(EnergyAsia, June 19 2012, Tuesday) — The world will likely obtain additional liquefied natural gas (LNG) supplies from four regional sources after 2015 as well as experience a convergence of regional prices in 2020, predicts consulting group Eurasia. The sources of incremental LNG growth will include new projects in Australia, the US and Canada, East Africa...
(EnergyAsia, June 19 2012, Tuesday) — For the energy sector, 2011 was a year of many firsts with supply disruptions, record-high world consumption and oil prices as the main themes, according to the latest edition of the BP Statistical Review of World Energy for 2012. For the first time in memory, Saudi Arabia with 265.4 (more…)
(EnergyAsia, June 19 2012, Tuesday) — Japan’s largest electric utility has agreed to increase its purchase of liquefied natural gas (LNG) and equity stake from the Chevron-led Wheatstone gas project in Western Australia state for an undisclosed amount. According to the US major, Tokyo Electric Power Company (TEPCO) has signed to purchase an additional 400,000 (more…)
(EnergyAsia, June 19 2012, Tuesday) — Crude oil production from the Organisation of the Petroleum Exporting Countries (OPEC) rose 40,000 b/d to 31.75 million b/d in May, according to a Platts survey of OPEC and oil industry officials and analysts. The May production marks a rise from April’s output level of 31.71 million b/d and...
(EnergyAsia, June 18 2012, Monday) — Russia’s Rosneft and US major ExxonMobil last week announced they had signed agreements to jointly develop tight oil reserves in Western Siberia and establish a joint Arctic Research Center for Offshore Developments. The agreements, which support implementation of the companies’ August 2011 long-term strategic cooperation agreement, were signed by (more…)
(EnergyAsia, June 18 2012, Monday) — Qatargas Operating Company Limited (Qatargas) said subsidiary Qatar Liquefied Gas Company Limited (Qatargas 1) has secured a new long-term liquefied natural gas (LNG) sales agreement (SPA) with Japan’s largest LNG buyer, Tokyo Electric Power Company Incorporated (TEPCO). Under the first long-term bilateral agreement between the two companies, Qatargas 1 (more…)
(EnergyAsia, June 18 2012, Monday) — Norway’s oil and gas company Statoil said it has secured an agreement to deliver liquefied natural gas (LNG) to Malaysia, making this its first to the Asian market. Statoil said it will deliver about one billion cubic meters gas under the flexible supply agreement that runs for three-and-half years. (more…)
(EnergyAsia, June 18 2012, Monday) — Shell Australia has confirmed that it will cease operations at its 79,000 b/d Clyde oil refinery in New South Wales on September 30. This follows an earlier announcement last July that the refinery would be converted into a dedicated fuel terminal. Shell Australia Downstream Vice President Andrew Smith said: (more…)
(EnergyAsia, June 15 2012, Friday) — Chevron Oronite has begun expansion work on its Jurong Island manufacturing plant in Singapore to meet Asia’s fast-growing demand for lubricant additives. At a groundbreaking ceremony last week, the US company said the new investment will increase the plant’s manufacturing, blending and shipping capacities when completed during the first half (more…)
(EnergyAsia, June 15 2012, Friday) — The Chinese government has committed to invest a total of 2.5 trillion yuan to reform and upgrade the coal industry over the course of the current 12th Five-Year Plan from 2011 to 2015. (US$1=6.35 yuan). According to the National Energy Administration, the investment is needed to provide China with...
(EnergyAsia, June 15 2012, Friday) — Despite announcing policies and targets to limit the growth of the coal sector, China can’t seem to shake off its addiction for the world’s most polluting fuel. According to the China Federation of Logistics & Purchasing, the country boosted its coal production by 5.6% to 860 million tons in...
(EnergyAsia, June 15 2012, Friday) — Indonesia’s trade minister, Gita Wirjawan, has criticised the energy ministry for considering imposing a tax on coal exports. Describing it as an “irrational” idea, he said the tax would deter foreign investments, damage trust in the country’s business environment and would be difficult to implement. Many companies had invested billions...
