MARKETS: IEA says global oil stockpile at record three billion barrels

(EnergyAsia, December 3 2015, Thursday) — The International Energy Agency (IEA) has delivered another piece of news to beat down any hopes for a near-term recovery in oil prices: global stockpile have just topped a record three billion barrels. According to the agency, the stockpiles “are providing world markets with a degree of comfort” as...

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ASIA: Modest growth, healthy margins outlook for oil refiners, says Moody’s

(EnergyAsia, December 2 2015, Wednesday) — Moody’s Investor Service said Asian downstream oil companies can expect modest growth and healthy margins in 2016 with crude prices staying low and the region’s refining capacity glut easing off. The US rating agency presented its forecast of the industry in a report examining the prospects of nine major...

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KAZAKHSTAN: Focus on expanding ties with China amid mounting financial, economic problems

(EnergyAsia, November 25 2015, Wednesday) — Faced with its worst economic and financial downturn in nearly a decade, Kazakhstan is looking again to China to repeat its rescue act of 2008-2009. According to the International Monetary Fund, Kazakhstan will have the region’s worst performing economy this year as its growth will slow to just 1.5% (more…)

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US: Oil reserves at highest level since 1972, natural gas reserves at record, says EIA

(EnergyAsia, November 24 2015, Tuesday) — Thanks to the adoption of fracking technology, the US boosted its oil reserves to a 42-year high of 39 billion barrels and natural gas to an all-time high of 388.8 trillion cubic feet (11 trillion cubic metres) at the end of 2014. But, the Energy Information Administration (EIA) said (more…)

MARKETS: Analysts see crude in the $20s, Saudi officials hoping for recovery in 2016

(EnergyAsia, November 23 2015, Monday) — Down by over 65% since mid-2014, crude oil prices could fall another 50% to the US$20s a barrel next year, said analysts at Wall Street firms. The oil market’s fundamentals are worsening, particularly with the sharp slowdown in the economies of Saudi Arabia and China combining to pressure lower...

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CENTRAL ASIA: Doubts persist over proposed TAPI gas pipeline

(EnergyAsia, November 20 2015, Friday) — Despite reports of a December start-up, the construction of possibly Asia’s most ambitious pipeline project to supply natural gas from Turkmenistan to Afghanistan, Pakistan and India remains shrouded in doubt as it faces a myriad of mounting financial, political and security problems. Proponents of the proposed TAPI pipeline, named...

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IRAQ: Basra to set up regional company to attract international oil, gas and infrastructure investment

(EnergyAsia, November 13 2015, Friday) — Iraq’s hydrocarbon-rich Basra province is establishing a regional company to attract foreign direct investment to build up its oil, gas and infrastructure for the long-term development of the economy. “Basra Company is the vehicle through which the provincial government will optimise utilisation of resources and position Basra as the (more…)

MARKETS: IEA fears low oil and gas prices inducing “complacency” over energy security issues

(EnergyAsia, November 12 2015, Thursday) — The world is at risk of becoming complacent to energy security threats with an expected prolonged period of low oil and gas prices looming ahead, said the International Energy Agency (IEA). While consumers stand to benefit, the market is increasingly at risk from both a growing reliance on a (more…)

SAUDI ARABIA: Vopak joint venture to provide liquid product storage services in Jubail

(EnergyAsia, November 3 2015, Tuesday) — Jubail Chemicals Storage and Services Company (JCSSC), a company 25% owned by Royal Vopak of the Netherlands, has signed two agreements to provide liquid product storage and handling services at the King Fahd Industrial Port (KFIP) in Jubail in Saudi Arabia’s Eastern Province. JCSSC, 75% owned by Saudi Basic (more…)

MARKETS: Oil demand growth to slow sharply from five-year high in 2015, says IEA

(EnergyAsia, November 1 2015, Sunday) — Global oil demand growth will slow sharply to 1.2 million b/d next year after reaching what would be a five-year high of 1.77 million b/d in 2015, predicts the International Energy Agency (IEA). Demand has been stimulated by more than a year of low oil prices, with the world’s...

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CENTRAL ASIA: World Bank expects region’s economies to face “strong headwinds” on new challenges from weak oil, Russia

(EnergyAsia, October 31, 2015, Saturday) — Still reeling from the effects of the global financial crisis of 2008, the World Bank said Central Asia is facing “strong headwinds” from a set of new challenges brought on by the continuing weakness in oil and gas prices, Russia’s recession and worsening relations with the West, the slowdown...

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CANADA: AltaGas, Woodfibre announce progress in proposed projects to export gas to Asia

(EnergyAsia, October 30 2015, Friday) — Two Canadian companies have made important progress in their respective projects to export gas products from British Columbia province to Asia. Calgary-based AltaGas Limited said it is on course to make a final investment decision for its proposed propane export plant after securing a definitive agreement for the site...

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CENTRAL ASIA: Japan hopes to rival China and Russia with promise of major investment

  (EnergyAsia, October 30 2015, Friday) — In their darkest moment in over two decades, Central Asia’s beleaguered economies may have found another white knight in Japanese Prime Minister Shinzo Abe whose high-profile visit in late October promises an investment injection worth a total of more than three trillion yen. (US$1=120 yen). On an historic...

