SINGAPORE - The Singapore government will take over development of its first $1 billion liquefied natural gas terminal from a consortium, to avoid more delays due to the credit crunch, and defer its completion by a year to 2013. The PowerGas-led consortium, which included GDF Suez with a 30% stake, had been due to make its final investment decision this month for the project slated to have a 3 million-tonne annual capacity when completed in 2012.
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Singapore pushes back LNG terminal
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Sunday, July 5, 2009
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Plan to develop Bai Hassan, Kirkuk oil fields
IRAQ - The North Oil Company has drawn up plans to increase oil production from Bai Hassan and Kirkuk oil fields, the director of the company said on Saturday. "Our national staff in the North Oil Company are capable of doing that," Engineer Manaa Abdullah al-Ubeidi told Aswat al-Iraq news agency.
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Industrial gas potential moves forward in Kazakhstan
KAZAKHSTAN - Rich in reserves of oil, metals, and minerals, Kazakhstan harbours healthy potential for the industrial gases business and some of this promise is now being realised with infrastructure development plans.
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Iran to invest $70bn in gas projects
IRAN - Iran is planning to invest around $70bn in two major offshore natural gas fields by 2015. An official from the National Iranian Oil Company has said $40bn would be needed to complete remaining projects in the South Pars field in a five-year economic plan, which runs until 2015. Another official has mentioned Iran plans to take a Euro1bn bond with Asian banks to finance the development of South Pars.
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Repsol makes two new oil discoveries offshore Spain
SPAIN - Repsol has made two new offshore oil discoveries in the Spanish Mediterranean. The Montanazo D-5 and Lubina-1 wells are located 45 kilometres from the coast of Tarragona, where the company is developing similar satellite fields. Repsol, with a 75% stake, is the operator of the first of these discoveries, in a consortium with Gas Natural (17.7%) and Cepsa (7.3%). In the second discovery, Repsol is the sole holder.
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Qatar and Poland sign 20-year LNG contract
POLAND - Qatar Liquefied Gas Co. III (Qatargas) has signed a 20-year agreement to sell Poland 1 million tonnes/year of LNG. Poland’s Treasury Ministry said value of the contract is about $550 million/year. Poland will receive the LNG at a terminal under construction at Swinoujscie, scheduled for completion in 2015.
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Pertamina, PGN to build LNG terminals separately in Indonesia
INDONESIA - In a bid to accelerate the development of liquefied natural gas terminals, state energy companies PT Pertamina and PT Perusahaan Gas Negara (PGN) - which earlier planned to jointly build two floating LNG terminals - have now decided to work separately. Pertamina's president director Karen Agustiawan said on Thursday that her company and PGN would finish the projects in West Java and in North Sumatra faster if the two worked separately.
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Trans-Sahara gas pipeline deal signed
NIGERIA - Nigeria, Algeria and Niger today signed an agreement to build a multi-billion dollar gas pipeline across the Sahara that could send up to 30 billion cubic metres a year of supplies to Europe. "We have the expertise and I don't think there is a problem with finance in this project. I don't think there is a problem with a market. The market is there," Reuters quoted Algerian Energy Minister Chakib Khelil as saying at a ceremony in Nigeria's capital Abuja.
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YPF group wins a bid for offshore Uruguay exploration
URUGUAY - YPF SA has won a bid to explore for oil in offshore blocks near the coast of Uruguay, the company said in a statement yesterday. YPF will have a 40% stake in the exploration, sharing the other 40% with Petrobras Uruguay, a unit of the Brazilian oil giant Petroleo Brasileiro SA and Portugal’s GALP, which will hold a 20% share. YPF will operate the deepwater exploration block 3 while Petrobras will operate the shallow water exploration block 4, both located along the coast of Punta del Este.
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NIPC to implement five petrochemical projects
IRAN - National Iranian Petrochemical Company (NIPC) has signed three contracts with foreign companies for implementing new petrochemical projects. For implementing five petrochemical projects, NIPC is cooperating with South Africa, Turkey, Indonesia and India. Based on preliminary agreements, Turkey's Petkim is expected to invest in Mahabad's 300,000-ton petrochemical project and Assalouyeh's 650,000-ton methanol project while South Africa's Sasol (South African Synthetic Oils) is expected to invest in Olefin-12 project (Mehr Petrochemical Plant).
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Repsol receives offers for Argentine arm
SPAIN - Repsol YPF, the Spanish oil group, on Thursday confirmed that it had received offers to buy part of YPF, its Argentine company, in a putative deal that could be worth billions of euros and ultimately help shore up the finances of some of Repsol’s shareholders. Reacting to media reports that Chinese bidders, including China National Petroleum Corp (CNPC), were negotiating to buy control of YPF. Repsol issued a statement reiterating its desire to sell part of its YPF stake, possibly through a public share offering.
