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MARKETS: Global deepwater expenditure to reach $167 billion between 2010 and 201
Wednesday, 31 March 2010
(EnergyAsia, March 31 2010, Tuesday) --- Worldwide expenditure within the deepwater sector will total $167 billion between 2010 and 2014 for a 37% increase on the five preceding years, said upstream consultant Douglas-Westwood in a new research report.

According to the ‘World Deepwater Market Report 2010-2014’, sector activity will largely remain within the, ‘golden triangle’ of Africa, the Gulf of Mexico and Brazil – with regional investment representing over three-quarters of the predicted global capex expenditure.

The majority of ‘golden triangle’ investment, however, will take place in Latin America – driven largely by capex-intensive development plans laid out by Petrobras over the next decade.  The report also highlights that Asian deepwater markets will continue to grow during the forecast period – receiving around 10% of the total predicted global Capex investment.

Steve Robertson, director at Douglas-Westwood, said:

“The lack of new opportunities onshore or in shallow waters, together with the need to offset decline from existing reservoirs, is driving deepwater investment at a much higher rate than in previous years. In addition, technological advances have improved the economic viability of developments much further offshore.”

The report also reveals that operators have exerted substantial pressure on their supply chains during 2009 – achieving reductions of up to 15%.  This confirms operator purchasing power has returned but that renewed sector growth could encourage cost inflation in some equipment and service markets.

“We, therefore, expect the operator community to exert even more influence over the next five years to prevent a repeat of the unchecked inflation experienced between 2003 and 2008,” said Thom Payne, lead analyst at Douglas-Westwood.
 
MARKETS: Crude oil still stuck at $80; natural gas falls below $4 for week ending March 26
Monday, 29 March 2010

(EnergyAsia, March 29 2010, Monday) --- This article was written By Darrell Delamaide for www.Oilprice.com.

Crude oil prices still found stubborn resistance above the $80-a-barrel level amid concerns about demand while natural gas continued its decline, to below $4 per million British thermal units, as burgeoning supply from unconventional sources depressed prices.

The natural gas Henry Hub benchmark futures settled Friday, March 26, at a nearly six-month low of $3.87, down 31% so far this year from above $6 in January. Natural gas demand experiences a lull at this time of the year as warmer weather reduces heating use but the need for more electricity from gas-fired plants to power air conditioners is still weeks away.

Increased production of shale and other unconventional gas in the US has pushed down prices. Rig counts have been increasing in spite of the slack off in demand, though the decline in prices has already prompted Chesapeake Energy, a major producer of shale gas, to consider suspension of production at some rigs.

Crude oil futures declined for the third day in a row on Friday after the US Commerce Department revised its estimate for fourth-quarter GDP growth downwards, to a 5.6% annual rate from 5.9% previously, adding to concerns about demand for oil.

Gains by the euro against the dollar on Friday after European Union leaders once again affirmed their readiness to stand by Greece during its fiscal crisis were not sufficient to offset the bearish sentiment regarding oil demand.

Earlier in the week, a bigger-than-expected increase in oil inventories reported unsettled the market and pushed prices back down. The US Energy Information Administration said crude oil inventories rose 7.25 million barrels in the week, much higher than consensus forecasts of 1.67 million barrels.

The benchmark West Texas Intermediate contract settled at $80 a barrel on Friday, compared with $80.58 the previous Friday.

Not everyone was gloomy about demand. The London-based Centre for Global Energy Studies was optimistic in its monthly report for March, saying demand could return to pre-financial crisis levels this year. But the research group sees new sources of supply keeping a damper on prices.

Non-OPEC producers are now supplying 1.5 million barrels a day more than they were before the crisis. Although OPEC is currently supporting prices by restraining output, the CGES said, spare capacity in the cartel has increased to 6 million barrels a day from two million b/d before the crisis. In addition, OPEC members have increased production of natural gas liquids by 500,000 b/d, a further damper on upward price pressure for oil.

The Commodity Futures Trading Commission report on traders’ positions indicated that non-commercial traders reduced their net long position -- which anticipates an increase in prices – to 111,919 lots in the week ended March 23 from 124,143 lots in the previous week.
 
MARKETS: Crude prices stagnate amid doubts about global demand
Monday, 15 March 2010

(EnergyAsia, March 15 2010, Monday) --- This report was written by Darrell Delamaide of OilPrice.com.

