(EnergyAsia, October 22 2010, Friday) — The Singapore government has established a new network comprising senior officials from all its ministries to coordinate on key issues, risks and plans including security policies. The aim is to enable key state officials prepare to deal with looming issues and risks such as the supply of natural resources...
(EnergyAsia, October 22 2010, Friday) — Daewoo Shipbuilding & Marine Engineering Co expects its Papua New Guinea energy venture to pip Royal Dutch Shell Plc in the race to become the first company to produce natural gas from a floating liquefied natural gas (FLNG) facility. While Shell has ambitious plans to build as many as...
(EnergyAsia, October 22 2010, Friday) — World oil demand is expected to rise by 2.1 million b/d to reach 86.9 million b/d in 2010 and to 88.2 million b/d in 2011, said the International Energy Agency (IEA). The agency’s latest forecast for world oil demand in both years represents an upward revision of 300,000 b/d...
(EnergyAsia, October 22 2010, Friday) — UK mining group Rio Tinto Limited said it has opened Australia’s newest open cut thermal coal mine in Bowen Basin in Queensland state. With a reserve base of 189 million tonnes, the Clermont mine is expected to produce 100,000 tonnes of coal a year, with export reaching 12.2 million...
(EnergyAsia, October 22 2010, Friday) — Expect Iran’s oil exports to fall in the coming months on as wide-ranging sanctions imposed by the US and the European Union in July squeeze crude buyers. Western governments said previous sanctions aimed at curbing Iran’s nuclear ambitions have had limited impact on its oil exports. The latest moves,...
(EnergyAsia, October 22 2010, Friday) — Boosted by the start-up of new fields in Eastern Siberia, Russia’s crude oil production is likely to increase in coming years, according to state-run Transneft. This runs contrary to some predictions that output will collapse as the country’s large West Siberian fields mature and deplete. Transneft chief Nikolai Tokarev...
(EnergyAsia, October 21 2010, Thursday) — Singapore’s Sembcorp Marine said two wholly-owned subsidiaries recently secured two contracts worth a total of S$715 million to convert an oil tanker into a floating production storage and offloading (FPSO) unit as well as build two oil rigs. (US$1=S$1.3). Jurong Shipyard (JSPL) secured a S$351 million contract to convert...
(EnergyAsia, October 21 2010, Thursday) — Saudi Aramco and France’s Total are planning to launch a US$1 billion Islamic bond (Sukuk) offering this quarter to pay for their joint 400,000 b/d oil refinery project in Jubail city in Saudi Arabia. Credit Agricole, Deutsche Bank and Samba Financial Group are the lead arrangers for the Sukuk...
(EnergyAsia, October 21 2010, Thursday) — Standard Chartered Bank said it has appointed Alan Koh as a managing director to the newly created role of Global Head of Energy Sales. Based in Singapore, Mr Koh, a former oil trader, reports to Ashish Mittal, the bank’s Global Head of Commodity Sales. Mr Koh, who will be...
(EnergyAsia, October 21 2010, Thursday) — Solomon Associates, the leading Texas, US-based performance improvement company for the global energy industry, said it has begun its 2010 Worldwide Liquid Terminals Performance Analysis study. Its findings are aimed at helping terminal operators to identify performance gaps as a basis for improving reliability and operational cost allocations. Hank...
(EnergyAsia, October 21 2010, Thursday) — Exxon Mobil Corp has become one of the world’s biggest oil companies to exit Japan’s downstream retail markets, citing declining fuel demand and profitability in one of the world’s largest energy markets. Its assets, starting with business rights in Kyushu, are expected to be auctioned off to petroleum-marketing arms...
(EnergyAsia, October 21 2010, Thursday) — China Petrochemical Corp, also known as Sinopec, is paying US$7.1 billion for a 40% stake in Repsol YPF SA’s Brazilian unit, making this China’s second-largest acquisition abroad. Analysts estimated that this represents a premium of more than 75% above what Petroleo Brasileiro SA paid last month for the assets....
