IRAN: France’s Total, China’s CNPC to help develop giant gas field

(EnergyAsia, July 3, 2017, Monday) — Iran has signed a landmark US$5 billion agreement with France’s Total and China National Petroleum Corp (CNPC) to jointly develop phase 11 of its hugely coveted South Pars natural gas field. Total, the operator with a 50.1% share, and CNPC which has a 30% stake, are the first foreign companies...

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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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CHINA: More direct crude oil purchases from US strategic petroleum reserves expected

(EnergyAsia, May 31 2017, Wednesday) — China could be in line to buy up more crude oil released from the US strategic petroleum reserves (SPR) following its first purchase in February. The prospect of the US selling off more stockpiled crude to China reflects the radically different outlook on supply adopted by the world’s two...

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SRI LANKA: India in renewed attempt to help redevelop, operate Trincomalee oil farm

(EnergyAsia, May 30 2017, Tuesday) — With a wary eye on China’s expanding presence in their neighbourhood, Sri Lanka and India have agreed to jointly develop a largely underused oil tank farm in the strategic port of Trincomalee located on the island state’s northeastern region. The two governments are working out the project’s details following...

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CHINA: Official data on oil storage remains unreliable, say analysts

            (EnergyAsia, May 29 2017, Monday) — Nearly three years after promising to improve the flow and quality of data on petroleum stockpiles, China is still struggling to meet the expectations of traders and analysts. US investment bank Jefferies LLC is the latest to question the competence of China’s National Bureau of Statistics (NBS) which...

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MALAYSIA: China’s CREC awarded contract to build revived oil terminal project

(EnergyAsia, May 28 2017, Sunday) — China Railway Engineering Corporation (CREC) has won a U$400 million engineering, procurement and construction (EPC) contract to build a recently revived oil storage project in Malaysia’s southern Johor state. Its owner, Malaysian firm Smart Crest Sdn Bhd, announced the contract’s award for the Asia Petroleum Hub project on Tanjung...

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MYANMAR: Puma Energy, Asia Sun start up joint US$92 million oil storage terminal

(EnergyAsia, May 27 2017, Saturday) — Myanmar has started up its largest and Asia’s newest oil terminal to import fuels to meet the country’s growing energy demand. Singapore-based Puma Energy and Myanmar’s Asia Sun are the joint owners of the US$92 million terminal in the southern port of Thilawa located near the country’s main commercial...

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CHINA: HNA Group expands into global oil storage business

(EnergyAsia, May 1 2017, Monday) — China’s HNA Innovation Finance Group Ltd is preparing to expand into the global oil storage industry when it completes the establishment of a new joint-venture firm with Swiss-based commodities trader Glencore. The companies announced in March that HNA has agreed to pay US$775 million in cash for a 51%...

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CENTRAL ASIA: Conflict and terrorism fears add to economic worries

(EnergyAsia, April 23 2017, Sunday) — Its once high-flying economies battered by two years of contraction, Central Asia is now waking to the growing threats of political instability, homegrown terrorism, and increased superpower manouvering in its backyard. The region has been badly exposed for its heavy economic reliance on commodities, particularly oil and gas which...

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KAZAKHSTAN: New infrastructure to boost oil and gas exports to China

(EnergyAsia, April 17 2017, Monday) — China will remain a growing market for oil and natural gas exports from Kazakhstan with the recent launch of new links connecting the two countries. Last week, state-owned China National Petroleum Corp (CNPC) said it has started up a 1,454-km pipeline to import natural gas from southern Kazakhstan. CNPC...

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CENTRAL ASIA: TAPI pipeline project inches forward despite growing headwinds

(EnergyAsia, April 14 2017, Friday) — Proponents of an 1,800-km pipeline to deliver natural gas from Turkmenistan to Afghanistan, Pakistan and India remain hopeful the project will be built despite running up against a continuous tide of political, financial and security challenges. First mooted more than 20 years ago, the proposed project has undergone numerous...

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CENTRAL ASIA: Gas exporters hit as China delays plan to expand pipeline capacity

(EnergyAsia, April 3, 2017, Monday) — Central Asia’s weakening economic confidence has been further battered by reports that China has indefinitely delayed the planned expansion of a major pipeline network to import natural gas from the region. According to Russian and Chinese news reports, Beijing has decided not to proceed with building the fourth and...

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CENTRAL ASIA: Economic outlook remains weak despite doubling of crude price in 2016

(EnergyAsia, March 29, 2017, Wednesday) — Despite a near doubling in crude oil prices over the past year, the resources-dependent economies of Central Asia are nowhere near a full recovery and will continue to struggle in the near term, said the World Bank and Asian Development Bank (ADB). In separate reports, the two agencies said...

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CENTRAL ASIA: Kazakhstan more resilient than Azerbaijan in adjusting to lower oil prices, says Moody’s

(EnergyAsia, March 28 2017, Tuesday) – US ratings agency Moody’s said Kazakhstan has been more resilient than Azerbaijan in adjusting to the collapse of oil prices since mid-2014. While both countries are heavily dependent on oil and gas for revenues, Kazakhstan has shown greater economic diversification, stronger institutions and lower debt levels than its Central...

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AZERBAIJAN: State oil firm’s finances under pressure, could be downgraded, says Fitch

(EnergyAsia, March 21 2017, Tuesday) — US ratings agency Fitch said Azerbaijan’s state oil company, SOCAR, faces the risk of a credit downgrade due to its continuing financial struggles. Abbreviated from State Oil Company of the Azerbaijan Republic, the firm is often taken to measure the economic health of the Central Asian country. The fully...

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KAZAKHSTAN: Economic growth to pick up after sluggish 2016, says IMF

(EnergyAsia, March 17 2017, Friday) — Kazakhstan’s economy will continue to recover with growth projected at 2.5% in 2017 to follow through last year’s 1% expansion and 2015’s 3.7% contraction, predicts the International Monetary Fund (IMF). Higher oil production and prices in recent months have lifted the country’s conditions from its worst economic recession in...

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AUSTRALIA: Oil refining capacity at lowest level in over 50 years

(EnergyAsia, March 8, 2017, Wednesday) — Australia has been importing petroleum products at a rate faster than its oil companies have been shutting down refining capacity this decade, an analysis of official data has shown. Australia’s downstream oil performance Table 1. Refinery Input   2016* 2015 % change 2014 2010 Million litres 25,541.7 26,609.5 -4.01...

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MALAYSIA: Petronas secures Saudi Aramco’s investment in important refinery-petrochemical project

(EnergyAsia, March 3 2017, Friday) — Saudi Arabia has handed Malaysia a major diplomatic and economic prize by agreeing to pump in a total of US$7 billion in a US$27 billion oil refinery-petrochemical complex that had been struggling to attract investors. Saudi Aramco will become the largest foreign investor in the Refinery and Petrochemical Integrated...

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