(EnergyAsia, July 2, Thursday) — Australia’s Investec Bank is financing an A$250 million project to tap wave energy. (US$1=A$1.25). The project, led by Carnegie Corporation in Western Australia, aims to harness the power of the ocean to generate electricity without producing greenhouse gases. Wave energy is used to pump water from the seabed through pipelines...

(EnergyAsia, July 2, Thursday) — Crude oil prices surged to an eight-month high of well above US$73 a barrel yesterday as bullish sentiments continue to flow through the markets. Several factors have been at work in recent months to rescue prices from their low point in the mid-$30s early in the year. The International Energy...

(EnergyAsia, July 2, Thursday) — BP and Indonesian state-owned oil and gas company Pertamina have completed two deals involving a production sharing contract and the development of coalbed methane. BP said it has sold off its wholly-owned subsidiary, BP West Java Limited (BPWJ), to Indonesian state-owned oil and gas company Pertamina for $280 million. The...

(EnergyAsia, July 2, Thursday) — China’s Huaneng Power International, Inc said it has been approved by the National Development and Reform Commission to build a second wind power plant in Gansu province. Huaneng said it will finance a third of the proposed RMB2.037 billion cost for building the 199.5MW Gansu Ganhekou Second Wind Power Project....

(EnergyAsia, July 1, Wednesday) — China’s wind power generation capacity has reached 12 million kilowatts (KW), making it the world’s fourth largest wind power producer after the US, Germany and Spain. China’s 200 wind power plants now accounts for 1.5% of its overall installed electricity generation capacity.   The government is planning more wind power...

(EnergyAsia, July 1, Wednesday) — China’s Hainan island province expects to start up three wind power projects this year. A total of 33 turbines on the Danzhou Eman wind farm is due to start generating electricity by December while the Sigeng and Dongfang Gancheng wind farms will begin operating from September. China’s total installed wind...

(EnergyAsia, July 1, Wednesday) — The Chinese government has launched a campaign to achieve huge energy savings through improved air conditioners and other electrical appliances. It estimates that the country’s use of energy-efficient air conditioners could help it save 75 terawatt hours of electricity each year. That translates to 75 million tonnes of carbon dioxide...

(EnergyAsia, July 1, Wednesday) — The Indonesian government has proposed to raise the country’s biofuel subsidy to 1.55 trillion rupiah next year. (US$1=10,132 rupiah).   The increase was linked to the increase in international crude oil prices, according to the country’s director general for oil and gas.   Crude has more than doubled since the...

(EnergyAsia, July 1, Wednesday) — The Singapore government will develop and own the country’s first liquefied natural gas (LNG) import terminal, taking over from a consortium comprising state PowerGas Limited and GDF Suez. This decision was announced yesterday by S. Iswaran, Senior Minister of State for Trade and Industry, and Education, at the Next Generation...

(EnergyAsia, July 1, Wednesday) — Australia’s AGL Energy Limited (AGL) said it has acquired two wind farm developments from Transfield Services Limited for A$9 million. (US$1=A$1.25). Under the agreement, AGL acquired the right to install up to 62 turbines (estimated capacity between 124 MW and 186 MW) at Barn Hill, located 170km north of Adelaide...

(EnergyAsia, July 1, Wednesday) — Japan’s Mitsubishi Heavy Industries Ltd (MHI) said it has been selected to provide E.ON UK’s carbon dioxide (CO2) capture technology for application in a demonstration competition organised by the UK government. MHI, in consortium with UK’s Foster Wheeler Energy Limited, has received an order from E.ON UK plc, a leading...

(EnergyAsia, June 30, Tuesday) — Oman Oil has been invited to increase its 2% stake in India’s proposed Bina oil refinery project to 26%. The refinery is a joint venture between India’s Bharat Petroleum Corp Ltd (BPCL) and Oman Oil. Indian news reports said Oman Oil could be ready to pay Rs104 billion for the...

(EnergyAsia, June 30, Tuesday) — Asian buyers of liquefied natural gas (LNG) are seeking better terms from suppliers amid evidence of oversupply on the market. Some buyers are resorting to clauses in their long-term contracts that allow them to defer take-up of cargoes while others are increasingly reluctant to commit to long-term contracts. One influential...

(EnergyAsia, June 30, Tuesday) — Singapore’s guardian against fraud and commercial malpractices, the Corrupt Practices Investigation Bureau (CPIB), engaged the bunkering sector last week at last week’s “BUNKER INDUSTRY: Trading, Pricing and Operating Risks” conference held at Suntec City in Singapore. During June24-25 event, organised by August Energy Pte Ltd, Ang Seow Lian, an assistant...

(EnergyAsia, June 30, Tuesday) — Malaysian engineering firm Dialog Group has announced its biggest project to date to build a US$1 billion crude oil storage terminal and port facility in Pengerang in the southern Malaysian state of Johor. Construction of the terminal, with the capacity to store up to five million cubic metres, is expected...

(EnergyAsia, June 30, Tuesday) — Chinese oil officials predict the country will likely raise its stockpile of oil products by 35% to 70 million cubic metres by 2015, up from 52 million cubic metres at the end of last year. State oil giants PetroChina and Sinopec will account for the bulk of the increased stockpile....

(EnergyAsia, June 30, Tuesday) — Malaysian state oil and gas company Petronas, the pillar for the national economy, could be the focus of a long-term struggle between powerful political factions amid the worsening economic climate. Founded in 1974 to safeguard and develop the country’s oil and gas reserves, the company has long been dominated by...

(EnergyAsia, June 30, Tuesday) — The Maldives government is inviting international oil companies to help it develop an oil storage and bunker supply business to serve ships and fishing fleet in the Indian Ocean. The Maldives National Oil Company (MNOC) wants to team up with experienced traders or storage companies to build and operate a...

(EnergyAsia, June 29, Monday) — International oil traders continue to maintain large stockpiles of crude oil in tankers, helped by the contango market that pays for the cost of storage. Traders estimate they are holding a total of 70 million barrels in various locations at sea around the world, down from about 100 million barrels...

(EnergyAsia, June 29, Monday) — A joint venture company between Saudi Aramco and France’s Total said it has awarded the engineering, procurement and construction (EPC) contracts for the proposed 400,000 b/d oil refinery in the Saudi Arabian city of Jubail. Saudi Aramco Total Refining and Petrochemical Company (SATORP) said the awards of the contracts will...

(EnergyAsia, June 29, Monday) — Analysts at major investment banks have upgraded their outlook for Indonesia’s economy as well as their ratings for the stocks of several companies to “overweight” following the success of the recent legislative election. Under President Susilo Bambang Yudhoyono, who is now favourite to win next month’s Presidential election, Indonesia has...

(EnergyAsia, June 29, Monday)— Oil refiners could be the big losers if plans by US President Barack Obama to raise vehicles’ fuel efficiency are implemented. A huge critic of the US auto industry, President Obama wants the government to mandate that vehicles sold in the US emit one third less carbon dioxide by 2016 and...

(EnergyAsia, June 29, Monday) — Analysts are warming to the outlook for Asia’s coal mining companies on a combination of rising prices, growing demand, supply constraints and prospects for mergers and acquisitions for the rest of 2009. Strong coal demand from China has pushed Asian coal prices to over US$60 per tonne for most of...