(EnergyAsia, March 24 2011, Thursday) — Higher start-up costs are eating into profit margins at more recent liquefied natural gas (LNG) projects in Australia, according to a recent report by Bernstein Research. Newer projects such as Pluto LNG and Gorgon LNG cost around US$3,000 a metric tonnes, more than three times the amount shelled out...
(EnergyAsia, March 23 2011, Wednesday) — Singapore’s offshore rig specialist Keppel FELS Ltd said it has landed a contract to build a US$210-million KFELS Super B Class jackup rig for Japan Drilling Co (JDC), with delivery scheduled for the first quarter of 2013. Keppel FELS said the new contract is the 12th for its mother...
(EnergyAsia, March 23 2011, Wednesday) — Singapore will allow its power companies to import more piped natural gas (PNG) from Indonesia and Malaysia to meet its growing electricity demand. The power companies can now use additional PNG to generate electricity until March 31 2013 when Singapore starts up its first liquefied natural gas (LNG) terminal,...
(EnergyAsia, March 23 2011, Wednesday) — A leading figure in China’s energy sector has called for the country to accelerate its push for energy conservation and efficiency as oil and gas prices head higher amid the latest geopolitical crises in the Middle East and North Africa. Zhang Guobao, former head of China’s National Energy Administration,...
(EnergyAsia, March 23 2011, Wednesday) — Two of the world’s largest oil companies, Saudi Aramco and China National Petroleum Corporation (CNPC), have announced plans to jointly invest in a 200,000 b/d refinery and downstream activities in China’s southern Yunnan province. This was Aramco’s second refinery deal with China this month to follow on its proposed...
(EnergyAsia, March 22 2011, Tuesday) — As political unrest in the Middle East and North Africa, and the nuclear crisis in Japan grabbed media attention, world oil supply rose to an all-time high of 89 million b/d in February, up 200,000 b/d from January, said the International Energy Agency (IEA). The increase came from non-OPEC...
(EnergyAsia, March 22 2011, Tuesday) — Singapore-based oil trading company Chemoil Energy Ltd said it has made changes to its senior management ranks. Mats Berglund joins Chemoil as the group’s chief financial officer and chief operating officer with effect from March 3 2011. Mr Berglund had held senior positions at Overseas Shipholding Group Inc, Stena...
(EnergyAsia, March 22 2011, Tuesday) –- Two of Iraq’s refineries, including its largest, were completely shut down for weeks following separate incidents in late February, contributing to the country’s fuel supply and power shortages. The 150,000 b/d Beiji refinery located 250km north of Baghdad was attacked by gunmen who also shot dead at least five...
(EnergyAsia, Feb 6 2011, Sunday) – South Africa’s Sasol Ltd is looking at opportunities in gas-to-fuel industry to take advantage of current low gas prices. The company has decided not to proceed with its plan to build a US$10 billion coal-to-fuels plant in Indonesia, which would have been an addition to its existing projects in...
(EnergyAsia, March 21 2011, Monday) — Brunei Shell Petroleum Sdn Bhd (BSP) said it has made a deepwater discovery in the Geronggong oil field off Brunei. The Royal Dutch Shell joint venture said the new field is located approximately 100 kilometres offshore where water depth is approximately 1,000 metres, the deepest water depth in which...
(EnergyAsia, March 21 2011, Monday) — China discovered new coal, gas and oil reserves in 2010, easing the depletion of energy resources caused by rising consumption to meet the needs of its rapidly growing economy. The Ministry of Land and Resources (MLR) said the country discovered more than 43 billion metric tons of coal, 1.15...
(EnergyAsia, March 21 2011, Monday) — China National Petroleum Corp (CNPC), the country’s largest oil and gas producer, has suspended production in Libya and evacuated all its employees from the crisis-hit North African country. CNPC has stopped all operations and sealed up its equipment in Libya, where it has been operating since 2002.The company said...