Crude oil prices tread water for the week ended last Friday March 12 as uncertainty about demand continued to weigh on the market. Prices were down slightly on the week, with the benchmark West Texas Intermediate settling on Friday at $81.24 a barrel, compared with $81.50 a week ago.

Not even relatively bullish forecasts for oil demand, such as the International Energy Agency’s report on Friday raising its forecast by 70,000 b/d for 2010, or the decline in the dollar could propel oil prices forward.

One analyst even predicted crude oil prices dipping below $60 a barrel in the second half of the year. Ronald-Peter Stöferle, a raw materials analyst at Austria’s Erste Bank, said that oil is relatively expensive by historical standards, and current prices are not justified by demand.

He observed that OPEC seems to prefer a price between $70 and $80 a barrel to keep unconventional sources such as shale oil and oil sands, or alternative energy sources like solar and wind, from becoming economically competitive.

In any case, Mr Stöferle expects oil prices could rise further in the first half of this year, even hitting $100 a barrel, but will average only $72 a barrel over the second half due to weak demand and other factors. In particular, he thinks too many hopes are pinned on growth in China’s economy.

“We are critical of the blind trust in the Chinese economy as recovery and growth engine,” he said, adding that China cannot be a “messiah for the global economy.”

The IEA’s forecast for an increase of 1.6 million b/d in crude oil demand this year to 86.6 million b/d was quickly eclipsed by another report on Friday. The University of Michigan consumer sentiment index for the US, which declined in March to 72.5 from 73.6 in February, indicated that consumers remain uncertain about the future. Analysts had expected a small increase for the month.

The euro gained ground against the dollar, rising above $1.37. The dollar, already weak, declined further after reports that San Francisco Federal Reserve Bank president Janet Yellen, considered a “dove” on interest rates, will be nominated as vice chairman of the Fed. This would increase the likelihood of US rates remaining low.
 
SINGAPORE: Navitas starts up NR-X marine fuels trading platform, offers use of non-dollar currency
Tuesday, 09 March 2010

(EnergyAsia, March 9 2010, Tuesday) --- Following a very successful three-month trial by both bunker fuel suppliers and shipping companies, Singapore-based Navitas Resources Pte Ltd last week launched its NR-X trading platform to serve the bunker and marine fuels markets.

Navitas Resources Pte Ltd, a Singapore-based specialist energy and climate commodity trade facilitator, had unveiled its NR-X procurement and trading platform for marine fuels at the APPEC conference in Singapore last November.

The company said it has since been running trials with users around the world and has received positive and encouraging feedback from the bunker industry and shipping companies on both the trading platform technology as well as the overall commercial business model.

NR-X allows suppliers and consumers from all over the world to connect and buy and sell and tender for various physical commodity markets in a safe, anonymous, and secure network.

Shipping companies, who are fuel buyers, do not have to pay an annual or joining fee, and will have access to multiple suppliers at ports all around the world.

In the run up to the live trading launch on March 1, NR-X promoted its early market participant supplier (EMPS) scheme which offers suppliers special commission rates for deals executed on NR-X.

To benefit from the, Navitas said suppliers should sign up to NR-X before March 31 2010. Further information can be obtained at www.nr-x.com.

Navitas offers use of ‘world’ currency to settle bunker trades

Meanwhile, WDX, the company behind the Wocu - World Currency Unit, has signed its first deal in an agreement with Navitas Resources, according to www.BankingTech.com.

The report said Navitas intends to price bunker fuel in Wocu as well as US dollars from the next quarter. The agreement follows Navitas joining WDX’s early participation scheme earlier this year.

This will enable shipping companies to tender in either Wocu or dollars for fuel price quotes at various ports around the world and allow suppliers to place offers in the market 24/7, said www.BankingTech.com. The marine fuel market is around 200 million metric tonnes a year globally, valued at approximately $100 billion per year.
 
MARKETS: Crude oil broke $80 in week as hedge funds steps up attack on Euro
Monday, 01 March 2010

(EnergyAsia, March 1 2010, Monday) --- This article was written by Darrell Delamaide of www.OilPrice.com.

Crude oil broke through the US$80 a barrel ceiling repeatedly last week but kept falling back as hedge funds placed big bets on the Euro’s decline.

