(EnergyAsia, May 26 2014, Monday) — Singapore’s Pavilion Energy and commodities shipper BW Group said they will form a joint venture to manage, acquire and charter liquefied natural gas (LNG) shipping assets. BW Pavilion LNG Pte Ltd will start by operating one existing and two new LNG carriers. Pavilion Energy, a unit of Temasek Holdings...
(EnergyAsia, May 21 2014, Wednesday) — Research and consulting firm GlobalData has identified two large Asian countries as the next hotspots for the development of unconventional oil and gas resources, with Australia having the edge over China. According to the UK firm, China has approximately 643 billion barrels of prospective shale oil and 4,746 trillion...
(EnergyAsia, May 19 2014, Monday) — While many refiners in Europe and Asia are struggling to stay afloat, their North American counterparts are profiting from sustained high margins brought on by an unexpected prolonged period of low domestic crude feedstock cost, said the US Energy Information Administration (EIA). The agency said 2013 was the third...
(EnergyAsia, May 16 2014, Friday) — Liquefied natural gas (LNG) prices across the Asia-Pacific region will come under pressure in the near term on rising production in the region and likely exports from the US, said consultant GlobalData. Its analyst James Hand cites the impending start-up of the ExxonMobil-led US$19 billion project in Papua New...
(EnergyAsia, May 15 2014, Thursday) — Finland’s Wartsila is focusing on building small-to-mid scale liquefied natural gas (LNG) receiving and re-gasification terminals that can be integrated with power-generation plants. An integrated gas terminal-power plant complex is “especially suitable for feeding natural gas to local industries and, in some cases, to a single consumer such as...
(EnergyAsia, May 9 2014, Friday) — Building on a decade of rapid growth, Asia’s annual natural gas consumption will rise to 790 billion cubic metres (bcm) next year, making it the world’s second largest after the US, an analyst from Germany’s Centre for European Security Strategies has predicted. Asia’s surging appetite for natural gas has...
(EnergyAsia, May 8 2014, Thursday) — Led by China, Asia is investing heavily to modernise its power grid while deploying smart grid technology and improving the efficiency of power distribution systems across the region, according to a new report by consultant GlobalData. The region’s economies have bounced back strongly from the global recession of 2007-08,...
(EnergyAsia, May 2 2014, Friday) — Caltex said it has raised South Australia state’s fuel storage capacity by 50% with the start-up of an 85-million-litre terminal at Pelican Point in Adelaide. There are plans to add 135 million litres of new capacity at a later date. The A$100 million terminal is designed to accommodate ships...
(EnergyAsia, April 30 2014, Wednesday) — Breaking ranks with an industry notorious for start-up delays, Exxon Mobil Corp said it will begin production at its US$19 billion liquefied natural gas (LNG) in Papua New Guinea ahead of schedule. The plant’s first train is expected to begin production in “the coming weeks” with the first cargo...
(EnergyAsia, April 29 2014, Tuesday) — Thailand’s state-owned upstream firm PTTEP said it will boost its hydrocarbon production by 17,000 of oil equivalent (boed) with the US$1 billion acquisition of Hess Corp’s stakes in four active blocks in the country. The US firm owns a 15% stake in block B12/27 comprising the Pailin, Morakot and...
(EnergyAsia, April 28 2014, Monday) — Greenpeace has identified French major Total as the buyer of the first cargo of oil produced from Russia’s offshore Prirazlomnoye field. In making the claim, Greenpeace accused Total of hypocrisy, citing a previous pledge by the company’s CEO to avoid Arctic oil drilling due to the consequences of a...
(EnergyAsia, April 25 2014, Friday) — The US will export a “tidal wave” of refined products over the next two years, but will have trouble finding international demand for its light crude, said consultant ESAI Energy. Thanks to low feedstock prices brought on by the surge in North American crude oil output, US Gulf Coast...
(EnergyAsia, April 24 2014, Thursday) — Boosted by the expansion of rail and transport infrastructure throughout the Middle East, the region’s petrochemicals trade is set for rapid growth in the coming years, predicts the Gulf Petrochemicals & Chemicals Association (GPCA). Most of that growth will take place among the more affluent six member states of...
(EnergyAsia, April 22 2014, Tuesday) — Amid signs of slower economic growth in China and Europe, the Energy Information Administration (EIA) is keeping unchanged its April forecasts for global oil demand growth from its previous March call. The world will consume 91.61 million this year and b/d 92.97 million b/d in 2015, said the US...
(EnergyAsia, April 17 2014, Thursday) — The International Energy Agency (IEA) has kept its latest forecast for 2014 global oil demand at 92.7 million b/d, unchanged from its March report. Growth in Asian demand will offset a decline in Russia which will experience an economic slowdown from the impact of the Crimea crisis. In its...
(EnergyAsia, April 16 2014, Wednesday) — Singapore Exchange (SGX) said its 26 listed oil services stocks rewarded investors with an average 8.5% gain through capital appreciation and dividends over the past 12 months. The 26 stocks had a market capitalisation a total of S$9.5 billion on Monday, with 18 distributing dividends at an average indicative...
(EnergyAsia, April 15 2014, Tuesday) — China overtook the US as the world’s largest net importer of petroleum and liquid fuels last September, said the US Energy Information Administration (EIA). Rising by a projected annual rate of just 5% between 2011 and 2014, China’s domestic fuels production is expected to lag behind consumption growth, said...
(EnergyAsia, April 14 2014, Monday) — Malaysia has started up its largest commercial oil storage terminal with an initial capacity to hold 432,000 cubic metres (cbm) of clean products to compete against as well as complement the trading role of neighbouring Singapore. The US$600 million terminal at Pengerang in southern Johor state took in a...
(EnergyAsia, April 11 2014, Friday) — Singapore’s Keppel Offshore & Marine Ltd said its wholly owned subsidiary, FELS Offshore Pte Ltd, has signed an agreement to manage Titan Petrochemicals Group Limited’s shipyard in Quanzhou, China for 30 years. The shipyard is owned by main shareholder Chinese commodities trader Guangdong Zhenrong Energy Co Ltd (GDZR) and...