(EnergyAsia, October 29, Thursday) — Singapore-listed Tri-M Technologies (S) Limited said its wholly-owned subsidiary, Kingworld Resources Limited (KRL), has received a document from China’s Ministry of Land and Resources that approved its evaluation results of new oil reserves in three oilfields in Songliao Basin in Jilin province. The evaluation of 25.44 sq km of or...
(EnergyAsia, October 29, Thursday) — Engineering firm KBR said it has won a contract from Beijing Guoneng Yinghui Clean Energy Engineering Co Ltd to provide licensing, engineering services and proprietary equipment for the implementation of a proprietary gasification technology at a Dongguan coal power plant in China’s Guandong province. The Transport Integrated Gasification technology (TRIG™)...
(EnergyAsia, October 29, Thursday) — Royal Dutch Shell said it plans to develop its Prelude and Concerto gas discoveries in the Browse Basin off the northwest coast of Western Australia, using its untested floating liquefied natural gas (FLNG) technology. Shell said the FLNG solution is an important development for the industry, with its ability to...
(EnergyAsia, October 29, Thursday) — Thai state upstream company PTTEP said it has agreed to pay US$10 million to acquire OMV Timor Sea Pty Ltd, a subsidiary of OMV Australia Pty Ltd, which has exploration rights for five blocks and two offshore oil fields in Australia. OMV Timor Sea Pty Ltd, which focuses on exploration...
(EnergyAsia, October 28, Wednesday) — Singapore Exchange-listed Tiong Woon Corporation Holding Ltd (TWC) said its wholly-owned subsidiary, Tiong Woon Crane Pte Ltd, has been awarded two contracts by Royal Dutch Shell subsidiaries to provide mobile cranes and lifting services to the mono-ethylene glycol (MEG) plant and the Seraya plant on Jurong Island. The subsidiaries are...
(EnergyAsia, October 28, Wednesday) — Developed countries, which account for 54% of world oil consumption, likely reached their demand peak in 2005, according to a new research report by IHS Cambridge Energy Research Associates (CERA). While world oil demand is now set to grow as the world economy moves from recession to recovery, the demand...
(EnergyAsia, October 28, Wednesday) — The International Energy Agency (IEA), which represents the world’s leading oil consuming countries, has again raised its forecast for world oil demand for 2009 and 2010 on account of improving global economic conditions. In its latest forecast, the Paris-based agency has forecast the world to consume 84.6 million b/d of...
(EnergyAsia, October 28, Wednesday) — Singapore’s petrochemical operators will see a difficult market from the fourth quarter as newly completed plants come onstream in China, Thailand and the Middle East, industry sources predict. The addition of new capacity to coincide with the start-up of two large petrochemical plants in Singapore is expected to depress the...
(EnergyAsia, October 28, Wednesday) — Saudi Arabia’s state oil giant Aramco is set to award a contract to expand 12 bulk storage plants that will serve as major fuel distribution points across the country. Local firm MS al Suwaidi Industrial Services Company is said to be the frontrunner to win the contract for which a...
(EnergyAsia, October 28, Wednesday) — Oil major BP has been given the green light to build a 50-million-litre fuel storage terminal at Port Howard in New Zealand despite objections from residents near the site. The proposed project, which was subject to a four-day consent hearing, will consist of seven new storage tanks to be built...
(EnergyAsia, October 28, Wednesday) — The Indonesian government has approved plans by Japan’s Inpex Holdings Inc to build a US$10-billion floating liquefied natural gas (LNG) plant. Indonesian state-owned gas and oil giant Pertamina is seeking a 30% stake in the 4.5-million-tonne-per-year plant which is expected to be completed in 2016. Inpex is currently the sole...
(EnergyAsia, October 28, Wednesday) — Singapore’s EMS Energy Limited said its subsidiary, Engineering & Marine Services (Pte) Ltd, has secured a letter of intent (LOI) from Vietnam’s Hoang Long Joint Operating Company for the manufacture and supply of offshore pedestal cranes for use in an offshore oilfield in that country. The first crane to be...