(EnergyAsia, October 20 2010, Wednesday) — Russian gas giant Gazprom has agreed to supply China National Petroleum Corp (CNPC) 30 billion cubic meters of natural gas per year for 30 years starting 2015. However, they still have not settled the most difficult issue involving price after agreeing to other terms including the volume, starting time,...
(EnergyAsia, October 20 2010, Wednesday) — Dialog Group Bhd said it has been awarded the contract to exclusively build an independent deepwater petroleum storage terminal in Malaysia’s Johor state. The Malaysian engineering firm said it had been informed of the decision by the Johor state government to proceed with the project located in Pengerang town,...
(EnergyAsia, October 20 2010, Wednesday) — Japanese trading house Itochu Group and Qatar Petroleum are said to be interested to build an oil refinery-petrochemical complex in Vietnam’s Ba Ria-Vung Tau province. According to Vietnamese news report, construction of the US$4 billion Long Son refinery could start as early as 2013, with completion of the first...
(EnergyAsia, October 20 2010, Wednesday) — UAE-based oil products trader and supplier Gulf Petrochem said it has begun building an oil terminal at Fujairah in the UAE. To be completed by mid-2012, the project’s first phase terminal will have the capacity to store 412,000 cubic metres. Gulf is aiming to build a 1.2-million cubic metre...
(EnergyAsia, October 20 2010, Wednesday) — State-owned China National Offshore Oil Corp (CNOOC) said its subsidiary CNOOC International Limited is planning to invest US$2.16 billion in US-based shale gas producer Chesapeake Energy Corp. If the deal is approved by shareholders of the two companies, it would be the largest Sino-US energy deal. China’s third-largest oil...
(EnergyAsia, October 20 2010, Wednesday) — Singapore’s Keppel Offshore & Marine Ltd (Keppel O&M) said it has delivered the P-57 Floating Production Storage and Offloading (FPSO) vessel to SBM Offshore NV early, within budget and safely for use in Brazil. The vessel, one of the largest FPSOs to be used in Brazil, was converted from...
(EnergyAsia, October 20 2010, Wednesday) — BP said it has signed a new production sharing agreement (PSA) with the State Oil Company of the Republic of Azerbaijan (SOCAR) to jointly explore and develop the Shafag-Asiman structure in the Azerbaijan sector of the Caspian Sea. The PSA was signed in Baku earlier this month by Rovnag...
(EnergyAsia, October 19 2010, Tuesday) — Saudi Arabia’s Central Bank has warned that the country’s oil, gas and electricity consumption is growing at a faster rate than its economy and population, suggesting increased wasteful and inefficient use of energy. In calling for detailed research to help curb this trend, the bank said Saudi Arabia’s average...
(EnergyAsia, October 19 2010, Tuesday) — Increasing violence and terrorist attacks in Iraq are raising skepticism about the country’s plans to expand oil production by six times within seven years. Already, oil executives and engineering contractors are openly worried that investments in projects to boost production could be delayed. The government has announced that it...
(EnergyAsia, October 19 2010, Tuesday) — Iran has begun eliminating oil and gas subsidies in a move that could reform its economy and set an example for other energy-producing countries, said the International Monetary Fund (IMF). Started three months ago, the reforms “should remove distortions and restore efficiency” in the economy as they are aimed...
(EnergyAsia, October 19 2010, Tuesday) — Iraq’s move last week to boost its proven oil reserves by 24% to 143.1 billion barrels has met with both skepticism and hope amid recent warnings from industry researchers that global oil production could begin to slip over the next decade. Oil minister Hussain al-Shahristani made the announcement last...
(EnergyAsia, October 19 2010, Tuesday) –– Several companies in Singapore are expected to start up small power plants over the next two years to help meet their own inhouse demand. Green Power and Wyeth Nutritionals, part of drug maker Pfizer, Soxal and Biofuel Industries are preparing to build plants under a programme organised by the...
(EnergyAsia, October 19 2010, Tuesday) — Industry experts have offered opposing views of natural gas demand in Asia that could make or break Australia’s numerous LNG-export projects worth around A$200 billion, (US$1=A$1.01). In a research report, Citigroup Inc’s Sydney-based analyst Mark Greenwood wrote that a lack of customers could delay some Australian projects while increased...