AUSTRALIA: As oil prices surge amid low fuel stockpile, Canberra orders another review

(EnergyAsia, May 15 2018, Wednesday) — Australia clearly believes it is still a lucky country judging from the continued sanguine response to the latest warnings that its petroleum stockpiles are stuck at emergency low levels as crude prices surged to a four-year high. In ordering yet another review of the nation’s energy security, the government...

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SINGAPORE: Bunker fuel market hopeful of further growth after 2017 record sales of 50.6 million mt

(EnergyAsia, March 27 2018, Tuesday) — Buoyed by expectations for the region’s sustained economic prospects, Singapore  is hopeful its bunker fuel sales will build on last year’s record sales of 50.6 million tonnes. The World Bank has forecast Southeast Asia’s 10 economies to grow by a combined 5.2% this year, up from last year’s 5.1%...

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Southeast Asia’s oil self-sufficiency in rapid decline

(EnergyAsia, February 18, 2018, Monday) — If Southeast Asia’s 10 countries were to merge into a new nation, it would have the world’s third largest population, and its sixth largest economy. The region’s 640-million population would be behind China and India in size, while its combined GDP of nearly US$2.6 trillion would be larger than...

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THAILAND: Shell to sell stake in gas fields to PTTEP for US$750 million

(EnergyAsia, February 10 2018, Saturday) — Thailand’s state-owned PTT Exploration & Production PCL (PTTEP) is making good on a promise to expand its hydrocarbon reserves with an agreement buy over Royal Dutch Shell’s combined 22.2222% stake in the Bongkot field and an adjoining acreage located off the coast of Thailand. Shell said it expects to...

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INDONESIA: Boosted by higher LNG and coal prices, GDP grew at fastest rate in four years

(EnergyAsia, February 7 2018, Wednesday) — Boosted by sharply higher export prices of liquefied natural gas, coal and other commodities in 2017, Indonesia’s economy expanded by 5.07% for its fastest growth rate in four years, the government’s Central Statistics Agency has announced. The 9.09% rise in export revenues for the year just about exceeded the...

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INDONESIA: Pertamina-PGN merger could hurt country’s energy competitiveness

(EnergyAsia, February 5 2018, Monday) — in its search for energy security, Indonesia risks creating an uncompetitive giant from the planned merger of two of its largest state-owned oil and gas companies, said consulting firm Wood Mackenzie. The plan took a crucial step forward on January 25 when shareholders of gas transmission and distributing firm...

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THAILAND: State upstream firm PTTEP aims to boost oil and gas reserves

(EnergyAsia, January 29 2018, Monday) — Buoyed by a near 60% surge in net profit last year, Thailand’s largest oil and gas company said it plans to boost its petroleum reserves by investing in upstream projects in Southeast Asia and the Middle East. Thai PTT Exploration and Production Pcl (PTTEP) reported net profit of US$594...

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INDONESIA: 2017 trade surplus at five-year high despite increasing oil and gas trade deficit

(EnergyAsia, January 26 2018, Friday) — Indonesia is becoming less dependent on energy exports as evident from its 2017 trade surplus reaching a five-year high of US$11.83 billion despite the continuing decline in its oil and gas sales. According to the Bank of Indonesia, the country posted a 34.6% rise in the export earnings of...

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SINGAPORE: ‘World-class’ oil rig sector at risk after builders tarnished by corruption scandal

(EnergyAsia, January 24, 2018, Wednesday) — Singapore’s ‘world-class’ offshore oil and gas sector could lose lucrative oil-rig building contracts after its two leading companies were named in a scandal involving the bribery of Brazilian officials in exchange for multi-billion-dollar contracts. Until the oil market crash of 2014, Singapore, led by Keppel Offshore & Marine Limited...

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MALAYSIA: Vopak’s oil-petrochemical storage terminal on course to start up in 2019

(EnergyAsia, January 15, 2017, Monday) — Royal Vopak of the Netherlands said its jointly owned storage terminal in the southern Malaysian state of Johor is on course to begin operating in the first half of 2019. PT2SB, which is building the terminal to serve an integrated oil-petrochemical complex in the coastal town of Pengerang, passed...

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CHINA: Refiners exerting growing influence on world oil markets

(EnergyAsia, January 11, 2017, Thursday) — China’s influence on the world’s oil markets is growing, thanks in part to the increasing role of its refiners in boosting both crude imports and product exports at the same time. The rest of Asia is feeling the impact most as Chinese refiners are outbidding other crude buyers and...

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ASIA: Region’s oil bill surged by over 25% in 2017

(EnergyAsia, January 10, 2018, Wednesday) — Asia’s oil expenditure could rise another 9% in 2018 after surging by an estimated 25% last year, according to calculations based on US government data and projections. But analysts warn these numbers could prove conservative if new and bigger conflicts break out in the Middle East and North Asia....