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Petrobras finds more oil in onshore Espirito Santo Basin block
BRAZIL - Petroleo Brasileiro SA, Petrobras, Brazil’s state-controlled oil company, has found more evidence of oil in an onshore block in the country’s Espirito Santo Basin, the Brazilian petroleum regulator has said.
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Chevron gets first oil from Mafumeira Norte Field
ANGOLA - Chevron Corporation has announced today that its subsidiary Cabinda Gulf Oil Company Limited (CABGOC) and its partners commenced crude oil production ahead of schedule from the Mafumeira Norte project located offshore Angola. “Today’s milestone underscores Chevron’s commitment to growing its resource base in West Africa and delivering on our robust queue of major capital projects,” said George Kirkland, executive vice president, Global Upstream and Gas, Chevron.
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Iran became the largest supplier of crude to China
CHINA - Energy Intelligence reported that Chinese crude imports rose by 5.5 percent to 4.04 million barrels per day in May, with Iran becoming the largest supplier. As per the report, imports from Iran almost doubled to 730,000 barrels per day while imports from Saudi Arabia reached 653,000 barrels per day, which shows a 15.5-percent decline, Steelguru wrote.
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Global oil and gas projects delayed in 2009
Following is a list of oil and gas projects and oil refinery expansion plans that have been delayed or cancelled so far in 2009.
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Jebel Ali port terminal expansion delayed
UAE - Inert global development has shelved UAE-based DP World’s Jebel Ali terminal plans.
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China completes expansion of major oil pipe in Kazakhstan
KAZAKHSTAN - China secured access to vast oil deposits in western Kazakhstan today after the energy-rich Central Asian nation said it had completed the expansion of a major oil pipeline to its eastern neighbour.
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Iraq rejects foreign oil deals
IRAQ - Iraq on Wednesday said it has rejected further offers from foreign companies to work in the country's oil and gas sector and pledged that some sites will instead be solely exploited by state-owned firms.
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BP enhances Amsterdam fuel terminal
NETHERLANDS - UK energy company BP has completed a project to expand its fuels terminal in the Amsterdam harbour area in The Netherlands.
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UK union not happy with BP's plan to reduce wages
UNITED KINGDOM - One of the main unions representing the UK offshore oil and gas industry responded angrily today to plans from oil giant BP and its contractors to reduce wages in order to cut costs.
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Repsol out of the race for Nassiriya contract
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Wednesday, June 24, 2009
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IRAQ - Spain's Repsol is out of the race for a contract to work on Iraq's giant Nassiriya oilfield because bids by Italy's Eni and Japan's Nippon Oil better serve Iraq's interests, according to Iraqi sources.
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PetroChina to build the largest oil terminal in South China
CHINA - PetroChina International have signed a strategic alliance agreement confirming the building of the largest oil terminal in South China on Xiaohu Island, Guangdong Province.
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CNPC and BP in talks to develop Iraqi Rumaila oilfield
IRAQ - China National Petroleum Corp, CNPC, has held talks with UK oil major BP about a joint offer to develop Iraq's Rumaila field, ahead of the country's first bidding round in 30 years, a person familiar with the matter said today. The China state-owned CNPC is also working on two more bids in the auction, due to take place June 29-30, including one with Chinese rival CNOOC and Malaysia's Petroliam Nasional, Petronas.
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Inland Texas ports expect business to rebound
UNITED STATES - The recession has seen the volume of international cargo containers moving through US ports drop for 22 straight months, according to The Dallas Morning News.
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More offshore wind power going to the U.K
UNITED KINGDOM - In early April, the British Wind Energy Association (BWEA) was asking the government of the United Kingdom for intervention to help the country's renewable energy prospects, warning that the global economic crisis was putting projects, particularly offshore wind projects, at risk.
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US natural gas reserves surge 35 percent
UNITED STATES - The country's natural gas reserves are much bigger than previously thought, according to a report released Thursday.
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Murphy Oil announces Samurai discovery in the Gulf of Mexico
UNITED STATES - Murphy Oil Corporation announced an oil discovery at the Samurai prospect located in Green Canyon Block 432 in the Gulf of Mexico.
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Government, BHP Billiton finalizing offshore block contracts - Barbados
BARBADOS - According to Business News America Barbados' government and BHP Billiton are finalizing contract details for blocks awarded in January, an official from the Caribbean country's finance, economic affairs and energy ministry told BNamericas.
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Sasol project in China to start building next year
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Tuesday, June 23, 2009
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CHINA - A coal-to-oil plant, developed by South Africa's Sasol, the world's biggest coal-to-oil producer and China's Shenhua Group, is expected to launch construction in October 2010, the official Xinhua News Agency said.
