(EnergyAsia, January 3 2013, Thursday) — China’s coal imports are set to surge this year on expectations of rising demand from a pair of government decisions that will stimulate demand for steel-making coal as well as remove the ceiling on domestic thermal coal prices. China is expected to step up the production of coke, a...
(EnergyAsia, January 3 2012, Thursday) — Vancouver, Canada-based Carbon Friendly Solutions Inc said its wholly-owned subsidiary, MicroCoal International Inc (MCI), has signed a binding letter of intent with two companies to build a coal-fired power plant in Indonesia, its first in Asia. MCI, Carbon 2 Power Ventures Inc, also of Vancouver, and PT Wijaya Tri (more…)
(EnergyAsia, January 3 2013, Thursday) — With its spot price down 29%, metallurgical coal is the worst performing bulk commodity for 2012, proclaimed Goldman Sachs in its last research report for the year. Spot demand remains weak and prices have failed to track the uplift in iron ore prices. But Goldman Sachs said current prices...
(EnergyAsia, January 2 2013, Wednesday) — Boosted by surging demand from China and India, coal will “come close” to surpassing oil as the world’s top energy source by 2017, said the International Energy Agency (IEA). In its annual Medium-Term Coal Market Report (MCMR), the Paris-based agency pinpointed China and India as the main source of...
(EnergyAsia, January 2 2013, Wednesday) — UK gas giant BG Group PLC said it has obtained a US$1.8 billion loan from the US Export-Import Bank to purchase the services of American companies for the construction of a liquefied natural gas (LNG) project in Australia’s Queensland state. The loan is part of the company’s attempt to (more…)
(EnergyAsia, January 2 2013, Wednesday) — The US Energy Information Administration (EIA) has boosted its forecast for world oil demand growth for 2013 while keeping it unchanged for 2012. In its December short-term energy outlook, the agency expects world demand for 2012 to grow by 750,000 b/d to reach 89.04 million b/d, just slightly off...
(EnergyAsia, January 2 2013, Wednesday) — The Singapore government has teamed up with private companies to jointly launch financing firm Clifford Capital to invest in infrastructure projects around the world. Owned by sovereign wealth fund Temasek Holdings (40.5%), DBS Bank (9.9%), Standard Chartered Bank (9.9%), Sumitomo Mitsui Banking Corp (9.9%), Prudential Assurance Company Singapore (19.9%)...
(EnergyAsia, December 31 2012, Monday) — Global expenditure on oil and gas exploration and production (E&P) is expected to reach a record US$1,039 billion for 2012, said natural resources consultant GlobalData. In a recent report, the UK-based firm predicts that the sector’s capital expenditure will increase by 13.4% over 2011’s US $916 billion as oil (more…)
(EnergyAsia, December 31 2012, Monday) — Having contributed to recent bullish sentiments that the US could soon become the world’s largest oil and gas producer, the Energy Information Administration (EIA) has published a commentary laced with doubts and questions that this scenario is far from certain. “Could the US become the leading global producer of...
(EnergyAsia, December 31 2012, Monday) — After more than a year of delay, ExxonMobil said it has started up operations at one of the world’s largest ethylene steam crackers, the centrepiece of the company’s multi-billion dollar expansion project at its Singapore petrochemical complex. The US major has added a new 220-megawatt cogeneration power plant, and (more…)
(EnergyAsia, December 31 2012, Monday) — The Organisation of Petroleum Exporting Countries (OPEC) has kept its forecasts for global oil demand to grow to grow by just under 800,000 b/d for 2012 and 2013. With no major revision to its December oil report outlook, OPEC said it is holding its forecast for world demand to...
