(EnergyAsia, April 7, Monday) — Australian resources giant BHP Billiton said it has approved the North West Shelf’s North Rankin gas compression project which is designed to recover remaining lower pressure gas from the North Rankin and Perseus gas fields. BHP Billiton has its US$850 million share of the project’s expenditure. The project comprises a...
(EnergyAsia, April 4, Friday) — J. Ray McDermott SA said its subsidiaries were recently awarded an EPCI contract by Chevron Thailand Exploration and Production for the Platong Gas II project in the Gulf of Thailand.The contract encompasses engineering, procurement, fabrication and installation of a central processing platform with a float-over deck weight of approximately 19,000...
(EnergyAsia, April 4, Friday) — Singapore-listed KS Energy Services Limited said it is selling off an oil rig, KS Venture, for US$43 million to focus on its core business is sold on an its core business to provide energy services to the world oil, gas and petrochemical industries.This rig is funded by internal resources and...
EnergyAsia, April 4, Friday) — China’s consumption of renewable fuels is forecast to reach the equivalent of 300 million tonnes of coal by 2010, accounting for some 10% of the country’s energy mix that year.The 2010 level will nearly double the country’s 2005 consumption of 166 million equivalent tonnes of coal.China’s renewables potential includes hydropower...
(EnergyAsia, April 4, Friday) — A consortium involving Belgium’s SUEZ Energy International, and Japan’s Mitsui, has been declared preferred bidder for an independent power and water project in the industrial city of Ras Laffan on Qatar’s northeast coast.The consortium has a 40% stake in the $3.7 billion project, with the remainder split between state-owned Qatar...
(EnergyAsia, April 4, Friday) — Singapore’s Swiber Holdings Limited, a niche service provider in the offshore oil and gas industry, said it has successfully raised S$100 million in the domestic bond market, under its multicurrency medium term note (MTN) programme.The bonds have a maturity of three years, and are split equally between a floating rate...
(EnergyAsia, April 4, Friday) — China’s state energy giant Sinopec has received over 12.3 billion yuan in government subsidies to help cover its most recent refining losses. (US$1=7 yuan).The subsidy marks the third year that Sinopec receives such support from Beijing.Sinopec cannot pass on high crude oil costs to customers due to price caps on...
(EnergyAsia, April 4, Friday) — China will continue to fill up its strategic petroleum reserves (SPR) despite the possibility of higher oil prices, with no specific schedule or timelines for completion.Speaking to reporters, Zhang Guobao, vice minister and economic planner, said the government will keep a close watch on oil prices, and will try to...
(EnergyAsia, April 4, Friday) — globalCOAL, the leading electronic marketplace for thermal coal, and IntercontinentalExchange (ICE), a leading operator of global derivatives exchanges and OTC markets, have agreed to develop and launch two new coal futures contracts at ICE Futures Europe.The contracts will consist of financially settled NEWC® coal futures, to be launched mid-2008, and...
environmental engineering company listed on the SGX Catalist exchange, said it has completed the acquisition of a 40% stake in WS Bio, a firm which owns a majority controlling stake in Oiltek. The stake was held by Wong Seong, the main shareholder of WS Bio. Metax will pay an amount based on WS Bio’s earnings...
analysis, said ship operators should respond pro-actively to growing environmental regulations and leverage the benefits of fuel efficiency methods to help counteract rising and volatile fuel prices. The industry has also been warned that unless shipping companies adapt their business models to control increased operational costs and fluctuations in revenues, then a wide-reaching credit crunch...
the 2007 increased by 2.6% to 171 million barrels-of-oil-equivalent (BOE) while its proven reserves reached 2.6 billion BOE, with a reserve replacement ratio of 142%. Its net profit edged up by 1.1% to RMB31.26 billion while its revenue grew by about 2% to RMB90.72 billion. The Hong Kong-listed company said its board of directors has...
to 10% in October to reduce dependence on fossil fuels, said Petroleum and Natural Gas Minister Murli Deora. He made the announcement after meeting visiting Brazilian Minister of State for Industry and Foreign Trade Miguel Jorge in New Delhi. Brazil, the world leader in using fuel ethanol, is encouraging Indian companies to expand sugarcane production...
