(EnergyAsia, October 9 2014, Thursday) — North Sea Brent crude oil prices have been on an extended weak run trading below US$100 a barrel since September 5, even slipping below US$94 to its lowest level in more than two years. Ironically, Brent began falling after hitting a peak of US$115 a barrel on June 19...
(EnergyAsia, October 8 2014, Wednesday) — India remains deeply mired in an energy supply crisis, but for now, it is at least reaping the benefits of an unexpectedly prolonged weakness in global oil, gas and coal prices. Since reaching a peak of US$115 a barrel in June, Brent crude prices have plunged to a two-year...
(EnergyAsia, October 7 2014, Tuesday) — Singapore Exchange (SGX) is on course to offer electricity and energy futures trading after paying S$23 million to complete the takeover of the remaining 51% stake in the nation’s electricity market operator. (US$1=S$1.27). SGX, which bought a 49% in Energy Market Co (EMC) in August 2012, had announced its...
(EnergyAsia, October 3 2014, Friday) — The International Energy Agency (IEA) expects global oil demand growth to weaken over the next two years even after Brent crude’s sustained weak run below US$100 a barrel. Instead of inducing fresh buying, the oil market’s collapse — as Brent dipped below the US$100-mark for the first time since...
(EnergyAsia, October 3 2014, Friday) — The US Energy Information Administration (EIA) has raised its forecasts for global oil supply over the next two years while retaining its previous month’s prediction for consumption growth to remain little changed. In its September short-term outlook report, the agency said it expects global liquid fuels production to rise...
(EnergyAsia, October 1 2014, Wednesday) — Despite keeping unchanged its outlook for the global economy, the Organisation of Petroleum Exporting Countries (OPEC) has raised its latest monghtly forecast for global oil demand for 2014 and 2015. In its September report, the cartel said it expects the world to consume 91.19 million b/d in 2014 and...
(EnergyAsia, September 30 2014, Tuesday) — Dutch oil and chemical logistics giant Royal Vopak said it has completed the acquisition of a 30% stake in a 890,000 cubic metre (cbm) petrochemicals storage terminal in Gulei in China’s Fujian province. Commissioned last year, the renamed Vopak Terminal Haiteng was launched after the Dutch firm said it...
(EnergyAsia, September 29 2014, Monday) — The breakthrough announcement that Canada had secured its first liquefied natural gas (LNG) sales memorandum to Asia last week was completely overshadowed by the somewhat expected threat by the CEO of Malaysia’s state energy firm Petronas to call off its proposed C$9-to-$11 billion export terminal in British Columbia (BC)…
(EnergyAsia, September 25 2014, Thursday) — Pavilion Energy said it has signed another two long-term agreements to purchase liquefied natural gas (LNG) from the US as it plans to work with other companies to help develop Singapore into Asia’s trading and pricing hub for the fuel. The subsidiary of Singapore’s sovereign wealth fund Temasek Holdings...
(EnergyAsia, September 24 2014, Wednesday) — Investment decisions on many major upstream projects will be delayed if crude oil prices fall below US$85 a barrel at the same time that companies are struggling to contain rising business costs, said consulting firm Douglas Westwood (DW). Oil prices have been falling in recent months on account of...
(EnergyAsia, September 23 2014, Tuesday) — The statement at the end of a hurriedly concluded energy summit of the world’s biggest economic bloc on September 2 was conspicuous by what was not mentioned: the growing threats to global oil supplies from the expanding conflicts in Iraq, Syria, Libya, Sudan and Nigeria, the emergence of the...
(EnergyAsia, September 22 2014, Monday) — ExxonMobil said it has begun construction of a new plant at its Jurong facility in Singapore to meet Asia’s growing demand for grease. Located next to an existing lubricants plant, the new unit is expected to be completed and ready in 2016 to add to the US major’s network...