(EnergyAsia, October 27, Tuesday) — Keppel Shipyard Limited, a unit of Singapore’s Keppel Offshore & Marine, said it is on track to deliver the first floating production storage and offloading (FPSO) vessel for the US Gulf of Mexico to BW Pioneer Ltd, an affiliate of Oslo-listed BW Offshore. The vessel, BW Pioneer, will be turret-moored...
(EnergyAsia, October 18) — Oilfield services and equipment suppliers will be under pressure to consolidate and merge given the current hardware glut, warns the Boston Consulting Group (BCG). According to the consulting firm, there are now close to 570 offshore rigs on the market with more than 1,000 rigs due to be delivered. By 2012,...
(EnergyAsia, October 27, Tuesday) — The world’s oil and gas reserves fell 0.4% last year despite a 21% surge in exploration and production spending, said oil and gas research firm IHS Herold Inc and upstream corporate advisor Harrison Lovegrove & Co Ltd, a Standard Chartered group company Their joint survey of 232 oil and gas...
(EnergyAsia, October 27, Tuesday) — The world’s biggest oil producers and Asia’s leading economies are in talks to reduce or even stop using the US dollar as the reference currency for oil trading over the next decade. According to various media reports, finance ministers and central bank governors of Gulf Arab states have been holding...
(EnergyAsia, October 27, Tuesday) — Rising oil prices could well lift the gloom off Singapore’s offshore and marine sector as oil and gas companies prepare to resume exploration and production activities around the world. The Singapore companies which provide a range of services to the oil industry including rig and shipbuilding, tanker repairs and conversion,...
(EnergyAsia, October 27, Tuesday) — Chinese oil demand climbed out of its August trough to 33.8 million metric tons in September, as refiners in the world’s second largest oil consumer raised their crude processing rates and at the same time, the country’s net refined product imports went up, said energy media Platts. Analysing official data,...
(EnergyAsia, October 27, Tuesday) — Global oil supplies will peak within a few years but this will also see the end of the oil age as demand starts to fall, said a report by Deutsche Bank. According to the bank’s “The Peak Oil Market” report, underinvestment in finding new oil supplies will bring about a...
(EnergyAsia, October 27, Tuesday) — Competition for natural gas reserves will raise the cost of Chevron’s planned Wheatstone liquefied natural gas (LNG) project in Western Australia to cost more than US$20 billion to develop, according to a local media report. Citing figures put out by US independent upstream company Apache, The Australian newspaper said it...
(EnergyAsia, October 26, Monday) — State-run Korea National Oil Corp (KNOC) has announced plans to raise its crude oil stockpile to 101 million barrels by 2013 from around 82 million barrels now. The company is also managing nearly 39 million barrels for international traders at some of its terminals as part of the national progamme...
(EnergyAsia, October 26, Monday) — An underground fuel storage tank recently blew up in Qatar’s Hilal area, injuring more than 50 people including workers travelling on a passing bus which was badly damaged. The diesel tank located below a retail station exploded during the morning rush hour. Police believe a build-up of gas was responsible...
(EnergyAsia, October 26, Monday) — Singapore’s marine fuel trade showed a surprising three percent growth in the first nine months of the year, confounding expectations that it would be dragged down by the gloom overhanging the global bunker and shipping industries. Maritime and Port Authority of Singapore (MPA) said the port handled more than 27...
(EnergyAsia, October 26, Monday) — The market for offshore supply vessels faces tough conditions but some niches are underserved, according to industry practitioners at the recent Marine Money Asia conference in Singapore. With oil prices rising again after breaking $80 per barrel, there remains healthy demand for accommodation and warehousing vessels as a result of...
(EnergyAsia, October 26, Monday) — The International Maritime Organisation (IMO), the UN’s shipping body, has approved non-compulsory technical and operational measures to reduce greenhouse emissions from ships. The voluntary guidelines include an energy efficiency design index for new ships and existing vessels. Environmental groups, however, said the approved guidelines were disappointing and should have been...