(EnergyAsia, December 5 2012, Wednesday) — L & L Energy Inc, a Seattle US-based company producing coal in China, said it has completed the acquisitions of another two mines located near its existing Weishe mine in Guizhou Province. Having completed due diligence processes, L&L said it has completed the US$37.1 million acquisition of the LuoZhou...
(EnergyAsia, December 5 2012, Wednesday) — Thanks to a surge in exploitation of unconventional reserves, US produced nearly 6.5 million b/d of crude oil and condensate in September for its highest monthly level since early 1998, said the Energy Information Administration (EIA). The last time US crude and condensate production reached 6.5 million b/d was (more…)
(EnergyAsia, December 5 2012, Wednesday) — Renowned commodities investor Jim Rogers has joined Singapore Exchange-listed Geo Energy Resources as a non-executive director. This will be Mr Roger’s first board seat on a Singapore-listed company. The Singapore-based global investor, who recently turned 70, is also the chairman of Rogers Holdings and Beeland Interests Inc. Listed in (more…)
(EnergyAsia, December 4 2012, Tuesday) — Australian companies are at risk of a double hit from increased costs for carbon and renewable energy credits, said consulting firm RepuTex. The carbon cost alone could amount to as much as A$3.7 billion over the next four years under the Federal price mechanism scheme if proposed policy changes (more…)
(EnergyAsia, December 4 2012, Tuesday) — Hong Kong-listed New Times Energy Corporation Limited said it has agreed to acquire an integrated liquefied natural gas (LNG) project in Zunyi City in China’s Guizhou province for a total of RMB35 million in cash and convertible bond. (US$1=RMB6.22). New Times Energy said it will pay RMB17 million in (more…)
(EnergyAsia, December 4 2012, Tuesday) — Australia’s Celsius Coal Limited said it has appointed Alexander Molyneux, the former CEO of Mongolia-focused coal miner SouthGobi Resources, as executive chairman from December 1. Celsius, which is focused on exploring and developing coking and thermal coal deposits in Kyrgyzstan, said it will benefit from the experience and the (more…)
(EnergyAsia, December 4 2012, Tuesday) — Centennial Coal, a fully owned subsidiary of Thailand’s largest coal company Banpu, said it would lose about one million metric tonnes of coal a year from a “temporary” closure of two of its coal mines in Australia’s New South Wales state next month for maintenance. The company, which was...
(EnergyAsia, December 3 2012, Monday) — The company at the centre of India’s worsening coal and power supply crises has sought to lay off some of the blame onto the country’s poor rail infrastructure. With coal generating some 65% of India’s electricity, its timely delivery to power plants around the country is crucial to keeping...
(EnergyAsia, December 3 2012, Monday) — Directed by an inter-ministerial group, India’s coal ministry has continued to cancel the allocations of companies for failing to start work or develop deposits within deadline. Last month, the ministry issued letters to at least eight companies rescinding their rights to develop several coal blocks around the country. The...
(EnergyAsia, December 3 2012, Monday) — Beleaguered UK major BP said it has completed the sale of oil and gas fields in the US Gulf of Mexico and agreed to sell off its North Sea assets to two companies in deals worth a total of approximately US$6.65 billion. In separate statements on November 30, BP (more…)
(EnergyAsia, December 3 2012, Monday) — In a rare moment of agreement, the world’s three leading energy agencies have all slashed their forecasts for global oil demand growth for 2012 and 2013. In their latest monthly forecasts, the International Energy Agency (IEA) representing the world’s leading 28 industrialised consumer countries, the Organisation of Petroleum Exporting...
(EnergyAsia, November 30 2012, Friday) — Sri Lanka’s only oil refinery at Sapugaskanda near the capital city of Colombo resumed operations earlier this month after being forced to shut down for about two weeks on October 26. State-owned Ceylon Petroleum Corporation (CPC) said it had to halt operations at he 50,000 b/d refinery, which is...
(EnergyAsia, November 30 2012, Friday) — India’s already hefty annual coal import bill could surge at least 25% over the next five years to a record US$18 billion, officials and traders warn. Unable to rely on domestic production to feed the country’s surging coal demand, India has seen its imports rise sharply over the last...
