(EnergyAsia, July 30 2013, Tuesday) — The dream of an overland passage way to serve Southeast Asia’s energy needs since the late 18th century just came true over the weekend. With the July 28 launch of a new regional pipeline infrastructure, Myanmar has begun exporting natural gas to China that could reduce East Asia’s dependence...
(EnergyAsia, July 30 2013, Tuesday) — Central Asia’s fuel-short economies will have two new oil refineries by next month after Kyrgyzstan starts up an 800,000-ton/year plant to follow on Tajikistan’s recent launch of a 100,000-ton/year plant. The refineries will help the region’s fast-growing economies reduce dependence on imports of gasoline, diesel and fuel oil. In (more…)
(EnergyAsia, July 30 2013, Tuesday) — At least three Asian buyers will be in no hurry to shift the link of their liquefied natural gas (LNG) import prices to the US’s Henry Hub, currently the focus of a major campaign by Japanese and Indian utilities. China’s CNOOC Ltd is paying just US$3.5 per million BTU...
(EnergyAsia, July 29 2013, Monday) — Singapore-based oil explorer Rex International Holding is looking to raise up to S$85.25 million through a listing on the local Catalist exchange. (US$1=S$1.26). Rex, which claims the use of superior exploration technology to greatly enhance its success for finding oil and gas, is offering a total of 142.5 million...
(EnergyAsia, July 29 2013, Monday) — After four years of slow growth, the world is about to regain its oil appetite to match the rapid consumption growth rates of the past decade, said the Organisation of Petroleum Exporting Countries (OPEC). Led by Asia, the world is expected to consume 90.68 million b/d of oil in...
(EnergyAsia, July 29 2013, Monday) — Citing a recovery in Asian consumption led by China, the US Energy Information Administration (EIA) has issued its most bullish global oil demand forecast in recent months for the next two years. In its latest July energy outlook, the EIA said world oil consumption will grow by 880,000 b/d...
(EnergyAsia, July 26 2013, Friday) — The export revenues of the Organisation of the Petroleum Exporting Countries (OPEC), excluding Iran, will decline this and next year after reaching a high of US$982 billion in 2012, said the US Energy Information Administration (EIA). The 12-member cartel less Iran earned about US$982 billion in net oil export...
(EnergyAsia, July 26 2013, Friday) — Lloyd’s Register (LR) said it has secured a contract to provide classification services for six liquefied natural gas (LNG) tankers to be built in China by Hudong Zhonghua Shipbuilding (Group) Co Ltd. The project is a key milestone in Chinese shipbuilding and a key indicator in the development of...
(EnergyAsia, July 26 2013, Friday) — China’s apparent oil demand in June rose by 11.7% to 9.99 million b/d or 40.89 million metric tons (mt), raising first half demand by 3.9% over the same period last year, said energy media Platts in an analysis of latest government data. For the first half, Chinese oil demand...
(EnergyAsia, July 25 2013, Thursday) — Norway’s Odfjell Terminals recently said it and China’s Founder Group have agreed to set up an equal joint venture to develop a US$137 million petrochemical tank terminal in Fujian province by early 2016. The Norwegian firm will pay the Beijing University-owned Founder Group US$21 million for a 50% equity...
(EnergyAsia, July 25 2013, Thursday) — China is strengthening its grip on Central Asia through an increased role in the oil and gas industry of Kazakhstan, the region’s largest economy. Early this month, the Kazakh government said it would sell an 8.4% stake in the country’s giant Kashagan oilfield to China National Petroleum Corp (CNPC)...
(EnergyAsia, July 25 2013, Thursday) — India will want current liquefied natural gas (LNG) suppliers from Qatar and Australia to lower prices to match the US$10 per million BTU it believes it will pay for imports from the US. GAIL, the country’s state gas utility, could begin importing LNG from the US as early as...
