(EnergyAsia, August 29, Friday) — Swiber Holdings Limited, a Singapore-based services provider to the offshore oil and gas industry, has reported earnings of US$22.2million for the three months ended June 30, up 258.1% from a year ago. Revenue surged 391.1% to US$124.5 million from the continued flow of offshore construction projects. For the six months...
(EnergyAsia, August 29, Friday) — Singapore’s Keppel FELS Limited said it has delivered a jackup drilling rig to Maersk Contractors three days ahead of schedule. The ‘Maersk Resolute’ is the second in a series of four high efficiency jackups being built by Keppel FELS for Maersk Contractors. The rig has been contracted to Dong Energy...
(EnergyAsia, August 29, Friday) –– ASL Marine Holdings Ltd, a Singapore-listed integrated marine company, said its FY2008 net profit surged by 49.8% to a record S$60.3 million on the back of a 25.8% increase in revenue to S$400.4 million. (US$1=S$1.4). ASL Marine attributed its financial performance to revenue contributions from all three businesses segments of...
(EnergyAsia, August 29, Friday) — New Zealand’s Austral Pacific said it increased oil and gas sales for the second quarter, earning NZ$4,386,717. Production from the Cheal oil field reached 42,812 barrels, with 29,754 barrels as Austral’s share. The field is currently producing 400 barrels per day. The recently drilled A7 well has the potential to...
(EnergyAsia, August 29, Friday) — Zhaoheng Hydropower, a US-listed leader in small-to-medium sized hydropower generation in China, said its second quarter net profit rose by 108% to $2.2 million while its revenues surged by 30% to $3.34 million over the same period last year. It attributed the growth to an increase in both electricity tariff...
(EnergyAsia, August 29, Friday) — Houston, US-based Synthesis Energy Systems Inc (SES) said its 95%-owned joint venture project with Shandong Hai Hua Coal & Chemical Company Ltd (SHHCCC) has been granted government approvals for the Phase II expansion of its existing project in Zaozhuang City in China’s Shandong Province. The expansion will result in additional...
(EnergyAsia, August 29) — Vancouver, Canada-based Hanwei Energy Services Corp said it has entered into binding purchase and sale agreements for the acquisition of the 99% equity interest in China’s Daqing Deta Electric Co Ltd. The agreements will now be filed with the Chinese authorities to process the transfer of the 99% equity interest in...
(EnergyAsia, August 29, Friday) — Supported by Asian demand, Australian resources company BHP Billiton said it earned a record US$15.39 billion in net profit for the year ending June 30 2008. This is also a record in Australian corporate history. Revenue surged 25.3% to US$59.473 billion while basic earnings per share rose by a fifth...
its first half earnings by 34.5% to RMB53.62 billion. (US$1=RMB6.8). As it was not allowed to raise domestic fuel prices, its refining and marketing segment recorded an operational loss of RMB59.02 billion. The government continues has refused to let oil companies raise prices for fear it will spark inflation and cause social unrest. Despite...
of Science and Technology (MOST) recently signed an agreement to collaborate on biofuels research. The signing came during a meeting of over 200 scientists, industry leaders and government officials at the International Conference on Sorghum for Biofuel in Houston, Texas. Existing cooperation between the two countries on science and technology was originally signed in 1979....
question concerning energy matters has not been about production, but how much it needs to fuel its robust economy, says UK-based publishing, research and consultancy organisation Oxford Business Group (OBG). In “The Report: Dubai 2007”, the emirate’s leading foreign direct investment guide, OBG said that whereas in the 1980s the oil sector accounted for...
semiconductor manufacturers to become South Korea’s latest export champions. Thanks to high oil prices, the refiners exported a record 5.14 trillion worth of oil products last month, up nearly 155% from a year ago. Even more noteworthy was that oil products were Korea’s top export earner, beating out traditional sectors like ship building, petrochemicals and...
gasoline by RM0.08 and RM0.22 a litre from August 23 in an attempt to placate angry consumers reeling under the weight of rising living costs. Prime Minister Abdullah Ahmad Badawi said RON97 gasoline now costs RM2.55 a litre (down RM0.15 sen) while the price of RON92 fell by RM0.22 to RM2.40 a litre. Diesel now...
