(EnergyAsia, October 24 2012, Wednesday) — Oman is looking to build a large refinery and the world’s largest oil storage terminal to hold up to 200 million barrels of crude in an area south of the Straits of Hormuz to reduce the risk of supply disruption from geopolitical events. State-owned Oman Oil Company has begun...
(EnergyAsia, October 24 2012, Tuesday) — The Chinese government has raised its estimate of the country’s oil and gas reserves to 88.1 billion tonnes of oil equivalent as at end-2010, an increase of 15% over its previous survey in 2007, according to local media reports citing the Ministry of Land and Resources. Recoverable oil in...
(EnergyAsia, October 24 2012, Wednesday) — Hong Kong-listed Sinopec Kantons Holdings Limited said it will pay Swiss trader Mercuria Energy Group Limited 128.6 million euros for a 50% stake in its Europe-based oil storage firm as part of their establishment of a new joint venture. (US$1=0.77 euro) With its first foray into Europe, Sinopec Kantons...
(EnergyAsia, October 23 2012, Tuesday) — Iraq could more than double its crude oil production to 6.1 million b/d by 2020 if it is able to attract international investment to build up its key infrastructure including power supply, transportation, storage and port facilities, pipelines and domestic security, said the International Energy Agency (IEA). In a...
(EnergyAsia, October 23 2012, Tuesday) — Canadian oil and gas stocks tumbled as an immediate response to the government’s shock decision to reject a generous C$5.9-billion offer by Malaysian state energy firm Petronas to take over mid-sized Calgary-based Progress Energy Resources Corp. Longer term, it might cast a shadow over Canada’s attraction as a destination...
(EnergyAsia, October 22 2012, Monday) — Hindustan Petroleum Corporation Ltd (HPCL) has completed the 30-month-long construction of a Rs3.3 billion oil storage terminal at Ennore port on the east coat of India’s Tamil Nadu state. (US$1=56 rupees). Due to start up soon, the 2.8-million kilolitre terminal is linked by pipelines to the port and will...
(EnergyAsia, October 22 2012, Monday) — International companies are preparing to take on a key role in exploring and developing China’s enormous shale gas reserves as they approach the October 25 deadline for the country’s second auction on at least 17 blocks. It will be the first time that international companies have been invited to...
(EnergyAsia, October 19 2012, Friday) — Sinopec, Asia’s largest refiner, said it will be investing US$850 million to build Southeast Asia’s largest oil storage terminal on Indonesia’s Batam Island, while Oiltanking will develop a smaller project on Karimun Island. Both are located near Singapore, home to Asia’s largest independent oil storage capacity. Sinopec will own...
(EnergyAsia, October 19 2012, Friday) — Led by China, economic growth in the East Asia and Pacific region may slow down by a full percentage point from 8.2% in 2011 to 7.2% this year, before recovering to 7.6% in 2013, said the World Bank. While growth in the western economies will remain modest, Asia’s recovery...
(EnergyAsia, October 18 2012, Thursday) — Supply uncertainties out of the Middle East and the North Sea coupled with the build-up of oil stockpile in the US have pushed the price gap between Brent crude and US WTI benchmark to more than US$24 a barrel for its highest level in a year. Brent received a...
(EnergyAsia, October 17 2012, Wednesday) — The proposed costly multi-phase development of Turkmenistan’s giant South Iolotan (Galkynysh) project will be key to Central Asia’s emergence as a major natural gas supplier with the potential to export more than 120 billion cubic metres (bcm) by 2020, said consultant Wood Mackenzie. While regional energy powerhouses Turkmenistan, Kazakhstan...
(EnergyAsia, October 17 2012, Wednesday) — Qatar has secured a long-term deal to supply liquefied natural gas (LNG) to Japan’s Chubu Electric Power Company and advanced on an export project in the US with Exxon Mobil. Qatargas 3, a joint-venture firm between Qatar Petroleum, ConocoPhillips and Mitsui & Co, has agreed to supply Chubu Electric...
