(EnergyAsia, November 3 2011, Thursday) — Thailand’s state PTT Exploration and Production Public Company Limited (PTTEP) said it made a net profit of US$250 million for the July-September quarter, down 32% compared with US$370 million for the second quarter. It blamed the decline on losses from non-recurring items totalling US$178 million due to an unrealised foreign (more…)
(EnergyAsia, November 3 2011, Thursday) — Australia’s C@Limited said it will acquire eight highly prospective Mongolian coal licences for US$7.8 million after signing a conditional agreement with Peabody‐Winsway Resources to purchase the entire issued capital in its subsidiary BDBL. C@Limited said the eight coal licences cover 625 square kilometres in a major emerging coal province. (more…)
(EnergyAsia, November 2 2011, Wednesday) — The fourth Singapore International Energy Week (SIEW) conference opened yesterday with its focus on the theme of “Securing Our Energy Future” Nobuo Tanaka, former Executive Director of the International Energy Agency (IEA) delivered the conference’s main speech, “Comprehensive Energy Security”, on Monday. He told the audience of more than (more…)
(EnergyAsia, November 2 2011, Wednesday) — Intense international jockeying for a share of possibly the world’s largest coal deposit has led to a delay in billions of dollars worth of investment flows into impoverished Mongolia. The government has rescinded the award of the western section of the Tavan Tolgoi deposit to a consortium of private...
(EnergyAsia, November 2 2011, Wednesday) — Hong Kong Stock Exchange-listed Yanzhou Coal Mining Co blamed foreign exchange losses for a 70% decline in its third-quarter profit compared with the same period last year. In a statement to the exchange, China’s fourth-largest coal producer said its profit fell to 1.1 billion yuan from 3.7 billion yuan...
(EnergyAsia, November 2 2011, Wednesday) — South Korea’s LG International has begun producing bituminous coal in at its 30%-owned mine in China’s Inner Mongolia autonomous region with recoverable reserves estimated at 180 million tons. Starting October, the mine is slated to initially produce five million tons of coal a year, eventually rising to 10 million...
(EnergyAsia, November 2 2011, Wednesday) — China’s coal consumption rose 10.3% to 2.28 billion metric tons in the first nine months of 2011 compared with the same period last year, according to the country’s leading economic planning agency. The National Development and Reform Commission (NDRC) said the increased demand was met by imports which surged...
(EnergyAsia, November 1 2011, Tuesday) — India’s power regulator has warned that the country may not meet its ambitious economic growth targets on account of worsening electricity shortages brought on by persistent coal supply shortages. India has failed to sufficiently raise domestic output and imports to meet its surging demand for coal, jeopardising the government’s...
(EnergyAsia, November 1 2011, Tuesday) — Norway’s DNV said it is working with government and industry partners in Asia to develop guidelines and best practices for capturing and storing carbon dioxide and assessing risks associated with such projects. DNV said it is in dialogue with the region’s energy ministries and leading energy companies to undertake...
(EnergyAsia, November 1 2011, Tuesday) — Australia-listed OGL Resources Limited said it is near to securing haulage capacity for its Ebenezer coal mine in Queensland state, with the receipt of an indicative access proposal (IAP) from rail operator QR National. OGL said its preferred rail operator, QR National, has submitted an operating plan to rail...
(EnergyAsia, November 1 2011, Tuesday) — Energy consultant Wood Mackenzie expects metallurgical coal prices dropping from the current quarterly price of US$285/tonne for premium hard coking coal to under US$240/tonne a year from now. Still, it said this price remains significantly above the marginal cost of production, and the product remains strongly demanded among Asian (more…)
(EnergyAsia, November 1 2011, Tuesday) — A consortium comprising Singapore’s Sembawang Shipyard and Indonesian shipowning company PT Scorpa Pranedya has secured a US$300 million contract from Mobil Cepu Ltd to convert a tanker into a floating storage offloading (FSO) facility to produce oil in Indonesia’s offshore Cepu block. Mobil Cepu, an Exxon Mobil Corp subsidiary, (more…)
(EnergyAsia, October 31 2011, Monday) — Canada’s maritime transport group Teekay LNG and Japanese trading house Marubeni Corp have agreed to jointly buy Danish shipping group AP Moller-Maersk’s liquefied natural gas (LNG) shipping subsidiary for US$1.402 billion. In separate statements, the companies said the new joint venture firm will fully acquire six of the subsidiary’s (more…)
(EnergyAsia, October 31 2011, Friday) — It pays to be politically aligned to the West if you’re a major oil and gas producer, according to a study by consultant Geopolicity. Its latest research found that the economies of the region’s most important Western allies, UAE, Saudi Arabia, Qatar and Kuwait, benefitted significantly from high oil...
