(EnergyAsia, March 2 2012, Friday) — Singapore’s marine and industrial conglomerate Sembcorp Industries said its net profit grew 2% from S$792.9 million in 2010 to S$809.3 million in 2011, while turnover was up 3% from S$8.8 billion to S$9 billion. (US$1=S$1.25) Its best performers continued to be its utilities and marine businesses, which accounted for (more…)
(EnergyAsia, March 2 2012, Friday) — Rotary Engineering Limited, a Singapore-listed provider of engineering, procurement, construction and maintenance (EPCM) services to the oil, gas and petrochemical industries, has reported a net profit of S$31 million on revenue of S$530.9 million for the year ending December 31 2011. This compared to S$63.7 million and S$704.2 million (more…)
(EnergyAsia, March 2 2012, Friday) — Dyna-Mac Holdings Ltd, a Singapore-based provider of engineering, procurement and construction (EPC) services to the offshore oil and gas and marine construction sector, said it made a net profit of S$5.6 million for the seven-month period ended December 31 2011, down from S$12.3 million for the same period in (more…)
(EnergyAsia, March 2 2012, Friday) — US major Chevron Corporation said its subsidiary, Chevron Nigeria Limited, has confirmed the start-up of oil production from the deepwater offshore Usan project in Nigeria. Operated by Total E&P Nigeria Limited which owns a 20% stake, the project will utilise a floating production, storage and offloading (FPSO) vessel with (more…)
(EnergyAsia, March 2 2012, Friday) — Dubai Electricity and Water Authority (DEWA) said it has launched two main 400/132KV substations and extended overhead lines at total cost of 900 million dirham. (US$1=3.7 dirham). Work on the two substations at Al Aweer and Meydan included extending 400KV overhead lines throughout Mushrif, Warsan, Meydan and Jebel Ali. (more…)
(EnergyAsia, March 1 2012, Thursday) — As a long-term strategy to reduce poverty, Asia should adopt a package of measures that combines people’s access to modern energy for heating, cooking and electricity with the ability to generate cash, supplement incomes and improve health and education The UN Development Programme (UNDP) recently unveiled this ‘energy plus’ (more…)
(EnergyAsia, March 1 2012, Thursday) — A consortium comprising Japanese trading house Marubeni and US engineering firm Black & Veatch has completed the fifth phase of a combined-cycle cogeneration plant in southern Thailand for the Glow Energy Public Company, Ltd. The low-emissions natural gas plant delivers a clean, reliable source of steam and electricity to Thailand’s (more…)
(EnergyAsia, March 1 2012, Thursday) — India’s Thermal Powertech Corporation India Limited (TPCIL) has secured 10 years of coal supply from Indonesia’s PT Bayan Resources Tbk for its new 1,320 power plant due to start up in Andhra Pradesh state in 2014. Singapore’s SembCorp Industries, which owns a 49% stake in TPCIL, said PT Bayan will (more…)
(EnergyAsia, March 1 2012, Thursday) — Dubai’s Supreme Council of Energy (SCE) recently reviewed the implementation of the emirate’s strategy to ensure the long-term sustainable supply of natural gas. The review of Dubai’s Integrated Gas Strategy 2030 was led by the SCE’s chairman, Sheikh Ahmed bin Saeed Al Maktoum, who chaired its 15th meeting at (more…)
(EnergyAsia, March 1 2012, Thursday) — The US Securities and Exchange Commission (SEC) has charged two Chinese executives linked to previously NYSE AMEX-listed Puda Coal with defrauding investors of hundreds of millions of dollars by stealing and selling the mining company’s assets in China. The SEC lawsuit charges Zhao Ming, the current chairman of Puda (more…)
(EnergyAsia, February 29 2012, Wednesday) — Wages and confidence are surging in the global oil and gas industry, according to the joint annual salary survey produced by consultants Hays Oil & Gas and leading jobsite Oil and Gas Job Search. The Salary Guide, based on over 14,000 respondents worldwide, reveals an industry generally brimming with (more…)
(EnergyAsia, February 29 2012, Wednesday) — ExxonMobil expects global energy demand to rise by about 30% from 2010 to 2040 as economic output more than doubles while the world population grow to nearly 9 billion people from just under seven billion over the same period. The developed economies of the Organization for Economic Cooperation and (more…)
(EnergyAsia, February 29 2012, Wednesday) — China said it wants to repair ties with South Sudan following “misunderstandings” that led to the African oil producer expelling the Chinese head of the local oil producing and pipeline company. Last week, the government of recently independent South Sudan said it expelled Liu Yingcai, President of Petrodar, for...
