(EnergyAsia, February 7 2014, Friday) — Oil and gas M&A activity was significantly lower in 2013 in value and volume, with supply challenges expected to restrict activity over the next 12 months, said consultant EY. http://energycontents.com/index.php?route=product/product&path=60&product_id=301 In its latest review, EY found that the value of oil and gas M&A activities had fallen by 21%...
(EnergyAsia, February 7 2014, Friday) — After years of debate and planning, the Singapore Refining Company (SRC) has decied it will proceed to invest US$500 million to upgrade its 290,000 b/d refinery on Jurong Island. Equal shareholders Chevron and Singapore Petroleum Company (SPC), a fully-owned subsidiary of PetroChina International, will add a cogeneration plant to...
(EnergyAsia, February 6 2014, Thursday) — Oil and gas companies will spend a total of US$260 billion in deepwater operations between 2014 and 2018, up 130% from the preceding five years, predicts consultant Douglas Westwood (DW). The bulk of about US$213 billion will be invested in Africa and the Americas, which have the most attractive...
(EnergyAsia, February 6 2014, Thursday) — In anticipation of Japan’s power sector reform, trading house Marubeni Corp has set up a new subsidiary with near-term plans to add at least 400MW of capacity through the construction of four power plants to serve the greater Tokyo market. Marubeni Thermal Power Co Ltd (MTPC), which will operate...
(EnergyAsia, February 5 2014, Wednesday) — Singapore’s maritime and environment agencies said they are continuing work to contain two oil spills as well as clean-up of two offshore Islands affected by two separate vessel collisions last week. On January 29 at about 6.30 pm, the Maritime and Port Authority (MPA) said it was informed that...
(EnergyAsia, February 5 2014, Wednesday) — South Korea’s largest utility, Korea Electric Power Corp (Kepco), is making progress in its plans in the Philippines by adding to the four power plants that it owns and operates in the country. It is planning to build two 100MW coal-fired power plants in Negros Occidental province, with the...
(EnergyAsia, February 4 Jan 2014, Tuesday) — UK-listed Altona Energy PLC said it would press on alone to develop a multi-billion-dollar project to convert coal to liquid fuels in Australia after state-owned China National Offshore Oil Company (CNOOC) relinquished its operatorship and 51% shareholding in their joint venture undertaking. http://energycontents.com/index.php?route=product/product&path=60&product_id=301 Altona said it agreed to...
(EnergyAsia, February 4 2014, Tuesday) — Still unable to operate its nuclear reactors, Japan’s Tokyo Electric Power Company (Tepco) has started 2014 with the addition of two ultra super critical coal-fired plants with a combined 1.6GW of capacity to the estimated 67GW capacity it had at the end of December. The company started up the...
(EnergyAsia, February 3 2014, Monday) — Cities will have to be better designed and planned to alleviate growing tensions and competition for resources as urbanisation gathers pace in response to the human population rising to over eight billion by 2050, said Royal Dutch Shell. “By 2050, the number of people living in cities is likely...
(EnergyAsia, February 3 2014, Monday) — A port owner has won approval to dispose nearly three million cubic metres of dredged mud into waters located just 25km from the world’s largest marine park as part of a multi-billion-dollar project to develop a major port for the export of coal from Australia’s Queensland state. State-owned North...
(EnergyAsia, January 31 2014, Friday) — Having earlier hinted at exiting Canada’s increasingly troubled oil sands patch, Thai state-owned upstream company PTTEP and Norway’s Statoil have surprised with a deal to swap their respective interests in the Kai Kos Dehseh (KKD) oil sands project in Alberta province. Statoil will remain as operator and assume full...
(EnergyAsia, January 30 2014, Thursday) — A BP-led consortium has begun producing oil from Azerbaijan’s offshore West Chirag platform in the Caspian Sea to mark the completion of the US$6 billion Chirag oil project. According to the UK major, which is operating the Azerbaijan International Operating Company (AIOC), the platform is producing 6,000 b/d of...
(EnergyAsia, January 29 2014, Wednesday) — Pulled down by a decline the final quarter, China’s oil demand grew at the same 2.5% rate last year as it did in 2012, said US oil media Platts. http://energycontents.com/index.php?route=product/product&path=60&product_id=301 While Platts reported that China consumed a record 9.83 million b/d for the year, it was still lower than...
