MARKETS: IEA sees possible “light at the end of the tunnel” for oil prices

(EnergyAsia, March 12 2016, Saturday) — Nearly two years into the global oil price collapse, the International Energy Agency (IEA) has suggested the market is close to bottom with a comment that there is “light at the end of the tunnel”. In its latest monthly report, the agency observed that crude oil prices have recovered...

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AUSTRALIA: LNG export earnings seen surging 22%, oil revenues to drop in FY2015

(EnergyAsia, March 5 2016, Saturday) — Australia expects its combined oil and gas export earnings to increase by more than 9% to A$27.86 billion for the current fiscal year to June, compared with A$25.55 billion for FY2014 (US$1=A$1.4). According to the Department of Industry, Innovation and Science, the nation’s earnings from liquefied natural gas (LNG)...

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INDIA: IMF urges continued push to promote private investment and structural reforms

(EnergyAsia, March 4 2016, Friday) — India must continue to promote private investment and structural reforms to ensure its economy stays on the path of sustainable long-term growth, said the International Monetary Fund (IMF). A mix of positive policy actions and the unexpected collapse in oil prices will enable India’s economic growth to accelerate to...

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ASIA: Changes to pricing, trading system imminent, predicts president of world’s largest LNG importer

(EnergyAsia, March 3 2016, Wednesday) — Asia’s rigid and well-established system of trading and pricing its liquefied natural gas (LNG) cargoes is breaking down as more supply comes on the market with new players prepared to offer better terms to buyers, said Yuji Kakimi, president of Japan’s JERA Co Inc. JERA was established last April...

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MALAYSIA: Petronas’s 2015 net profit down 56% to RM20.8 billion on write-offs and weaker currency

(EnergyAsia, March 1 2016, Tuesday) — Low oil and gas prices, asset write-offs and a weaker local currency combined to sink Malaysian state energy firm Petronas’s after-tax profits by 56.3% to RM20.8 for 2015. Revenues were down 24.7% to RM247.7 billion while cashflow crashed by a third to RM69.6 billion, dragged down mostly by a...

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