(EnergyAsia, July 18 2013, Thursday) — The International Energy Agency (IEA) has raised its forecasts for global oil consumption to reach new all-time highs over the next two years. Powered by China, India and other large emerging economies, global oil demand will rise to 90.8 million b/d this year and to 92 million b/d in...

(EnergyAsia, July 18 2013, Thursday) — Stung by high business costs, a scarce and inflexible labour market and tough regulations, liquefied natural gas (LNG) investors are increasingly turning away from Australia and looking to tap emerging opportunities in North America. Three of Australia’s biggest fans, Chevron, Exxon and Royal Dutch Shell, have decided to slowdown...

(EnergyAsia, July 17 2013, Wednesday) — Barely two weeks after US President Barack Obama skipped Nigeria on his three-day trip to Africa, President Goodluck Jonathan flew to a high-profile welcome in Beijing and left with as much US$3 billion worth of deals including a US$1.1 billion low-interest loan to pay for infrastructure projects. The contrast...

(EnergyAsia, July 17 2013, Wednesday) — Local and foreign businesses warn that they may have to cut back on operations and reduce long-term expansion plans in Vietnam in response to the country’s worsening electricity supply disruptions, particularly in the southern provinces where most of its trading and manufacturing activities are conducted. At the recent 2013...

(EnergyAsia, July 16 2013, Tuesday) — After years of debate over the need to reduce energy subsidies, the Indian government said it has agreed to raise the domestic price of natural gas to as high as US$8 per million BTU from next April 1, compared with US$4.2 today. The new price still represents a huge...

(EnergyAsia, July 16 2013, Tuesday) — Indian officials said Iraq and Iran have made unprecedented offers to expand oil and trade ties with their country. Worried about potential competition from surging shale oil output in the US and slowing global demand, the two Middle Eastern oil producers are racing to lock up sales to Asian...

(EnergyAsia, July 15 2013, Monday) — The world’s two largest polluting nations have agreed to a non-binding five-point plan to reduce greenhouse emissions from coal-fired power plants, manufacturing facilities, heavy-duty vehicles and buildings. The US and China signed the agreement in Washington DC last week that includes exchanging climate data and cooperating on developing smart...

(EnergyAsia, July 15 2013, Monday) — Saudi Arabia’s economy will grow by 4% in 2013, down from last year’s 5.1%, on account of reduced oil production and a weaker oil price, said the International Monetary Fund (IMF). “Private sector growth is expected to be strong, but oil production is likely to be below 2012 levels...

(EnergyAsia, July 12 2013, Friday) — For the first time in memory, growth for Saudi Arabia’s oil-dependent economy will be driven entirely by infrastructure building, construction, tourism, telecommunications, banking and services. The oil sector, which provides around 90% of government revenue, will be the drag in 2013 as it is expected to shrink by 1.5%...

(EnergyAsia, July 11 2013, Thursday) — Indonesia could miss its coal production target of 400 million tonnes this year amid mine cutbacks and continuing weak external demand, particularly in China and India. Larger miners have reduced operations while smaller ones have shut down with no signs that the main buyers of Indonesia coal will resume...

(EnergyAsia, July 5 2013, Friday) — Thanks to the application of enhanced oil recovery techniques, Oman raised its first-half oil production by 1.3% to 930,000 b/d over the same period last year, said the oil and gas ministry. Oman produced around 889,000 b/d of petroleum liquids in 2011, up sharply from just 714,000 b/d in...

(EnergyAsia, July 5 2013, Friday) — Two leading state-owned engineering firms of Iraq and China have been awarded a contract to jointly build a pipeline to deliver crude oil from the fields in the Missan region to an export terminal in southern Iraq. China Petroleum Pipeline Engineering Corp (CPPE) and Iraq’s State Company for Oil...

(EnergyAsia, July 4 2013, Thursday) — Iran’s crude oil exports to its biggest customer have risen around 10% to more than 480,000 b/d in the first five months of this year, underlining the extent of failed trade sanctions by the West against the Islamic regime. China’s surge of Iranian crude import was helped by May’s...

(EnergyAsia, July 3 2013, Wednesday) — Thermal coal prices are likely to remain weak as the market remains well supplied in the short term due partly to “lack of discipline” among Indonesian producers, said MayBank. “Inventory levels are high, and the resumption of operations at Daqin Railway as well as the resolution of supply issues...

(EnergyAsia, July 3 2013, Wednesday) — Saudi Arabian Oil Co or Aramco said it achieved record levels of oil production, exports and reserves last year. In its annual review for 2012, the state-owned company said it produced 9.506 million b/d of crude last year, compared with 9.067 in 2011 and 7.91 million b/d the previous...

(EnergyAsia, July 2 2013, Tuesday) — The US remains a small supplier of coal to Asia despite reporting a sharp rise in sales to the region over the last five years, said the Energy Information Administration (EIA). From just 2% in 2007, Asia’s share of total US coal exports surged to 25% in 2012, with...

(EnergyAsia, July 1 2013, Monday) — China Coal Technology & Engineering Group (CCTEG) has won a contract, worth more than US$100 million, to develop the Baisun and Shargun coal deposits in southern Uzbekistan. CCTEG is tasked to develop the mines, each with an annual capacity of 450,000 tons, by 2016. State-owned Uzbekugol JSC, which awarded...

(EnergyAsia, June 28 2013, Friday) — Amid the weaker outlook for world economic growth, the International Energy Agency (IEA) has reduced its forecast for this year’s global oil consumption to 90.56 million b/d, down from its previous May forecast of 90.64 million b/d. “Relatively sluggish macroeconomic conditions are expected to keep a lid on growth...

(EnergyAsia, June 28 2013, Friday) — The Organisation of Petroleum Exporting Countries (OPEC) said it is ready to downsize its forecast for global oil consumption growth this year in view of possible weakening in the world economy. In its June oil market report, the cartel kept its forecast for global oil demand virtually unchanged for...

(EnergyAsia, June 27 2013, Thursday) — US crude oil production could nearly double to a high of 10 million b/d between 2020 and 2040 “under certain conditions”, said the Energy Information Administration (EIA) in its latest 30-year outlook report. These conditions include the actual level of crude oil resources available, the difficulty or ease in...

(EnergyAsia, June 26 2013, Wednesday) — A Shell-led joint venture firm in Nigeria said it will invest a total of US$3.9 billion in building the Trans Niger Pipeline loop-line (TNPL) oil pipeline and the second phase of the Gbaran-Ubie project to boost natural gas production in the West African country. The Shell Petroleum Development Company...

(EnergyAsia, June 26 2013, Wednesday) — Iraq said it will meet India’s growing oil demand as the two countries pledged to expand economic relations following a meeting between their foreign ministers in Baghdad. Salman Khurshid’s visit, the first by an Indian foreign minister since 1990, was warmly welcomed by his Iraqi counterpart Hoshyar Zebari as...