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MARKETS: World’s largest oil companies to invest over US$375 billion despite weak demand concerns
Wednesday, 01 July 2009

(EnergyAsia, July 1, Wednesday) --- The world’s largest national oil companies (NOCs) and super majors are planning to invest more than US$375 billion despite concerns over weak oil demand, said consultant Ernst & Young.

In a report, Investing for the upturn, Ernst & Young found that the largest NOCs will invest over US$275 billion to develop their businesses at home and abroad in 2009, with almost 70% of total investment coming from NOCs in Asia and South America. The super majors are expected to invest around US$100 billion.

The report found that by 2015, the largest NOCs will have invested around US$600 billion in the hydrocarbon sector.

Andy Brogan, global oil and gas transaction advisory services leader at Ernst & Young and author of the report, said:

“NOCs and the super majors continue to show a real determination to push ahead with their major capital expenditure plans this year, at least for now. 2008 was a record year for capital investment by the sector and 2009 is shaping up to be another record year. Companies are wary of finding themselves in a position where they have to play catch-up on investment when the upturn materialises.”

Despite the International Energy Agency’s (IEA) expectation for oil demand to remain weak, Mr Brogan said the industry would still need to invest in boosting production capacity to offset falling output caused by natural field depletion.

“Most oil and gas companies have indicated that they will spend more than half of their capital investment on upstream operations,” he said.

The economic slowdown, the sharp fall in oil prices and investors’ flight from risk have left many reserve rich state-owned oil and gas companies struggling to finance projects. Some NOCs are looking at cost-cutting measures while countries such as Indonesia are introducing stimulus packages to aid the sector.

Many reserve holders’ ambitions to expand overseas are also being scaled back in favour of domestic projects.

However, the report found that substantial financial commitments are still being made for oil and gas projects in China and Brazil.

Brazil is set to become a major producer following pre-salt discoveries by state Petrobras, which plans to invest US$28 billion in pre-salt areas as part of its US$174billion business plan to 2013 – around 90% of its total investment will be targeted at domestic projects.

The investment allocated by Petrobras for 2009 represents 38% of the planned US$91billion expenditure by South American NOCs this year, according to the report, with Asian NOCs collectively to invest more than US$98 billion, almost half (US$42 billion) of which has been allocated by China’s CNPC.

By comparison the capital expenditure of NOCs in Africa, CIS and the Middle East is a fraction of that of their Asian and South American counterparts. The report calculated that the NOCs of Africa announced US$21 billion of investment this year compared to US$36 billion for the CIS and US$29 billion for the Middle East.

It is these regions that face potential budget shortfalls which could lead them to seek out foreign investment in order to maintain or boost their oil production levels.

“When the NOCs had easy access to capital they were in a position to dictate terms with their IOC partners, but the volatility in financial markets means that IOCs with sufficient liquidity will be able to offer potential partners not only technological and operational expertise but also access to much needed capital,” said Mr Brogan.

“In the long-term, the overall structural issues surrounding location of reserves and achievable levels of production have not changed. When the global economy recovers the same pressures evident last year will resume. Any renewed appetite from NOCs for IOC participation will be short-lived – and therefore opportunities available now should not be wasted.”
 
SINGAPORE: August Energy concludes successful bunker course
Tuesday, 30 June 2009

(EnergyAsia, June 30, Tuesday) --- August Energy Pte Ltd’s “BUNKER INDUSTRY: Trading, Pricing & Operating Risks” course held at the Suntec City in Singapore on June 24 and 25 attracted nearly 60 delegates and industry participants.


The event  focused on issues of risk mitigation and management for the bunker business during this difficult period of high volatility, tightened credit and additional uncertainties caused by H1N1 threat and a government crackdown on corrupt practices and fraud.

A panel of 15 local and international speakers was assembled from as far as the UK and the USA to present on current issues and concerns of the bunkering industry.

