MARKETS: IEA sees global oil glut growing at faster rate than demand

(EnergyAsia, May 29 2015, Friday) — Crude prices have survived months of heavy selling pressure despite evidence of a growing glut since the start of the year. As Organization of Petroleum Exporting Countries (OPEC) ministers prepare to meet in Vienna on June 5, they will note with some satisfaction that prices have recovered by more (more…)

MALAYSIA: Petronas struggles to justify Canadian LNG project despite improved offer from BC government

(EnergyAsia, May 29 2015, Friday) — In signing a much-awaited memorandum of understanding (MOU) and two major agreements with Pacific NorthWest LNG (PNW) on May 20, the British Columbia government made good its promised support for the company’s proposed project to produce liquefied natural gas (LNG) in northern BC for export to Asia. The documents (more…)

AUSTRALIA: First of new wave of LNG plants starts up in Queensland state

(EnergyAsia, May 27 2015, Wednesday) — After a delay of about a year, Australia has launched commercial operations at the world’s first plant to convert coalbed methane (CBM) to liquefied natural gas (LNG). The Queensland Curtis LNG (QCLNG) plant on Curtis Island near Gladstone was officially dedicated on May 15 at a ceremony attended by (more…)

CHINA: Saudi Aramco’s 10th global R&D centre opens in Beijing

(EnergyAsia, May 26 2015, Tuesday) — Saudi Arabia’s state-owned energy firm Aramco has opened an energy research centre in Beijing to help drive its innovation and technology development programme in China. Saudi petroleum minister Ali I. Al-Naimi officially opened the 4,400-square metre Beijing Research Center (BRC), the 10th in the company’s global research and development (more…)

MARKETS: Crude prices holding onto recent gains, in neutral mode on reports of oversupply and growing MidEast conflicts

(EnergyAsia, May 25 2015, Monday) — Crude prices are holding onto recent gains as the market is divided between reports of the growing global oil surplus and escalation in Middle East violence with the Islamic State (ISIS) expanding its territorial control and launching a first attack inside Saudi Arabia. US WTI is trading just below (more…)

MARKETS: EIA raised forecasts for global oil supply and demand for 2015 and 2016

(EnergyAsia, May 20 2015, Wednesday) — The global oil glut is about to worsen, according to the US Energy Information Administration (EIA) which has raised its forecast for global oil supply over the next two years to widen the gap over demand. In its May report, the agency said it expects the world to produce (more…)

AUSTRALIA: Accenture says LNG industry faces barriers to delivering A$55 billion worth of benefits

(EnergyAsia, May 18 2015, Monday) — Having done the hard part of attracting A$250 billion worth of liquefied natural gas (LNG) investments, Australia may yet miss out on A$55 billion worth of benefits when the new plants start up over the next few years, said consulting firm Accenture. (US$1=A$1.3). In a new report, the consulting (more…)

ASIA: Region to contribute to global shutdown of up to two million b/d of refining capacity, says US consulting firm

(EnergyAsia, May 11 2015, Monday) — Asia, Russia and Europe will account for the bulk of the global shutdown of as much as two million b/d in oil refining capacity over the next 18 months, said a US-based consulting firm. For now, refiners have announced they will close just over one million b/d of capacity, (more…)

AUSTRALIA: Worries abound despite record high gas and LNG production, surging crude supply

(EnergyAsia, May 4 2015, Monday) — Australia’s upstream sector is worried even though it appears to be thriving after producing record volumes of natural gas and liquefied natural gas (LNG) last year, and boosting crude and condensate output by more than 18%. The sector’s outlook has worsened following the collapse of global oil and gas (more…)

MARKETS: WTI poised to top US$60 for the first time since December as OPEC raised global oil demand forecast again

(EnergyAsia, May 1 2015, Friday) — Crude prices are near five-month highs as sentiments continue to favour further upside in the near term. US WTI is poised to top US$60 a barrel for the first time since December while Brent is just over US$3 short of breaking the US$70 mark. The world’s three leading energy (more…)

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