Gas Company to acquire the rights to develop and construct the Berwyndale-to-Wallumbilla (BWP) gas pipeline in southeast Queensland state. The agreement is subject to the approvals of the state and local authorities. Queensland Gas Company (QGC) has an option to take a 50% share in the pipeline project. If it exercises its option, it will...
Prime Minister’s Department to undertake a feasibility study to build an oil refinery and a storage terminal at the Pulau Muara Besar industrial park. The complex has been designated an integrated oil refining and trading hub to serve Southeast Asia’s oil markets. The department’s Petroleum Unit acting director Abdul Rahman signed on behalf of the...
(EnergyAsia, January 23, Wednesday) — As many as 150 million people in the world’s major cities will need flood defences by 2070 – more than three times the 40 million people today – as a result of climate change and urban development, according to a new study covering more than 130 port cities.Nine of the...
(EnergyAsia, January 23, Wednesday) — India’s leading upstream company, Oil and Natural Gas Corp Ltd (ONGC), has revived plans for its 15-million-tonne-per-year refinery in Kakinada in Andhra Pradesh state.ONGC has commissioned a local bank, SBI Capital Markets, to release a study on the proposed Rs250 billion project by the end of January. (US$1 = Rs39.20).The...
(EnergyAsia, January 23, Wednesday) — China National Offshore Oil Corp (CNOOC) plans to take over a number of small oil refineries in Shandong province as it plans to boost the downstream and product supply segments of its business.CNOOC ranks as China’s third largest oil firm but mostly involved in exploration and production.The company has signed...
(EnergyAsia, January 23, Wednesday) — Indian state upstream company ONGC has blamed enforced subsidies for dragging down its October-December quarterly net profits by 6.4% to Rs43.67 billion. (US$1=Rs40). Indian oil companies sell their oil products to domestic consumers at a loss as the government has refused their requests to raise prices to align them with...
(EnergyAsia, January 23, Wednesday) — China represents a huge market for US clean energy companies, said David Bohigian, US assistant secretary of commerce for market access and compliance, at the recent Sino-US Clean Energy Dialogue in Beijing.He said the US can help Chinese companies meet their enormous energy demands while deploying technology that benefits the...
(EnergyAsia, January 23, Wednesday) — Indonesia’s decline as an oil producer and export continued as production slumped to a new low of 899,000 b/d last year, well below the target of 950,000 b/d set in the country’s budget.Despite rising energy prices on the world markets, Indonesia’s revenue from its all-important oil and gas sector fell...
(EnergyAsia, January 23, Wednesday) — India’s oil product exports are on track to exceed $40 billion a year for the first time.India’s rise as an oil products supplier is due mostly to the emergence of its privately-held refiners Reliance and Essar which continue to expand their refineries in the northwestern state of Gujarat.India’s state oil...
(EnergyAsia, January 23, Wednesday) — China National Petroleum Corporation (CNPC) will set up a strategic command centre by August to oversee and improve the distribution of refined oil products across the country.The measure is deemed necessary to address supply shortages in key parts of the country amid record high crude oil prices.Officials expressed alarm after...
(EnergyAsia, January 23, Wednesday) — India’s petroleum ministry said it may reduce taxes and duties to help reduce the burden of rising oil prices on consumers and oil companies which are being forced to sell fuel at below market rates.US benchmark crude prices have stayed mostly above $90 a barrel since last October, putting pressure...
(EnergyAsia, January 23. Wednesday) — Japan’s leading energy think tank expects US WTI crude oil prices to average US$80 a barrel for 2008. The US benchmark has traded mostly above $90 a barrel since last October.The Institute of Energy Economics of Japan (IEE) said prices could temporarily jump to $120 to $130 a barrel in...
commitments in fixed asset investments (FAI) last year, said the Economic Development Board (EDB). It was also a record year for total business spending (TBS) and number of jobs created. (US$1=S$1.43). The EDB said these strong investment achievements will open up new opportunities for growth and jobs. Nearly 400 projects were committed in 2007. When...
(EnergyAsia, January 22, Tuesday) — Tabreed, the world’s largest district cooling company, is participating in this week’s World Future Energy Summit (WFES) at the Abu Dhabi National Exhibition Centre on January 21-23. Tabreed said it will demonstrate its district cooling solutions, highlighting their cost-efficiency and benefits to the environment. “We trust the three-day event will...
(EnergyAsia, January 22, Tuesday) — The WWF and Masdar, the Abu Dhabi Future Energy Company, have launched a “Sustainability Action Plan” to deliver the world’s greenest city – Masdar City. Masdar City will be the world’s first zero-carbon, zero-waste, car-free city, aiming to exceed the 10 sustainability principles of “One Planet Living™”– a global initiative...
natural gas (LNG) shipments to customers following an outage at a gas plant in early January. An electrical fault at the Woodside-led North West Shelf Venture’s Karratha gas plant on January 2 forced a production shutdown. Karratha, which processes gas from North West Shelf, has since been progressively re-started. LNG supply to customers abroad would...
hydro-power project – the largest such project in the world – with the installation of the remaining generators this year. All the 12 turbines on the right bank of the Three Gorges project on the Yangtze river will be installed and started up by December, with the full project to be completed by 2009. The concrete...
country’s leading oil companies to raise retail fuel prices. The companies are being forced to subsidise Indian fuel consumers as they are buying crude at international prices and selling refined products to the domestic market at a loss. They complain that they are losing a total of Rs3.4 billion per day on their domestic fuel...
in nearly three decades. Refiners boosted operating rates to 4.89 million b/d or 92.5% of capacity, primarily to process heating oil to cover winter demand. As a result, inventories fell to just 14.93 million litres in December, well below the critical mark of 15 million kilolitres, according to the Petroleum Association of Japan. Japanese crude...
emphasis on cooperation in energy. South Korea is already Kuwait’s second largest crude customer, importing 12% of its crude needs and 15% of its liquefied petroleum gas (LPG) from Kuwait. Kuwait is looking to boost the existing strategic oil reserves arrangement that it helped set up with the Koreans in 2006. The current capacity stands...
terminals in Singapore and Fujairah in the UAE this month even as the company is coping with the death of its CEO in an accident. Robert Chandran died in a helicopter crash in Indonesia, but his death will not delay the scheduled start-up of the projects, the company said, assuring investors that operations would not...
for environmental violations leading to an explosion and a fire at its Kaohsiung oil refinery early this month. (US$1=NT$32). Two workers suffered minor injuries in the incident which the city’s Environmental Protection Bureau said was caused by a hydrogen gas pipeline leak. Residents in the nearby Houjin District said the explosion shattered their windows and...
(EnergyAsia, January 21, Monday) — Talisman Vietnam 15-2/01Ltd, a wholly owned subsidiary of Canada’s Talisman Energy Inc, said it has found oil in the Hai Su Den (HSD) exploration well off the coast of Vietnam.The well tested at a peak rate of 13,450 b/d of light oil and 6.87 million cubic feet per day (mmcfd)...
(EnergyAsia, January 21, Monday) — As the European Union prepares to unveil new legislation restricting the import and use of palm oil-based biodiesel, a seemingly unaware Singapore proudly trumpeted its latest investment catch: Neste Oil’s 550-million-euro state-of-the-art plant to produce biodiesel from palm oil. The project has already spurred investments of at least another S$250...
(EnergyAsia, January 21, Monday) — US consultants Cambridge Energy Research Associates (CERA) and IHS Inc said ‘peak oil’ is not imminent as world oilfield reserves are declining by 4.5% a year and not 8% as claimed by other analysts and scholars.In a new study of 811 producing fields around the world, CERA and IHS calculated...