(EnergyAsia, November 27 2012, Tuesday) — China aims to produce 250 million tonnes of oil and 450 billion cubic metres of natural gas by 2030, up from 203 million tonnes and 101 billion cubic metres respectively last year. According to the Ministry of Land and Reserves, the bulk of the new production will come from...
(EnergyAsia, November 27 2012, Tuesday) — South Korea’s Samsung Engineering has secured a US$2.48 billion engineering, procurement and construction to add a delayed coker and a carbon black unit to the oil refinery in Ruwais, Abu Dhabi by early 2016. Abu Dhabi Oil Refining Company (ADNOC) awarded the contract for the new plants to refine...
(EnergyAsia, November 26 2012, Monday) — Longwei Petroleum Investment Holding Ltd, a NYSE-listed company engaged in the storage, distribution and retail sales of oil products in China, said it has secured sales agreement for its Huajie terminal as well as completed scheduled maintenance and plant upgrades at the Gujiao terminal, both in Shanxi province. The (more…)
(EnergyAsia, November 26 2012, Monday) — China has re-affirmed its goal to significantly improve energy efficiency and conservation at the same time that it plans to grow the economy by 7.5% a year in the current five-year plan from 2011 to 2015. In its latest white paper on energy policy, the government has set a...
(EnergyAsia, November 26 2012, Monday) — Swiss oilfield service company Weatherford International has expanded and consolidated its Singapore operations with the opening of a new multi-million dollar facility in Loyang. For the first time in its 30-year history in Singapore, the company will house all its staff under one roof as part of an expansion (more…)
(EnergyAsia, November 26 2012, Monday) — China’s October oil demand rose 6.6% year-on-year to 41.28 million metric tons (mt), or 9.76 million b/d, the third highest on record, according to energy media Platts. In its latest analysis of recent Chinese government data, Platts said the October demand was slightly lower than the record 9.8 million...
(EnergyAsia, November 23 2012, Friday) — European resistance to oil-linked gas prices will drive Russia to seek Asian export partners, according to a report international business intelligence firm GlobalData. It said Russia is being forced to re-evaluate its natural gas export strategy as the rest of Europe – the destination of 93% of the country’s (more…)
(EnergyAsia, November 23 2012, Friday) — Two state oil companies of Abu Dhabi and South Korea have signed a first agreement to cooperate on strategic oil stockpile. On Wednesday, Abu Dhabi National Oil Co (ADNOC) became the 12th company to stockpile oil in South Korea when it signed on to lease tanks from Korea National...
(EnergyAsia, November 23 2012, Friday) — The Australia Pacific Liquefied Natural Gas (APLNG) Pty Ltd consortium has begun drawing on its US$8.5 billion funding facility to develop its massive A$23 billion project in Queensland state, said operator and 37.5% shareholder Australia’s Origin Energy. (US$1=A$0.96). In a statement, Origin Energy said all conditions for the drawdown (more…)
(EnergyAsia, November 23 2012, Friday) — China is ready to spring its next big surprise by becoming a global oil products exporter over the next five years as its projected refining capacity expansion will far exceed its domestic oil demand growth by 800,000 b/d, predicts the International Energy Agency (IEA). In its latest medium-term oil...
(EnergyAsia, November 22 2012, Thursday) — Fed up with being paid low prices by domestic consumers, US natural gas producers and traders are actively lobbying the government to allow them to sell the fuel abroad, especially to Asia where the fuel sells for an average five times more. Gas producers, shippers, terminal operators and developers,...
(EnergyAsia, November 22 2012, Thursday) — Turkmenistan is investing heavily to expand the domestic production of its crude and refined products. At a conference last week, government and industry officials revealed on-going investments to boost exploration and production in new fields. Russia’s Itera, Germany’s RWE and Cyprus’ Buried Hill are looking to invest billions of...
