(EnergyAsia, March 18 2013, Monday) — China’s growing stake in Venezuela’s oil and gas industry could be impacted by the recent death of former President Hugo Chavez, said the International Energy Agency (IEA). Under Chavez’s 14-year presidency, China became Venezuela’s second biggest trading partner after the US. As part of last year’s record US$250 billion...
(EnergyAsia, March 18 2013, Monday) — China National Petroleum Corp (CNPC) will pay US$4.21 billion for a 20% stake in a giant Mozambique gas field from Italian oil and gas company ENI, the two companies have announced. ENI will still hold a 50% stake in the field, described as one of the world’s largest discoveries (more…)
(EnergyAsia, March 18 2013, Monday) — One of modern Japan’s most iconic symbols is a mythical fire-breathing monster that emerges from the deep waters off its east coast to destroy the country and threaten the planet. In their quest for cheap abundant energy supplies, Japanese scientists and corporations are on course to unleash their own...
(EnergyAsia, March 15 2013, Friday) — Brent crude’s premium over US WTI will weaken over the course of 2013 but stay above US$10 a barrel, predicts US energy consultant ESAI. WTI will strengthen as “long-awaited pipeline and rail takeaway capacity in the US midcontinent promises to reduce crude oil inventories in Cushing at some point (more…)
(EnergyAsia, March 15 2013, Friday) — Faced with rising domestic demand and an uncertain outlook on production, Indonesia, the world’s third largest liquefied natural gas exporter, is planning to import the fuel later this decade. It has started work on building terminals to import LNG as well planning for new ones as it faces the...
(EnergyAsia, March 15 2013, Friday) — Unconventional hydrocarbon sources will play an increased role in meeting the world’s growing energy demand which is expected to reach 113 million b/d of oil equivalent (boed) by 2040, a 30% increase over 2010 levels, said Exxon Mobil in its latest annual outlook for the sector. With increased use (more…)
(EnergyAsia, March 15 2013, Friday) — Sri Lanka and the UAE’s Ras Al Khaimah have concluded separate agreements for aviation fuel storage and supplies to two of their airports. State Ceylon Petroleum Corp (CPC) has built an aviation fuel terminal to serve Sri Lanka’s second international airport in Mattala which opens on March 18. CPC...
(EnergyAsia, March 14 2013, Thursday) — US coal consumption will surge 5.8% to 941 million short tons (mmst) this year and rise by another 1.4% to 955 mmst in 2014, predicts the Energy Information Administration (EIA). The Department of Energy agency expects power companies to increase their use of coal to partly displace natural gas (more…)
(EnergyAsia, March 14 2013, Thursday) — India’s heavy reliance on coal to fuel 111 of its largest power plants is causing between 80,000 and 120,000 premature deaths and as many as 20 million asthma cases each year, said Greenpeace. In a new report researched by a former World Bank official, the environmental group blamed coal (more…)
(EnergyAsia, March 14 2013, Thursday) — US major ExxonMobil said it plans to invest a total of US$190 billion to raise production from 4.24 million b/d of oil equivalent in 2012 to 4.8 million boed in 2017. For this year, the major said production could fall by 1% this year as it cuts back on (more…)
(EnergyAsia, March 14 2013, Thursday) — Twenty years after losing its status as a net oil exporter, China is on course to displace the US as the world’s leading oil importer and addict. While China’s record average import of 5.77 million b/d of crude and oil products last year were nearly 1.8 million b/d below...
(EnergyAsia, March 13 2013, Wednesday) — Abu Dhabi plans to invest a total of RM39 billion to develop a financial centre and an oil storage facility in Malaysia, according to a Malaysian state-owned agency. (US$1=RM3.1). This is the second time in three years that the Malaysian government under Prime Minister Najib Abdul Razak, which faces...
(EnergyAsia, March 13 2013, Wednesday) — Embarrassed by its repeat failure to meet production targets, Coal India Limited (CIL) has proposed that the government consider measuring its performance against sales volume and distribution figures. India’s largest coal miner is expected to produce just over 450 million metric tonnes (MT) in the current financial year ending...
