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 (more…)

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 (more…)

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. (more…)

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 (more…)

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 (more…)

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 (more…)

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 (more…)

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 – (more…)

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 (more…)

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 (more…)

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 (more…)

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 (more…)

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 (more…)

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 (more…)

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. (more…)

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 (more…)

CHINA: Will strong demand growth trigger another global oil price hike?

(EnergyAsia, August 25 2017, Friday) — More than three years into the global energy price collapse, complacent consumers could be ripe for another shock from “substantially higher oil prices” in the next few years, according to two economists at the Federal Reserve Bank of San Francisco. In a research paper, Deepa D. Datta and Robert (more…)

CHINA: Crude import set for another record-breaking year

(EnergyAsia, August 23 2017, Wednesday) — On the back of a 13.8% surge in the first half of 2017, China’s crude oil import is on course to reach another record-high level this year. Citing official Customs data, investment firm Jefferies Hong Kong and UK’s Gibson Shipbrokers estimates China imported around 8.55 million b/d in the (more…)

CHINA: Crude oil output on course to fall in 2017 after 5.1% decline in first-half

(EnergyAsia, August 22 2017, Tuesday) — China’s crude oil production is on course to decline for the second consecutive year after registering a higher-than-expected fall of 5.1% in the first half of 2017 over the same period of 2016. According to China’s National Bureau of Statistics (NBS), the country produced 96.45 million tons (3.917 million (more…)

RUSSIA: Rosneft’s gas export plans bolstered by China deal

(EnergyAsia, August 21, 2017, Monday) — Russian energy giant Rosneft’s plan to export natural gas to China has been boosted by its recent sale of a 20% stake in a subsidiary firm to Beijing Gas. The two state-owned firms have pledged to cooperate to develop the enormous oil and gas resources in Russia’s frontier Far (more…)

CHINA: Economic expansion picking up speed after 2016 slowdown, say IMF and ADB

(EnergyAsia, August 16 2017, Wednesday) — With an important political convention to be held later this year, China is pulling out all the stops to ensure its slowing economy will turn in a creditable performance for 2017. After years of expanding by annual rates of more than 10%, the Chinese economy has been growing at (more…)

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 (more…)

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 (more…)

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 (more…)

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 (more…)