MARKETS: EIA cuts global oil supply forecasts, dragged down by lower US shale production

(EnergyAsia, April 30 2015, Thursday) — The US Energy Information Administration (EIA) has slashed its forecast for global oil supply next year as more US shale-based producers buckle under the financial pressures of low oil prices and reduced financing for the industry. In its April report, the agency said it expects the world to produce (more…)

INDIA: Gujarat state to add two LNG terminals, Odisha “loses” proposed floating unit

(EnergyAsia, April 29 2015, Wednesday) — India’s northwestern Gujarat state is consolidating its status as the country’s main energy hub with plans to add two liquefied natural gas (LNG) import terminals to its existing 15 million tons/year capacity. To meet rising energy demand in the state and surrounding area, chief minister Anandiben Patel said her (more…)

CHINA: Silk route will open up “new commodity superhighway” but faces enormous risks, says Wood Mackenzie

(EnergyAsia, April 28 2015, Tuesday) — China faces a long list of risks in its strategy to develop the old Silk Route and a new maritime channel to connect Asia with the Middle East, Africa and Europe, said consultant Wood Mackenzie. Beijing’s ‘One Route One Belt’ strategy holds the promise of creating a new “commodity (more…)

MYANMAR: Contract for largest gas-fired independent power plant awarded to Singapore’s Sembcorp Industries

(EnergyAsia, April 27 2015, Monday) — Singapore’s Sembcorp Industries said it has been awarded a contract to develop and operate what will be Myanmar’s largest gas-fired independent power plant. In securing its first investment in the country’s fast-growing power sector, Sembcorp said it beat off competition from international rivals for the proposed 225MW project in (more…)

AUSTRALIA: Motorists brace for higher fuel tax as white paper calls for ramp up in strategic oil reserves

(EnergyAsia, April 24 2015, Friday) — Australian mototrists will bear the brunt of the country’s plan to invest “billions and billions and billions of dollars” to raise its strategic petroleum reserves to meet at least 90 days of consumption from the current level of 52 days, said Industry Minister Ian Macfarlane. He gave this warning (more…)

INDIA: Lower oil prices fail to reverse trade deficit in 2014 on export slump

(EnergyAsia, April 22 2015, Wednesday) — Weighed down by sluggish exports, India failed to make the most of the windfall provided by nine months of lower oil prices as it reported a wider merchandise trade deficit for the last financial year to March 31 2015. Measured by the Indian currency, the deficit grew by nearly (more…)

PAKISTAN: China, Russia lead investment drive

(EnergyAsia, April 21 2015, Tuesday) — Pakistan, one of the world’s most politically unstable countries and often rated a failed state, is attracting big investment bets from China and Russia. China expects to sign off on a series of energy and infrastructure investments worth a total US$46 billion during President Xi Jinping’s visit to Islamabad (more…)

MARKETS: OPEC’s oil export revenues, excluding Iran’s, to plunge by nearly half in 2015, predicts EIA

(EnergyAsia, April 17 2015, Friday) — Excluding Iran, the Organisation of Petroleum Exporting Countries (OPEC) could see their oil export earnings plunge by nearly half in 2015 to follow through on last year’s 11% decline, predicts the US Energy Information Administration (EIA). The sharp drop in crude prices since June dragged down the collective export (more…)

INDIA: Modi government may court foreign investment to help build strategic oil stockpiles

(EnergyAsia, April 16 2015, Thursday) — India may open up its protected oil storage sector to foreign investments to jump-start a long-delayed programme to build strategic reserves. Despite years of planning, India has yet to begin its stockpiling programme, but that could change soon under the government of Prime Minister Narendra Modi who won a (more…)

ASIA: India-led South Asia becomes world’s fastest economic region, must make energy pricing reforms, says World Bank

(EnergyAsia, April 15 2015, Wednesday) — A combination of low oil prices and India’s resurgence will enable South Asia to remain the world’s fastest economic region over the next two years, predicts the World Bank. From about 7% in 2015, the region’s economy will expand by 7.4% next year and 7.6% in 2017, according to (more…)

VIETNAM: Russia’s Gazprom unit to invest in upstream activities, buy 49% stake in troubled refinery

(EnergyAsia, Monday April 14 2015, Tuesday) — Gazprom Neft, the oil subsidiary of Russia’s leading gas producer Gazprom, said it plans to invest in Vietnam’s upstream sector as well as acquire a 49% stake in the country’s only oil refinery at Dung Quat. Gazprom Neft said its venture into the Southeast Asian country will be (more…)

INDIA: State firms to build oil storage terminal in Kerala state, Gulf Petroleum starts up depot in Gujarat

INDIA: State firms to build oil storage terminal in Kerala state, Gulf Petroleum starts up depot in Gujarat (EnergyAsia, April 10 2015, Friday) — A consortium of three state-owned Indian firms is planning to build an oil storage terminal in the country’s southwestern state of Kerala while UAE-based Gulf Petroleum recently started up its terminal (more…)

MARKETS: US shale sector hopes for oil price recovery while global exploration costs seen falling 30%, say consultants

(EnergyAsia, April 9, 2015, Thursday) — Amid sharply reduced budgets and activities, the US shale sector is hoping for the stage to be set for oil prices to stabilise and eventually recover, said UK consultant Douglas-Westwood (DW). Another consultant Wood Mackenzie expects exploration costs to fall by a third, spurring drilling activity for 2016 to (more…)

INDIA: Economy growing faster than China’s, to surpass combined size of Japan and Germany by 2019, says IMF

(EnergyAsia, April 7 2015, Tuesday) — Growing faster than China’s, the Indian economy will become the world’s third largest by 2019 to exceed the combined size of Japan and Germany, said International Monetary Fund (IMF) managing director Christine Lagarde. The fund expects India’s US$2 trillion economy to grow by 7.2% this year and 7.5% in (more…)

SINGAPORE: Shell’s annual ethylene capacity exceeds one million tonnes after upgrade

(EnergyAsia, April 6 2015, Monday) — Royal Dutch Shell said it has raised its Singapore ethylene production capacity to more than one million tonnes per year after recently completing a major expansion and upgrade at its Bukom Island complex. The company said its ethylene plant, which is linked to a 500,000 b/d refinery as part (more…)

INDIA: Modi government approves 495-billion rupee budget for oil stockpiling

(EnergyAsia, April 3 2015, Friday) — The Indian government has approved a special 495-billion rupee budget to help pay for the cost of procuring and maintaining its strategic crude oil stockpiling programme due to start over the next few months. (US$1=62 rupees). Headed by Prime Minister Narendra Modi, the Cabinet Committee on Economic Affairs (CCEA) (more…)

INDIA: PM Modi wants nation’s dependence on oil, gas imports reduced to 67% by 2022

(EnergyAsia, April 2 2015, Thursday) — Indian Prime Minister Narendra Modi has challenged his country to slash its oil and gas import dependence from 77% now to 67% by 2022. Taking a page from China’s playbook, he said India’s state and privately-owned companies should boost access to oil and gas supplies by developing energy corridors (more…)