(EnergyAsia, October 21 2010, Thursday) — China Petrochemical Corp, also known as Sinopec, is paying US$7.1 billion for a 40% stake in Repsol YPF SA’s Brazilian unit, making this China’s second-largest acquisition abroad. Analysts estimated that this represents a premium of more than 75% above what Petroleo Brasileiro SA paid last month for the assets....

(EnergyAsia, October 20 2010, Wednesday) — Russian gas giant Gazprom has agreed to supply China National Petroleum Corp (CNPC) 30 billion cubic meters of natural gas per year for 30 years starting 2015. However, they still have not settled the most difficult issue involving price after agreeing to other terms including the volume, starting time,...

(EnergyAsia, October 20 2010, Wednesday) — Dialog Group Bhd said it has been awarded the contract to exclusively build an independent deepwater petroleum storage terminal in Malaysia’s Johor state. The Malaysian engineering firm said it had been informed of the decision by the Johor state government to proceed with the project located in Pengerang town,...

(EnergyAsia, October 20 2010, Wednesday) — Japanese trading house Itochu Group and Qatar Petroleum are said to be interested to build an oil refinery-petrochemical complex in Vietnam’s Ba Ria-Vung Tau province. According to Vietnamese news report, construction of the US$4 billion Long Son refinery could start as early as 2013, with completion of the first...

(EnergyAsia, October 20 2010, Wednesday) — UAE-based oil products trader and supplier Gulf Petrochem said it has begun building an oil terminal at Fujairah in the UAE. To be completed by mid-2012, the project’s first phase terminal will have the capacity to store 412,000 cubic metres. Gulf is aiming to build a 1.2-million cubic metre...

(EnergyAsia, October 20 2010, Wednesday) — State-owned China National Offshore Oil Corp (CNOOC) said its subsidiary CNOOC International Limited is planning to invest US$2.16 billion in US-based shale gas producer Chesapeake Energy Corp. If the deal is approved by shareholders of the two companies, it would be the largest Sino-US energy deal. China’s third-largest oil...

(EnergyAsia, October 20 2010, Wednesday) — Singapore’s Keppel Offshore & Marine Ltd (Keppel O&M) said it has delivered the P-57 Floating Production Storage and Offloading (FPSO) vessel to SBM Offshore NV early, within budget and safely for use in Brazil. The vessel, one of the largest FPSOs to be used in Brazil, was converted from...

(EnergyAsia, October 20 2010, Wednesday) — BP said it has signed a new production sharing agreement (PSA) with the State Oil Company of the Republic of Azerbaijan (SOCAR) to jointly explore and develop the Shafag-Asiman structure in the Azerbaijan sector of the Caspian Sea. The PSA was signed in Baku earlier this month by Rovnag...

(EnergyAsia, October 19 2010, Tuesday) — Saudi Arabia’s Central Bank has warned that the country’s oil, gas and electricity consumption is growing at a faster rate than its economy and population, suggesting increased wasteful and inefficient use of energy. In calling for detailed research to help curb this trend, the bank said Saudi Arabia’s average...

(EnergyAsia, October 19 2010, Tuesday) — Increasing violence and terrorist attacks in Iraq are raising skepticism about the country’s plans to expand oil production by six times within seven years. Already, oil executives and engineering contractors are openly worried that investments in projects to boost production could be delayed. The government has announced that it...

(EnergyAsia, October 19 2010, Tuesday) — Iran has begun eliminating oil and gas subsidies in a move that could reform its economy and set an example for other energy-producing countries, said the International Monetary Fund (IMF). Started three months ago, the reforms “should remove distortions and restore efficiency” in the economy as they are aimed...

(EnergyAsia, October 19 2010, Tuesday) — Iraq’s move last week to boost its proven oil reserves by 24% to 143.1 billion barrels has met with both skepticism and hope amid recent warnings from industry researchers that global oil production could begin to slip over the next decade. Oil minister Hussain al-Shahristani made the announcement last...

(EnergyAsia, October 19 2010, Tuesday) –– Several companies in Singapore are expected to start up small power plants over the next two years to help meet their own inhouse demand. Green Power and Wyeth Nutritionals, part of drug maker Pfizer, Soxal and Biofuel Industries are preparing to build plants under a programme organised by the...

(EnergyAsia, October 19 2010, Tuesday) — Industry experts have offered opposing views of natural gas demand in Asia that could make or break Australia’s numerous LNG-export projects worth around A$200 billion, (US$1=A$1.01). In a research report, Citigroup Inc’s Sydney-based analyst Mark Greenwood wrote that a lack of customers could delay some Australian projects while increased...

(EnergyAsia, October 18 2010, Monday) — China Aviation Oil said it has signed a four-year agreement with oil major BP Singapore Pte Ltd to jointly supply jet fuel and gas oil to the Middle East, Asia and Europe from January 1. BP will administer their pool of fuel supplies under the new arrangement which succeeds...

(EnergyAsia, October 18 2010, EnergyAsia) — Indian Oil Corporation Limited (IOCL), the country’s largest oil marketing company, said it is planning to build a liquefied petroleum gas (LPG) terminal and bottling plant five km south of the port of Paradip in northeastern India. The company is also developing an integrated oil refinery and petrochemical complex...

(EnergyAsia, October 18 2010, Monday) — Thai state upstream company PTTEP said it has yet to obtain proof from Jakarta that an oil spill from one of its offshore fields last year caused damage to Indonesian territorial waters. The Indonesian government is seeking compensation of up to 22 trillion rupiah from PTTEP, which operated the...

(EnergyAsia, October 18 2010, Monday) — Saudi Aramco is examining a new formation in the Ghawar oil field in Saudi Arabia, expecting to uncover significant new reserves. Aramco said tapping into porous rock formations could enable it to raise production at the world’s largest oil field, which accounts for about six percent. An extensive micro-pore...

(EnergyAsia, October 18 2010, Monday) — Venezuela’s state-run PDVSA will have to delay plans to boost oil exports to China after a huge fire badly damaged one of its two main oil terminals last month. China imports around 3% of its crude requirements and 20% of its fuel oil needs from Venezuela and all of...

(EnergyAsia, October 18 2010, Monday) — Using new technology, energy companies could squeeze out as much as 15 billion barrels of oil from mature oil fields in Canada. Canada, which holds about 179 billion barrels of crude oil reserves, holds an additional 77 billion barrels deemed uneconomic to extract using existing technology, according to recent...

(EnergyAsia, October 18 2010, Monday) — Australia could become a leading producer of rare earth metals (REMs) after China began imposing export curbs of the metals which are essential to the production of cell phones, handheld electronic devices, laptop computers, electric vehicle batteries, wind turbines and solar panels. Major consumers such as Japan, Europe and...

(EnergyAsia, October 15 2010, Friday) — A regional oil storage and trading hub in Johor state, and a high speed train between Kuala Lumpur linking Singapore are among more than 100 major projects that the Malaysian government said it is planning to implement over the next 10 years. The projects under the government’s Economic Transformation...

(EnergyAsia, October 15 2010, Friday) — The Asian Development Bank (ADB) has successfully launched its clean energy bond to fund its many clean energy projects for the Asia-Pacific region. With tenors between four and seven years, the bond was issued in four tranches denominated in the following currencies: one each in Australian dollars and Turkish...