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MARKETS: Oil prices recovered in 2017 on strong demand growth, declining inventories, says EIA

(EnergyAsia, December 23, 2017, Saturday) — Without much fanfare, the oil markets have recovered strongly over the past year, with Brent crude rising by nearly a quarter or US$10 a barrel, said the US Energy Information Administration (EIA). After crashing to a 12-year low of $43.74 a barrel in 2016, Brent is expected to average...

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ASIA: India to continue as region’s energy demand and economic growth leader, says World Bank

(EnergyAsia, December 21, 2017, Thursday) — India will continue to outpace China and remain as Asia’s fastest growing major economy and energy consumer, according to the World Bank. Citing the work of analysts, the bank said it expects India to be the world’s fastest-growing economy over the 2015-to-2040 period. In its latest report on the...

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AUSTRALIA: Natural gas revival underway, boosting investor confidence, says industry veteran

(EnergyAsia, December 16 2017, Saturday) — Australia’s natural gas industry is heading into 2018 in “confident new mood” as it continues to recover from a three-year slump, said energy veteran Graeme Bethune. Oil production, however, is expected to continue to slide after slumping to a 40-year low in 2017 In his latest research report, the...

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COMPANY: Aramco Trading opens office in Singapore

 (EnergyAsia, December 9 2017, Saturday) — Saudi Arabia’s state-owned firm, Aramco, said it has started up its international trading subsidiary in Singapore to serve Asia’s growing oil markets. Saudi Aramco Trading Singapore (SATS) will also provide trading and marketing services for its parent firm’s expanding refining and petrochemical output. Citing consulting firm Wood Mackenzie, Saudi...

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MARKETS: Asia to drive global diesel shortfall in 2018, says US energy consultant

(EnergyAsia, December 4, 2017, Monday) — Due largely to reduced production and rising consumption in Asia, the world’s diesel supply will fall short of demand growth next year, said US consultant ESAI Energy Inc. In its latest report on the global diesel market, ESAI said it expects refiners in three of Asia’s main exporters –...

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INDIA: Crude oil import bill to rise 29% in fiscal 2017, says ratings agency

(EnergyAsia, November 21 2017, Tuesday) — With the price of Brent crude recently touching a two-year high, India is bracing for a sharp rise in its oil expenditure for the current fiscal year ending March 31 2018. According to ICRA, a ratings agency owned by Moody’s Investor Service, India’s oil import bill could rise by...

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INDIA: Domestic oil demand continues to surge, partly boosted by new GST and economic reforms, say consultants

(EnergyAsia, November 18 2017, Saturday) — India’s domestic oil consumption is surging, helped in part by recent economic reforms including the introduction of the national goods and services tax (GST), said two energy consultants. UK-based Wood Mackenzie said the surge in vehicle purchases before the GST came into effect in October 2017 will underpin strong...

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INDIA: Experts skeptical of government’s plan to boost domestic oil, gas production

(EnergyAsia, November 5 2017, Sunday) — Energy experts have cast doubts on the Indian government’s plan to boost domestic oil and gas production over the next five years, never mind the long term. India relies on imports to meet over 80% of its domestic oil demand and half its natural gas consumption, both of which...

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INDIA: Analysts call for faster energy reforms, expansion of oil and gas infrastructure

(EnergyAsia, October 21 2017, Saturday) — India must speed up the expansion of its oil and gas infrastructure as well as the pace of energy reforms to sustain the country’s recent rapid rate of economic growth, said three analysts with consultant Wood Mackenzie. The analysts expect India’s natural gas consumption to grow by seven percent...

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INDIA: Gathering of energy leaders underline country’s growing importance

(EnergyAsia, October 20 2017, Friday) — India’s growing importance to the global energy markets was underlined by the attendance of senior officials of international firms and organisations including Saudi Aramco’s president and CEO Amin H. Nasser at an energy forum in New Delhi last week. CERA’S Indian Energy Forum was also attended by senior executives from...

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INDIA: First cargo of imported US crude oil received by IndianOil Corp

(EnergyAsia, October 8 2017, Sunday) — India has received its first cargo of imported crude oil from the United States, with more on the way as the two countries look to expand trade to build on their warm political ties. State-owned Indian Oil Corp said it took delivery of the 1.6-million-barrel cargo at Paradip port...

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INDIA: Oil demand to grow by 6% in 2018, fastest in Asia, says Moody’s

(EnergyAsia, October 7 2017, Saturday) — On the back of a rapidly expanding economy, India’s oil demand will increase by six percent in 2018, making it the fastest growing in Asia, said US ratings agency Moody’s Investor Service. India will also outpace China in both oil demand and economic growth for the third consecutive year....

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CHINA: Oil self-sufficiency declines as consumption grows, domestic production and reserves falter

(EnergyAsia, August 28 2017, Monday) — With oil prices seemingly stuck in the US$40-to-$50 a barrel range, China has been in a hurry to import crude at increasingly higher high rates. Chinese crude imports rose to an all-time high of 9.2 million b/d in March, compared with 7.6 million b/d for all of 2016, according...

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