(EnergyAsia, July 31 2015, Friday) — Continuing to defy the best economic advice, the world will boost spending on energy subsidies in 2015 to US$5.3 trillion or 6.5% of its GDP, said the International Monetary Fund (IMF).
(EnergyAsia, July 30 2015, Thursday) — Some US$200 billion worth of upstream oil and gas projects have been put on hold amid the prolonged oil price weakness while the industry continues to reel from sharply lower returns on capital, according to two consultants.
(EnergyAsia, July 30 2015, Thursday) — Singapore’s port has issued a formal request for proposals to promote the use of liquefied natural gas (LNG) as a shipping fuel as part of a long-term plan to remain one of the world’s leading energy hubs. On Tuesday, the Maritime Port Authority (MPA) launched its first request-for-proposal (RFP)…
(EnergyAsia, July 30 2015, Thursday) — There might be hope for an oil price recovery next year, but Iran could spoil the party.
(EnergyAsia, July 27 2015, Monday) — After crashing by more than half over the past year, liquefied natural gas (LNG) prices will come under more pressure next year as production capacity will continue to grow faster than demand, according to an Australian government forecast.
(EnergyAsia, July 25 2015, Saturday) — The recent successful conclusion to Iran’s nuclear energy talks with the UN Security Council and Germany has reignited a race among key players in Asia and the Middle East to construct new regional pipelines to connect natural gas producers and consuming countries.
(EnergyAsia, July 22 2015, Wednesday) — Oil prices could soon be nearing the bottom of their trading range if the Organization of Petroleum Exporting Countries’ (OPEC) latest supply and demand forecasts hold true over the next 18 months.
(EnergyAsia, July 21 2015, Tuesday) — With global energy demand growing at a much slower rate than expected, a UK lobby group predicts companies may have to delay or cancel proposed liquefied natural gas (LNG) projects worth a total of US$283 billion through 2025.
(EnergyAsia, July 20 2015, Monday) — India’s natural gas deficit will fall by nearly 58% over the next 10 years as annual supply will rise by nearly 8.5% to outpace domestic demand’s annual 3.8% growth, predicts credit rating agency ICRA.
(EnergyAsia, July 15 2015, Wednesday) — Crude prices have recovered from the initial sell-off following Tuesday’s news of Iran’s successful talks with the UN Security Council and Germany (P5+1) over the lifting of trade sanctions in exchange for tight restrictions and inspections on its nuclear programme. The five UN Security Council members include the US, China, Russia, France and the UK.
(EnergyAsia, July 14 2015, Tuesday) — UK’s BG Group plc said it has started up the second train at its Queensland Curtis LNG (QCLNG) plant in Australia, seven months after the first train came onstream.
The company, soon to be acquired by Royal Dutch Shell in a US$70 billion deal, said it loaded and shipped the liquefied natural gas (LNG) cargo on the Maran Gas Posidonia. It not mention the cargo’s destination or buyer.
When fully operational by mid-2016, QCLNG’s two trains will produce enough LNG to load a total of 10 vessels per month, equal to about eight million tonnes per year.
BG Group said it has shipped a total of 27 cargoes from the US$20.4 billion plant on Curtis Island since start-up last December.
It officially began commercial operations in May 2015 when contractor Bechtel Australia transferred control of Train 1 to QGC, BG Group’s Australian subsidiary.
Helge Lund, BG Group’s chief executive, said:
“The start-up of QCLNG’s second LNG train is another important operational milestone delivered in line with our plan. The completion of our upstream infrastructure and the two LNG trains are achievements of which BG Group, particularly our team in Australia, can be proud.
“We have already shipped more than 1.5 million tonnes of LNG from Queensland, and Train 2 will add significant further volumes and flexibility to our LNG shipping and marketing portfolio.”
(EnergyAsia, July 13 2015, Monday) — Crude oil prices are starting the second half of 2015 on the defensive as Greece’s economic crisis, China’s US$3.3-trillion stock market plunge and the West’s likely lifting of trade sanctions against Iran dominate the headlines. The oil markets are hovering at a three-month low with Brent ending last week…
(EnergyAsia, July 2 2015, Thursday) — China Petrochemical Corp, or Sinopec, will fulfil its annual purchase of 7.6 million tonnes of liquefied natural gas (LNG) that forms a crucial part of an agreement for a joint venture project in Australia, said Origin Energy Limited.
(EnergyAsia, July 1 2015, Wednesday) — The proponents of a US$10-billion pipeline network to deliver natural gas from Turkmenistan to Afghanistan, Pakistan and India (TAPI) are hoping to start work by December after more than two decades of delay.
(EnergyAsia, July 1 2015, Wednesday) — Turkmenistan’s decision to devalue its currency by 22% on January 1 will help its economy grow by nine percent this year but the current account deficit will more than double from last year’s 5.9% of GDP, said the International Monetary Fund (IMF).