(EnergyAsia, March 10 2014, Monday) — Confirming earlier media reports, state-owned Indian Oil Corp Ltd (IOC) has agreed to acquire a 10% stake in a Canadian liquefied natural gas (LNG) project led by Malaysia’s state energy firm Petronas through its two subsidiaries, Progress Energy and Pacific NorthWest LNG (PNW LNG). IOC has also committed to...
(EnergyAsia, March 7 2014, Friday) — Swiss engineering giant Foster Wheeler AG said a subsidiary has secured a contract to provide pre-front-end engineering design and the front-end engineering design for a new onshore liquefied natural gas (LNG) import and regasification terminal to be built in Kuwait. Kuwait National Petroleum Company (KNPC) awarded the contract for...
(EnergyAsia, March 6 2014, Thursday) — Singapore’s upstream oil and gas industry is continuing its hot streak of dealing making and sales into the first quarter of 2014. Its two leading upstream contractors recently secured contracts worth a total more than US$1.5 billion to build drillships and rigs while explorer Loyz Energy said it buying...
(EnergyAsia, March 4 2014, Tuesday) — Oil prices are quietly building a base for further gains in the coming months after a stuttering start to 2014. Prices are supported by four aces: prolonged cold weather in North America, the US-Russia faceoff over Ukraine, supply disruption fears in the Middle East and Africa, and growing global...
(EnergyAsia, March 3 2014, Monday) — Malaysia’s state-owned energy firm Petronas is expected to soon reveal the identities of two new Asian partners in its proposed C$36-billion project to develop and export liquefied natural gas (LNG) from Canada’s British Columbia province by the end of the decade. CEO and President Shamsul Azhar Abbas said at...
(EnergyAsia, March 3 2014, Monday) — The oil and gas industry will need to drill more than 670,000 oil and gas wells from 2014 through 2020 to keep up with rising global consumption, said UK consultant Douglas-Westwood (DW). In its ‘World Development Drilling & Production Forecast’ report, the firm said the industry drilled more than...
(EnergyAsia, February 28 2014, Friday) — Caltex Australia said it has agreed to acquire retailer Scott’s fuel divisions including its businesses known as Scott’s Agencies and Sabadin Petroleum for a total outlay of approximately A$95 million. (US$1=A$1.1). Caltex will acquire Scott’s 28 retail sites and 18 depots as well as cover working capital and related...
(EnergyAsia, February 27 2014, Thursday) — The following are excerpts presented this week by Singapore’s Trade and Industry Minister S. Iswaran on developments in the LNG markets. He spoke at the 9th edition of the LNG Supplies for Asian Markets (LNGA) Conference. “On the supply-side, a tight market is anticipated in the next two years...
(EnergyAsia, February 27 2014, Thursday) — Horizon Terminals Limited (HTL), the terminals business and wholly-owned subsidiary of Dubai’s Emirates National Oil Company (ENOC), has officially launched its 240,000-cubic metre oil storage terminal in Fujairah port. At a ceremony on Tuesday, Fujairah ruler Sheikh Hamad Bin Mohammed Al Sharqi opened the US$100 million terminal that started...
(EnergyAsia, February 26 2014, Wednesday) — Two of Europe’s largest energy firms, Gazprom and Shell, have agreed to add a third train to their jointly owned liquefied natural gas (LNG) plant on Russia’s Sakhalin Island. Meeting at the Winter Olympics city of Sochi, Russia’s Gazprom chairman Alexei Miller and Anglo Dutch Shell CEO Ben van...
(EnergyAsia, February 25 2014, Tuesday) — Indonesia’s state-owned Pertamina said it is investing more than US$150 million to expand the fuels storage capacity on two islands in the Riau region located to the south of Singapore. The company said it will invest US$95 million to nearly triple its storage capacity on Sambu Island from 210...
(EnergyAsia, February 21 2014, Friday) — Shell said it has sold its Australian downstream business including the Geelong refinery in Victoria state and 870 retail service stations to European trader Vitol for a total of A$2.9 billion. (US$1=A$1.11). The sale covers Shell’s bulk fuels, bitumen, chemicals and part of its lubricants businesses as well as...
(EnergyAsia, February 20 2014, Thursday) — Oil and gas companies are projected to boost their investment in floating production systems (FPS) to US$99 billion between 2014 and 2018, said UK consultant Douglas Westwood. This sum represents a 138% increase over the preceding five-year period, according to the consultant’s latest World Floating Production Market Report. “FPSOs...
