the 2007 increased by 2.6% to 171 million barrels-of-oil-equivalent (BOE) while its proven reserves reached 2.6 billion BOE, with a reserve replacement ratio of 142%. Its net profit edged up by 1.1% to RMB31.26 billion while its revenue grew by about 2% to RMB90.72 billion. The Hong Kong-listed company said its board of directors has...

to 10% in October to reduce dependence on fossil fuels, said Petroleum and Natural Gas Minister Murli Deora. He made the announcement after meeting visiting Brazilian Minister of State for Industry and Foreign Trade Miguel Jorge in New Delhi. Brazil, the world leader in using fuel ethanol, is encouraging Indian companies to expand sugarcane production...

East Inc, has received a letter of award for engineering, procurement and construction of  6,500 tonnes of topside modules for the Peregrino floating, production, storage and offloading (FPSO) by contractors A.P. Moller – Maersk A/S. Projects of this nature are typically valued in excess of US$250 million. Engineering and procurement activity have started while the...

prices: they love it. They may even be secretly wishing for higher prices. Since US crude futures broke through the psychological $100-a-barrel barrier on the first trading day of 2008, there has been no signs of worry from producers that the world economy might crash or alternative energy would become viable or new exploration efforts...

installation of solar systems for 1,000 homes in a drive to broaden the use of environmentally friendly energy. Up till now, only 446 Queensland homes have solar systems. The subsidy reduces the cost of a home solar system to about A$1,500, from A$5,000 (US$1=A$1.08). Given the public’s positive response, the state is considering expanding the...

biofuel-kerosene mix from London to Singapore, showing that alternative fuels may be a realistic alternative for airlines around the world. The biofuel used in the Boeing 747 jet was based on babassu and coconut oil and mixed in a 20/80 ratio with kerosene. Virgin owner Richard Branson hailed the experiment a success, paving the way...

(EnergyAsia, April 2, Wednesday) — State-owned Ceylon Petroleum Corporation (CPC) plans to re-enter Sri Lanka’s bunker fuel market through a tie-up with international trader GAC Ships.CPC would provide fuel oil from its 50,000 b/d Colombo refinery that would be marketed and delivered by GAC.The move is expected to bring down bunker fuel prices in Colombo....

(EnergyAsia, April 2, Wednesday) — Despite the recent downward correction, the price of coal for power generation and steel plants are still expected to soar in the long term, analysts have forecast.Merrill Lynch said coking coal for steel could hit US$300/tonne, up from just under U$98 last year, reflecting a 200% jump. Meanwhile, thermal coal...

(EnergyAsia, April 2, Wednesday) — Green groups warn that the Indonesian government’s decision to allow miners operate in the country’s rainforests for a small fee will cause massive environmental damage.In February, the government issued a decree that allows mining firms to pay a fee of only US$200 per hectare of forest land for mining, waste...

(EnergyAsia, April 2, Wednesday) — China Holdings Inc, a global diversified asset holdings company said its wholly-owned subsidiary, China Power Inc, has executed a development and construction agreement with the Huaxian local government inHunan province in China.This brings the company’s total potential alternative energy power generation capacity to 320 MW.The company is establishing longstanding strategic...

(EnergyAsia, April 2, Wednesday) — The UAE will be facing huge power shortages by 2013 if it did not speed up the construction of power plants.The oil-rich state is expected to produce 26,000 MW of electricity by 2010, up from an estimated 19,000 MW last year.UAE-based infrastructure specialists, Septech Emirates, estimate that the Gulf region...

(EnergyAsia, April 2, Wednesday) — The soaring cost of liquefied natural gas (LNG) could slow down its demand and hamper the industry’s long-term growth.“We need to watch the signals very carefully for the future to ensure that price levels don’t undermine the long-term future,” Martin Houston, president of LNG major BG North America told a...

(EnergyAsia, April 2, Wednesday) — Indonesia could be on the hook for 100 trillion rupiah in oil subsidies this year as crude oil costs remain well above US$100 a barrel. (US$1=Rp9,100).Energy Minister Purnomo Yusgiantoro has warned that the country may not be able to afford subsidy payments of this size much longer.Despite its status as...

(EnergyAsia, April 2, Wednesday) — Cairn India has sold a total of 113 million shares to Malaysia’s Petronas and Orient Global Tamarind Fund Pte Limited at Rs224.30 per share, raising Rs25,346 million through the private placement. (US$1=Rs40).Cairn said the net proceeds will be used to fund capital expenditure and for general corporate purposes.At a meeting...

(EnergyAsia, April 2, Wednesday) — Nasdaq-listed BTU International, a leading supplier of advanced thermal processing equipment for the alternative energy and electronics manufacturing markets, has opened its new center of excellence for photovoltaics process technology in Shanghai city in China. BTU opened the first of two new process technology facilities as part of its continued...

(EnergyAsia, April 1, Tuesday) — Indonesia could be in for several more years of spiralling power blackouts, with adverse impacts on the economy and social stability. The country’s creaking power infrastructure is increasingly unable to meet rising demand due to years of underinvestment and neglect, analysts said. The power supply situation in Indonesia, the world’s...

(EnergyAsia, April 1, Tuesday) — The courtship between the Middle East and Asia is starting to narrow down to a handful of partners. Not all Middle Eastern countries are rich or blessed with lots of oil, and not all Asian countries are dynamic and have bright economic prospects. China and India join long-time Middle East...

(EnergyAsia, April 1, Tuesday) — Singapore’s Ezra Holdings Limited, a leading integrated support and marine services provider for the offshore oil and gas industry, said it has signed fresh charter contracts worth a total US$77.6 million for seven vessels. The contracts require Ezra to charter five anchor handling, towing and supply vessels (AHTS), an anchor...

(EnergyAsia, March 30) — China’s oil companies have begun rationing diesel supplies as they struggle to respond to shortages in many parts of the country. Most affected are Guangdong province, Shanghai and parts of Yunnan province where cars, buses and trucks are queuing up at fuel stations. The chaotic scenes and long lines are a...

(EnergyAsia, April 1, Tuesday) — ExxonMobil Exploration and Production Malaysia Inc (EMEPMI), a subsidiary of the US major, said it has signed a new 25-year Production Sharing Contract (PSC)with Malaysia’s national oil company, Petronas. EMEPMI and Petronas Carigali, a subsidiary of Petronas, will commit to implement significant enhanced oil recovery (EOR) activities and major investments...

(EnergyAsia, April 1, Tuesday) — Under populist pressure, Thailand’s government is considering reviving a plan to subsidise diesel prices to help consumers deal with the impact of rising oil prices. A subsidy scheme was cancelled in 2005 after racking up costs of almost US$3 billion over 19 months. The National Energy Board is under pressure...

(EnergyAsia, April 1, Tuesday) —New Zealand’s Austral Pacific Energy Ltd said it has agreed to sell to Horizon Energy its 28.92% interest in Papua New Guinea petroleum retention licence 4 and 10.7% interest in licence 5. The offers are subject to the pre-emptive rights in the relevant joint venture agreement, which give the existing joint...