The fiscal drama in Greece held global markets hostage much of the week as worries about the impact of the Greek crisis on the euro outweighed comments from Federal Reserve chairman Ben Bernanke about continued low interest rates in the US, pushing the euro down against the dollar and damping crude prices.

The euro recovered some ground last Friday (Februady 26) amid new reports of European aid for Greece after falling to a nine-month low of $1.3440 on Thursday. Germany’s state-owned bank KfW may take part in a planned Greek bond offering this week, according to market reports.

The Wall Street Journal reported on Friday that a small group of elite hedge fund traders have concluded that the euro could be headed to parity with the dollar and their bearish bets are increasing the downward pressure on the 16-nation currency.

The Journal compared the situation to the hedge fund attack on the dollar in 2008. However, the trades are not expected to lead to a collapse of the currency as the attacks of George Soros on the British pound did in 1992, the paper said.

Positive US economic data on Friday, including a revised fourth-quarter GDP annual growth rate of 5.9%, helped crude oil futures claw back some of Thursday’s losses and near the $80 threshold again. Nymex’s benchmark West Texas Intermediate settled at $79.66 on Friday, after topping $80 earlier in the week.

In spite of crude’s difficulties in staying above $80, some analysts issued bullish prognoses for energy futures. Goldman Sachs forecast a new trading range of $85 to $95, up from the $70 to $80 of the past several months, amid supply disruptions from the North Sea and Venezuela and the impact of the Total refinery strike, which was resolved earlier last week.

Other analysts, too, looked for fundamental supply and demand considerations to reassert themselves amid the currency turmoil and lift crude oil futures into a higher trading range. Oil futures prices gained more than 9% in February but remained below January’s highs.
 
CHINA: Hong Kong’s CLP starts trial of electric vehicle (EV) quick charger
Wednesday, 17 February 2010
(EnergyAsia, February 17 2010, Wednesday) --- Hong Kong-based renewable energy and power company CLP said it has launched the territory’s first electric vehicle (EV) quick charger, marking a new milestone in promoting a wider adoption of EVs.

Over the next six months, CLP said it will conduct technical trials on the EV quick charger with hopes that the test result can further the growth of EVs in Hong Kong.

Located at CLP’s Centenary Building on To Wah Road, the quick charger is available for technical trials. CLP said it welcomes EV users including government departments, corporations, academic and research institutes and individuals to experience the most advanced charging system in town during the trial period.

By complementing the standard charging stations, CLP believes that the introduction of quick charger will provide more choices and flexibility to EV users which will ultimately help promote the use of EV in Hong Kong.

The user-friendly charger offers a quick and convenient charging solution for time-pressed drivers. It takes about 15 minutes to power an EV to run 60 kilometres and 120 kilometres on just half an hour charge.

Richard Lancaster, managing director of CLP Power Hong Kong Ltd, said: “CLP is committed to facilitating wider adoption of zero-emission mobility to Hong Kong.  Introduction of EV Quick Charger represents a big step forward in the development of infrastructure in promoting the use of EVs in the city. CLP will continue to play an active part in the research and development of EV infrastructure in Hong Kong.”

CLP earlier unveiled the first batch of 21 standard EV charging stations in Hong Kong, eight of which have been gradually in place since November 2009.

The company is the largest electric utility in Hong Kong serving the business and domestic community in Kowloon, the New Territories, Lantau and most of the outlying islands. Operating a vertically integrated electricity generation, transmission and distribution business, CLP Power provides a highly reliable supply of electricity and excellent customer services to over 5.5 million people in its supply area.

CLP Holdings is also investing in energy businesses in mainland China, Australia, India and Southeast Asia. It is the largest external investor in the Chinese mainland electricity industry, and a leading international private sector power company in the Asia Pacific region with a diversified portfolio of power generation from gas, coal, renewables and nuclear.
 
CHINA: Tianjin shipping summit explored tech advances, outlook for 2010
Wednesday, 03 February 2010

(EnergyAsia, February 3 2010, Wednesday) --- More than 100 government officials, international executives, technical directors and maritime industry leaders attended the International Maritime and Shipbuilding Outlook Summit China 2010 was held last January 14-15 in the northeastern Chinese city of Tianjin.