(EnergyAsia, February 20 2014, Thursday) — Hong Kong-listed oil trader and storage operator Brightoil Petroleum Holdings Ltd has made its long awaited move into the upstream sector by agreeing to acquire the Chinese assets of US firm Anadarko Petroleum for US$1.075 billion. Brightoil, which has been struggling to reverse the fortunes of its downstream business,...
(EnergyAsia, February 19 2014, Wednesday) — Asia must increasingly consider and manage its scarce water, food and energy resources in a coordinated way to meet the growing needs of its population, said Asian Development Bank (ADB) President Takehiko Nakao. According to the bank, 36 of its 48 Asian member countries, led by China and India,...
(EnergyAsia, February 18 2014, Tuesday) — Qatargas Operating Company Limited, the world’s largest liquefied natural gas producing company, said a subsidiary has signed a new 15-year agreement to supply the fuel to Japan’s Tohoku Electric Power Company Incorporated from 2016. Qatar Liquefied Gas Company Limited 3 (Qatargas 3) will supply annual shipments of 60,000 and...
(EnergyAsia, February 18 2014, Tuesday) — Qatargas said one of its chartered Q-flex vessels transferred a liquefied natural gas (LNG) cargo to another in an unknown part of the Singapore Straits last month after it was damaged in an unspecified incident. While there were no reported injuries or impact on the environment, Qatargas said the...
(EnergyAsia, February 17 2014, Monday) — In Malaysia, ExxonMobil has started up its new Damar gas field following on an earlier announcement by state-owned energy firm Petronas that it is producing oil from a cluster of offshore fields. The US major said subsidiary ExxonMobil Exploration and Production Malaysia Inc and equal joint-venture partner, Petronas Carigali...
(EnergyAsia, February 14 2014, Friday) — Seraya Energy, the retail arm of Singapore’s energy provider YTL PowerSeraya, is organising a symposium today to help organisations take an integrated approach to purchasing electricity, oil and gas to increase energy and cost efficiency. Seraya Energy’s Forex and Oil Symposium 2014 will feature four experts to speak on...
(EnergyAsia, February 13 2014, Thursday) — In an attempt to hold down rising cost, the international oil majors are expected to reduce capital expenditure (capex) from 2013’s US$270 billion by 20% over the next two to three years, predicts UK consultant Douglas Westwood. This would equate to about 7% of the total industry’s annual upstream...
(EnergyAsia, February 12 2014, Wednesday) — China’s Wison Offshore & Marine said it has secured a second contract to build a barge-based floating regasification unit from Pacific Midstream Holding Corp, an equal joint venture between Belgium’s Exmar NV and Canada’s Pacific Rubiales Energy Corp (PRE). http://energycontents.com/index.php?route=product/product&path=60&product_id=301 The Shanghai-based firm said its affiliates will be responsible...
(EnergyAsia, February 11 2014, Tuesday) — Russia’s export of ultra-low sulphur diesel will quadruple by 2020 as reforms of the country’s oil export duties will substantially boost its investment in hydrocracking and other secondary refining units, predicts US consulting firm ESAI Energy. In a new study, “From Russia without Sulfur: Russian Oil Tax Reform Upends...
(EnergyAsia, Feb 10 2014, Monday) — With its long experience selling to Asia, Australia’s Woodside Petroleum has been roped in to help Israel develop an export-oriented liquefied natural gas (LNG) project through its purchase of a 25% stake in the country’s largest gas field which holds an estimated 18.9 trillion cubic feet of reserves. Woodside...
(EnergyAsia, February 7 2014, Friday) — Oil and gas M&A activity was significantly lower in 2013 in value and volume, with supply challenges expected to restrict activity over the next 12 months, said consultant EY. http://energycontents.com/index.php?route=product/product&path=60&product_id=301 In its latest review, EY found that the value of oil and gas M&A activities had fallen by 21%...
(EnergyAsia, February 6 2014, Thursday) — Oil and gas companies will spend a total of US$260 billion in deepwater operations between 2014 and 2018, up 130% from the preceding five years, predicts consultant Douglas Westwood (DW). The bulk of about US$213 billion will be invested in Africa and the Americas, which have the most attractive...