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Petroleum / Mining in Asia

  • China's shale gas output jumps in 2016

    CHINA, 2017/07/11 China produced additional shale gas last year, as the world's biggest energy producer and consumer cleans up its coal-dominated energy mix. Its shale gas yield increased 76.3 % to 7.9 billion cubic meters in 2016, a record high, the Ministry of Land and Resources (MLF) said Monday in a statement. A total of 8.79 billion yuan (1.3 billion U.S. dollars) was spent prospecting for shale gas last year.

  • Petrobras, China's CNPC to jointly exploit energy resources

    CHINA, 2017/07/11 Brazil's national-run oil giant Petrobras announced on Tuesday that it signed a memorandum of considerate with the China National Petroleum Corporation (CNPC) to exploit energy resources in Brazil and abroad. In the statement, Petrobras said that the transaction will allow the two national oil companies to benefit from each other's capacity and experience in oil and gas production.

  • Oil slips as data points to fast-growing supply

    WORLD, 2017/06/15 Oil fell on Wednesday next reports showed world supply was rising and US crude inventories were still increasing, raising concerns the market could remain oversupplied for longer than expected. Brent crude oil fell by 28 cents to $48.44 a barrel by 1330 GMT, while US crude futures were down 29 cents on the day at $46.17. Crude prices have fallen additional than 10 % since late May, pulled down by heavy world oversupply that has persisted despite a move led by the Organization of the Petroleum Exporting Nations to curb production.

  • Decline in China’s coal consumption accelerates

    CHINA, 2017/05/13 China’s coal use declined 3.7% in 2015, according to official statistics released by the Chinese government today. This is the second year running that the consumption of China’s most polluting fuel has declined. What’s additional, the reduction took place while the economy grew.

  • Sri Lanka only leasing out oil tanks to India

    SRI LANKA, 2017/05/07 Sri Lanka will only lease out oil tanks to India under the proposed transaction to jointly operate a strategic oil facility in the eastern port district of Trincomalee, Prime Minister Ranil Wickremesinghe has said. Addressing a gathering in the central town of Welimada yesterday, the Prime Minister said the joint working group of the two nations will formulate investment plans for the integrated development of Trincomalee. "Japan may as well join in Trincomalee development," Wickremesinghe said.

  • China crude oil imports shatter record, top U.S. intake

    CHINA, 2017/04/15 BEIJING, April 13 China's crude oil imports surged to an all-time high in March to nearly 9.2 million barrels per day (bpd), customs data showed on Thursday, far surpassing expectations and overtaking the United States as independent refiners ramped up their purchases. The March imports came in at 38.95 million tonnes, or 9.17 million bpd, according to the General Customs Government. That compared with 8.286 million bpd in February and far exceeded an before record of 8.57 million bpd in December. Both the March and the initial-quarter import levels were above those of the United States according to data from the U.S. Energy Data Government (EIA), making China the world's top crude oil buyer so far this year.

  • A temporary reprieve for OPEC

    WORLD, 2016/12/03 OPEC has agreed to reduce current production levels in the initial such move since the 2008 world financial crisis. The transaction marks a major reversal of the "free-for-all" market-share strategy that Saudi Arabia and other Gulf Arab states have adopted in recent years as they sought to drive down prices and undermine US shale producers. However, there are reasons to doubt that the agreement will hold, not least because of weak enforcement mechanisms and the prospect of rising US shale production should prices rise significantly. As a result, The Economist Intelligence Unit will not make substantial changes to its oil price estimate, which currently stands at an average of US$45/barrel in 2016, rising to US$57/b in 2017 and US$61/b in 2018.

  • Rio Tinto agrees $1.3bn sale of Simandou stake to Chinalco

    CHINA, 2016/10/31 Rio Tinto announced on Friday it had agreed to sell its stake in the giant Simandou iron ore project in Guinea for up to $1.3bn to Chinalco, in a deal that could see the Chinese group take on development of the world’s largest untapped resource of the steelmaking ingredient. The Anglo-Australian mining company’s planned sale of its 46.6 per cent stake in the Guinea project marks an admission of defeat two decades after it persuaded the then dictator Lansana Conté to grant rights to prospect a mountainous zone.

  • IDB to finance Turkmen section of TAPI gas pipeline

    TURKMENISTAN, 2016/09/23 President of the Asian Development Bank (ADB) Takehiko Nakao met with Turkmenistan’s President Gurbanguly Berdimuhamedov to discuss the country’s development priorities and reiterate support for the government’s efforts to diversify the economy, said the ADB in a message. Nakao’s initial visit to Turkmenistan as well includes meetings with Deputy Chairmen of the Cabinet of Ministers in charge of foreign affairs, economy and finance, hydrocarbon sector, electricity and construction sectors, and the Chairman of the Board of the Central Bank of Turkmenistan and ADB Governor.

  • Algeria aims to consolidate its position in industry

    INDONESIA, 2016/08/31 Algeria and an Indonesian group Monday signed three accords to invest $4.5 billion in phosphate mining, as the North African national aims to consolidate its position in the industry, officials said. The industry and mining ministry said the deals were signed by Algerian public companies Asmidal and Manal and Indonesia's Indorama Corporation.
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