MARKETS: Energy subsidies account for 6.5% of world GDP, will remain high and wasteful, says IMF

(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). This sum represents a robust 6% annual increase over the US$4.2 trillion spent on energy subsidies in 2011, (more…)

UPSTREAM: US$200 billion worth of upstream projects frozen, return on capital down on prolonged oil price weakness, say consultants

(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. UK-based Wood Mackenzie said hydrocarbon-dependent countries will feel the financial pressure from (more…)

SINGAPORE: Port authority calls for LNG bunkering proposals by September 30

(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) (more…)

MARKETS: EIA offers hope for 2016 oil price recovery with outlook for global oil demand to grow nearly seven times faster than supply

(EnergyAsia, July 30 2015, Thursday) — There might be hope for an oil price recovery next year, but Iran could spoil the party. The US Energy Information Administration (EIA) is giving producers a glimmer of hope with its July report forecasting 2016’s global oil demand to surge by 1.5% and supply to edge up by (more…)

LNG: Global markets “on the precipice of massive change” amid new supply surge, says Australian government agency

(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. The Department of Industry and Science also expects the sharp increase (more…)

IRAN: Nuclear deal with world powers reignites race to build regional gas pipelines

(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. India and Pakistan are separately looking to (more…)

MARKETS: OPEC expects global oil demand growth to outpace non-OPEC supply in 2015 and 2016

(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. In its latest July report, the cartel has forecast global oil demand to grow by 1.41% in (more…)

LNG: Weak global demand threatens proposed projects worth US$283 billion

(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. In a 28-page report, London-based Carbon Tracker Initiative (CTI) said 16 (more…)

INDIA: Natural gas deficit to fall by nearly 58% on surging supply, predicts rating agency

(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. The deficit will fall from around 101 million standard cubic metre per day (mmscm/d) in (more…)

IRAN: Oil prices stable as increased oil flows expected from 2016, not immediate, says consultant

(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, (more…)

AUSTRALIA: BG Group ships first cargo from Queensland LNG plant’s second train

(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 (more…)

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MARKETS: Wood Mackenzie on the outlook for oil in the coming weeks

(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 (more…)

AUSTRALIA: Origin Energy insists Sinopec will meet contractual terms to buy LNG from joint venture export project

(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. The Sydney-based firm, the operator of the Australia Pacific LNG (APLNG) (more…)

ASIA: Turkmenistan, Afghanistan, Pakistan and India hope to start work on US$10-billion gas pipeline by December

(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. The Asian Development Bank (ADB) is expected to soon complete a technical feasibility study that will (more…)

TURKMENISTAN: Currency devaluation to help economy grow by 9%, but current account deficit to widen this year

(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). Despite Turkmenistan’s relatively strong economy, the government (more…)