The course started with a keynote speech on opportunities for oil storage and terminal investment in the Maldives by Ahmed Muneez, managing director of Maldives National Oil Company.

David Ernsberger, Platts’ senior editorial director for Asia, presented “Platts’ Role In the Bunker Trade: Pricing Issues and Risk”, explaining the intricacies of how the company sets spot prices and how these are used to price term contracts.

Government guidance for the bunkering industry was provided in succession by Gerald Loh, assistant director for the marine services department of the Maritime and Port Authority of Singapore (MPA), and Ang Seow Lian, assistant director at the Corrupt Practices Investigation Bureau (CPIB).

Giving an “Overview of the Bunker Industry in Singapore: Key Issues”, Mr Loh said the Singapore bunker sales rose 2.6% in the first five months of 2009 compared with the same period last year.

Mr Ang spoke on “CPIB Updates: Safeguarding the Bunkering Industry”, providing valuable insights into the government’s efforts to fight corruption and malpractices in the bunker industry.

Yeo Ek Meng, vice president of clearing and commodities business at the Singapore Exchange Ltd (SGX), spoke on “The Perspective of the Clearing Exchange” while Tim Reid, a partner at insolvency and restructuring experts Ferrier Hodgson, spoke on “Preparing for the Coming Downturn in the Shipping Trade.”

Operating and technical issues were then handled by Tan Lay Thok, a member of the technical committee for bunkering at SPRING Singapore, and Yee Peng Fei, principal consultant at Transportation & Logistics Managers Pte Ltd. Mr Tan explained Singapore’s new SS-600 standards while Mr Yee presented the previously established “Quality Management for Bunker Supply Chain (SS 524:2006).”

Day Two started with Mr Muneez presenting “Maldives: Opportunities for Bunkering Business”, showcasing oil storage business opportunities in his country.

Government support for Singapore companies promoting exports was featured by Angeline Chan, head of transport and logistics at IE Singapore, through her speech on “IE Singapore Updates: Expanding Overseas in Turbulent Times”.

Emphasising the course’s theme of risk management were Jennifer Ilkiw, director for Asia Pacific at IntercontinentalExchange Inc (ICE), presenting: “Clearing and Risk Management for the Bunkering Industry”, and John Phillips, credit manager at Chemoil International Pte Ltd with his talk on “The Perspective of the Bunker Trader.”

Greg Leck, vice president of business development at Triple Point Technology Inc, discussed “The Use of Risk Management Tools and Software”.

Johnson Chan, head of structured trade finance for North Asia at OCBC Hong Kong and vice chairman of the Hong Kong Energy and Minerals United Associations, presented “Financial and Trading Risks Facing the Bunker Trade” while David Anderson, deputy regional manager for Asia-Pacific at Zurich Insurance Company, discussed “Using Credit Insurance to Manage Risk in Volatile Times.“

The final speaker, Paul Butler, regional manager for the Pacific Rim Region at fuel storage terminals specialist HMT Pte Ltd, delivered an expert paper on, “Storage Terminals and the Oil Trade”. He provided delegates with technical details and an update on the growing demand for storage terminals for the oil industry.

Tham Heng Mun, managing director of event producer August Energy closed the conference by sharing with the delegates a brief preview of the coming events the company is preparing for the rest of 2009. Several of the sessions were moderated by Ng Weng Hoong, editor of EnergyAsia.

More information on these can be found at the company’s blog www.bunkercafe.blogspot.com.
 
SINGAPORE: JEC promises bigger, better show at Composites Asia 2009
Monday, 29 June 2009

(EnergyAsia, June 29, Monday) --- Paris, France-based JEC group, organiser of the JEC Composites Asia conference and exhibition, has promised to stage a bigger event in Singapore this year to build upon the success of last October’s show.

On July 9, Frédérique Mutel, JEC’s President and CEO, will chair a media briefing to present details of the upcoming event. She will be joined by Professor T. E. Tay of the National University of Singapore’s Department of Mechanical Engineering.