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Papua New Guinea to sell LNG to Asian buyers
PAPUA NEW GUINEA - Japan’s Tokyo Electric Power and Osaka Gas Company are among three Asian customers signed by ExxonMobil to buy liquefied natural gas from its $12.5 billion project in Papua New Guinea.
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One step closer to deep-water port in Arkhangelsk
RUSSIA - The administration in Arkhangelsk Oblast is forming a working group to speed up the project on connecting the Northern Sea Route with the Russian national railway transport system.
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StatoilHydro confirms new small oil discovery in Norway
NORWAY - A small oil discovery has been made by StatoilHydro in the Titan prospect directly east of northern Visund in the Tampen area of the Norwegian North Sea.
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Oil prices drop close to $68
Oil prices dropped to near 68 dollars on Monday as traders took profits following recent gains, analysts said. New York's main futures contract, light sweet crude for delivery in July, slid 1.22 dollars to 68.33 dollars a barrel. The contract expires later Monday.
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Iraqi Nassiriyah oilfield begins production
IRAQ - Iraq has started producing from a giant oilfield it discovered in 1975, with the aim of quickly boosting the country’s crude exports. The field, in southern Iraq, is thought to contain 4.3 billion barrels of reserves, but was undeveloped for more than three decades due to war, economic sanctions and lack of funds.
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Israel ussues tender for LNG terminal
ISRAEL - Israel issued a tender on Monday for the construction of an offshore Liquefied Natural Gas (LNG) receiving terminal with a daily processing capacity of no less than 16 million cubic metres....
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Shell discovers massive gas field in Norway
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Monday, June 22, 2009
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Royal Dutch Shell PLC said Friday that it made a natural-gas discovery in the Norwegian Sea that Norway's Petroleum Directorate noted could be the country's biggest find since the giant field Ormen Lange was found in 1997.
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Abengoa Solar inaugurates second-generation solar tower
SPAIN - Abengoa Solar’s first high-temperature power tower, Eureka, was unveiled today by Martín Soler Márquez, Director of Innovation, Science and Enterprise for the Andalusian Regional Governmen...
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Canadian Superior sells 45% stake in Trinidad gas project
TRINIDAD AND TOBAGO - Calgary-based producer Canadian Superior Energy has finalised a deal to sell 45% of its stake in a natural gas project offshore Trinidad for $142.5 million to British energy gian...
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BP to produce 80,000 bdp in Colombia
COLOMBIA - BP and its partners in Colombia will produce an average of between 75,000 and 80,000 barrels of crude oil per day this year, the company's Colombia executive, Guillermo Quintero said today....
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EBRD ready to shell out for Nabucco
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Thursday, June 18, 2009
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HUNGARY - The European Bank for Reconstruction & Development (EBRD) has provided a €200 million ($277.2 million) loan to Hungary's MOL to help pay for a gas storage facility and is ready to thro...
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Pan American to invest $80 million in offshore Argentina
ARGENTINA - The Argentine oil and gas company Pan American Energy will invest $80 million in the first phase of an offshore exploration program in the San Jorge Gulf in the south of the country, t...
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Congo, Angola to look for hydrocarbons in common border
REPUBLIC OF CONGO – Republic Of Congo and Angola are said to be ready to join forces in exploring for hydrocarbons along their mutual border. According to an ROC official, the government is will...
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Lukoil: Russia should join OPEC and dictate the oil price
RUSSIA - Russia should join OPEC so that the exporters' group can control more than half of world oil output and dictate its price, a top executive of the country's biggest private sector oil comp...
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Slochteren gas field may be productive for 50 more years
NETHERLANDS - The Dutch Slochteren natural gas field, the largest on mainland Europe, may be productive for at least 50 more years because it contains “enormous” resources, according to project...
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Abraxas cut back on production due to low prices
UNITED STATES - Texas junior Abraxas Petroleum is cutting back on production from its Nordheim-2H well because of low natural gas prices. ...
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Iraq Oil Minister rejects Kurdistan plan
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Tuesday, May 19, 2009
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IRAK - In a step seen as an escalation of the dispute between the central and Kurdish governments over the control of oil resources, Oil Minister Hussein Al Shahristani rejected Kurdistan oil export p...
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Nepal, India agree to build 41-km oil pipeline between them
Labels: Asia, Southeast asiaNEPAL - Nepali Oil Corporation (NOC) and India Oil Corporation (IOC) have agreed to build a 41-km oil pipeline between Raxaul of India and Amlekhgunj of Nepal. ...