(EnergyAsia, September 19 2014, Friday) — Saudi Arabia could be pushing for crude prices to fall to US$85 a barrel for years in a desperate attempt to stop the oil-fuelled rise of the Islamic State (ISIS) terror group by undermining its finances, said the Bank of America Merrill Lynch. But the strategy would also inflict...
(EnergyAsia, September 18 2014, Thursday) — Phoenix Petroleum Philippines Inc has announced that it will build a jet fuel storage depot in Cebu province to serve Cebu Pacific Air, the country’s largest domestic airline. In its statement, the company did not provide details like the project’s estimated cost and storage capacity, and when it expects...
(EnergyAsia, September 16 2014, Tuesday) — Nearly two-thirds of the world’s 365 large oil and gas projects being implemented have exceeded their original combined budget of US$1.2 trillion by more than 40%, according to a new report by EY. Adding to this grim news, Axel Preiss, EY’s Global Oil & Gas Advisory Leader, said rising...
(EnergyAsia, September 15 2014, Monday) — Tajikistan’s President Emomali Rahmon and his visiting Chinese counterpart Xi Jinping were in Dushanbe city last Saturday to jointly launch two major energy projects to further integrate Central Asia with the world’s second largest economy. The leaders officially marked the start of construction of the Tajikistan section of Line...
(EnergyAsia, September 12 2014, Friday) — Brent crude prices hit a new 15-month low of US$96.72 a barrel hours after US President Barack Obama ordered the start of a new protracted war campaign in the Middle East with air strikes in Syria and Iraq to try stop the advance of the Islamic State (ISIS) military....
(EnergyAsia, September 11 2014, Thursday) — Fearing rising energy prices, Australian consumers could force the country’s booming liquefied natural gas (LNG) industry to limit its export plans, according to a new study by the UK-based Oxford Institute for Energy Studies. This will add to the growing list of challenges including rising business cost, labour shortages...
(EnergyAsia, September 10 2014, Wednesday) — India’s Adani Group is expected to soon begin work on Australia’s largest coal project which the UN, environmentalists and marine scientists say poses a long-term threat to the health of the Great Barrier Reef and its marine life. Speaking to India’s leading business executives in New Delhi last week,...
(EnergyAsia, September 9 2014, Tuesday) — The developer of a diesel fuel tank farm in South Australia’s Port Bonython said it will soon invite companies to bid for contracts for its construction. Petro Diamond Australia, a remote subsidiary of Japanese trading house Mitsubishi Corp, made the announcement after providing an update on the schedule for...
(EnergyAsia, September 8 2014, Monday) — With its refineries operating at record levels, the US has become a major exporter of oil products with first-half sales hitting a new high of 3.7 million b/d, said the US Energy Information Administration (EIA). Boosted by cheap domestic crude feedstock, the expansion of refining capacity together with pipeline...
(EnergyAsia, September 5 2014, Friday) — The refining industry will launch a total of two million b/d of new distillation capacity in 2015 that will lead to the “inevitable” shutdown of uncompetitive plants in Europe, said US consultant ESAI Energy. “Global refiners will add nearly two million b/d of distillation capacity in the coming 12...
(EnergyAsia, September 5 2014, Friday) — With the drastic cutback in its ambitious shale production plans, China will have to revert to relying on oil and gas imports to meet its growing energy demand. In 2013, China produced just 200 million cubic metres of its vast shale reserves, which the US Energy Information Administration (EIA)...
(EnergyAsia, September 4 2014, Thursday) — Singapore has launched the first phase of an underground oil storage terminal comprising five caverns with the capacity to hold a total of 1.47 million cubic metres of crude and condensate, and nine km of tunnels. State industrial landlord JTC Corp invested a total of S$1.7 billion to develop...
(EnergyAsia, September 3 2014, Wednesday) — Russia has started construction of the world’s largest natural gas pipeline to deliver an estimated US$400 billion worth of the fuel to China over 30 years from early 2019. Russian President Vladimir Putin and Chinese Vice Premier Zhang Gaoli jointly launched the construction of the 3,978-km pipeline on Russian...