(EnergyAsia, February 29, Wednesday) — China’s Ministry of Land and Resources said the upstream hydrocarbon industry substantially boosted its oil and natural gas discoveries in 2011 to record its second most successful year since the country’s founding in 1949. It found 1.37 billion tonnes of proven oil reserves, up 20.6% compared with 2010, and 765.95...
(EnergyAsia, February 29 2012, Wednesday) — China’s oil imports exceeded five million b/d for the first time last year, raising the country’s dependence on external supplies beyond 55% and putting it on course to reach 67% by 2020, according to an analysis by the CNPC Economics& Technology Research Institute. Of growing concern to Chinese policy...
(EnergyAsia, February 28 2012, Tuesday) — A consortium led by US major Chevron Corp plans to spend US$5 to US$6 billion in a five-year drilling programme as part of an estimated US$20 to US$25 billion project to further develop Central Asian country’s biggest producing oil field. Chervon’s 50%-owned the TengizChevroil LLP venture will drill Kazakhstan’s (more…)
(EnergyAsia, February 28 2012, Tuesday) — Thailand’s Bangchak Petroleum Plc (BCP) said it plans to invest eight billion baht to over the next eight years to upgrade its 120,000 b/d refinery and expand its nameplate capacity by 20%. (US$1=30 baht). President Anusorn Sangnimnuan said the upgrade and expansion the Bangkok-based plant will be part of...
(EnergyAsia, February 28 2012, Tuesday) — Thai state upstream company PTTEP has offered to acquire UK-listed Cove Energy plc for £1.196, or nearly US$1.9 billion, surpassing Royal Dutch Shell’s competing bid of US$1.6 billion submitted earlier last week. (US$1= £0.63). Shell is expected to raise its price this week for Cove Energy, which holds an (more…)
(EnergyAsia, February 28 2012, Tuesday) — Hong Kong-listed investment company Ruifeng Petroleum Chemical Holdings Limited said it has signed a letter of intent to sell off an unspecified “substantial” equity stake to Black Sea Horizon Investment Holdings Limited and Beijing Xuan Fu. The announcement came just as Beijing Black Sea and real estate company, Beijing (more…)
(EnergyAsia, February 28 2012, Tuesday) — Australia’s largest downstream company reported what could be its largest loss of A$714 million after writing down the value of its two ageing refineries that can no longer compete against larger and newer export plants in Asia and the Middle East. (US$1=A$0.94). Caltex Australia Ltd said the outlook for (more…)
(EnergyAsia, February 27 2012, Monday) — Led by natural gas and coal, China’s total energy consumption grew by 7% last year to 3.48 billion tons of standard coal equivalent, said the National Bureau of Statistics (NBS). Natural gas demand surged 12% while coal grew by 9.7%, and crude oil use rose by a mere 2.7%....
(EnergyAsia, February 27 2012, Monday) — Indonesia’s state-owned oil and gas company Pertamina is targeting to complete its US$1.4 billion project to upgrade its 348,000 b/d refinery in Cilacap, Central Java by end-2014. Two months after the project was officially launched by Indonesian President Susilo Bambang Yudhoyono, the company expects to meet its deadline of...
(EnergyAsia, February 27 2012, Monday) — Australian engineering and construction company Clough Limited said its joint venture with Curtain been awarded work orders worth approximately A$145 million associated with the liquefied natural gas (LNG) upstream infrastructure project in Papua New Guinea. (US$1=A$0.94). The PNG LNG project is an integrated development that includes gas production and...
(EnergyAsia, February 27 2012, Monday) — BENTEK Energy, a Colorado, US energy information and analytics company, said the Brent-WTI crude oil price differential will range between minus US$10 to US$25 a barrel or an average of US$14 over the next five years. For now, the average Brent-WTI spread for April 2012 to 2016 stands at (more…)
(EnergyAsia, February 27 2012, Monday) — Canadian upstream company Talisman Energy Inc said it has sold stakes in nine of its exploration licences in Papua New Guinea’s onshore Western Province to Japan’s Mitsubishi Corporation (MC) for US$280 million. Talisman said the farmout deal is effective January 1 2012, subject to approvals by government and joint (more…)