AUSTRALIA: Crude and condensate exports to fall, product imports to rise in FY2016, says Department of Industry

(EnergyAsia, October 21 2016, Friday) — Australia’s petroleum trade will remain a tale of two opposing trends for the rest of the current fiscal year ending June 30 2017: falling crude and condensate exports, and rising product imports. Crude and condensate exports will fall by 2.6% from 241,000 b/d in fiscal 2015 to 235,000 b/d...

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INDIA: Russia makes statement with Rosneft’s joint purchase of Essar Oil, sale of upstream stake to ONGC

(EnergyAsia, October 20 2016, Thursday) — The geopolitics of the international oil trade are about to be redrawn with a consortium led by Russia’s Rosneft PJSC making a proposed US$12.9 billion purchase of India’s privately-owned Essar Oil Ltd in the biggest corporate deal between the two countries. In acquiring Essar’s 20-million-tonne oil refinery and port...

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INDIA: UAE and Saudi Arabia courted as Iran supplies first cargo to Mangalore oil storage

(EnergyAsia, October 18 2016, Tuesday) — India expects Saudi Arabia and the UAE to join Iran in storing crude oil at its newly launched strategic stockpile terminal in Mangalore in Karnataka state. Petroleum minister Dharmendra Pradhan expressed his hope for an imminent deal with the two Arab oil producers at a media conference last week...

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KAZAKHSTAN: Giant oilfield starts up, exports first cargo

 (EnergyAsia, October 17 2016, Monday) — With a huge sigh of relief, the Kazakhstan government announced last week that the country’s much-delayed giant Kashagan oilfield has exported its first cargo after resuming production on October 12. Operator North Caspian Operating Co (NCOC) delivered the first cargo of 26,500 metric tons of Kashagan’s light 45-API gravity...

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ASIA: LNG market breaking down and undergoing reforms

(EnergyAsia, October 12 2016, Wednesday) — Asia’s liquefied natural gas (LNG) market is undergoing massive restructuring brought on by surplus production capacity, pricing competition, the rise of spot trading, slowing demand growth and geopolitical manoeuvring. And that’s good news for both the future of the industry and the region’s energy market as Asia’s LNG sector...

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CHINA: Buying for stockpile reserves could be supporting world oil prices

(EnergyAsia, October 7 2016, Friday) — China’s increased oil buying to stock up its strategic petroleum reserves may have kept crude prices from collapsing over the last eight months, said analysts. The oil markets have so far defied widespread doomsday predictions most notably made by Goldman Sachs and Morgan Stanley early this year that crude...

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MARKETS: Prices rebound on news of OPEC output cut, but for how long?

(EnergyAsia, October 4 2016, Tuesday) — Crude oil prices rebounded to their highest levels in nearly two months following the Organisation of Petroleum Exporting Countries (OPEC)’s surprise announcement on September 28 that its members would cut production. Brent crude surged more than US$4 a barrel over the next two days to end the month sitting...

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MALAYSIA: Petronas, Canadian government play “conditional” approval game to further delay proposed LNG project

(EnergyAsia, October 2 2016, Sunday) — The Canadian government and Malaysian state energy firm Petronas are playing a game of giving each other “conditional” approvals that will further delay the construction of a proposed liquefied natural gas (LNG) export terminal on the north-western coast of British Columbia province. Ottawa announced last week that it would...

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INDIA: Planned giant refinery to boost nation’s total capacity by more than 25%

(EnergyAsia, August 28 2016, Sunday) — Confident that crude prices will remain low for some time, India is pushing ahead to build another giant oil refinery that will boost the nation’s total annual capacity by more than a quarter to 290 million tonnes. The proposed 60-million-tonne complex in the central western state of Maharashtra is...

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INDIA: Natural gas demand outlook uncertain and weak despite lure of low prices

(EnergyAsia, August 21 2016, Sunday) — Having never really dawned on India, the “Golden Age” of natural gas as coined by the International Energy Agency (IEA), could yet bypass the world’s third largest energy consumer altogether. Home to some of the world’s most polluted cities, India recognises the urgency to increase the consumption of cleaner-burning...

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INDIA: Energy sector faces array of infrastructure, policy, climate and economic challenges

(EnergyAsia, August 18 2016, Thursday) — India faces a long and arduous battle to drastically reform its under-performing, heavily-shackled energy sector needed to support the long-term growth of its economy, said analysts. Without a reliable system to ensure the supply of affordable oil, gas, coal and electricity, India’s economy will not be able to attract...

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INDIA: Oil and gas sector now fully opened to foreign investment

(EnergyAsia, August 17 2016, Wednesday) — India has completely opened up its long-protected oil and gas sector to foreign investment, marking a major breakthrough in Prime Minister Narendra Modi’s campaign to reform the country’s under-performing economy. Announcing the policy shift in Parliament last week, Minister of State for Petroleum and Natural Gas Dharmendra Pradhan removed...

