South & Central Asia
Woodside beefs up Myanmar gas field resource estimates
Australian Woodside has reported an increase in its best estimate contingent resource (2C) by 83 MMboe to 4,481 MMboe following the announcement of two gas discoveries offshore Myanmar in Q1 2016. Woodside announced the discovery of 32 m net gas pay (increased from an earlier 15 m net gas pay estima
Report: South Korea mulling KNOC, KOGAS merger
The government of South Korea is considering merging Korea National Oil Corporation (KNOC) and Korea Gas Corporation (KOGAS) in an attempt to boost the profitability of the two companies.
China VLCC Offloads Second-Hand Duo
China VLCC, a joint venture company between China Merchants Energy Shipping (CMES) and Sinotrans&CSC, has signed contracts to sell two second-hand very large crude carriers (VLCCs). The VLCCs are 6 and 7 years old, featuring 297,600 tons in DWT dwt and they will be sold for USD 117.5 million. The un
Spotted: New Constant Joins CMES’ Ranks
In a colorful arrival, China Merchants Energy Shipping (CMES) welcomed yesterday its new very large crude carrier (VLCC) New Constant. The vessel’s naming and delivery ceremony was held at Dalian Shipbuilding Industries’ shipyard. The New Constant is a 319,000 dwt tanker, having a gross tonnage of 1
South Korea: Kogas April sales drop
South Korea’s Kogas, the world’s largest corporate buyer of LNG, informed its sales volume totaled 2.09 million mt for the month of April, down 14.5 pct on the same month the previous year. According to the company’s filing to the stock exchange, gas sales into the power sector reached 876,000mt, a
Sulphur Cap to Push Boxship Operators’ Costs Up to USD 30Bn
Depending on the ship size, speed and fuel price, containership operators saw an increase of some USD 500 million in 2015 annual costs due to new sulphur requirements which are forcing owners to use higher cost fuel, considering all containerised trade in Emissions Control Areas, according to the la
Myanmar-Netherlands Water Challenge 2016 Held in Yangon
The Delta Academy of the Myanmar-Netherlands Water Challenge 2016 was held in Yangon last week. It all started on Tuesday 10 May as forty selected students and young professionals from nine universities and institutes across Myanmar came together for a three-day intensive program to learn about sust
Oil Search in bid to take over InterOil. Pens MoU with Total
Australia’s Oil Search has tabled a bid to acquire a 100 percent of InterOil, a company with assets in Papua New Guinea. The combination of the companies will increase Oil Search’s exposure to the “world-class” Papua LNG Project, which, the company says, is expected to be the next major LNG developm
No Deal on Charter Rate Cuts for HMM
Financially troubled South Korean shipping company Hyundai Merchant Marine (HMM) has failed to seal a deal with ship owners on charter rate cuts, Yonhap reports, citing company officials. The talks were launched in February and the company was optimistic on reaching the deal as it had reportedly man
Containerships Delays Delivery of LNG Ships as It Switches Shipyard
Finland’s container shipping firm Containerships has pushed the delivery of its first of four short sea LNG-powered vessels until early 2018 due to a change in the shipyard, the company said. The Chinese Yangzhou Guoyu Shipyard was initially entrusted with the construction, however the company did n
Petronas first quarter profit sinks 60 pct
Malaysian energy giant Petronas has posted a RM4.6 billion (US$1.1 billion) after tax profit, a 60 percent plunge compared to the RM11.4 billion during the corresponding quarter in 2015.
VesselsValue Launches VV Offshore
UK-based vessel valuation provider VesselsValue has introduced a new division, VV Offshore, with the aim of providing instant valuations and geographical information system (GIS) database of the offshore structures to the industry. The introduction of the offshore division has been prompted by the m