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Petroleum / Mining in Asia

  • Chinese Company to Produce 40 Billion Gallon Gas in Ethiopia

    CHINA, 2015/09/23 A Chinese company engaged in natural oil gas exploration with a capital of five billion USD in Ethiopia is expected to produce 40 billion gallon gas next three years. President Dr Mulatu Teshome held talks with Chinese Poly Technology Company Vice President Huang Geming at the National Palace yesterday. President Mulatu said the relationship between Ethiopia and China would help attract additional huge companies into Ethiopia.

  • Uzbekistan decreases coal production

    UZBEKISTAN, 2015/08/26 Uzbekistan decreased coal production by 11.4 % to 1.789 million metric tons in January-June 2015 compared to the same period of 2014, Uzbekugol JSC, the major producer of solid fuel in the country, reported on August 20. Uzbekugol JSC produced about 1.674 million metric tons of coal (10.3 % decrease), Shargunkumir JSC – 63,300 metric tons (58.3 % increase) and Apartak Ltd. – 51,800 metric tons (54.2 % decrease), according to the company. The total volume of overburden operations decreased by 6.5 % to 9.1 million cubic meters.

  • New gas field opens in Turkmenistan

    TURKMENISTAN, 2015/08/26 Turkmenistan secured its leading position in gas resources next the discovery of a new gas field at the Bagley-1 area in the Karakum Desert located in the Mary region. The search for new deposits of oil and gas in southeastern Turkmenistan yielded successful results next the initial exploration reached a depth of 4,690,000 meters and the operational column omitted 230 meters above. The daily hydrocarbon output of the new field will exceed 1.5 million cubic meters and is located only a few dozen kilometers away from the gigantic Galkynysh field, which is famous worldwide for its explored and proven natural gas reserves. The energy neighborhood has the potential to yield even better gas discoveries.

  • Kazakhstan sees increase in oil and gas production

    KAZAKHSTAN, 2015/08/19 Kazakhstan has seen an increase in oil and natural gas production in January-July 2015, the country's Statistics Committee under the National Economy Ministry reported. The production of oil, inclunding gas condensate, increased by 0.7 % to reach 47 million tons in the reported period. The committee as well said that the production of gasoline decreased by 2.8 % to 1.6 million tons, and diesel fuel by 2.7 % to 2.7 million tons in the initial seven months of 2015. In the reported period, the country's electricity production reduced by 2.3 % to 52.8 billion kilowatt/hours.

  • Kazakhstan plans to establish oil consortium for Eurasia project

    KAZAKHSTAN, 2015/07/29 Kazakhstan is considering to establish oil consortium to ensure the implementation of the Eurasia international oil project in the Caspian basin, according to remarks made by Kazakhstan's Deputy Energy Minister Uzakbai Karabalin at a July 27 briefing in Central Communications Service under the president. "Kazakhstan is considering the establishment of the consortium on public-private partnership with the further implementation of works on the Eurasia project in 2016-2021 in order to ensure the implementation of tasks, in particular on such a large project," he said. Karabalin as well noted that Kazakhstan is developing a legal code on ubsoil and its adoption is scheduled for 2015-2016. The government plans to make amendments to the Tax Code in order to reduce the tax burden in conducting geological research, exploration of subsoils, inclunding the implementation of the arrangement on the geological study of the Caspian Basin.

  • Govt delays plan to raise coal royalties amid plunging price

    INDONESIA, 2015/07/27 The government will postpone a plan to increase royalty payments from coal miners as they are by instantly burdened with the commodity’s plunging price, a top official has said. The decision was based a government review in which it found that the low world coal price had prompted ongoing losses for coal miners in Indonesia, one of world’s major producers of the commodity. “The government decided to review the plan based on the current situation and price,” Energy and Mineral Resources Ministry’s director general for mineral and coal, Bambang Gatot Ariyono, said last week.

  • Beijing to pay for Iranian oil, gas in cash

    CHINA, 2015/06/06 Iranian official has said Tehran and Beijing have agreed that China would pay in cash for the oil and gas it buys from Iran. Asadollah Asgar Oladi, the chief of Iran-China Chamber of Commerce said under the agreement made with Chinese officials, it was settled that next deducting a sum as commission, the rest will be paid to Iran in cash or given to a third country for imports. He said the agreement came next Iran requested some of the oil and gas money to be paid in cash and some to be transferred to nations like South Korea and Japan for purchasing goods, Tasnim news agency reported.

  • Turkmenistan reveals plans on gas output

    TURKMENISTAN, 2015/05/23 Turkmenistan announced its intention to increase the volume of its gas production in connection with its plan to become a major energy supplier to EU nations. One of the factors which impacted on that decision is the possible construction of the 300-kilometer trans-Caspian gas pipeline, which is expected to annually transport 30 billion cubic meters of gas to Europe via Azerbaijan. Turkmen Petroleum and Mineral Resources Minister Muhammetnur Halylov confirmed the increased potential of hydrocarbon resources in the country due to the discovery of incomparable gas fields on the Gas Congress in Avaz, Turkmenistan. One of the major Turkmen gas fields is Galkinish, which confirmed Turkmenistan as one of the major energy powers.

  • Gold edges up on seasonal offtake, global cues

    INDIA, 2015/05/10 Gold prices gained at the domestic bullion market on modest buying support from jewellery traders and retailers amid higher world advices. Silver as well moved higher on renewed industrial buying. Standard gold (99.5 purity) firmed up by Rs 50 to end at Rs 26,930 per 10 gram against Friday's closing level of Rs 26,880.

  • Mineral-rich Mongolia grapples with ‘resource curse’

    MONGOLIA, 2015/05/04 Chanting prayers to Tenger, the all-knowing holy sky, Mongolian shamans in fur and feather headdresses protested against a Canadian mining project they say threatens ancient grave sites. “It’s for our love for Mongolia, to protect our resources and territory,” said Tseyen-Oidoviin Sarantuya, who travelled additional than 1,000 kilometres (620 miles) to demonstrate in Ulan Bator’s major square against the venture. “I want people to know that Mongolia should remain Mongolian,” she said.
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