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Petroleum / Mining in Asia

  • Malaysia state-run company applies for permits to export natural gas vancouver

    MALAYSIA, 2013/07/07 For the third time in as a lot of weeks, a major world energy player has applied to export natural gas from Canada's West Coast. Malaysia's Petronas on Friday asked Canada's National Energy Board for permission to export 19 million tonnes of liquefied natural gas per year, or roughly 3.1 billion cubic feet a day (bcf/d), for 25 years from a proposed terminal on Lelu Island near Prince Rupert, on British Columbia's northwest coast. National-run Petronas bought Calgary's Evolution Energy Resources Corp. for $6 billion last year. Its Pacific Northwest LNG project is one of several lining up on the B.C. coast to capitalize on Asia's request for the super-cooled gas, but the company lacks an export permit held by rival schemes proposed by Royal Dutch Shell and Chevron Corp.

  • Rio Tinto delays project at government's request ahead of presidential polls.

    MONGOLIA, 2013/06/30 Wednesday's presidential elections and a revenue spat have reportedly caused the delay of the initial copper export at Mongolia's $6.6 billion Oyu Tolgoi mine. Anglo-Australian mining giant Rio Tinto said its plan to start exporting copper from the $6.2 billion copper and gold mine on Friday had been delayed, heightening investor concerns about the risks of mining in the country. Uncertainty over what was behind the delay sparked an exodus out of shares in other Mongolian miners on Friday, with Canadian and Australian listed miners exposed to the country sliding between 10 and 20 %.

  • China imports more oil from the Middle East

    CHINA, 2013/06/28 China imports additional oil from the Middle East than any other region of the world. In 2011, China imported 2.9 million barrels per day (b/d) of Middle Eastern oil, which accounted for 60 % of China’s oil imports. For comparison, the United States imported 2.5 million barrels per day of oil from the Middle East in 2011, accounting for 26 % of US oil imports. China’s major crude oil supplier is Saudi Arabia, which provided China with one-fifth of its crude oil imports -- almost 1.1 million b/d – last year. Saudi Arabia has been China’s top crude oil supplier for the completed decade.

  • Sinopec Buys Angola Oil Field Stake

    CHINA, 2013/06/28 China Petrochemical Corp. (Sinopec Group), the country's top oil refiner, on Monday announced that it has signed a transaction with U.S. oil giant Marathon Oil Corp. to buy its oil and gas field in Angola for 1.52 billion U.S. dollars. According to the transaction, Sinopec Group will purchase Marathon's 10-% stake on the Angolan Block 31 field through its subsidiary Sonangal Sinopec International Ltd. 

  • Brunei Darussalam to increase regional cooperation on energy provision

    BRUNEI , 2013/06/19 A drive is gathering pace in Brunei Darussalam to increase regional cooperation on energy provision as part of a broader bid by Asia’s oil producers to meet rising request from nearby fast-growing economies. Brunei Darussalam is one of only three nations in “developing Asia”, alongside Kazakhstan and Azerbaijan, estimate still to be energy-self-sufficient in 2035, according to a statement published in April by the Asian Development Bank (ADB). The ADB analysis was based on a country’s projected primary energy mix until 2035, taking into account key factors such as the all of coal needed to generate electricity, current indigenous reserves of fossil fuel and projected consumption in the interim years.

  • Foreign Contractors Lose Billions in Exploration

    INDONESIA, 2013/06/11 A total of 12 foreign oil and gas cooperation contractors (KKKS) have absorbed losses of $1.9 billion next an exploration failed to yield any significant discoveries. “The exploration drilling in 25 wells cost around $1.9 billion and, up to presently, they have not found a commercial oil and gas reserve,” Aussie B. Gautama, deputy of controlling and planning at oil and gas regulator SKKMigas, said on Tuesday.

  • Kyrgyzstan declares emergency after gold mine clashes

    KYRGYZSTAN, 2013/06/01 Kyrgyzstan on Friday declared a national of emergency next bloody clashes between security forces and protesters over the arrests of dozens of demonstrators who cut off power to a Canadian-owned gold mine they want nationalised. Prosecutors said that 92 people were arrested at the same time as security forces moved in to disperse the turmoil over the Kumtor mine, retake control of an electrical substation and dismantle their tents.

  • Japanese oil company to explore Uruguayan offshore platform

    JAPAN, 2013/05/31 In statements to El Observador, ANCAP’s exploration and production manager Hector Santa Ana stated that both companies have by presently drafted a farm out (transfer of rights) for ANCAP’s approval. Santa Ana said that this type of transaction (the sale of part of the blocks) was within the possibilities outlined in the arrangement the Uruguayan National signed with the four companies operating the eight blocks of the Uruguay Ronda II, albeit within certain limits. Each company may divest up to a maximum of 30% of its stake in the block, but cannot forsake its major operator status in its assigned area.

  • Venezuela, China agree on terms of $4 bil loan to boost Orinoco oil output

    CHINA, 2013/05/29 Venezuela and China have agreed on the terms of a formerly announced $4 billion financing transaction to increase the output of their Sinovensa joint venture in Venezuela's Orinoco oil belt, the South American country's oil minister said late Wednesday. "We have agreed on the financing that was under discussion, but presently the agreement is ready, that is the large news," minister Rafael Ramirez said while touring some of the joint venture facilities under construction in the Carabobo oil field, according to a statement from the ministry.

  • Proposed China ban on low CV coal imports 'catastrophic' for Indonesian prices

    CHINA, 2013/05/29 China's proposed ban on imports of low calorific price thermal coal will have a critical impact on Indonesian sub-bituminous coal prices, industry sources said Thursday. Platts, quoting well-informed sources, reported this week that Beijing may impose the ban on imports of thermal coal with a calorific price of less than 4,540 kcal/kg on a net-as-received basis, and on thermal coal with a sulfur and ash content of additional than 1% and 25%, respectively, as early as next week.
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