(EnergyAsia, November 22 2012, Thursday) — The Asia Pacific region has raced ahead of the rest of the world to rapidly become the largest market for natural gas vehicles (NGVs), thanks to strong demand growth in Thailand, India and China, said US-based consulting firm Pike Research. The Boulder, Colorado firm said prospects vary widely across (more…)
(EnergyAsia, November 22 2012, Thursday) — The International Energy Agency (IEA) has again reduced its forecasts for world oil demand for 2012 and 2013, reflecting its downbeat outlook on the economy. In its latest November monthly report, the Paris-based agency said world oil demand will grow by 700,000 b/d to 89.6 million b/d for 2012,...
(EnergyAsia, November 21 2012, Wednesday) — A subsidiary of China Petrochemical Corp, or Sinopec Group, has agreed to acquire a 20% stake in an offshore Nigerian field from French major Total SA (FP) for about US$2.5 billion, the two companies have announced. The OML 138 block contains the Usan field which is on course to (more…)
(EnergyAsia, November 21 2012, Wednesday) — China’s recoverable oil and gas reserves, a closely guarded secret, rose last year, according the China Mining Resources Report citing an anonymous source from the Ministry of Land and Resources. The report said China’s recoverable oil reserves edged up 2.1% to 3.24 billion tonnes last year while its natural...
(EnergyAsia, November 21 2012, Wednesday) — Unplanned oil supply outages outside the Organisation of the Petroleum Exporting Countries (OPEC) cartel during the first 10 months of this year were almost twice the amount experienced in the last three months of 2011, reported the US Energy Information Administration (EIA). The volume of unplanned non-OPEC oil production (more…)
(EnergyAsia, November 21 2012, Wednesday) — Russia is switching its attention to exporting liquefied natural gas (LNG) as negotiations to develop gas sales to China and South Korea through pipelines remain deadlocked, according to consulting firm GlobalData. In its latest report, GlobalData said China and Russia have once again failed to reach agreement on gas...
(EnergyAsia, November 20 2012, Tuesday) — Law firm Herbert Smith Freehills said it has strengthened its Greater China energy and natural resources practice with the addition of David Clinch, a senior partner from the firm’s global energy and natural resources practice. Hong Kong-based Clinch will work with partners Anna Howell and Hilary Lau, and China corporate (more…)
(EnergyAsia, November 20 2012, Tuesday) — Asia will account for about 35% of US47.4 billion in global investment in floating liquefied natural gas (LNG) systems between 2013 and 2019, said UK upstream consultant Douglas Westwood. Of this amount, Douglas Westwood predicts that over US$28 billion will be spent on liquefaction and US$19.1 billion on import (more…)
(EnergyAsia, November 20 2012, Tuesday) — Esso Highlands Limited, a subsidiary of the US major, has informed its consortium partners that it has raised the cost of their liquefied natural gas (LNG) project in Papua New Guinea by more than 21% to US$19 billion. Esso Highlands, which is leading the PNG LNG consortium to build (more…)
(EnergyAsia, November 20 2012, Tuesday) — China is becoming increasingly dependent on oil from the Middle East, with Iraq and Saudi Arabia the big winners. To fuel its fast-growing economy, China is expected to raise its refining capacity by one million b/d this year and by 2.9 million b/d at the end of 2017, said...
(EnergyAsia, November 19 2012, Monday) — Saudi Aramco, the world’s biggest oil producing company, has signed engineering, procurement and construction (EPC) contracts with eight companies to build a 400,000 b/d refinery and an oil terminal on the country’s west coast. At a ceremony last week, Aramco signed the contracts for the construction of the Jazan...
(EnergyAsia, November 19 2012, Monday) — China’s crude oil demand and imports are set to rise sharply over the next few years, said government officials and industry analysts. The Energy Research Institute, an affiliate of the top policy-making National Development and Reform Commission (NDRC), expects the country’s crude oil demand to rise from 450 million...
(EnergyAsia, November 19 2012, Monday) — Houston, US-based InterOil Corporation (IOC) has achieved a major breakthrough in its difficult attempt to build a liquefied natural gas (LNG) project in Papua New Guinea (PNG) that at one point had looked to be in danger of being cancelled. After months of intense negotiations, the company was able (more…)