(EnergyAsia, July 24 2013, Wednesday) — Environmentalists have hailed the US Export-Import Bank’s decision to reject financing the construction of a proposed coal-fired power plant in Vietnam. The bank’s board voted last week to reject financing for the 1,200MW Thai Binh II coal plant in the Red River Delta in northern Vietnam. “The Thai Binh (more…)
(EnergyAsia, July 24 2013, Wednesday) — Qatar has sold its first liquefied natural gas (LNG) cargo to Malaysia, said state-owned Qatargas Operating Company Limited, also known as Qatargas. Purchased by Malaysian state firm Petronas LNG Ltd, the cargo was loaded on board the “Seri Begawan” vessel at Ras Laffan Port for delivery to the country’s (more…)
(EnergyAsia, July 24 2013, Wednesday) — Iran and Iraq are looking to build on a landmark gas supply agreement that, geopolitics permitting, could contribute significantly to the economic development of the former war enemies and their neighbours. In a four-year deal signed in Baghdad on July 21, Iran stands to earn a total of US$15...
(EnergyAsia, July 23 2013, Tuesday) — The Australia government’s decision to continue with a carbon price on the energy and mining sector puts its liquefied natural gas (LNG) industry at a big disadvantage against suppliers in other countries, said the Australian Petroleum Production Exploration Association (APPEA). The controversial carbon tax was introduced at a fixed...
(EnergyAsia, July 23 2013, Tuesday) — Strong summer demand and supply disruptions in Nigeria lifted the average August liquefied natural gas (LNG) price for delivery to Asia by 6.8% from July to US$15.46 per million British thermal units (/MMBtu), said energy media Platts. Assessed over the period of June 17 to July 15, Platts said...
(EnergyAsia, July 23 2013, Tuesday) — Nigeria lost more than US$475 million in revenue while Asia ended up paying more for its spot liquefied natural gas cargoes (LNG) cargoes when an internal dispute caused a three-week disruption in exports from the West African country from June 21. The dispute appears to have ended after Nigeria...
(EnergyAsia, July 22 2013, Monday) — More than a decade after the violent overthrow of dictator Saddam Hussein from power, Iraq is a case study in extremes, with its economy and oil industry in their best shape in over 30 years while its political and security conditions reflect an on-going civil war. The most contrasting...
(EnergyAsia, July 22 2013, Monday) — Asia will play a growing role in the development of Iraq’s oil industry and economy, said the International Monetary Fund (IMF). In a special 28-page report on the country’s oil industry, the IMF said Asians are buying up more than half of Iraq’s oil exports today and paying a...
(EnergyAsia, July 22 2013, Monday) — NYSE-listed InterOil Corp said it and subsidiaries, EP InterOil and InterOil Limited, have secured a US$350 million working capital structured facility arranged by BNP Paribas (BNP), also acting as lead manager, to replace an existing $240.0 million bilateral working capital facility with the French bank. A five-bank syndicate comprising...
(EnergyAsia, July 19 2013, Friday) — China National Offshore Oil Corp (CNOOC Group) and UK major BP said they have signed a production sharing contract (PSC) to jointly develop the 54/11 deepwater block in the South China Sea. Located in the western part of the Pearl River Mouth Basin, the 4,586-sq km block sits in...
(EnergyAsia, July 19 2013, Friday) — US refineries drew heavily on crude inventories and increased imports to process 16.1 million b/d for the week ending July 5, the highest for any week since 2007, said the Energy Information Administration (EIA). This level represented a 2.1-million b/d increase from the first week of March, the low...
(EnergyAsia, July 19 2013, Friday) — Emboldened by potential supply deals with US shale gas producers, India wants to renegotiate the estimated US$14.50 per million BTU price that it had agreed to pay Australia for liquefied natural gas (LNG) imports from the Gorgon project. In August 2009, Petronet LNG Ltd, a joint venture between the...
(EnergyAsia, July 18 2013, Thursday) — The International Energy Agency (IEA) has raised its forecasts for global oil consumption to reach new all-time highs over the next two years. Powered by China, India and other large emerging economies, global oil demand will rise to 90.8 million b/d this year and to 92 million b/d in...