(EnergyAsia, October 31 2011, Monday) — Japan’s Mitsubishi Heavy Industries Ltd (MHI) said it has secured a deal to build two new-generation liquefied natural gas (LNG) carriers for two leading Japanese shipping firms. MHI said it will deliver the first of the “Sayaendo” series carriers to Osaka Gas Co Ltd’s Osaka Gas International Transport Inc...
(EnergyAsia, October 31 2011, Monday) — The Kitimat LNG consortium said it has been granted a 20-year licence by Canada’s National Energy Board (NEB) to export liquefied natural gas (LNG) to international markets. Apache Canada Ltd, a subsidiary of US Apache Corp, EOG Resources Canada Inc and Encana Corporation will build the Kitimat LNG export...
(EnergyAsia, October 31 2011, Monday) — Royal Dutch Shell and its partners have purchased an abandoned methanol plant site at Kitimat in western Canada as part of their long-term plan to develop and export liquefied natural gas (LNG) to Asia. The consortium comprising Shell, Mitsubishi Corp, Korea Gas Corp and Chinese National Petroleum Corp (CNPC)...
(EnergyAsia, October 28 2011, Friday) — UK’s BG Group said it has signed an agreement with Sabine Pass Liquefaction LLC to purchase 3.5 million tonnes per annum (mtpa) of liquefied natural gas (LNG) over a 20-year period from the Sabine Pass LNG terminal in Louisiana state in the US. Sabine Pass is a subsidiary of (more…)
(EnergyAsia, October 28 2011, Friday) — US major Chevron Corp said its Thailand subsidiary has started producing natural gas from the Platong II project in the Gulf of Thailand. The US$3.1 billion project is expected to raise production of natural gas to 330 million cubic feet per day and of natural gas liquids to 18,000 (more…)
(EnergyAsia, October 28 2011, Friday) — The Organisation of Petroleum Exporting Countries (OPEC) expects world oil demand to increase by 900,000 b/d to 87.81 million in 2011 and 1.19 million b/d to 89.01 million b/d next year. Reflecting the deterioration in the global economic environment, OPEC’s latest monthly forecast represents a downgrade from its previous...
(EnergyAsia, October 28 2011, Friday) — Australia’s Export Finance and Insurance Corporation (EFIC) said it is providing a US$100 million export finance guarantee to support senior secured loan facilities of A$3 billion for the construction and operation of the Wiggins Island Coal Export Terminal (WICET) in the Port of Gladstone in Queensland state. (US$1=A$0.95). The...
(EnergyAsia, October 27 2011, Thursday) — OxfordPrinceton is organising the following courses for energy professionals in Singapore in November. Front to Back Office: Trading Controls and Best Practices (FTBO) on November 14. This fascinating and interactive workshop will give delegates a thorough understanding of best practice controls to be applied in commodity trading activities. Delegates (more…)
(EnergyAsia, October 27 2011, Thursday) — Vietnam’s state-owned Petrolimex and South Korea’s Daelim Industrial Co Ltd remain in talks to build the Southeast Asian country’s third oil refinery. Petrolimex said it would retain a 60% stake in the proposed 200,000 b/d refinery which it expects to start up by 2015 although Daelim has revealed that...
(EnergyAsia, October 27 2011, Thursday) — World oil demand will rise by one million b/d to 89.2 million b/d in 2011 and 1.3 million b/d to 90.5 million b/d next year, according to the latest monthly forecast by the International Energy Agency (IEA). Almost all the demand growth will come from the emerging economies led...
(EnergyAsia, October 27 2011, Thursday) — The western economies are in decline, but oil prices surged this week to a three-month high as world demand continues to grow while supply is seen tightening going into 2012. Brent held strong in the US$110-$115 range while US WTI broke through US$90 after being held back at US$80-85...