SAUDI ARABIA: Aramco’s hope for higher IPO valuation boosted by reserves upgrade

(EnergyAsia, June 29 2017, Thursday) — Saudi Arabia’s hopes for a lofty market valuation of soon-to-be-listed state energy firm Aramco has been boosted by a consulting firm’s decision to raise the kingdom’s recoverable oil reserves by more than 26%. Cash-strapped Saudi Arabia is planning to sell a small stake in Aramco, believed to be around...

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MARKET: OPEC net oil export revenues at their lowest in 13 years

(EnergyAsia, June 29 2017, Thursday) — With the 2016 Brent crude price at a recent new low of US$43.74 a barrel, OPEC’s net oil export revenues plunged to a 13-year low of US$433.4 billion, said the US Energy Information Administration (EIA). The agency’s latest calculations reflect the dire state of the economic outlook for the...

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QATAR: Shell signs new deals despite Doha’s regional political challenges

(EnergyAsia, June 19 2017, Monday) — As it digs in for a protracted political battle against several Arab countries, Qatar has been given a major endorsement by Anglo-Dutch energy giant Shell with the signing of two new business agreements. Barely two weeks after Saudi Arabia and others cut off diplomatic ties with the emirate, Shell...

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IRAQ: Production capacity could rise another 10%-15% in 2017

 (EnergyAsia, June 16 2017, Friday) — Iraq is on course to boost its crude oil production capacity to a record five million b/d by end-2017, representing an increase of 10% to 15% over last year, said analysts. If it hits that target, Iraq would be capable of producing at twice the rate it did in...

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SAUDI ARABIA: Aramco and China’s Development Research Center (DRC) agree to advance joint collaboration and research

(EnergyAsia, June 15, 2017, Thursday) — Saudi Arabia’s state oil firm Aramco and China’s Development Research Center (DRC) have agreed to step up their collaboration and research activities in the energy sector. The two organisations announced that they had signed a memorandum of understanding last month to expand their joint work in accordance with their...

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QATAR: Economy faces long-term uncertainty as war beckons

(EnergyAsia, June 9 2017, Friday) — The mother of all black swans swooped down on the Middle East this week and took the Arab world of Sunni Muslims to the brink of an unthinkable civil war. Qatar, the world’s leading liquefied natural gas producer and exporter, has placed its armed forces on full alert in...

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ASIA: Singapore retains regional oil storage and trading role despite growing competition

(EnergyAsia, June 2 2017, Friday) — Thanks to its well-established storage, refining and banking infrastructure, Singapore remains an important player in Asia’s booming oil trade despite growing competition from other countries. China, India and South Korea, among Asia’s largest oil consumers, together with medium-sized players like Indonesia and Malaysia have been investing heavily to expand...

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CHINA: Satellite firms offering to monitor oil stockpiling

(EnergyAsia, June 1 2017, Thursday) — With China unable or unwilling to provide timely and accurate data on its oil stockpiling programme, two US satellite firms said they have the technology to help companies track and measure the country’s oil flows. Orbital Insight, a satellite-imaging and geospatial big data firm formed in 2013, is based...

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