Organised by business conference and professional training provider Noppen Shanghai Co Ltd and supported by the Tianjin People’s Municipal Government, the event was part of the city’s efforts to create an international shipping centre to serve northeastern, central and western Asia. For two days, the delegates networked and exchanged information on the latest issues facing the shipping and shipbuilding industries.

The Port of Tianjin is strategically located at the locus of Bohai Bay Rim, the logistics hub of the Tianjin Binhai New District, which is designated by the central government to become China’s third major economic growth driver after Shenzen and Shanghai. The port is expected to handle the most advanced container ships, bulkers, and ocean liners by mid-2010.

Ren Xuefeng, vice-mayor of Tianjin, welcomed the summit’s participants and encouraged them to strengthen their business relationships with Tianjin.

Opening the event was Zhao Shangwu, director general of Tianjin Municipal Office of Port Service, who provided an introduction to Tianjin as well as north China’s shipbuilding industry outlook.

Discussing dry cargo bulk markets, Philip Williams, Asia-Pacific general manager of The Baltic Exchange, likened the present oversupply of ships to the post WWII shipping market, explaining that this will even itself out in time.

Michael Yuen, general manager of IMC Pan Asia, spoke on the shipping markets, pointing out the industry will always have its ‘peaks and troughs’ which we just need to ride out. Discussing Chinese industrial development policies and a forecast of the shipping market was Sun Wei, vice researcher at Integrated Transportation Research Center, NDRC.

Jean Philippe Roman, technical director at Total Lubmarine, provided an overview of Total lubricants’ environmental contribution in the shipping industry, while Chen Jiaben, director of China Welding Association and secretary general of the National Shipbuilding Industry spoke on the development and innovation of welding technology shipbuilding in China.

Shi Renming, managing director at ESAB, presented a paper on cutting machine applications in shipyards, while Lin Xiandong, executive deputy secretary general of The Chinese Society of Naval Architects and Marine Engineering, discussed technical advances in the shipbuilding industry.

The event also heard Mao Boke, vice secretary general of Shanghai International Shipping Institute, Li Zhonggang, deputy general manager of China Ship Design & Research Center Co Ltd, and Philipho Yuan, director of Asian sales at The Maritime Executive. Other topics discussed included the use of digital shipbuilding technology in ship construction, energy-saving and emission-reduction technologies, and the outlook for the shipping industry for 2010.
 
MARKETS: US crude oil production could be impacted by storm, says AccuWeather.com
Friday, 15 January 2010

(EnergyAsia, January 15 2010, Friday) – US-based AccuWeather.com said crude oil production in the Gulf of Mexico could be affected this weekend by a storm with potential for conditions similar to a minimal tropical storm.

“An El Nino-based rogue storm for the Gulf states occurring Friday afternoon into Saturday will produce gales up to 80 km per hour and 3-5 metre waves,” said AccuWeather.com senior expert meteorologist and expert long-range forecaster Joe Bastardi.

Oil and natural gas platforms scattered along the Gulf of Mexico could be disturbed as a result of the impending weather.

“Normal oil and gas production processes could be disrupted this weekend, like the disruptions that happen when a weak hurricane strikes,” said Mr Bastardi.

The storm will begin Friday afternoon (January 15) around 1pm for the western and central Gulf, moving through the eastern portion of the region on Saturday (January 16).

Crude oil prices fell below $80 a barrel Wednesday (January 14, US) with warmer weather in the forecast for the eastern portion of the US through the middle of January. Analysts expect the Northeast to decrease its demand for heating oil over the next week's warming trend.

However, the warming trend will come to an end by the closing of the month.

“Cold temperatures will be back by the last week of January,” Mr Bastardi said.

As for gasoline prices, prices are nearing a national average of $3 per gallon in the US, rising 14 cents in the last month. Some analysts expect January gasoline prices could set the precedent for the rest of 2010.
 
FUND: E+Co and Norfund to finance clean energy enterprises in developing countries
Monday, 11 January 2010
(EnergyAsia, January 11, Monday) --- The Norwegian Investment Fund for Developing Countries (Norfund) said it has signed an agreement with E+Co, a company that invests in clean energy enterprises in developing countries. The agreement will expand the financing resources for enterprises providing clean energy services, thereby contributing to poverty reduction, economic development and environmental sustainability.