(EnergyAsia, June 14 2012, Thursday) — Indonesia has written a Balinese wayang kulit plot for its coal industry, leaving both investors and domestic consumers in deep confusion over export plans and supply availability. After months of well-founded rumours that the government was planning to impose a punitive tax on coal exports, Energy and Mineral Resources...
(EnergyAsia, June 14 2012, Thursday) — Fitch Ratings said the recent weakness in thermal coal prices could persist into 2013, noting that the 5,500 kcal FOB Newcastle Australia benchmark grade fell to a two-year low of US$87 per metric ton last week, down from US$142 at the start of the year. It attributed the decline...
(EnergyAsia, June 14 2012, Thursday) — China Aviation Oil Singapore Corporation Ltd (CAO) said it has increased its syndicated loan facility to US$145 million with the addition of China Construction Bank Corporation as a mandated lead arranger earlier this week. Asia’s largest trader and supplier of jet fuel had concluded a US$125 million revolving credit facility (more…)
(EnergyAsia, June 14 2012, Thursday) — The Asia Pacific region must invest heavily to preserve and defend its natural-resource base and the environment as it becomes more affluent and consume more resources, said the WWF. In its “Ecological Footprint and Investment in Natural Capital in Asia and the Pacific” report, the non-governmental organisation said the (more…)
(EnergyAsia, June 13 2012, Wednesday) — US coal prices and demand for power generation are expected to recover next year after declining sharply in 2012 on account of its growing substitution by natural gas, said the US Energy Information Administration (EIA). In its latest monthly forecast, the agency expects US coal demand for power generation (more…)
(EnergyAsia, June 13 2012, Wednesday) — Global Pacific & Partners will hold its landmark 17th Asia Oil Week at the Goodwood Park Hotel in Singapore on June 25 to 27. This year’s event will focus on new bid rounds in Sri Lanka and Indonesia, opportunities in several countries, shale gas exploration in China and Australia (more…)
(EnergyAsia, June 13 2012, Wednesday) — Australia’s main mining state of Queensland is standing firm against the Federal government, the UN’s environmental agency and green groups over its plans to accelerate the development of coal and other natural resource projects despite warnings that they could inflict massive long-term damages on the environment especially the Great...
(EnergyAsia, June 12 2012, Tuesday) — Australia’s Queensland state government has scaled back plans laid out by the previous government for a massive A$9 billion expansion of the existing one-terminal Abbot Point coal port, calling it “unrealistic and undeliverable.” (US$1=A$1.02). Deputy Premier Jeff Seeney said the state government would develop only two of the eight...
(EnergyAsia, June 12 2012, Tuesday) — India’s GVK Group faces a potentially long wait to start work on developing its giant Alpha coal mine in Australia as the Federal government and opposition-ruled Queensland state battle over the environmental approval process. While the Liberal National Party (LNP) state government, which was elected to power against...
(EnergyAsia, June 12 2012, Tuesday) — Crude oil futures swung between delirious and gloom in late US trading yesterday with Brent starting the week on a high in response to news of the Spanish bank bailout and then collapsing at the close as reality of the spreading Eurozone mess set in. Brent crude crashed to (more…)
(EnergyAsia, June 12 2012, Tuesday) — Australia’s Queensland state has given final approval to UK mining giant Anglo American to develop its proposed A$1.7 billion Grosvenor metallurgical or coking coal mine for production start-up next year. (US$1=A$1.02). The mine will have the capacity to produce seven million tonnes of high quality coking coal a year, (more…)
(EnergyAsia, June 11 2012, Monday) — China’s economic growth will slow down to 8% in 2012, down from last year’s 9.2% and well over 10% in 2010, but remains robust in the face of the global downturn and the Eurozone crisis, said the International Monetary Fund (IMF). Giving its annual health check of the world’s...
(EnergyAsia, June 11 2012, Monday) — There is a growing traffic of vessels with unsold coal cargoes berthed in the waters off southern China as traders report rising defaults on deals. Traders had taken on speculative positions in buying up coal from elsewhere to be re-sold into China, but have been caught out as they...