Monday, September 24, 2018

Indonesia News

Pertamina Ends 'Unfeasible' LNG Terminal Project

Indonesia's state owned energy holding company, Pertamina, has decided not to go ahead with what would have been the country's second land-based receiving terminal for liquefied natural gas (LNG), its chief executive said on Monday.Indonesia has forecast sharp increases in gas demand after 2020, but increases in domestic consumption of the super-cooled…

Coal Soars on Rising Demand from Asia

File Image (CREDIT: AdobeStock / © Leonid Eremeychuk)

Coal prices in Asia are being driven to multi-year highs by a rare combination of simultaneous demand growth in the region's top four importers.Depending on the price used, thermal coal is either close to a two-year high or near the strongest in six years as China, India, Japan and South Korea imported more of the polluting fuel in the first five months…

Oil Falls on Weaker Economic Outlook, U.S. Stocks Rise

© Valeriy Lukyanov / Adobe Stock

A weaker global economic growth outlook and a report of rising U.S. crude inventories weighed on oil prices on Wednesday, even as U.S. sanctions threatened to curb Iranian crude supplies.Benchmark Brent crude oil was down 60 cents a barrel at $71.86 by 1325 GMT. U.S. light crude fell $1.02 a barrel to a low of $66.02, before recovering slightly to around $66.30…

Indonesia to Issue Rules on Crude Oil Sales Next Week

© Viacheslav / Adobe Stock

* Indonesia expects to issue rules next week prioritising Pertamina and other domestic refinery operators in sales of crude oil produced locally by contractors, Oil and Gas Director Djoko Siswanto said on Wednesday* The rules require Pertamina to agree on crude purchases at prices based on business negotiations with domestic oil producers, Siswanto told reporters at a news conference* This could affect up to 110,000 barrels per day (bpd

500 Days and a Billion Barrels of Lost Oil Pushes Crude to $80

© Eugene Sergeev / Adobe Stock

It has taken 500 days and the sacrifice of almost a billion barrels in lost oil output for the global crude market to eradicate a deep supply surplus, but oil prices have now hit OPEC heavyweight Saudi Arabia's desired level of $80 a barrel.Brent crude futures reached an intraday high of $80.18 on Thursday, breaching the $80 a barrel level for the first time since November 2014.A vast overhang of unwanted crude stocks has now vanished…

Chevron exits Indonesia's Makassar Strait block

Chevron will exit the Makassar Strait gas block in the Indonesia Deepwater Development (IDD) offshore natural gas project to focus on more promising areas in the venture, Indonesian officials said on Wednesday.Indonesia's energy minister had issued a decree terminating Chevron's Makassar Strait production sharing contract (PSC) after it decided not to extend its operation of the block beyond 2020…

Green Energy on the Rise in Thailand

Photo courtesy of BCPG

BCPG Public Company is looking at ways in which innovation in technology and energy management are encouraging consumers to generate reusable energy and sell it on the retail market, Bundit Sapianchai told Oxford Business Group’s online broadcasting channel, Global Platform. Diversifying into more types of renewable energy and seeking innovative products and services is central to the company’s strategy of fulfilling consumer needs.

U.S. Plans $113 mln in Indo-Pacific -Pompeo

The United States will invest $113 million in technology, energy and infrastructure initiatives in the Indo-Pacific as part of a new strategy to deepen ties with the region, U.S. Secretary of State Mike Pompeo said on Monday ahead of a trip to Singapore, Malaysia and Indonesia."These funds represent just a down payment on a new era in U.S. economic commitment to peace and prosperity in the Indo-Pacific region…

Indonesia's Pertamina to Take Over Chevron's Rokan Block in 2021

Photo: Chevron

Indonesia has decided Pertamina will take over operation of the Rokan oil block, the country's second-biggest crude producing field, once Chevron's operating contract there expires in 2021, Deputy Energy Minister Arcandra Tahar said on Tuesday.Rokan has been a focus area for Chevron, which asked Indonesia earlier this year to extend its operating contract…

Noble Corporation Buys Gusto MSC CJ46 Design Jackup Rig

Image: Noble Corporation

Noble Corporation has announced the purchase of a new Gusto MSC CJ46 design jackup rig from the PaxOcean Group (PaxOcean) in connection with a concurrently awarded drilling contract.Noble paid $33.75 million of the $93.75 million purchase price in cash, with the remainder of the purchase price, or $60 million seller-financed at a 4.25% interest rate paid…

LNG Prices Firm on Chinese, South Korean Demand

File Image: A typical LNG Carrier at Sea (CREDIT: QGTC)

Spot price highest in more than 3 months. Asian spot liquefied natural gas (LNG) prices breached the $9 per million British thermal unit (mmBtu) mark this week, a three-year summer season high driven by crude oil gains, production outages and demand from key Asian consumers. Spot prices for July <LNG-AS> delivery in Asia were at $9.20 per mmBtu this week, gaining 50 cents from the previous week and the highest in more than three months.