JEC said it has increased the exhibition floor space by 75% to 124,000 square feet to meet demands of exhibitors and visitors for the upcoming show this year.

Despite the current economic situation, JEC said it expects the number of exhibitors and delegates would likely increase for the upcoming event. To date, seven national pavilions including Australia, Taiwan, India, Japan, China, South Korea and France have been confirmed.
 
JEC said Singapore-based companies had the second highest representation as exhibitors at last year’s event.

The JEC Asia event 2009 is supported by A*Star (Agency for Science, Technology and Research), National University of Singapore (NUS), the Building and Construction Authority (BCA), the Land Transport Authority (LTA), STB (Singapore Tourism Board) and EDB (Economic Development Board).

Since 2002, Asia’s economy has experienced high growth rates of around eight percent per year. In 2000, the region represented 25% of the global composites consumption. Currently, it represents 42% and is expected to reach 50% in 2013. 

With major growth markets in China and India, along with Middle East, Malaysia, Vietnam, Indonesia as well as Australia, Japan and South Korea, the Asia Pacific composites market is valued at 18 billion euro. (US$1=0.70 euro).

JEC, which promotes the use of composite materials worldwide, informs and connects 250,000 composite professionals through a comprehensive service package.

Composites are a combination of at least two structurally different, non-miscible materials whose individual properties combine and become complementary creating a heterogeneous material with improved overall performance. An example is carbon fibers which are commonly used in the aviation industry.
 
UK: ‘20th World Oil Forum 2009’ to be held from July 13 to 15
Friday, 26 June 2009
(EnergyAsia, June 26, Friday) --- The ‘20th World Oil Forum’, a flagship programme in the Global Pacific & Partners worldwide event portfolio, will be held in London, UK from July 13 to 15.

The forum will focus on critical world oil and gas issues, shifting geopolitics in energy, and issues affecting future exploration and development for corporate players and state oil companies involved in the developing worlds of Africa, Asia, Latin America, Middle East and Russia.

The ‘6th World Oil Future: Strategy Briefing 2009’ conducted by Global Pacific & Partners’ Duncan Clarke will be held before the ‘20th World Oil Forum’.

The forum will discuss world oil geopolitics, the main corporate players, state agencies, the world’s upstream sector, and the future of independent companies in the upstream sector.

Speakers include Duncan Clarke (Global Pacific & Partners), Jean-Arnold Vinois (Austria’s Energy Community Secretariat), Peter van Leeuwen (Ministry of Foreign Affairs, The Netherlands), Robert Amsterdam (Amsterdam & Perloff), Farzam Kamalabadi  (Future Trends), Ivan Sandrea (International E&P),  Jim Pearce (Addax Petroleum), Mike Watts (Cairn Energy Plc), Abdulhadi M Amesh (Mellitah Oil & Gas BV), Nelson Narciso (Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis), Salah Hassan Wahbi (Sudapet, Khartoum), Armando Zamora (Agencia Nacional De Hidrocarburos),

Mehdi Varzi (Varzi Energy), Cindy Gray (Global Resources – Oil & Gas, Toronto Stock Exchange), Andrew Moorfield (Lloyds TSB Coporate Markets), Lance Crist (International Finance Corporation), Christopher Moyes (Moyes & Co), Bert van der Toorn  (ING Wholesale Bank), David Lyons (Capital Partners Worldwide), Jeff Waterous (Global Union Ventures), Bijan Khajehpour (Atieh Group), David Fyfe (International Energy Agency),

Peter Odell (Erasmus University Rotterdam), Lindsay Parson (National Oceanography Centre), Sarah Wykes (Heinrich-Böll-Foundation), Jeff Waterous (Global Union Ventures), António Costa Silva (PARTEX Oil & Gas), Galib Virani (Afren), Jeff Hume (East Africa Exploration Limited), Ray Shaw (Bandanna Energy,Sydney), and Rick H Schmitt (Africa Oil Corporation).