Norfund, a state-backed development finance institution, invests in businesses, helping to promote sustainable economic development and reduce poverty in developing countries. Norfund’s investment in E+Co of US$7.5 million will help increase access to clean energy services.

“The provision of adequate and affordable energy services is essential in order to create sustainable development in the poorest countries. Norfund’s investment in E+Co provides a much needed source of finance to enterprises seeking to establish and expand access to clean energy services. E+Co has a proven track record, and we are confident that the partnership will play an important role in this sector,” said CEO Kjell Roland of Norfund.

Building on more than 15 years experience in Africa, Asia and Latin America, E+Co will use Norfund’s facility to invest in clean energy projects through its ‘market-based, enterprise-centric’ business model.

E+Co works with local entrepreneurs with a special focus on small and medium-sized enterprises (SMEs). Its clients are often located in rural and semi-rural areas that are considered some of the toughest markets in the world.

E+Co’s current investment portfolio includes over 150 active energy SMEs ranging from micro-hydro developers in Nepal to solar retailers in Nicaragua and efficient cook stove manufacturers in Ghana. The company’s clients have provided access to clean energy to over 5.6 million people around the world.

Apart from investments, E+Co also provides individualised capacity building services to clean energy entrepreneurs. These services include initial market assessments, financial modelling and expansion planning. The goal is both to increase entrepreneurial capacity at the local level and at the same time to mitigate the risks associated with energy investments in small and growing businesses.

“E+Co recognises that there is a demand for clean and affordable energy in developing countries and this demand can be satisfied by local entrepreneurs. The agreement with Norfund enables us to increase our support to local clean development entrepreneurs,” said Paul van Aalst, an E+Co director.
 
SINGAPORE: Linde Gas starts up S$25 million carbon dioxide plant on Jurong Island
Thursday, 31 December 2009

(EnergyAsia, December 31, Thursday) --- Linde Gas Singapore Pte Ltd, a subsidiary of German’s Linde Gas, has started up its new S$25 million carbon dioxide (CO2) plant on Jurong Island in Singapore. (US$1=S$1.4).

The plant produces approximately 100 tons per day of liquid carbon dioxide to double the local production capacity, making Linde the largest merchant producer of the gas in Singapore.

The company said the plant will also substantially reduce Singapore’s dependence on imports and provide cost benefits to customers through a local production source. Previously, Singapore imported approximately 50 tons per day of the gas, mainly from Malaysia.

The new plant, which is sited next to an existing Linde industrial gas plant, will utilise by-product carbon dioxide generated from the synthesis gas production process at the site, thus helping reduce carbon emissions. The company will also provide more efficient technology solutions, supply and service in a wide range of applications such as those for the food and beverage, fabrication, chemicals, pharmaceutical and water treatment industries.

Sanjiv Lamba, who heads Linde’s business in South and East Asia, said:

“Singapore has always been an important market for Linde and we are confident about the long term growth prospects for the industry here. 

With this new plant, we aim to play an even more significant role in the carbon dioxide supply chain, meeting the demands of both the local and export markets by offering faster and more efficient delivery.

“Despite the economic crisis, carbon dioxide (sales) volumes have remained strong in 2009, with demand from the food and beverage industry particularly stable. Across Asia, carbon dioxide demand is expected to grow between five and seven percent per year over the next few years. 

We see good prospects in the fabrication and chemicals sectors, and we are leveraging Linde’s technological strength to develop a number of new applications to further grow our carbon dioxide business.”

Tan Choon Shian, deputy managing director of the Economic Development Board (EDB), said:

“We warmly welcome Linde as a key technological player in Singapore’s chemical industry. Linde’s two new facilities are testimony of the company’s trust and confidence in Singapore as a strategic base to grow their presence in the region. We look forward to partnering them in future collaborations to bring new and efficient solutions to customers on Jurong Island.”

Tapping on the growth in demand for electronic specialty gases (ESG) in Singapore and the region, Linde has built up a supply chain facility on Jurong Island to serve as its regional distribution and storage hub.

Last year, Linde Gas Singapore invested S$30 million into expanding an existing hydrogen, carbon monoxide and synthesis gas (HyCO) plant on Jurong Island to supply Lucite International Singapore Pte Ltd with carbon monoxide for their new Alpha 1 project.

The Linde Group is a world leading gases and engineering company with almost 50,000 employees in its operations around 100 countries.
 
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