(EnergyAsia, October 17 2012, Wednesday) — The International Energy Agency (IEA) has reduced its forecast for world oil demand growth for 2012 by 100,000 b/d to 700,000 b/d. It kept unchanged its forecast from last month for world oil demand to grow by 800,000 b/d in 2013. In its latest monthly oil report, the Paris-based...
(EnergyAsia, October 16 2012, Tuesday) — The International Monetary Fund (IMF) has urged oil-rich Central African countries to use their wealth wisely to avoid the resource curse so that they can bring real progress and development to their people and societies. Sharmini Coorey, the director of the IMF’s Institute of Capacity Development, said they could...
(EnergyAsia, October 16 2012, Tuesday) — Shell Australia said it will invest A$6 million in upgrading four key retail sites in the northwestern part of Western Australia state. (US$1=A$0.96). The company will build new storage tanks, pumps, canopies and upgraded signage at sites in Tom Price, Paraburdoo, Halls Creek and Fitzroy Crossing. Shell’s general manager...
(EnergyAsia, October 15 2012, Monday) — India and Japan, two of Asia’s largest natural gas consumers and importers, said they will jointly undertake research into liquefied natural gas (LNG) pricing with the view to making them more affordable and equitable. The global natural gas markets are significantly skewed along regional lines, with Asia paying as...
(EnergyAsia, October 12 2012, Friday) — Already hit by weak demand, Asia’s coking coal markets will face more uncertainty from mid-2013 when China starts up major rail infrastructure to transport the fuel from mines in the northern and interior regions to markets along the coast. According to Goldman Sachs’ commodities analyst Julian Zhu, the Erdos-Caofeidian...
(EnergyAsia, October 12 2012, Friday) — Wrecked by infighting amid fraud allegations and slumping coal prices, Indonesia’s coal mining giant Bumi Plc held its board meeting in Singapore this week to try sought out differences between its three main powerful partners. The meeting was attended by British-born financier Nat Rothschild, who owns a 12% stake...
(EnergyAsia, October 12 2012, Friday) — Two Malaysian firms and one from Indonesia have signed a memorandum of understanding to jointly supply coal to TNB Fuel Services (TNBF) Sdn Bhd, a subsidiary of Malaysian power producer Tenaga Nasional Berhad (TNB). The Malaysian firms, Aditia1Energy Sdn Bhd and Southdale Resources Sdn Bhd, will team up with...
(EnergyAsia, October 11 2012, Thursday) — Thailand’s largest coal miner Banpu will appeal against the ruling by the country’s Civil Court’s that it must pay a massive 29.5-billion baht in damages to a local businessman over a failed joint venture in Laos. (US$1=30 baht). The ruling came after a protracted five-year legal battle initiated by...
(EnergyAsia, October 11 2012, Thursday) — The following is an edited portion of a larger country report on Indonesia by the International Monetary Fund (IMF) released in August. “Indonesia has benefited from China’s rise mostly through commodity trade. Indonesia has not become part of the Asian manufacturing supply chains, but has emerged as the top...
(EnergyAsia, October 10 2012, Wednesday) — Australia’s Great Barrier Reef, home to one of the world’s richest marine life reserves, has lost half its coral cover since the mid-1980s and will lose a further half within a decade as a result of continuous pollution and neglect, the country’s scientists have warned. A detailed joint study...
(EnergyAsia, October 9 2012, Tuesday) — Vietnam is bracing for a round of energy-induced inflation after the government allowed state mining monopoly Vinacomin to raise coal prices for power generation by up to 40% from September 15. Power companies led by state Electricity Vietnam (EVN) have complained that they will be hit with an unexpected...
(EnergyAsia, October 9 2012, Tuesday) — Two major oil refineries in China and India will remain shut for the next few weeks after suffering human casualties in industrial incidents late last month. China Petroleum & Chemical Corp or Sinopec said three workers were killed in an accident at its 300,000 b/d refinery in the northern...
(EnergyAsia, October 8 2012, Monday) — Not only will CNOOC succeed in acquiring Canada’s Nexen Inc, it will also confound the doubting Thomases by growing its new subsidiary into a successful international oil and gas player from its expanded Calgary base, predicts Ernst & Young’s lead oil and gas consultant for Canada. Speaking to EnergyAsia...