extend its contracts to supply liquefied natural gas (LNG) to Japan beyond 2011. Pertamina would ship three million tonnes of LNG a year from its Bontang plant in Papua province to end users in Japan. In return, Japan will not seek compensation for Indonesia’s failure to meet contractual obligations to supply 90 LNG cargoes from...
a third of the country’s GDP to become its main economic sector. In the first nine months of 2008, the sector accounted for about 49% of Qatar’s overall GDP growth of about 59%. The gas sector grew by 108% compared with the nine-month period the year before. Its rapid growth has enabled it to surge...
certification and technical consultancy, said it has acquired International Refinery Services Pte Ltd (IRS ), a Singapore-based risk engineering and inspection management company. The acquisition will add to Germanischer Lloyd’s portfolio of services for the oil and gas sector, with Singapore a key area for future growth. The value of the acquisition was not disclosed....
advantage of the recent large decline in crude oil prices to purchase approximately 12 million barrels of crude oil for the nation’s Strategic Petroleum Reserve (SPR). The new stocks will replenish supplies sold following hurricanes Katrina and Rita in 2005. The US crude oil price has plunged from a record high of more than $147...
planning to build an oil storage terminal to serve the country’s first oil refinery due to start up next month. PV Oil said it will invest about US$250 million to store and distribute products from the 140,000-b/d oil refinery in Dung Quat. The terminal, which will be used to serve 2,000 retail outlets initially, is...
to expand a liquefied natural gas (LNG) import terminal in China’s Fujian province. The contract, awarded by CNOOC Fujian LNG Co Ltd, covers work for engineering, procurement and construction of two additional 160,000 cubic meter full containment LNG storage tanks. The project is scheduled to be completed in 2011. “This award follows CB&I’s successful completion...
Turkmenistan sometime this year once it completes the construction of a mammoth pipeline project. Last month, state CNPC began construction of the 2,477-km eastern section of the pipeline linking Zhongwei county in the country’s western Ningxia region to the coastal city port of Guangdong. The project has been delayed by at least three months...
Wanzhou in landlocked southwestern Chongqing municipality will be the site for China’s next strategic oil storage terminals. The Chinese government has started filling the four terminals under the first phase storage programme. The four terminals along the country’s eastern and northern coast are located at the ports of Dalian, Zhenhai, Zhoushan and Qingdao, and...
high-performance electric motor system technology, said it has completed a US$1 million financing round from a private investment group. The company will use the fund to further develop its high-frequency, low RPM, transmissionless motor system designed to increase the speed and efficiency of electric vehicles. KLD Energy Technologies said its motor system uses an innovative...
Kharg Island to boost the country’s crude oil storage capacity by 25%. It needs to store surplus oil in tanks as world demand has slumped sharply in recent months on account of the world financial crisis. Any attempts to sell the oil on the spot market will further weaken prices. Oil-dependent Iran is under...
agreement on for a total of 75 billion yen from a syndicate of Japanese banks. (US$1=90 yen). The syndicate comprises Sumitomo Mitsui Banking Corporation (SMBC), Mizuho Corporate Bank (Mizuho), and Banco de Tokyo-Mitsubishi UFJ Ltd (BTMU). The loan is insured by Japan’s Nippon Export and Investment Insurance (NEXI). Petrobras said the loan will finance the...
needs as part of its stockpile obligations for 2009 under International Energy Agency (IEA) rules. New Zealand’s total 90 days obligation for 2009 is one million tonnes, down from 1.4 million tonnes in 2007 and 1.2 million tonnes in 2008). The bulk of these reserves are commercial stocks held by oil companies. Minister of Energy...
(EnergyAsia, January 16, Friday) — With US$40 in cash, Exxon Mobil could be mistaken for a sovereign wealth fund. Even after buying up some US$225 billion of its own stock, the supermajor could easily buy out for many of its smaller independent rivals, and even have a go at Shell, some analysts say. The company...
(EnergyAsia, January 16, Friday) —Singapore oil rig builders Keppel Corp and Sembcorp Marine have been forced to accept delayed payments for projects worth a total of US$850 million ordered by Norwegian contractor Seadrill. SembMarine’s PPL Shipyard is to supply two jack-ups worth US$430 million while Keppel Fels has been contracted to build two jack-ups worth...
(EnergyAsia, January 16, Friday) — The South Korean government has laid out an ambitious programme to invest 37-trillion won in new power plants that include nuclear plants. (US$1=1,300 won). The plan is aimed at reducing the country’s reliance on imported oil, cutting greenhouse gas emissions and boosting the economy’s energy efficiency. The government also plans...
(EnergyAsia, January 16, Friday) — Energy and chemical firms are delaying new projects in Singapore amid the deepening global financial and economic crisis. Singapore Petroleum Company (SPC) is expected to delay investments in a refinery upgrading project and a co-generation plant at its joint venture 290,000 b/d refinery with Chevron. The two projects are worth...
(EnergyAsia, January 16, Friday) — Sovereign wealth funds from China and the Middle East are looking at acquiring smaller North Sea oil exploration companies. Many of these firms are expected to falter under the weight of the ongoing global financial and credit crunch, opening up opportunities for cash-rich investors to snap them up at bargain...
(EnergyAsia, January 16, Friday) — BP said a deal agreed in principle last September to revise the shareholder agreement with its Russian partners in TNK-BP has now been finalised, paving the way for the next phase in the development of Russia’s third largest oil and gas company and, in recent years, one of its most...
(EnergyAsia, January 16, Friday) — The Philippines’ Department of Energy (DoE) is confident of privatising the remaining assets of state-owned National Power Corporation (Napocor) this year on the back of a successful electrification programme and privatisation programme last year. The agency said it achieved over 73% of its privatisation target in 2008. In a year-end...
(EnergyAsia, January 16, Friday) — The past 12 months have seen volatility in oil prices on an unprecedented scale. A new special report, Recession Shock: The Impact of the Economic and Financial Crisis on the Oil Market, released by Cambridge Energy Research Associates (CERA), explores these issues, including: What is driving this extraordinary volatility; the...
(EnergyAsia, January 16, Friday) — Qatar, the world’s leading liquefied natural gas (LNG) exporter, has promised to increase supplies to India this year. Speaking at the Petrotech 2009 conference in New Delhi this week, Qatari Oil Minister Abdullah bin Hamad al-Attiyah said the extra cargoes will help meet India’s growing fuel demand for power and...
exploration and development deal with its Venezuelan counterpart, Petroleos de Venezuela SA, (PDVSA). The two sides will cooperate on oil production projects in Vietnam estimated to be worth over US$11 billion. They will also invest in a refinery in Vietnam to process heavy Venezuelan crude oil. Vietnam is working to boost its crude oil production...
can be achieved through policies that support innovation, competition and free trade, said Rex Tillerson, chairman and CEO of Exxon Mobil Corp. In a speech to the Woodrow Wilson International Center for Scholars, he outlined the energy challenge facing America and the world: global energy demand is expected to be 35% higher in 2030 than...
proliferative nuclear fuel technology and provider of comprehensive advisory services for emerging nuclear programs and Punj Lloyd Group, India’s engineering, procurement and construction (EPC) conglomerate, recently signed a memorandum of understanding (MOU). They have agreed to explore deploying Thorium Power’s nuclear fuel designs in India, Southeast Asia and other territories, expand consulting activities for the...
planned power plant projects means that “coal-fired power is one big step closer to being mothballed once and for all,” according to Green America, formerly known as ‘Co-op America.’ Dynegy recently cancelled its joint development agreement with LS Power to build a new fleet of coal plants. Although LS Power retains the right to develop...