(EnergyAsia, January 29 2014, Wednesday) — The Energy Information Administration (EIA) has begun 2014 where it left off last year with its latest forecast calling for stronger growth in global oil demand over the next two years. For 2014, it expects global oil demand to grow by 1.3% to reach 91.59 million b/d, and by...
(EnergyAsia, January 28 2014, Tuesday) — At a time when the supermajors are struggling to raise production and replenish reserves, Chinese state-owned giant CNOOC Limited has declared that it plans to raise hydrocarbon production and more than replace reserves for 2014. http://energycontents.com/index.php?route=product/product&path=60&product_id=301 China’s largest offshore oil and gas producer said it plans to raise its...
(EnergyAsia, January 28 2014, Tuesday) — South Korea’s state-owned KNOC is leading a consortium to build a 9.9-million-barrel oil products storage terminal at Ulsan port located about 380 km south of Seoul, said the country’s Ministry of Trade, Industry and Energy. KNOC will own a 51% stake with partners Dutch oil and chemical logistics firm...
(EnergyAsia, January 27 2014, Monday) — The Organization of Petroleum Exporting Countries (OPEC) has raised its forecast for this year’s global oil demand to reach 90.91 million b/d, up from 90.84 million b/d in its previous forecast in December. The cartel also raised its estimate for last year’s oil demand to 89.86 million b/d, up...
(EnergyAsia, January 27 2014, Monday) — The world will consume 92.5 million b/d of oil this year, up 1.3 million b/d or 1.4% from 2013, said the International Energy Agency (IEA). The agency’s latest monthly forecast boosted its predicted consumption increase by 90,000 b/d from last December’s 1.21 million b/d, attributed largely to the renewed...
(EnergyAsia, January 24 2014, Friday) — Four months after it was announced, details of a proposed refinery to be built in Dubai by Hong Kong-based China Sonangol International remain unavailable. http://energycontents.com/index.php?route=product/product&path=60&product_id=301 Last September, the joint venture firm between Angola’s state-owned oil company, Sonangol, and Hong Kong’s New Bright International Development signed a memorandum of understanding...
(EnergyAsia, January 24 2014, Friday) — Chinese state-owned Industrial and Commercial Bank (ICBC) will provide 70% of the financing for the estimated US$10 to $12 billion cost to build Ecuador’s delayed refinery in the western coastal province of Manabi. With the financing agreement in place, Ecuador’s President Rafael Correa said China National Petroleum Corp (CNPC)...
(EnergyAsia, January 23 2014, Thursday) — Under pressure to cut spending and improve profitability, Royal Dutch Shell has sold off its stakes in two advanced natural gas projects in Australia and is looking to reduce proposed and existing investments in Canada and elsewhere. After shocking the market with a rare profit warning last week, the...
(EnergyAsia, January 23 2014, Thursday) — Singapore’s bunker sales volume slipped slightly to an estimated 42.682 million tonnes last year for its second-consecutive year decline. At its peak in 2011, the port handled a record 43.154 million tonnes of bunker fuel sales to ships passing through Singapore. This fell to 42.685 million tonnes in 2012....
(EnergyAsia, January 22 2014, Wednesday) — Ending a long-running disagreement, Sinopec Group’s Addax Petroleum has signed a new agreement with the Gabonese government to drill for oil in the onshore Tsiengui, Obangue and Autour fields. http://energycontents.com/index.php?route=product/product&path=60&product_id=301 Gabonese Petroleum Minister Etienne Dieudonne Ngoubou said the contract’s signing on January 9 ended a long-running disagreement between his...
(EnergyAsia, January 22 2014, Wednesday) — Finland’s Wartsila said it has secured an order from a subsidiary of Indonesia’s state-owned PLN to help build a 200MW power plant that will be the country’s largest when it is fully operational by May 2015. Wartsila will lead PT Pembangunan Perumahan (Persero) Tbk (PT PP), one of Indonesia’s...
(EnergyAsia, January 21 2014, Tuesday) — Singapore’s shipping traffic and cargo throughput grew last year while bunker sales fell, said Transport Minister Lui Tuck Yew, citing data from the Maritime and Port Authority (MPA). http://www.amazon.com/Singapore-Energy-Economy-1960-2010-Routledge/dp/041568675X/ref=sr_1_1?s=books&ie=UTF8&qid=1348455717&sr=1-1&keywords=ng+weng+hoong+singapore Vessel arrivals totalled 2.33 billion gross tons (GT) for a 3.2% increase over 2012’s 2.25 billion GT, with container ships...