For more information on ‘20th World Oil Forum’, please contact This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
 
SINGAPORE: Oxford Princeton to hold shipping course on July 16 and 17
Friday, 26 June 2009
(EnergyAsia, June 26, Friday) --- The Oxford Princeton Programme will be holding a shipping course, ‘A practical understanding of commercial risks in laytimeand demurrage’, in Singapore on July 16 and 17.

The course aims to provide delegates with an understanding of the commercial risks associated with laytime and demurrage in shipping charter parties and oil sales and supply agreements and the problems of ensuring compatibility between the two contracts.

With this course, delegates will be able to minimise commercial risks, clarify key issues surrounding laytime and demurrage as well as improve efficiency and speed of claims handling.

Emphasis will be placed on how to avoid potential problems from the outset, how to limit risk and exposure and ultimately save money through the efficient handling of claims and avoidance of costly legal proceedings. The course will highlight differences between major charter parties and the problems encountered between shipping and oil sales contracts.

The course is presented in association with maritime economics and business consulting firm Richardson Lawrie Associates Ltd.

Jacqueline Richardson, founding partner of Richardson Lawrie Associated Ltd, will be conducting the course.
 
MALAYSIA: FPSO Summit 2009 to be held in Kuala Lumpur from August 17 to 19
Friday, 26 June 2009
(EnergyAsia, June 26, Friday) – The second annual FPSO summit will be held in Kuala Lumpur, Malaysia from August 17 to 19.

More than 30 FPSO owners and operators will be sharing strategies in dealing with newbuilds and projects in conversion.

The event will feature a multi-disciplinary coverage of the world’s first floating, drilling, production, storage and operation (FDPSO) vessel including its design, construction, commissioning and operations.

Speakers will provide critical insights into shifting LNG tankers to floating LNG (FLNG) or floating storage regasification unit (FSRU) to commercialise gas fields in remote locations.

The event will also provide access to several service providers that will be able to make a cost-benefit analysis on risers, mooring systems, topside design and construction and holistic project management for vessels.

Last year’s conference attracted more than 200 delegates and organiser Strategic Business Networks said the number might double this year as more players in the offshore value chain are expected to attend.
 
SINGAPORE: ‘Economic Assessment Techniques Used in Oil and Gas Industry’ to be held from July 7 to 1
Thursday, 25 June 2009

(EnergyAsia, June 25, Thursday) --- The ‘Economic Assessment Techniques Used in Oil and Gas Industry’ course, organised by NeoEdge Pte Ltd, will be held in Singapore from July 7 to 10.

The course will discuss the fundamental risks, uncertainties and issues associated with new investment and management of existing assets within the upstream oil and gas industry. From the commercial fundamentals and market pricing through to econometrics and portfolio management, this course will cover the essential advanced skills required to be effective in the upstream industry.

Training will focus on techniques to calculate the economic and financial viability of projects, to quantify the impact of risk and uncertainty, to compute various measures of project viability including net present value, internal rate of return, profitability index and payback as well as the understanding of the appropriate method for different situations.

Modules covered include economic analysis and evaluation, data collection and assessment, probabilistic techniques, project assessment, the opportunity cost of capital, fiscal aspects of investments, and mergers and acquisitions.

The course will also provide delegates with an opportunity to examine and discuss various case studies.

Industry experts Anthony Way and Yvonne Barton from UK’s Energy Contract Company will be facilitating the course.
 
CHINA: Dow Chemical sets up global business and innovation hub in Shanghai
Thursday, 25 June 2009

(EnergyAsia, June 25, Thursday) – US specialty chemicals company Dow Chemical Company said it has launched a new business and innovation hub in Shanghai, China to serve the Asia Pacific region.

Occupying more than 100,000 square meters, Dow said the Shanghai Dow Centre houses a state-of-the-art research and development facility and the company’s headquarters for the Asia Pacific region.

