(EnergyAsia, February 28 2013, Thursday) — To the delight of Asia’s energy-importing countries paying the world’s highest fuel prices, the International Energy Agency (IEA) has thrown its considerable weight behind the region’s growing call for reforms to pricing of the international natural gas trade. In a report, “Developing a Natural Gas Trading Hub in Asia”,...
(EnergyAsia, February 27 2013, Wednesday) — Seven months after launching its troubled takeover bid, Chinese state-owned CNOOC Limited said it has completed the US$15.1 billion acquisition of Canada’s upstream company Nexen Inc. Operating as a wholly owned subsidiary of CNOOC Limited, Nexen will continue to be led by CEO, Kevin Reinhart, who has been with (more…)
(EnergyAsia, February 27 2013, Wednesday) — Caltex Australia has returned to profitability reporting a A$57 million net gain last year to reverse the huge A$714 million loss for 2011. (US$1=A$0.97). The country’s largest downstream company said its performance was helped by increased production at its two refineries and higher sales of gasoline, diesel and jet (more…)
(EnergyAsia, February 27 2013, Wednesday) — Iran has started up a new oil products storage terminal in the southeastern city of Kerman. The National Iranian Oil Products Distribution Company, a subsidiary of state NIOC, invested more than US$50 million to develop the 350,000-cubic metre terminal to store gasoline, jet fuel, kerosene and diesel. According to...
(EnergyAsia, February 27 2013, Wednesday) — Canada must capitalise on its numerous advantages to develop an industry exporting oil and gas to the fast-growing markets of Asia and reduce its traditional dependence on the US, said former Cabinet minister Jim Prentice. In making this call yet again at a liquefied natural gas (LNG) conference in (more…)
(EnergyAsia, February 27 2013, Wednesday) — The US Energy Information Administration (EIA) has revised upwards its forecast for world oil demand growth for 2013 and 2014, reflecting improving economic conditions. In its February short-term energy outlook report, the agency said it expects world oil consumption, led by developing Asia, to rise by 1.18% to 90.21...
(EnergyAsia, February 26 2013, Tuesday) — Citing increased production, sales of oil products and government compensation, state-owned Indian Oil Corporation (IOC) said its net profit for the October-December 2012 quarter rose 33.9% to 33,319.6 million rupees. (US$1=55 rupees). India’s main refining and marketing company said government compensation amounting to 134,750 million rupee enabled it to (more…)
(EnergyAsia, February 26 2013, Tuesday) — China will double its overseas 2011 oil production to three million b/d by 2015, thanks to its relentless drive to invest in oil and gas assets in producing countries, said the International Energy Agency (IEA). By then, China’s overseas production place it in the world’s top 10 oil producers...
(EnergyAsia, February 26 2013, Tuesday) — The global oil tanker market could begin a slow recovery next year as the current glut eases up, predicts UK-based Drewry Maritime Research. For 2013, the shipping intelligence firm said the industry faces “another tough year” as tanker owners continue to struggle under the pressure of overcapacity. A predicted (more…)
(EnergyAsia, February 26 2013, Tuesday) — Energy-short Japan is convinced that Saudi Arabia will remain a reliable and stable supplier of crude oil in the event of production disruptions and emergencies, said Economy, Trade and Industry Minister Toshimitsu Motegi following his recent visit to the kingdom and Abu Dhabi. Japan is calling on old favours...
(EnergyAsia, February 25 2013, Monday) — Canada’s first international conference focused on the rapidly expanding liquefied natural gas (LNG) industry will be held in Vancouver city in British Columbia province today and tomorrow. British Columbia Premier Christy Clark will open the event at the Vancouver Convention Centre attended by global investors, domestic and international traders, (more…)
(EnergyAsia, February 25 2013, Monday) — Prodded by Russian President Vladimir Putin, state gas monopoly Gazprom said it has made a final investment decision to build a liquefied natural gas (LNG) project on the Pacific Coast targeting export to Asia. The company said it will build an export terminal along Perevoznaya Bay on the Lomonosov...
