(EnergyAsia, March 6 2013, Wednesday) — Manila Electric Co (Meralco) and its main shareholder, Hong Kong-listed First Pacific Co Ltd, have agreed to jointly pay S$660 million for a 70% stake in the GMR Energy (GMRE) power company in Singapore. (US$1=S$1.24). The subsidiary of India’s GMR Group is developing an 800 MW combined cycle gas (more…)

(EnergyAsia, March 6 2013, Wednesday) — Canada’s Challenger Deep Resources Corp said its wholly owned subsidiary, PT Bestindo Energy, has signed an exclusive agreement to fully acquire privately-held PT HAAS which owns the rights to mine and market coal from the Alam Bahteria Barito Raya (ABBR) project in Central Kalimantan as well as its mining (more…)

(EnergyAsia, March 6 2013, Wednesday) — The Arab Petroleum Investments Corporation (APICORP) said its newly launched “landmark” US$150 million petroleum shipping fund has acquired five medium range (MR) petroleum product tankers to be leased out to the regional and international markets for five years. APICORP, the Saudi Arabia-based multilateral development bank owned by the Organization (more…)

(EnergyAsia, March 5 2013, Tuesday) — Australia’s Endocoal Limited said its shareholders have voted overwhelmingly in favour of its A$71 million takeover by the local subsidiary of China’s U&D Mining. (US$1=A$0.98). The Queensland state coal explorer said 91.6% of its shareholders voted in favour of the offer by U&D Mining Industry (Australia) Pty Ltd at (more…)

(EnergyAsia, March 4 2013, Monday) — Australia’s Hodges Resources said it may acquire metallurgical coal resources in the US to build up its coal portfolio while BHP Billiton is looking to close one of its mines in Queensland state. Hodges Resources said it has signed a binding heads of agreement with Specialty Metallurgical Coal Assets (more…)

(EnergyAsia, March 1 2013, Friday) — Angolan state oil and gas firm Sonangol and a company partly owned by Swiss commodities trader Trafigura said they are planning to jointly establish a new company to trade liquefied natural gas (LNG). Sonangol’s trading arm, Sonanci, and DT Group, a joint venture trading firm between Trafigura Pte Ltd (more…)

(EnergyAsia, March 1 2013, Friday) — Foster Wheeler AG said a subsidiary of its Global Power Group has been awarded a contract to design and supply a circulating fluidised-bed (CFB) steam generator for a coal-fired power plant in the Philippines due to start up in 2015. The contract was awarded by South Korean engineering firm (more…)

(EnergyAsia, March 1 2013, Friday) — Rotary Engineering Limited, a Singapore-based provider of engineering, procurement, construction and maintenance (EPCM) services for the oil, gas and petrochemicals industry, has proposed paying shareholders a final dividend of 0.5 Singapore cent per share despite the company reporting a full-year 2012 net loss and a 16.3% drop in revenue (more…)

(EnergyAsia, February 28 2013, Thursday) — Hours after CNOOC Ltd completed its US$15.1 billion purchase of Canada’s Nexen, another Chinese state Sinopec said it had agreed to pay more than US$1 billion for a 50% stake in US-based Cheaspeake Energy which is developing oil-rich shale fields in Texas, Colorado and Wyoming states. The swoop will (more…)

(EnergyAsia, February 28 2013, Thursday) — Bowing to further evidence of a near-term global economic recovery, the Organisation of Petroleum Exporting Countries (OPEC) raised its forecast for 2013 world oil demand growth to 840,000 b/d after holding it unchanged at under 800,000 b/d the three previous months. In its February report, OPEC said it expects (more…)

(EnergyAsia, February 28 2013, Thursday) — Exxon Mobil Corporation said its board is expected to appoint Tom Walters as president of ExxonMobil Production Company and Rob Franklin as president of ExxonMobil Gas & Power Marketing Company from March 1. Mr Walters, the president of ExxonMobil Gas & Power Marketing Company and a vice president of (more…)

(EnergyAsia, February 27 2013, Wednesday) — Seven months after launching its troubled takeover bid, Chinese state-owned CNOOC Limited said it has completed the US$15.1 billion acquisition of Canada’s upstream company Nexen Inc. Operating as a wholly owned subsidiary of CNOOC Limited, Nexen will continue to be led by CEO, Kevin Reinhart, who has been with (more…)