(EnergyAsia, March 13 2013, Wednesday) — A subsidiary of state-owned Coal India Ltd (CIL) plans to invest 90 billion rupees in a 1,600MW coal-fired power plant in the northeastern state of Odisha, previously named Orissa. (US$1=55 rupees). If approved by the Coal Ministry and the CIL board, the project would represent its first venture into...
(EnergyAsia, March 13 2013, Wednesday) — Australian freight operator Aurizon and India’s GVK Group have agreed to jointly develop rail and port infrastructure to open up the massive coal reserves in Queensland state’s Galilee Basin. GVK Coal Infrastructure (Singapore) Pte Ltd signed on behalf of the group whose Australian subsidiary, GVK Hancock, owns the Alpha, (more…)
(EnergyAsia, March 12 2013, Tuesday) — Australian freight operator Aurizon said it has secured a new long-term, performance-based contract with BM Alliance Coal Operations Pty Limited (BMA) and BHP Billiton Mitsui Coal Pty Limited (BMC) to haul up to 65 million tonnes per year (t/y) of coal from their combined mine operations in Queensland state. (more…)
(EnergyAsia, March 12 2013, Tuesday) — In a reminder to those challenging its crown with their unproven “tight” gas potential, Qatar said it has found a large natural gas field to add to its already massive 900 trillion cubic feet of proven reserves, the world’s third largest. The recent find of a reservoir containing 2.5...
(EnergyAsia, March 12 2013, Tuesday) — Two years after the earthquake-tsunami disaster that shut down its vital nuclear energy sector, Japan is forced into a worsening dilemma over whether to revive its dormant reactors for the sake of the energy-hobbled economy or bow to widespread public fears that the country cannot risk another meltdown as (more…)
(EnergyAsia, March 12 2013, Tuesday) — After months of vacillating, the Indonesian government is moving to gradually ban the export of low and middle-grade thermal coal for power generation from this year. Officials said the hotly debated move reflects Indonesia’s growing resource nationalism stance as policy makers once again bow to pressure from domestic consumers...
(EnergyAsia, March 11 2013, Monday) — Deutsche Bank has endorsed China’s drive to green its economy with a bold forecast that coal’s share in the country’s energy mix could fall sharply from 68.4% now to just 52.8% by 2020. China is under growing pressure from its own citizens and other countries to reduce its greenhouse...
(EnergyAsia, March 11 2013, Monday) — Malaysian state energy firm Petronas said it plans to reduce its dividend pay-out to the country’s increasingly oil-dependent government by 10% after reporting a 14% drop in net profit for 2012. As it focuses on building up its upstream assets at home and abroad in the face of rising...
(EnergyAsia, March 11 2013, Monday) — The following is an edited version of a comment by Boston, US-based consultant Energy Security Analysis Inc (ESAI). “Although there were rumours that Venezuelan President Hugo Chavez died on December 30, his death was officially announced on March 5, triggering a 30-day countdown to the election of a new (more…)
(EnergyAsia, March 11 2013, Monday) — Metallurgical coal prices will recover this year despite rising supply following Australia’s Queensland mines returning to 2010 production levels, predicts Goldman Sachs. In its latest research report, the Wall Street bank noted that metallurgical coal unit costs have fallen on rising volumes, helped by Queensland state having largely overcome...
(EnergyAsia, March 8 2013, Friday) — Canada’s Prophecy Coal Corp said its wholly owned Mongolian subsidiary, Prophecy Power Generation LLC, has been granted the use of a 532.4-hectare plot of land for the proposed construction of a 600MW power plant in the electricity-short Asian country. The Vancouver-based company said the Mongolian government granted the rights (more…)
(EnergyAsia, March 8 2013, Friday) — Australia’s Cougar Energy Limited announced it recently raised A$1.043 million while continuing talks to attract investors to participate in its two conventional coal assets in Queensland state’s proven coal rich Bowen and Surat Basins. (US$1=A$0.97). The company said its sale offer of 208.6 million shares to sophisticated and professional (more…)