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China starts construction of oil pipeline to Russia
Labels: Asia, Far-eastCHINA - China started the construction of a crude oil pipeline to Russia, following a loan-for-oil agreement between the two countries last month. ...
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Turkey windfarm project to receive €130m loan
Labels: Eastern europe, EuropeTURKEY - Multilateral lenders are stepping into the gap left by crisis-hit banks to kickstart investment in Turkey’s renewable energy sector, announcing a €130m loan to a subsidiary of Zorlu e...
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Kuwait political stalemate holds up projects
Labels: Asia, Middle eastKUWAIT – Many investment projects have been cancelled or delayed in Kuwait, the world's fourth largest oil exporter, because of a crisis between the Gulf Arab state's Islamist-dominated parliame...
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Mines and plants hit by low prices, high costs
Labels: Energy analisis, Reports analisisThe global financial crisis and sharp falls in metals prices have forced several companies to abandon or put on hold their plans to bring new mines onstream. ...
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Oil firms in crisis due to shortage of oil rigs
Labels: Asia, Southeast-asiaINDIA - Shortage of rigs and skilled personnel in India will not only result in delay in hydrocarbon discovery by oil exploration and production companies but also lead to oil imports rising by 2...
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Four European countries sign gas pipeline deals with Russia
Labels: Eastern europe, EuropeRUSSIA - Russian natural gas giant Gazprom has signed deals with companies from four European nations, paving the way for a new natural gas pipeline that sidesteps the Ukraine and worries Brussels...
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Gulf oil producers court China and India
Labels: Energy analisis, Reports analisisThe quest for energy to feed the voracious demands of their economies led China and India to woo the Middle East for most part of the past decade. But the thirst for oil, which was once their weak...
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Qatar rides out credit crisis with huge bet on LNG
Labels: Asia, Middle eastQATAR - On a March morning in Qatar's Ras Laffan Industrial City on the Persian Gulf, a red flame shoots into the haze from a 650-foot stack. The burst of fire is burning off excess fuel as worker...more at Port Engineering News
Turkmenistan: an oasis in the crisis
Labels: Asia, Middle-eastTURKMENISTAN - Turkmenistan has avoided the world economic crisis, according to the International Monetary Fund. The IMF reached its conclusion after evaluating the Turkmen economy during its annu...
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Indian Oil secures 300.676$ loan for Paradip refinery
Labels: Asia, Southeast asiaINDIA - India's public sector oil refining and marketing giant, Indian Oil Corporation Ltd.(IOC) has arranged a term loan of Rs14,900 crore for its prestigious Paradip refinery project in Orissa f...
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Chevron positions itself for post-crisis situation
Labels: Asia, Southeast asiaTHAILAND - Chevron's Asia South subsidiary will proceed with all of its oil and gas projects and cost-efficiency improvements, so it can take advantage of the region's eventual economic recover...
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Australia to build its biggest LNG plant
Labels: Australasia, OceaniaAUSTRALIA - Billed as a one-project economic stimulus package, it is Australia’s biggest ever resources development. With as many as 20,000 jobs at stake, the Gorgon liquefied natural gas proje...
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Renaissance hopes to cash in on lucrative oil project
Labels: Asia, Middle eastOMAN - The extreme temperatures and shallow waters of the Caspian Sea combine to create a harsh operating environment. However, Kazakhstan's Kashagan oilfield is providing a bountiful source of...
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Exoma Energy to acquire 100% of Queensland gas project
Labels: Australasia, OceaniaAUSTRALIA - Australian energy company Exoma Energy Limited has entered into a conditional agreement to acquire a 100% interest in the Galilee Gas Project, five contiguous Authorities to Prospect ...
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PetroChina unit raises fuel storage capacity
Labels: Asia, Far eastCHINA - PetroChina's northwest fuel sales unit has expanded its storage capacity for refined oil products by nearly 360% in less than four years. ...more at Port Engineering News
Eni, Gazprom ink South Stream, Siberian Deal
Labels: Eastern europe, EuropeRUSSIA - Gazprom Chairman Alexey Miller and Eni CEO Paolo Scaroni signed, in the presence of Russia's Prime Minister Vladimir Putin and Italy's Prime Minister Silvio Berlusconi, a new understandin...
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Brazil's president to sign 'voluminous loan' deal with China
Labels: Americas, South americaBRAZIL - Brazil's President Luiz Inacio Lula da Silva is to sign a financing agreement for state-run Petroleo Brazileiro SA (Petrobras) on a visit to China next week, a senior official said. ...
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Port project EIA to take longer
Labels: Americas, Central americaCAYMAN ISLANDS - The environmental impact assessment process for the port expansion project might take longer than was originally anticipated, said Minister for Tourism Charles Clifford last week....
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