AUSTRALIA: Santos writes off A$3.9 billion, suffers record loss of A$2.7 billion for 2015

(EnergyAsia, February 29 2016, Monday) — Australian upstream company Santos said it wrote off a further A$3.924 billion worth of assets after reporting a record loss of A$2.9 billion last year as oil and gas prices continued their rapid descent from mid-2014. (US$1=A$1.4). The tide of red ink flowed through from 2014 when the company (more…)

IRAN: Technical and political hurdles to limit 2016 oil production to 500,000 b/d, predicts Moody’s

(EnergyAsia, February 22 2016, Monday) — Despite being recently freed of most sanctions to trade with the world, Iran will be hard pressed to produce more than 500,000 b/d of crude oil this year owing to a combination of “technical and political hurdles”, said Moody’s Investor Service. Iran could be fully re-admitted into the global (more…)

CHINA: State oil companies under review by Moody’s for possible ratings downgrade

(EnergyAsia, February 18 2016, Thursday) — Five of China’s leading state-owned oil firms and some of their subsidiaries have been placed on review by Moody’s Investor Service for a possible downgrade of their current Aa3 credit ratings. The US ratings agency said the review covers China National Petroleum Corporation (CNPC), China Petrochemical Corporation (Sinopec Group), (more…)

QATAR: Qatargas signs 15-year contract to supply LNG to Pakistan

(EnergyAsia, February 16 2016, Tuesday) — Concluding their largest bilateral trade deal, Qatar will soon begin an annual supply of 3.75 million tons of liquefied natural gas (LNG) to Pakistan over the next 15 years. State-owned Qatar Liquefied Gas Company or Qatargas, the world’s largest LNG firm with 42-million tons of production capacity, expects to (more…)

JAPAN: LNG import prices to remain linked to crude oil formula despite increase in spot trades

(EnergyAsia, February 13 2016, Saturday) — Led by Japan, Asia’s use of an established crude oil-based formula to price its liquefied natural gas (LNG) imports will likely continue into the next decade, according to one of the region’s leading energy economists. In a recent commentary, Ken Koyama, chief economist and managing director of the Institute (more…)

SINGAPORE: SGX makes another attempt at energy futures pricing and trading with LNG contract

(EnergyAsia, February 12 2016, Friday) — For all its illustrious history as Asia’s oil centre, Singapore is still missing a vital piece in its quest to become a full-fledged energy trading hub: a successful futures exchange to support price discovery and regional paper trades. New York and London set the standard as true global centres (more…)

SINGAPORE: Swiss chemical logistics firm Bertschi AG to invest another S$20m to expand new S$45m plant on Jurong Island

(EnergyAsia, Singapore, February 2 2016, Tuesday) – Swiss chemical logistics firm Bertschi AG will invest another S$20 million in a dangerous goods warehouse to add to its newly opened S$45 million plant on Singapore’s oil and chemicals hub on Jurong Island. (US$1=S$1.42). Hans-Jörg Bertschi, President and CEO of Bertschi Holding AG, made the announcement for (more…)

JAPAN: Economy still weak despite the benefit of 18 months of cheap oil and gas prices

(EnergyAsia, February 1 2016, Monday) — Japan’s ailing energy-intensive economy continues to struggle for life despite the infusion of an unexpected windfall from prolonged weak oil and gas prices since mid-2014. Even with the support of a weak yen and Tokyo injecting over US$30 billion in stimulus spending last year, the economy grew by just (more…)