(EnergyAsia, July 26 2011, Tuesday) — US engineering and construction firm CB&I said it has been awarded two contracts, worth more than US$560 million, to build storage tanks in Saudi Arabia and an unnamed Asian country. In Saudi Arabia, it will build a storage tank project, valued at more than US$60 million, for the Ma’aden...
(EnergyAsia, July 26 2011, Tuesday) — The Indonesian government is planning to open up the business of importing liquefied natural gas (LNG) to the private sector as it struggles to meet the country’s fast-growing energy demand, said Industry Minister M.S. Hidayat. His ministry has found that domestic production will meet only half the country’s industrial...
(EnergyAsia, July 26 2011, Tuesday) — Singapore-based bathroom products supplier Sim Siang Choon Limited (SSC) said shareholders have approved two resolutions for the company to shift its focus to exploring and producing energy, and to rename it Loyz Energy Limited. At an extraordinary general meeting last week, SSC shareholders approved the two resolutions for company to...
(EnergyAsia, July 26 2011, Tuesday) — Australian upstream company is strengthening its position as a natural gas player with its proposed share-swap acquisition of Eastern Star Gas Limited (ESG) which owns extensive coal seam gas reserves near Gunnedah in north-western New South Wales state. The deal, worth A$924 million, calls for ESG’s owners to swap...
(EnergyAsia, July 25 2011, Monday) — Power companies will consume about 40 billion litres or 250 million barrels of oil in FY2012, up from about 13.5 billion litres or 85 million barrels in the last financial year of 2010 ending March 31 2011, said the President of the Petroleum Association of Japan (PAJ). At a...
(EnergyAsia, July 25 2011, Monday) — The Philippines government has begun stockpiling diesel fuel, starting with a purchase of about 50 million litres over the last two months. Philippine National Oil Company – Exploration Corporation (PNOC-EC) has allocated around 2.4 billion peso to acquire its first 50 million litres of diesel stockpile. (US$1=42 peso). In...
(EnergyAsia, July 25 2011, Monday)— With more than 296.5 billion barrels of crude oil in the ground, Venezuela displaced Saudi Arabia as the holder of the world’s proven reserves last year, said the Organisation of Petroleum Exporting Countries (OPEC). In its annual statistical bulletin, the cartel recognised Venezuela’s claim to have boosted its reserves by...
(EnergyAsia, July 22 2011, Friday) — As the investment banking community continues to sound the alarm of tight oil markets and rising oil prices, US energy consultant ESAI is offering a contrarian view that the oil markets are “not that tight and the IEA’s strategic stock draw is significant.” OPEC production is up and will...
(EnergyAsia, July 22 2011, Friday) — The International Energy Agency (IEA) expects world oil demand to grow by 1.5 million b/d to climb to a record high of 91 million b/d. Growth will be driven entirely by the developing economies, offsetting the slight decline in OECD demand. This year’s global oil consumption is expected to...
(EnergyAsia, July 22 2011, Friday) — Caltex said it is investing A$80 million to build a 85-million-litre oil terminal in Adelaide city that on completion by 2013 will double the fuel storage capacity of South Australia state. Construction is expected to start later this year, with plans for its expansion to store 135 million litres...
(EnergyAsia, July 22 2011, Friday) — US Peabody Energy said it and the government of China’s Xinjiang Uyghur Autonomous Region have signed an agreement to develop a 50- million-ton-per-year surface mine that would supply coal to China for several decades. Peabody will construct, manage and operate the project into one of the largest surface mines...
(EnergyAsia, July 21 2011, Thursday) — US engineering giant CB&I said its joint venture with Ireland’s Kentz Corp has been awarded a US$2.3 billion contract by Chevron Australia Pty Ltd to provide mechanical, electrical and instrumentation work on the Gorgon natural gas project on Barrow Island in Western Australia state. Scheduled to be completed in...
(EnergyAsia, July 21 2011, Thursday) — Qatar Petroleum (QP) and Japan’s JX Nippon Oil & Gas Exploration Corp will jointly explore for gas off the northern coast of Qatar. Under a 30-year agreement, JX Nippon will initially invest US$100 million to explore a 6,173-sq km area, and will invest more if the partners discover gas....