East Inc, has received a letter of award for engineering, procurement and construction of 6,500 tonnes of topside modules for the Peregrino floating, production, storage and offloading (FPSO) by contractors A.P. Moller – Maersk A/S. Projects of this nature are typically valued in excess of US$250 million. Engineering and procurement activity have started while the...
prices: they love it. They may even be secretly wishing for higher prices. Since US crude futures broke through the psychological $100-a-barrel barrier on the first trading day of 2008, there has been no signs of worry from producers that the world economy might crash or alternative energy would become viable or new exploration efforts...
installation of solar systems for 1,000 homes in a drive to broaden the use of environmentally friendly energy. Up till now, only 446 Queensland homes have solar systems. The subsidy reduces the cost of a home solar system to about A$1,500, from A$5,000 (US$1=A$1.08). Given the public’s positive response, the state is considering expanding the...
biofuel-kerosene mix from London to Singapore, showing that alternative fuels may be a realistic alternative for airlines around the world. The biofuel used in the Boeing 747 jet was based on babassu and coconut oil and mixed in a 20/80 ratio with kerosene. Virgin owner Richard Branson hailed the experiment a success, paving the way...
(EnergyAsia, April 2, Wednesday) — State-owned Ceylon Petroleum Corporation (CPC) plans to re-enter Sri Lanka’s bunker fuel market through a tie-up with international trader GAC Ships.CPC would provide fuel oil from its 50,000 b/d Colombo refinery that would be marketed and delivered by GAC.The move is expected to bring down bunker fuel prices in Colombo....
(EnergyAsia, April 2, Wednesday) — Despite the recent downward correction, the price of coal for power generation and steel plants are still expected to soar in the long term, analysts have forecast.Merrill Lynch said coking coal for steel could hit US$300/tonne, up from just under U$98 last year, reflecting a 200% jump. Meanwhile, thermal coal...
(EnergyAsia, April 2, Wednesday) — Green groups warn that the Indonesian government’s decision to allow miners operate in the country’s rainforests for a small fee will cause massive environmental damage.In February, the government issued a decree that allows mining firms to pay a fee of only US$200 per hectare of forest land for mining, waste...
(EnergyAsia, April 2, Wednesday) — China Holdings Inc, a global diversified asset holdings company said its wholly-owned subsidiary, China Power Inc, has executed a development and construction agreement with the Huaxian local government inHunan province in China.This brings the company’s total potential alternative energy power generation capacity to 320 MW.The company is establishing longstanding strategic...
(EnergyAsia, April 2, Wednesday) — The UAE will be facing huge power shortages by 2013 if it did not speed up the construction of power plants.The oil-rich state is expected to produce 26,000 MW of electricity by 2010, up from an estimated 19,000 MW last year.UAE-based infrastructure specialists, Septech Emirates, estimate that the Gulf region...
(EnergyAsia, April 2, Wednesday) — The soaring cost of liquefied natural gas (LNG) could slow down its demand and hamper the industry’s long-term growth.“We need to watch the signals very carefully for the future to ensure that price levels don’t undermine the long-term future,” Martin Houston, president of LNG major BG North America told a...
(EnergyAsia, April 2, Wednesday) — Indonesia could be on the hook for 100 trillion rupiah in oil subsidies this year as crude oil costs remain well above US$100 a barrel. (US$1=Rp9,100).Energy Minister Purnomo Yusgiantoro has warned that the country may not be able to afford subsidy payments of this size much longer.Despite its status as...
(EnergyAsia, April 2, Wednesday) — Cairn India has sold a total of 113 million shares to Malaysia’s Petronas and Orient Global Tamarind Fund Pte Limited at Rs224.30 per share, raising Rs25,346 million through the private placement. (US$1=Rs40).Cairn said the net proceeds will be used to fund capital expenditure and for general corporate purposes.At a meeting...