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SINGAPORE: Pavilion Energy to procure LNG from Russia’s Gazprom to support regional trade

(EnergyAsia, October 29 2015, Thursday) — Singapore’s Pavilion Energy said it has signed a 10-year agreement to procure liquefied natural gas (LNG) from Russian gas giant Gazprom to support its trading and supply activities in Asia. In a speech this week, Pavilion Energy CEO Seah Moon Ming said he views the deal “as an important...

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MARKETS: Deluge of new LNG supply will test global floor price, create new demand, says Wood Mackenzie

(EnergyAsia, October 28 2015, Wednesday) — Consultant Wood Mackenzie has more bad news for the already battered liquefied natural gas (LNG) markets: prices will be further tested by a deluge of new supply amid weak demand in China. In a report prepared for Gastech 2015 in Singapore, the UK firm said it expects producers to (more…)

AUSTRALIA: Santos continues review of business after rejecting offer price of A$6.88 per share

(EnergyAsia, October 27 2015, Tuesday) — One of Australia’s leading oil and gas companies, Santos Limited, said it is continuing a strategic review of its business after rejecting a buy-out offer of A$6.88 per share that values the beaten-down company’s value at A$7.14 billion. (US$1=A$1.38). Along with the collapse in oil and gas prices, the...

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MARKETS: Global oil stockbuild still growing, to slow down sharply in 2016, says

(EnergyAsia, October 25 2015, Sunday) — Any hopes for an oil price rally in the remaining months of 2015 are being dashed by the continuing build in global stockpiles as production is still growing at a faster rate than consumption, said the US Energy Information Administration (EIA). “Global liquids production continues to outpace consumption, leading...

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CENTRAL ASIA: Region’s oil importers not benefitting from low prices, says IMF

(EnergyAsia, October 25 2015, Sunday) — Central Asia’s eight nations will continue to reel from the impact of weak oil prices, with little hope of their economies recovering to the levels before the collapse of the energy markets in mid-2014, said the International Monetary Fund (IMF). “A wave of external shocks—primarily falling commodity prices, spillovers...

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CHINA: BP secure oil and gas agreement with CNPC, LNG supply deal with Huadian

(EnergyAsia, October 23 2015, Friday) — UK major BP said it has signed an oil and gas framework agreement with China National Petroleum Corporation (CNPC) and a 20-year deal to supply liquefied natural gas (LNG) to China Huadian Corp worth US$10-billion. BP said it expanded an ongoing global partnership with CNPC by agreeing to jointly (more…)

US: Annual liquid fuels consumption to rise to highest level since 2008, predicts EIA

(EnergyAsia, October 21 2015, Wednesday) — US liquid fuels consumption will reach a seven-year high of 19.44 million b/d this year and rise further to 19.59 million b/d in 2016 on the back of the country’s continuing economic and employment growth, predicts the Energy Information Administration. The agency expects US fuel consumption for 2015 to...

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AFRICA: More than 1,000 senior executives to meet at 22nd Africa Oil Week in Cape Town, South Africa

(EnergyAsia, October 1 2015, Thursday) — More than 1,000 top government officials and executives of oil and gas companies are expected to attend the 22nd Africa Oil Week and Africa Upstream Conference in Cape Town, South Africa on October 26-30. Global Pacific & Partners and ITE Group plc will jointly host the landmark event that (more…)

ARCTIC: Greenpeace celebrates Shell’s decision to exit Alaska oil drilling as “victory” to protect Arctic

(EnergyAsia, October 1 2015, Wednesday) — Greenpeace celebrated a “huge victory” to protect the Arctic from hydrocarbon production and exploration when Royal Dutch Shell announced it would cease all work in Alaska’s Chukchi Sea that forms part of the region. The European major will write off US$7 billion and seven years of efforts after stating...

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MARKETS: EIA sees bigger oil supply-demand gap in 2016

  (EnergyAsia, October 1 2015, Thursday) — The US Energy Information Administration (EIA) expects the world’s oil surplus to continue widening this and next year as it trimmed its forecasts for demand slightly while raising supply in its September monthly report. It sees global supply rising to 95.7 million b/d in 2015 and 96.03 million...

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SINGAPORE: Port to fund efforts to develop LNG use as bunker fuel

(EnergyAsia, October 1 2015, Thursday) — Singapore is inviting companies to tap a S$12 million fund to help its port develop the use of liquefied natural gas (LNG) as a shipping fuel and remain the world’s top bunkering hub. (US$1=S$1.43). The Maritime and Port Authority of Singapore (MPA) said its Maritime Innovation & Technology Fund (more…)

SAUDI ARABIA: Low spare capacity leaves world oil market at risk of price shocks, says research firm

(EnergyAsia, September 30 2015, Wednesday) — Amid the worst oil glut in over a decade, a Norwegian research firm wants the world to start worrying about possible oil price shocks. In its latest analysis of the global oil markets, Rystad Energy said the world’s spare production capacity, most of it sitting in Saudi Arabia, remains...

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