(EnergyAsia, December 28 2012, Friday) — Shipping executives predict their industry will benefit from China’s long-term shift to becoming a domestic consumer-driven economy. As the world’s second largest economy continues to grow at more than seven percent a year, the shipping industry will likely see further growth in new vessel deliveries in 2013, said Xu (more…)
(EnergyAsia, December 28 2012, Friday) — Amid falling oil prices, OPEC’s net oil export revenues will fall by 9.2% next year to US$955 billion after reaching a record US$1.052 trillion in 2012, predicts the US Energy Information Administration’s (EIA). In 2011, the 12-member Organisation of the Petroleum Exporting Countries earned US$1.27 trillion from oil exports (more…)
(EnergyAsia, December 28 2012, Friday) — With three new contracts worth a total S$420 million, Singapore’s Keppel Offshore & Marine Ltd said the combined value of its rig orders for 2012 reached S$9.9 billion, just short of last year’s record S$10 billion. (US$1=S$1.22). Two of the contracts went to Keppel Singmarine Pte Ltd while the (more…)
(EnergyAsia, 28 2012, Friday) — The Australian government is mulling over a call the International Energy Agency (IEA) that it should build up a national oil stockpile and reduce reliance on private companies to meet any demand for emergency oil supplies. The Paris-based agency has criticised Canberra for failing to meet the minimum 90-day supply...
(EnergyAsia, December 27 2012, Thursday) — Switzerland-based Foster Wheeler AG said its global engineering and construction group has been awarded a US$500 million project management and consultancy (PMC) services contract for a clean fuels project at the Mina Al-Ahmadi and Mina Abdullah refineries in Kuwait. Kuwait National Petroleum Company (KNPC), which awarded the contract, is (more…)
(EnergyAsia, December 27 2012, Thursday) — China’s apparent oil demand surged 9.1% year-on-year in November to a record high to 42.96 million metric tons (mt), or an average 10.5 million b/d, said US energy media Platts. In an analysis of recent Chinese government data, Platts said the November demand surpassed the previous record high of...
(EnergyAsia, December 27 2012, Thursday) — After decades of relative inaction in Canada’s oil-rich Alberta province, Japan Petroleum Exploration Co (Japex) said it plans to invest C$1.1-billion to boost production at its jointly-owned Hangingstone field from about 6,000 to 7,000 b/d to 30,000 b/d from 2016. (US$1=C$0.99). Japan’s second largest upstream company said subsidiary Japan (more…)
(EnergyAsia, December 27 2012, Thursday) — Russia’s Transneft has started up the US$11 billion second branch of the East Siberia Pacific Ocean (ESPO-2) pipeline to double its 15-million tonne/year export of the ESPO blend crude oil to Asia and the US. Completed after six years, the 4,200-km pipeline, which ends at the Far Eastern port...
(EnergyAsia, December 26 2012, Wednesday) — Russia’s gas giant Gazprom said it is continuing talks with China National Petroleum Corp (CNPC) to secure a long-term deal to supply natural gas to China. Early this month, Gazprom chairman Alexey Miller met Zhou Jiping, CNPC’s President, at the Russian company’s Moscow headquarters in an attempt to narrow...
(EnergyAsia, December 26 2012, Wednesday) — Private Indian refineries account for nearly half of this year’s global increase in crude oil processing capacity and are spearheading an oil products export boom, said the International Energy Agency (IEA). Having increased their capacity by nearly 50% over the past five years, Indian refiners are shipping their products...
(EnergyAsia, December 26 2012, Wednesday) — BP said it has agreed to sell its 34.3% interest in the Yacheng gas field in the South China Sea to Kuwait Foreign Petroleum Exploration Company (KUFPEC) for US$308 million cash. Expected to close in the second half of 2013 upon clearing regulatory, partner and third party approvals, the (more…)
(EnergyAsia, December 26 2012, Wednesday) — Following an unexpected surge in fourth-quarter consumption, the International Energy Agency (IEA) has raised its forecasts for world oil demand growth for 2012 and 2013. In its latest December monthly report, the Paris-based agency said world oil demand will grow by 800,000 b/d to 89.7 million b/d for 2012,...
(EnergyAsia, December 24 2012, Monday) — America can bank on plentiful domestic natural gas, but will have to continue relying on foreign oil, according to 250 oil and gas decision-makers who participated in a recent Deloitte survey. Three-quarters of the respondents think the US is already natural gas self-sufficient, or will be within 10 years. (more…)
(EnergyAsia, December 24 2012, Monday) — Russian gas giant Gazprom said it has executed the first successful shipment of a liquefied natural gas (LNG) cargo through the Arctic northern sea route. This route cuts the maritime distance from Northern Europe to Northeast Asia by up to 40% compared to southern sea routes via the Suez (more…)