(EnergyAsia, March 21 2011, Monday) — Despite fighting the military might of the West and its allies, Libyan leader Mohamed Gaddafi has insisted the country’s oil fields and ports are still under his control. The long-time dictator of the North African country has defied international opinion and has promised to battle the rebels in the...
(EnergyAsia, March 18 2011, Friday) — By 2015, Asia is likely to be gobbling up around two-thirds of the world’s liquefied natural gas (LNG) supplies, up from 50%-55% at present, according to a Credit Suisse report. While the bulk of the increased demand will come from China and India, there will be new consumption from...
(EnergyAsia, March 18 2011, Friday) — The US Energy Information Administration (EIA) said it expects OPEC surplus capacity to fall from 4.4 million b/d in 2010 to 4.1 million b/d in 2011, followed by a further decline to 3.1 million b/d in 2012. It sees WTI crude averaging US$102 a barrel this year and US$105...
(EnergyAsia, March 17 2011, Thursday) — BP said it is investing A$50 million to expand and upgrade its fuel storage facilities at its Port Hedland Fuel Terminal in the Pilbara region in northern Western Australia state. (US$1=A$1). In consolidating its position as the largest fuel storage operator in the state, BP said it has added...
(EnergyAsia, March 17 2011, Thursday) — UK’s BG Group said it has signed an agreement to supply Japan’s Tokyo Gas Co Ltd 1.2 million tonnes of liquefied natural gas (LNG) a year for 20 years from 2015. The LNG will be sourced from the Queensland Curtis LNG (QCLNG) terminal on Curtis Island, near Gladstone in...
(EnergyAsia, March 17 2011, Thursday) — Citing supply cuts and growing war risks, Macquarie Research has sharply raised its Brent oil price forecast by 20% to US$117 a barrel. “Barely more than two months into the year, we have no choice but to revise up our old mid-January forecast. And we fully expect to have...
(EnergyAsia, March 16 2011, Wednesday) — Asia’s steam coal prices have been rising since last Friday’s 8.9-scale earthquake and tsunami devastated a large part of northern Japan, damaging or destroying a large part of their nuclear-power and refining capacities. FOB Newcastle, Australia prices edged up to just below US$130 per tonne on Tuesday (March 15),...
(EnergyAsia, March 16 2011, Wednesday) — The share prices of US coal companies are expected to rise further on expectations that Japan will need to increase imports to make up for the loss of its refineries and nuclear power plants from last Friday’s devastating earthquake and tsunamis. Japan has lost a significant portion of its...
(EnergyAsia, March 16 2011, Wednesday) — Canada could lose valuable exports of metallurgical coal for steel production to Japan in the short term as a result of last Friday’s devastating earthquake off northern Honshu Island. More than 2,000 people are confirmed dead while more than 10,000 are reported missing after an 8.9-richter quake and tsunamis...
(EnergyAsia, March 16 2011, Wednesday) — Australia’s energy exports to Japan could suffer “serious consequences” in the wake of the devastating 8.9-richter scale earthquake and resulting tsunamis that struck off northern Honshu Island last Friday, according to a University of Queensland economist. As Japan accounts for 23% of Australia’s energy exports, Liam Wagner, a research...
(EnergyAsia, March 15 2011, Tuesday) — Queensland Gas Company (QGC) is being investigated by the state government for breaching Australia’s national safety code after a local farmer discovered toxic chemicals contamination to an underground water source within the Great Artesian Basin system. QGC, which is leading A$15 billion project to develop coal seam gas or...
(EnergyAsia, March 15 2011, Tuesday) — The Chinese government has pledged to further improve safety in its coal mines after revealing a slight drop in coal mining deaths last year. The State Administration of Work Safety reported that 2,433 people died in coal mine accidents last year, down from 2,631 in 2009. In 2002, a...
(EnergyAsia, March 15 2011, Tuesday) — China Coal Energy Co Ltd said its coal sales for January surged 27.7% on year to 9.09 million tonnes.In a statement to the Shanghai Stock Exchange, the world’s third-largest coal miner said its output of commercial coal increased 5.6% on year to 8.82 million tonnes in January, while its...