Shell: LNG Supply Shortage Possible as Demand Surges

File Image: Harvey-Gulf's (Q-LNG) future ATB LNG bunker vessel involves a charter with Shell. IMAGE: HGIM

The global liquefied natural gas (LNG) market has continued to defy expectations of many market observers, with demand growing by 29 million tonnes to 293 million tonnes in 2017, according to Shell’s annual LNG Outlook. Such strong growth in demand is consistent with Shell’s first LNG Outlook, published in 2017. Based on current demand projections, Shell sees potential for a supply shortage developing in mid-2020s…

W. Africa Crude-Angolan Oil Trades on Spot

Nigerian crude sells into tenders, while Angolan trades more quickly on spot. * ExxonMobil had purchased two of the three Olombendo cargoes sold this week, traders said. * All three are likely to sail to the Mediterranean or the United States rather than China, the usual destination. * Angola's Sonangol sold its cargo of Dalia, which it had been offering at dated Brent minus 70 cents a barrel.

Glencore Acquires Rio Tinto's Hail Creek Coal Mine

File Image (CREDIT: AdobeStock / (c) Carolyn Franks)

Glencore consolidating in coal as Rio exits; Rio Tinto shares rise 0.9 pct, Glencore slips. Glencore is buying Rio Tinto's Hail Creek coal mine and the Valeria coal project in Australia for $1.7 billion, tightening the Swiss trading and mining giant's grip on coal as its rivals exit the industry. The acquisition, announced by both companies on Tuesday…

McDermott to Bid for Asia Offshore Oil, Gas Contracts

File Image (CREDIT: AdobeStock / (c) xmentoys)

U.S. engineering and construction company McDermott International plans to bid for $5 billion in contracts in the next few months in Asia Pacific as the region's offshore oil and gas sector recovers, company executives said on Tuesday. The value of contracts available for bids are up from $4 billion six months ago, the McDermott executives said. "We have…

Payne Named Chevron HS&E VP

Chevron Corporation named David Payne corporate vice president of Health, Environment and Safety, effective May 1, 2018. Payne is currently vice president of Chevron’s Drilling and Completions organization. He succeeds Wes Lohec who has elected to retire from Chevron after 37 years of distinguished service on June 1, 2018. In his new role, Payne, 58, will be responsible for leading Chevron’s Health…

BP eyes 119 LNG Cargoes Annually From Indonesia

File Image: CREDIT GAC

Oil major BP is targeting shipping 119 cargoes of liquefied natural gas (LNG) from its Tangguh project in Indonesia's West Papua province this year, including 22 for the domestic market, a company official said on Wednesday. BP expects to keep the same balance of shipments for export and the domestic market unchanged up to 2020, BP Indonesia country head Dharmawan Samsu told a parliament hearing.

China's Coal Import Restrictions may Pressure Pricing

Fil Image: Adobestock / © Leonid Eremeychuk

The price of seaborne thermal coal in Asia may come under pressure as China moves to impose some import restrictions on imports of the polluting fuel. Several ports in southern and eastern China have introduced controls on coal imports, ranging from bans on unloadings to tightening customs clearances. Among ports banning imports is the Chuanshon anchorage at Ningbo port…

Cheniere Mulls Third Liquefaction Train at Corpus Christi

(File image: Cheniere Energy)

U.S. liquefied natural gas (LNG) company Cheniere Energy Inc said it planned to make a final investment decision to build the third liquefaction train at its Corpus Christi LNG export facility in Texas in the first half of 2018:Cheniere said on Friday its Cheniere Corpus Christi Holdings LLC subsidiary engaged financial institutions to arrange up to $6.4 billion of credit facilities.

GTT, Sembcorp Ink Membrane Tank Solutions Deal

GTT has signed a Technical Assistance and License Agreement (TALA) with Singapore-based Sembcorp Marine for the design and construction of Sembcorp Marine's Gravifloat, FSRU and mid-scale LNG carrier products, using GTT membrane solutions. Sembcorp Marine is a provider of engineering solutions for the offshore, marine and energy sectors, operating a total of nine shipyards in Singapore, Indonesia, the U.K. and Brazil.