MARKETS: IEA sees possible “light at the end of the tunnel” for oil prices

(EnergyAsia, March 12 2016, Saturday) — Nearly two years into the global oil price collapse, the International Energy Agency (IEA) has suggested the market is close to bottom with a comment that there is “light at the end of the tunnel”. In its latest monthly report, the agency observed that crude oil prices have recovered...

This article is for Subscriber members only.
Log In Register

AUSTRALIA: LNG export earnings seen surging 22%, oil revenues to drop in FY2015

(EnergyAsia, March 5 2016, Saturday) — Australia expects its combined oil and gas export earnings to increase by more than 9% to A$27.86 billion for the current fiscal year to June, compared with A$25.55 billion for FY2014 (US$1=A$1.4). According to the Department of Industry, Innovation and Science, the nation’s earnings from liquefied natural gas (LNG)...

This article is for Subscriber members only.
Log In Register

INDIA: IMF urges continued push to promote private investment and structural reforms

(EnergyAsia, March 4 2016, Friday) — India must continue to promote private investment and structural reforms to ensure its economy stays on the path of sustainable long-term growth, said the International Monetary Fund (IMF). A mix of positive policy actions and the unexpected collapse in oil prices will enable India’s economic growth to accelerate to...

This article is for Subscriber members only.
Log In Register

ASIA: Changes to pricing, trading system imminent, predicts president of world’s largest LNG importer

(EnergyAsia, March 3 2016, Wednesday) — Asia’s rigid and well-established system of trading and pricing its liquefied natural gas (LNG) cargoes is breaking down as more supply comes on the market with new players prepared to offer better terms to buyers, said Yuji Kakimi, president of Japan’s JERA Co Inc. JERA was established last April...

This article is for Subscriber members only.
Log In Register

MALAYSIA: Petronas’s 2015 net profit down 56% to RM20.8 billion on write-offs and weaker currency

(EnergyAsia, March 1 2016, Tuesday) — Low oil and gas prices, asset write-offs and a weaker local currency combined to sink Malaysian state energy firm Petronas’s after-tax profits by 56.3% to RM20.8 for 2015. Revenues were down 24.7% to RM247.7 billion while cashflow crashed by a third to RM69.6 billion, dragged down mostly by a...

This article is for Subscriber members only.
Log In Register

AUSTRALIA: Santos writes off A$3.9 billion, suffers record loss of A$2.7 billion for 2015

(EnergyAsia, February 29 2016, Monday) — Australian upstream company Santos said it wrote off a further A$3.924 billion worth of assets after reporting a record loss of A$2.9 billion last year as oil and gas prices continued their rapid descent from mid-2014. (US$1=A$1.4). The tide of red ink flowed through from 2014 when the company...

This article is for Subscriber members only.
Log In Register

IRAN: Technical and political hurdles to limit 2016 oil production to 500,000 b/d, predicts Moody’s

(EnergyAsia, February 22 2016, Monday) — Despite being recently freed of most sanctions to trade with the world, Iran will be hard pressed to produce more than 500,000 b/d of crude oil this year owing to a combination of “technical and political hurdles”, said Moody’s Investor Service. Iran could be fully re-admitted into the global...

This article is for Subscriber members only.
Log In Register

CHINA: State oil companies under review by Moody’s for possible ratings downgrade

(EnergyAsia, February 18 2016, Thursday) — Five of China’s leading state-owned oil firms and some of their subsidiaries have been placed on review by Moody’s Investor Service for a possible downgrade of their current Aa3 credit ratings. The US ratings agency said the review covers China National Petroleum Corporation (CNPC), China Petrochemical Corporation (Sinopec Group),...

This article is for Subscriber members only.
Log In Register

JAPAN: LNG import prices to remain linked to crude oil formula despite increase in spot trades

(EnergyAsia, February 13 2016, Saturday) — Led by Japan, Asia’s use of an established crude oil-based formula to price its liquefied natural gas (LNG) imports will likely continue into the next decade, according to one of the region’s leading energy economists. In a recent commentary, Ken Koyama, chief economist and managing director of the Institute...

This article is for Subscriber members only.
Log In Register

SINGAPORE: SGX makes another attempt at energy futures pricing and trading with LNG contract

(EnergyAsia, February 12 2016, Friday) — For all its illustrious history as Asia’s oil centre, Singapore is still missing a vital piece in its quest to become a full-fledged energy trading hub: a successful futures exchange to support price discovery and regional paper trades. New York and London set the standard as true global centres...

This article is for Subscriber members only.
Log In Register

JAPAN: Economy still weak despite the benefit of 18 months of cheap oil and gas prices

(EnergyAsia, February 1 2016, Monday) — Japan’s ailing energy-intensive economy continues to struggle for life despite the infusion of an unexpected windfall from prolonged weak oil and gas prices since mid-2014. Even with the support of a weak yen and Tokyo injecting over US$30 billion in stimulus spending last year, the economy grew by just...

This article is for Subscriber members only.
Log In Register

JAPAN: Fate of nuclear power industry will shape long-term LNG, fossil fuels demand

(EnergyAsia, January 25 2016, Monday) — The precarious fate of Japan’s nuclear power industry will cast an uncertain shadow over the country’s energy outlook for at least the next 15 years, suggests its state planning agency. The bulk of Japan’s nuclear power plants, which used to supply nearly 30% of its electricity, remains idled after...

This article is for Subscriber members only.
Log In Register

SAUDI ARABIA: King Salman, China’s President Xi jointly opened year-old Yanbu oil refinery

(EnergyAsia, January 21 2016, Thursday) — Saudi Arabia’s King Salman and China’s President Xi Jinping have officially launched a 400,000 b/d oil refinery in Yanbu city jointly owned by their countries’ state energy firms that will help deepen China’s involvement in the Middle East. Amid security concerns, the two leaders officiated the Wednesday launch from...

This article is for Subscriber members only.
Log In Register

JAPAN: JERA on course to reduce term LNG purchases in favour of spot purchases

(EnergyAsia, January 17 2016, Sunday) — Japan’s JERA Co Inc has set its sights on meeting at least half its 40 million tonnes/year of liquefied natural gas (LNG) purchases through spot trades to take advantage of expected low prices over the next few years. Established last April through the merger of two of the country’s...

This article is for Subscriber members only.
Log In Register

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...

This article is for Subscriber members only.
Log In Register

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...

This article is for Subscriber members only.
Log In Register

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...

This article is for Subscriber members only.
Log In Register

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...

This article is for Subscriber members only.
Log In Register

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...

This article is for Subscriber members only.
Log In Register

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...

This article is for Subscriber members only.
Log In Register

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...

This article is for Subscriber members only.
Log In Register

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...

This article is for Subscriber members only.
Log In Register

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...

This article is for Subscriber members only.
Log In Register

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...

This article is for Subscriber members only.
Log In Register

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...

This article is for Subscriber members only.
Log In Register