(EnergyAsia, June 28 2012, Thursday) — Oil production capacity is surging in the US and several other countries at such a fast pace that global oil output capacity is likely to grow by nearly 20% by 2020, which could prompt a plunge or even a collapse in oil prices, according to a new study by (more…)

(EnergyAsia, June 27 2012, Wednesday) — Thai state upstream firm PTT Exploration and Production Public Company Limited (PTTEP) is targeting Myanmar for expansion after securing its another two production sharing contracts with state Myanma Oil and Gas Enterprise (MGOE). PTTEP, which will partner with Myanmar’s Win Precious Resources Pte Ltd (WPR), signed the agreement early (more…)

(EnergyAsia, June 26 2012, Tuesday) — Wison Offshore & Marine Ltd, a subsidiary of China’s Wison Group, said it has secured a contract from the Exmar group to undertake the engineering, procurement, construction, installation and commissioning (EPCIC) of the world’s first floating LNG liquefaction, regasification and storage unit (FLRSU). The unit will be deployed off (more…)

(EnergyAsia, June 26 2012, Tuesday) — The world still has serious energy worries ahead despite a near 1.9% rise in its oil reserves to a record 1,653 billion barrels at the end of 2011 to keep well ahead of consumption growth of only 0.7%, according to BP’s latest annual Statistical Review of World Energy. Exploration (more…)

(EnergyAsia, June 26 2012, Tuesday) — A private company is set to become Sri Lanka’s largest private investor if and when it completes its US$4 billion programme to develop a heavy industry zone and infrastructure in Sri Lanka’s north-eastern Trincomalee harbour. According to the state Board of Investment (BOI), Sri Lanka Gateway Industries Pvt Ltd (more…)

(EnergyAsia, June 25 2012, Monday) — Australian’s coal production and greenhouse gas emissions will rise to record levels as it continues to attract investments despite increased cost from the imposition of a new carbon tax from July 1 as part of the government’s long-term clean energy plan, said carbon analytics firm RepuTex.According to the company’s (more…)

(EnergyAsia, June 25 2012, Monday) — China’s natural gas consumption will rise from 130.7 billion cubic metres last year to 200 bcm by 2020 and 550 bcm by 2030, said the president of China National Petroleum Corp (CNPC). Since 2000, it has risen by 5.3 times to make China the world’s fourth largest natural gas (more…)

(EnergyAsia, June 25 2012, Monday) — Two leading state oil and gas companies of India and China have signed a landmark memorandum of understanding (MoU) to cooperate in upstream and downstream projects around the world. India’s ONGC said its chairman and managing director, Sudhir Vasudeva, and China National Petroleum Corporation’s (CNPC) chairman, Jiang Jiemin, signed (more…)

(EnergyAsia, June 22 2012, Friday) — The oil markets hit an 18-month low with Brent crude futures sinking below US$90 a barrel and US benchmark WTI crashing through US$80 on further evidence of slowing economic activities in the US, Europe and Asia. Both benchmarks lost more than 3% of their overnight value with Brent touching (more…)

(EnergyAsia, June 22 2012, Friday) — As a result of weaker oil prices, Saudi Arabia’s economy is expected to grow by 6% this year after expanding 7.1% last year, said the International Monetary Fund (IMF). In a report issued after an IMF team met with Saudi officials last month, the fund praised the government for providing (more…)

(EnergyAsia, June 21 2012, Thursday) — Singapore-listed IEV Holdings Limited said it has completed on schedule the RM262-million engineering, fabrication and load-out work on a four-legged jacket and refurbished topside of a wellhead platform that is part of a bigger project that started last December. (US$1=RM3.2). The project involved the supply, delivery, installation and commissioning of (more…)

(EnergyAsia, June 21 2012, Thursday) — The Australian coal industry has identified “extremist” environmental groups, the rising cost of operations, the shortage of skilled labour and the imposition of a new national carbon tax on July 1 as its biggest foreseeable challenges. Nikki Williams, chief executive of the Australian Coal Association, presented this list at the (more…)

(EnergyAsia, June 21 2012, Thursday) — The Japanese economy is experiencing a solid recovery from the effects of the March 2011 earthquake-tsunami tragedy, but the European debt crisis is likely to dampen demand for the country’s exports, and weigh on business sentiment, said the International Monetary Fund (IMF). The fund’s First Deputy Managing Director, David (more…)

(EnergyAsia, June 21 2012, Thursday) — The world’s marine life and ocean fish supplies are being threatened by climate change, said a new report by the UN Development Programme (UNDP). According to “Frontline Observations on Climate Change and the Sustainability of Large Marine Ecosystems”, climate change is already impacting the livelihoods of billions of people (more…)

(EnergyAsia, June 20 2012, Wednesday) — The world’s main petroleum cartel has kept its forecast for this year’s global demand to grow by 900,000 b/d to reach 88.7 million b/d. The Organisation of Petroleum Exporting Countries (OPEC) said despite the negative headlines concerning Europe and the US, the global economic outlook is stabilising and oil (more…)

(EnergyAsia, June 20 2012, Wednesday) — The World Coal Association, the leading global coal industry body recently appointed Zhang Xiwu, chairman of China’s coal mining giant Shenhua Group, as its new chairman from November 2012. Dr Zhang, who will replace Fredrick D. Palmer of US coal producer and trade Peabody Energy, will be the first (more…)