(EnergyAsia, July 21 2011, Thursday) — Japan’s demand for oil, liquefied natural gas (LNG) and coal to fuel power plants as well as electricity costs are set to surge if the government moves to shut down all of the country’s 54 nuclear reactors in response to public safety concerns in the wake of the March...
(EnergyAsia, July 20 2011, Wednesday) — Loyz Oil Pte Ltd, the oil and gas exploration and production (E&P) arm of Singapore’s Sim Siang Choon Limited (SSC), said it has signed an agreement to cooperate with Rex Oil & Gas Limited in undertaking upstream activities in the Asia Pacific region. The two companies will jointly explore...
(EnergyAsia, July 20 2011, Wednesday) — Dutch oil and chemical logistics firm Royal Vopak said it has fully acquired India’s CRL Terminals Pvt Ltd in the Port of Kandla, giving it a stake in the country’s fast growing oil and chemicals storage market. Comprising two sites with a total capacity of 261,600 cubic meters (cbm),...
(EnergyAsia, July 20 2011, Wednesday) — Iran has warned that it will stop supplying 400,000 b/d of crude oil to India unless it is fully paid for more than US$5 billion owed for past shipments. While admitting that it owes Iran, the Indian government is facing internal bureaucratic disagreement and hurdles over how best to...
(EnergyAsia, July 19 2011, Tuesday) — With the oil sands production out of Alberta province due to rise substantially by 600,000 to 700,000 b/d by 2015 and over 1.2 million b/d by 2020, Canada must move faster to build infrastructure (pipelines or a unit-train system) to support exports to Asia’s fast-growing markets. The latest in...
(EnergyAsia, July 19 2011, Tuesday) — Thai state upstream oil and gas company PTTEP has submitted an application to the Australian government to develop a floating natural gas (FLNG) platform off Darwin city in the Northern Territory state. Located 680km off the coast, the 400-metre-long platform will produce and liquefy natural gas at sea. Environmentalists...
(EnergyAsia, July 19 2011, Tuesday) — A Sinopec subsidiary has started building an oil storage terminal on Hainan Island to serve domestic fuel markets as well as the needs of nearby Hong Kong and Southeast Asia. When completed at a cost of RMB4 billion mid-next year, the project’s first phase will consist of 2.05 million...
(EnergyAsia, July 19 2011, Tuesday) — Singapore-listed upstream company Mirach Energy Limited said it has signed an agreement with PT Pertamina EP, Indonesia’s state-owned oil and gas company, to eventually raise oil production to 1,000 b/d from the mature Kampung Minyak field in southern Sumatra. Producing about 80 barrels of oil per day, Kampung Minyak...
(EnergyAsia, July 18 2011, Monday) — The Indian government has raised its budget to build the country’s first strategic crude oil storage terminal by 54% 10.38 billion rupees(US$1=45 rupees). The government had originally allocated R6.7 billion rupees to create an emergency one-million-tonne oil stockpile as a buffer against supply disruptions. With the growing risk of...
(EnergyAsia, July 18 2011, Sunday) – Asia’s rising energy demand and the rapid development of the shale gas industry could position the US to become a leading world supplier of liquefied natural gas (LNG) after 2015, said Standard Chartered Bank. In a research report, the bank said the US could be supplying more than 20...
(EnergyAsia, July 18 2011, Monday) — Two Asian companies have declared their intentions to invest in oil storage projects overseas for different reasons. With an eye to bolstering Taiwan’s energy supply security, state-owned refiner CPC Corp said it is looking to invest at least NT$60 billion in building oil depots in Indonesia, Malaysia and Vietnam....
(EnergyAsia, July 18 2011, Monday) — Wary of further dependence on imported energy, China is stepping up plans to tap its own vast reserves of shale and coalbed methane (CBM) gas to sharply raise the domestic production of natural gas. The world’s largest energy user is aiming to raise its CBM production from 8.6 billion...