Economist of Canada’s equity firm ARC Financial Corporation Peter Tertzakian, examines the future of oil and offer insights into what it will take to rebalance the world’s energy needs. The author provides a unique analysis of shifts in energy trends, describing how past critical junctures or ‘break points’ developed, evolved, and shaped nations, changed consumer...
storage and logistics responsibility in Ho Chi Minh City. The Vietnam Oil Corporation (PV Oil), formed from the merger between PetroVietnam Trading Corporation (Petechim) and the Oil Trading and Processing One Member Company Ltd (PDC), will also be involved in trading, providing equipment and services to the oil and gas industry. With more than 30...
(EnergyAsia, August 27, Wednesday) — Canada’s Alberta province is already preparing to spend heavily on health care and environmental improvements as it is on course to chalk up another large budget surplus. Some analysts think this year’s provincial surplus could hit a new high exceeding C$11.6 billion as oil has stayed above US$110 a barrel....
(EnergyAsia, August 27, Wednesday) — Indonesia’s crude oil reserves could be depleted by 2018 if the country does not find new large fields reserves, said state oil and gas regulator BPMIGAS. The agency has pegged the country’s annual oilfield depletion rate at more than 10% per year. Indonesia has failed to replenish its declining...
(EnergyAsia, August 27, Wednesday) — Iran said it plans to raise its oil exports to China and India as the two energy-hungry nations continue to defy US pressure to isolate the Islamic regime over its nuclear programme. Out of its current total 2.5 million of crude exports, Iran ships 450,000 b/d to China and 380,000...
(EnergyAsia, August 27, Wednesday) — South Korea is expanding its oil storage facilities at the ports of Yeosu and Ulsan as part of a long-held plan to become a major regional oil trading hub rivalling Singapore. The government has announced that the storage capacity at the two ports in South Korea’s southern coast will...
(EnergyAsia, August 27, Wednesday) — Dubai, Saudi Arabia and other Gulf nations could be confronted with a natural gas supply crisis in the next decade. The region could be short of as much as seven billion cubic feet per year in the next 10 years. Cheap natural gas has become an important feedstock for the...
(EnergyAsia, August 27, Wednesday) — Australia’s Origin Energy has advised its shareholders to reject BG Group’s conditional takeover offer, claiming it undervalues Origin’s existing business and outstanding prospects. Chairman Kevin McCann said: “Origin is a strongly performing Australian integrated energy company with an impressive track record of growth. Origin has developed the leading position in...
(EnergyAsia, August 27, Wednesday) — Emerson Process Management said it has received a contract from China’s Huaneng Group to apply its Plantweb® digital plant architecture at a new ultra-supercritical, coal-fired power plant being built in Haimen in Guangdong province. The new plant will employ digital bus technologies, an approach that has been proven to result...
(EnergyAsia, August 27, Wednesday) — The Organization for Economic Co-operation and Development (OECD) wants Canada’s hydrocarbon-rich Alberta province to save more of its royalty monies. The OECD said the province should set up an oil fund similar scheme to what Norway has done. The Norwegian agency reinvests oil royalties, enabling it to generate an income...
revenues for Canada’s Alberta province by 28% in June, to C$9.2 billion, compared with the same month last year. (US$1 = C$1.05). For the first half, Alberta’s exports rose by 31% to C$53 billion. The contribution from Alberta enabled Canada’s June exports to rise 12.3% in exports to C$43.1 billion, helping to offset a weak...
coupled with lower gas drilling activity could well dampen the mid-term economic outlook of Canada’s hydrocarbon-rich province of Alberta. While often seen as an oil economy, Alberta is actually more dependent on revenues from natural gas. Last year, the provincial government’s revenues from gas royalties was C$6 billion, compared with C$1.4-billion from conventional oil and...