Chairman and CEO Andrew .N Liveris said: “The Shanghai Dow Centre is more than just a critical milestone in China, which is our third largest market. Along with our recent acquisition of Rohm and Haas, this is a demonstration of our continued commitment to transforming into the New Dow – a more market-facing and customer-oriented company.”

With over 500 engineers and scientists working in more than 80 labs, the centre will develop innovative solutions for the constructions, transportation, energy, water, electronics and personal care industries.

Dow said the centre would bring together under one roof, corporate research and development expertise with its market-focused application development capabilities – an integration that delivers products and solutions across markets, technologies and molecules. This is an arrangement that is a first for Dow.

“Launching the Shanghai Dow Centre is a great way to celebrate 30 years of Dow in China,” said Jim McIlvenny, Dow’s senior vice president of emerging economies. “While the economic environment continues to be challenging, we have great faith in the future of China. Indeed, this new centre speaks well to our long-term commitment to use innovation to support the growth of China and the Asia Pacific region as a whole.”

The company said the research and development facility has a customer innovation centre that would enable Dow to work alongside customers to turn market opportunities and new ideas into profitable solution.

The centre enables scientists to develop innovations that lead to more energy efficient buildings, improved safety and fuel consumption in automobiles, broader access to clean water, and the newest breakthroughs in electronics and appliances, delivering solutions to world challenges.
 
CHINA: First international solar energy fair in Chengdu, Sichuan from September 4 to 6
Wednesday, 24 June 2009

(EnergyAsia, June 24, Wednesday) --- French group Strategeco Solar Eneovia will organise the ‘Solar Energy Fair’ in Chengdu city, the capital of China’s Sichuan province, from September 4 to 6 and the ‘New Energy International Forum’ on September 4 and 5.

The French company said it was commissioned by the government of Chengdu municipality to undertake the project.

As part of China’s 11th five-year plan (2007–2011) and its economic stimulus plan announced in the first quarter of 2009, the central government will be investing $400 billion to develop renewable energy sources, mainly photovoltaic and solar thermal, over the next 10 years.

The Chinese government will focus on developing energy infrastructure in Sichuan province, which contains nearly 70% of the country’s silicon deposits.

The main sponsors for the event include the Chinese Association of Renewable Energies, the UN Development Program, the Japan Photovoltaic Energy Association, the German Development Office and major manufacturers.

The event will provide companies with opportunities to foster partnerships with industry leaders and gain a position in the Chinese market.

The event is expected to attract over 10,000 visitors from 20 countries including professionals from the photovoltaic and solar thermal sector as well as a large number of keen investors.
 
AUSTRALIA: World’s first course on adapting to climate change for electricity companies
Tuesday, 23 June 2009

(EnergyAsia, June 23, Tuesday) --- Australia claims it has developed the world’s first commercial business-centric course on adapting to climate change for electricity companies.

The course entitled, “Climate Change Adaptation for Transmission and Distribution Organisations - Understanding the impact of climate change and developing an adaptation strategy for your organisation”, will be held at the Macquarie Graduate School of Management in Sydney on June 25 and 26. The course is offered to Australian and Asia-Pacific companies.

Targeted specifically at the electricity transmission and distribution sector, the course will focus on the business impacts of weather and climate change, and adaptation measures that will help advance organisation’s corporate objectives.

The course aims to identify key business practices and processes most affected by climate change which include asset management and design, corporate strategy, risk management, environmental management, and health and safety.

Other modules covered include environmental variables, human resources and activities, the impact on assets and the demand for product and services, and adaptation options.

Donna Lorenz, MacQuarrie’s associate director of climate change, will be facilitating the course.

‘Climate Change Adaptation for Transmission and Distribution’, developed by Athol Yates from the Australian Security Research Centre, and Professor Priyan Mendis from the University of Melbourne, is supported by Australian associations and Energy Networks Australia and Engineers Australia, and funded by the Department of Climate Change.

 
 
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