(EnergyAsia, November 30 2012, Friday) — North America will dramatically change the global energy map as it sharply raises oil and gas production in coming decades, predicts the International Energy Agency (IEA) in its 2012 edition of the World Energy Outlook (WEO). “North America is at the forefront of a sweeping transformation in oil and (more…)
(EnergyAsia, November 30 2012, Friday) — Far from being extinguished by official policy and competition from the large state-owned players, some of China’s small oil refineries are thriving as their owners plot expansion as well as take on a direct role in importing crude oil. The “teapot” refineries, each of less than 40,000 b/d in...
(EnergyAsia, November 29 2012, Thursday) — The following is an edited version of an article written by Susan L. Sakmar, Visiting Assistant Professor, and Andrews Kurth Energy Law Scholar, University of Houston Law Centre. It was first published by CWC News. The vast shale gas reserves that have been unlocked in the US have been (more…)
(EnergyAsia, November 29 2012, Thursday) — The following is an edited version of an article on world oil refining outlook by the Organisation of Petroleum Exporting Countries. Since the 2008 financial crisis, global refinery throughput has increased by more than three million b/d, reflecting the improvement in world oil demand. This recovery in global oil...
(EnergyAsia, November 29 2012, Thursday) — The Asian Development Bank (ADB) said it is providing Bangladesh a US$700 million loan to enhance the country’s power supply system and help reduce outages and shortages that are crippling the economy. The ADB said the programme will boost the efficiency of several generating facilities to increase capacity by (more…)
(EnergyAsia, November 29 2012, Thursday) — Nearly a decade after the US military invasion of Iraq, launched presumably to take over the world’s second largest oil reserves among other reasons, it is China, an opponent of the ill-fated war, that has made some of the biggest gains. The various post-Saddam regimes have awarded Chinese state-owned...
(EnergyAsia, November 28 2012, Wednesday) — The Organisation of Petroleum Exporting Countries (OPEC) has slightly reduced its forecasts for global oil demand to grow to reach 88.80 million b/d in 2012 and 89.57 million b/d next year. In its latest monthly report, the cartel expects global oil demand to edge up by just 0.87% or...
(EnergyAsia, November 28 2012, Wednesday) — The US Energy Information Administration (EIA) has once again reduced its forecast for global oil demand growth for 2012 and 2013. In its November short-term energy outlook, the agency expects world demand to grow by 750,000 b/d this year, down from last month’s forecast of 790,000 b/d, to reach...
(EnergyAsia, November 28 2012, Wednesday) — State-owned ONGC Videsh Ltd (OVL) has launched India’s biggest acquisition of overseas oil and gas assets with its agreement to buy ConocoPhillips’ 8.4% stake in a Kazakhstan oil field for US$5 billion. The proposed sale of the US firm’s stake in the giant Kashagan field is expected to meet (more…)
(EnergyAsia, November 28 2012, Wednesday) — Hindustan Petroleum Corp Ltd (HPCL) has started using its new oil storage terminal in Chennai on India’s east coast while Indian Oil Corp (IOC) expects to complete construction of a new depot in Orissa state by 2014. HPCL invested 3.3 billion rupees in the new 140,000-cubic metre storage terminal...
(EnergyAsia, November 27 2012, Tuesday) — Singapore’s Keppel Corporation Limited said its wholly-owned subsidiary, Keppel Offshore & Marine Ltd, has secured S$12.2 billion worth of business since its start-up in 2002. (US$1=S$1.22). Remarkably, the company, which was created from the merger of three offshore and marine companies, Keppel FELS, Keppel Shipyard and Keppel Singmarine, secured (more…)
(EnergyAsia, November 27 2012, Tuesday) — Saudi Basic Industries Corporation (SABIC) said it has agreed to build a new storage terminal with Dutch oil logistics firm Royal Vopak and to expand a chemical plant with Anglo Dutch major Shell. The companies did not disclose the value of the two separate projects to be built in (more…)