(EnergyAsia, February 25 2013, Monday) — State utility Korea Gas Corp (Kogas) said it has appointed Samsung Securities Co and Rothschild to advise on the potential sale of its stake in the Gladstone liquefied natural gas (GLNG) project in Australia’s Queensland state. Kogas is looking to make a profit on the A$665 million that it (more…)
(EnergyAsia, February 25 2013, Monday) — Stunned by the country’s rising energy import bill, the Japanese government will soon offer one trillion yen in loan guarantees to back investments in liquefied natural gas (LNG) projects. Industry minister Toshimitsu Motegi announced the plan last week as Japan’s economy continues to struggle under the weight of an...
(EnergyAsia, February 22 2013, Friday) — Focus on Southeast Asia’s smaller but faster growing economies, and move India to the back row. That’s the advice energy consultant Wood Mackenzie is giving liquefied natural gas (LNG) suppliers as it predicts the combined market of Indonesia, Thailand, Malaysia and Singapore offers far better returns. By 2025, Southeast (more…)
(EnergyAsia, February 22 2013, Friday) — The estimated cost of yet another proposed export-oriented liquefied natural gas (LNG) project in Australia has been raised. Due to increased community consultations and worries over water contamination, operator Origin Energy Limited said it and its partners now estimate it would cost A$24.7 billion to build the Australia Pacific...
(EnergyAsia, February 22 2013, Friday)– Foster Wheeler AG said a subsidiary of its Global Power Group has been awarded a contract to design and supply three utility package steam generators for the onshore liquefied natural gas (LNG) facilities located near Darwin in Australia’s Northern Territory. The contract was awarded by the joint venture comprising CH2M (more…)
(EnergyAsia, February 22 2013, Friday) — Citing concerns over water management, toxic chemical disclosure, greenhouse gas emissions and other community impacts, some investors in the US are demanding oil and gas companies to disclose critical information about the ways they are managing and measuring the risks associated with hydraulic fracturing, or “fracking,” operations and shale...
(EnergyAsia, February 21 2013, Thursday) — Bouyed by increased production and higher oil and gas prices in 2012, Thailand’s leading upstream company PTT Exploration & Production Pcl (PTTEP), said profit surged 28% to a record 57.32 billion baht from 44.75 billion baht in 2011. (US$1=29.9 baht). Revenue was up 25.8% to 218.14 billion baht while (more…)
(EnergyAsia, February 21 2013, Thursday) — Russia’s leading crude producer, Rosneft, could double its 300,000 b/d crude exports to China as part of a new ageement to raise at least US$30 billion to fund upstream projects in the Arctic and Siberian regions. Rosneft, which recently announced an upstream tie-up with ExxonMobil, has targeted to develop...
(EnergyAsia, February 21 2013, Thursday) — UAE’s Crescent Group said it plans to expand its cooperation with Russian companies this year, starting with two port and logistics investments. The group will undertake these projects through its two subsidiaries, Crescent Petroleum, the oldest private oil company in the Middle East, and non-energy firm, Crescent Enterprises, which (more…)
(EnergyAsia, February 21 2013, Thursday) — Chinese companies raised their production of refined products at home and crude oil from abroad last year. Responding to rising domestic consumption, Chinese refiners processed 467.91 million tons of crude oil in 2012 for a 3.7% increase over the previous year, said the National Development and Reform Commission. The...
(EnergyAsia, February 20 2013, Wednesday) — China’s largest energy company said it missed its target to produce 120 million metric tons of oil and gas from its overseas operations by more than 13% or around 16 million metric tons. China National Petroleum Corp (CNPC) blamed political unrest and military conflicts in the Middle East, Africa...
(EnergyAsia, February 20 2013, Wednesday) — US major Chevron Corp said it has decided to proceed with the US$5.6 billion development of the giant offshore Mafumeira Sul field in Angola. Due to start up in 2015, Mafumeira Sul is expected to eventually peak at a daily production rate of 110,000 barrels of crude oil and (more…)
(EnergyAsia, February 20 2013, Wednesday) — China’s largest offshore oil and gas company will boost its capital expenditure (capex) by between 25% and 50% this year from 2012’s US$9.2 billion while maintaining a conservative target of producing around 343 million barrels oil equivalent (boe). With this strategy, state-owned CNOOC Limited is assuming it will face...