05272016Fri
Last update: Fri, 27 May 2016 07am

Markets - Energy

Markets - Energy - Asia

China April power output -1.7pc on year at 444.4bn kWh BEIJING: China generated 444.4 billion kilowatt-hours of power in April, down 1.7 percent compared with the same period of last year, figures from the National Bureau of Statistics showed on Saturday. Over the first four months as a whole, power generation reached 1.799 trillion kWh, up 0.9 percent compared with the same period of last year.Much of the increase has been down to rising hydropower volumes, which rose 10 percent in April and 15.5 percent over the first four months. Thermal electricity, generated almost entirely by coal-fired capacity, slipped 5.9 percent in April and 3.2 percent over the first four months as a whole.China has been trying to cut coal-fired power consumption in a bid to improve air quality and encourage the use of cleaner sources of electricity, including renewables and nuclear.Copyright Reuters, 2016

Markets - Energy - Asia

China April natural gas output up 5.6pc on year BEIJING: China's April natural gas production rose 5.6 percent over the same year-ago level to 10.6 billion cubic metres, according to data released by the National Bureau of Statistics on Saturday.Copyright Reuters, 2016

Markets - Energy - Asia

China April coal output down 11.0pc on year BEIJING: China produced 268 million tonnes of coal in April, down 11 percent on the year, the National Bureau of Statistics said on Saturday, with producers cutting back in a concerted effort to shore up prices. China's coal sector has been struggling with a massive capacity glut and miners have been encouraged to cut production to shore up domestic prices, which plummeted around 30 percent last year. The country has promised to shed 500 million ...

Markets - Energy - Asia

China April crude oil output lowest since July 2013 BEIJING: China, the world's fourth-largest oil producer, pumped 5.6 percent less crude year-on-year in April, official data showed, as oil firms struggled with cost pressures with crude prices hovering around $40 a barrel. Data from the National Bureau of Statistics released on Saturday showed China produced 16.59 million tonnes of crude oil last month, or about 4.04 million barrels per day (bpd), the lowest rate since July 2013 on a daily basis.A global oil supply ...

Markets - Energy - Middle East & Africa

Kuwait deputy FM says Iran, oil producers must not increase production DUBAI: Kuwait's deputy foreign minister Khaled Jarallah said oil exporting countries must freeze production and the market could not support a production increase from Iran, state news agency KUNA reported on Saturday. "There is no choice but to freeze production," KUNA quoted Jarallah as telling Japanese news agency Jiji press while he and acting oil minister Anas al-Saleh attend a Kuwait-Japan business seminar in Tokyo.Asked about Iranian production policy, Jarallah said, "Iran should learn from ...

Markets - Energy - Australia

Oil Search still open to takeover bid SYDNEY: Papua New Guinea oil and gas producer Oil Search Ltd says it is open to future takeover offers, despite rebuffing an $8 billion all-share bid from Woodside Petroleum last year. Oil Search shares sank 17 percent last September when Woodside abandoned the deal, after failing to win support from Oil Search.At Oil Search's annual general meeting in Port Moresby on Friday, chairman Richard Lee told shareholders the Woodside bid "significantly undervalued the company," according ...

Markets - Energy - Middle East & Africa

Kenya creates 17 new oil exploration blocks NAIROBI: Kenya has created an extra 17 new oil exploration blocks, bringing its total to 63 and aims to auction them in a licensing round in 2017, Kenyan newspapers quoted Ministry of Energy and Petroleum saying on Saturday. British explorer Tullow Oil and partner Africa Oil first struck oil in Lokichar in northwest Kenya in 2012. The recoverable reserves are an estimated 750 million barrels of crude.Since the discovery, interest from explorers seeking blocks in ...