(EnergyAsia, February 27 2013, Wednesday) — Caltex Australia has returned to profitability reporting a A$57 million net gain last year to reverse the huge A$714 million loss for 2011. (US$1=A$0.97). The country’s largest downstream company said its performance was helped by increased production at its two refineries and higher sales of gasoline, diesel and jet (more…)

(EnergyAsia, February 27 2013, Wednesday) — Canada must capitalise on its numerous advantages to develop an industry exporting oil and gas to the fast-growing markets of Asia and reduce its traditional dependence on the US, said former Cabinet minister Jim Prentice. In making this call yet again at a liquefied natural gas (LNG) conference in (more…)

(EnergyAsia, February 26 2013, Tuesday) — Citing increased production, sales of oil products and government compensation, state-owned Indian Oil Corporation (IOC) said its net profit for the October-December 2012 quarter rose 33.9% to 33,319.6 million rupees. (US$1=55 rupees). India’s main refining and marketing company said government compensation amounting to 134,750 million rupee enabled it to (more…)

(EnergyAsia, February 26 2013, Tuesday) — The global oil tanker market could begin a slow recovery next year as the current glut eases up, predicts UK-based Drewry Maritime Research. For 2013, the shipping intelligence firm said the industry faces “another tough year” as tanker owners continue to struggle under the pressure of overcapacity. A predicted (more…)

(EnergyAsia, February 25 2013, Monday) — Canada’s first international conference focused on the rapidly expanding liquefied natural gas (LNG) industry will be held in Vancouver city in British Columbia province today and tomorrow. British Columbia Premier Christy Clark will open the event at the Vancouver Convention Centre attended by global investors, domestic and international traders, (more…)

(EnergyAsia, February 25 2013, Monday) — State utility Korea Gas Corp (Kogas) said it has appointed Samsung Securities Co and Rothschild to advise on the potential sale of its stake in the Gladstone liquefied natural gas (GLNG) project in Australia’s Queensland state. Kogas is looking to make a profit on the A$665 million that it (more…)

(EnergyAsia, February 22 2013, Friday) — Focus on Southeast Asia’s smaller but faster growing economies, and move India to the back row. That’s the advice energy consultant Wood Mackenzie is giving liquefied natural gas (LNG) suppliers as it predicts the combined market of Indonesia, Thailand, Malaysia and Singapore offers far better returns. By 2025, Southeast (more…)

(EnergyAsia, February 22 2013, Friday)– Foster Wheeler AG said a subsidiary of its Global Power Group has been awarded a contract to design and supply three utility package steam generators for the onshore liquefied natural gas (LNG) facilities located near Darwin in Australia’s Northern Territory. The contract was awarded by the joint venture comprising CH2M (more…)

(EnergyAsia, February 21 2013, Thursday) — Bouyed by increased production and higher oil and gas prices in 2012, Thailand’s leading upstream company PTT Exploration & Production Pcl (PTTEP), said profit surged 28% to a record 57.32 billion baht from 44.75 billion baht in 2011. (US$1=29.9 baht). Revenue was up 25.8% to 218.14 billion baht while (more…)

(EnergyAsia, February 21 2013, Thursday) — UAE’s Crescent Group said it plans to expand its cooperation with Russian companies this year, starting with two port and logistics investments. The group will undertake these projects through its two subsidiaries, Crescent Petroleum, the oldest private oil company in the Middle East, and non-energy firm, Crescent Enterprises, which (more…)

(EnergyAsia, February 20 2013, Wednesday) — US major Chevron Corp said it has decided to proceed with the US$5.6 billion development of the giant offshore Mafumeira Sul field in Angola. Due to start up in 2015, Mafumeira Sul is expected to eventually peak at a daily production rate of 110,000 barrels of crude oil and (more…)

(EnergyAsia, February 19 2013, Tuesday) — The International Energy Agency (IEA) now expects world oil demand growth to rise by 845,000 b/d to reach 90.715 million in 2013, down slightly from its previous forecast for it to reach 90.8 million b/d. In its latest February monthly report, the Paris-based agency said world oil demand will (more…)

(EnergyAsia, February 18 2013, Monday) — Oiltanking Nanjing Co Ltd has started up a state-of-the-art railcar loading and unloading facility at its terminal in the Nanjing Chemical Industry Park (NCIP) in China’s Jiangsu province. Now connected to the park’s railway system and the national railway network, the terminal offers customers all modes of transportation including (more…)