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INDIA: State firms keenly interested to buy into Russia’s Rosneft

(EnergyAsia, August 15 2016, Monday) — Indian state oil and gas firms are waiting for an opportunity to buy into Rosneft even as they are completing the purchase of a combined 38.9% stake in an East Siberian oil field from the Russian energy giant. India’s largest oil company ONGC is buying a 15% stake in...

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ANGOLA: IMF may return in October to resume talks over troubled economy

(EnergyAsia, July 20 2016, Wednesday) — The International Monetary Fund (IMF) said it may return to Angola in October to resume discussions after the financially-strapped government of President Jose Eduardo dos Santos rejected an offer of a loan bailout package. dos Santos told the fund his government did not want the proposed loan and was...

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IRAQ: IMF lends US$5.4 billion to help economy cope with oil and war shocks

(EnergyAsia, July 17 2016, Sunday) — The International Monetary Fund (IMF) said it is lending Iraq US$5.4-billion to help the war-torn country stave off economic collapse from the “double shocks” of the oil price collapse and on-going military conflicts. Iraq’s economy contracted by 2.4% last year despite a 13% rise in oil production as the...

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NIGERIA: Oil sector looks to China for US$80 billion worth of energy investments

(EnergyAsia, July 10 2016, Sunday) — Nigeria is hoping to revive the fortunes of its battered oil industry following last week’s memorandum of understating (MOU) to secure US$80 billion worth of energy investments from China. The proposed deals are far from certain amid the escalating threats from militia groups to Nigeria’s main oil-producing Niger Delta...

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UPSTREAM: Rystad Energy and BP clash over which country has world’s largest crude oil reserves

(EnergyAsia, July 5 2016, Tuesday) — Thanks to its shale revolution, the US now has the world’s largest recoverable crude oil reserves of 264 billion barrels, said Norwegian consulting firm Rystad Energy. The Oslo-based firm made the headline-grabbing conclusion in a statement that ranked Russia second with 256 billion barrels and Saudi Arabia a distant...

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SAUDI ARABIA: Aramco and Sabic to jointly study building US$30 billion oil-to-chemicals complex

(EnergyAsia, July 5 2016, Tuesday) — Two of Saudi Arabia’s largest state-owned companies said they have agreed to conduct a joint feasibility study to develop a fully integrated complex in the kingdom to convert crude oil into chemicals and high-end products. Petroleum giant Saudi Aramco and chemicals conglomerate Saudi Arabian Basic Industries Corp (Sabic) said...

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NIGERIA: Inflation set to accelerate with naira’s 43% plunge a week after currency float

(EnergyAsia, June 29 2016, Wednesday) — Nigeria is bracing for more domestic political turmoil from a projected surge in inflation with the 43% collapse of the naira following the government’s June 20 decision to float the currency. President Muhammadu Buhari buckled to months of pressure from the business community and the International Monetary Fund (IMF)...

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MIDDLE EAST: Region accounted for 75% of OPEC export revenue in 2015

(EnergyAsia, June 20 2016, Monday) — The export revenues of the Organisation of Petroleum Exporting Countries (OPEC) will plunge to a 12-year low of nearly US$341 billion in 2016, predicts the US Energy Information Administration (EIA). Coincidentally, the price of Brent benchmark crude is forecast to fall to a 12-year average low of US$43.03 per...

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SAUDI ARABIA: Government hurries economic diversification plan as oil’s share of GDP falls to 30%

(EnergyAsia, June 16 2016, Thursday) — Two years into the global energy market collapse with no certainty of a recovery, Saudi Arabia has hurriedly approved a radical economic diversification plan after firing its long-serving oil minister. Last week, the Saudi government approved the first phase of Vision 2030 to transform the economy and reduce dependence...

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MIDDLE EAST: Political instability from low oil prices and conflicts threatens other regions, says IMF

(EnergyAsia, June 13 2016, Monday) — Two years into the global energy price collapse, the political and socio-economic turmoil gripping the Middle East and Central Asia could become a lot worse amid the “exceptionally challenging policy environment”, said the International Monetary Fund (IMF). In a 52-page survey released early June, the fund said the mounting...

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INDONESIA: Oiltanking-Gunvor joint venture starts up oil storage terminal on Karimun Island

(EnergyAsia, June 6 2016, Monday) — With the June 6 start-up of a 730,000-cubic metre terminal, Indonesia’s Karimun Island has realised a century-old vision to provide oil storage services to support the booming trade in Southeast Asia. In a statement, PT Oiltanking Karimun, a joint venture between Oiltanking GmbH and Gunvor Group, said its state-of-the-art...

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SINGAPORE: No serious security threat yet to booming offshore oil storage, analysts say

(EnergyAsia, June 3 2016, Friday) — There are no immediate or serious security threats yet to the growing volume of oil stored in floating tankers in and around the increasingly congested waters off Singapore, but vulnerability exists, said analysts. Faced with a permanent land shortage, Singapore, one of the world’s leading oil trading and storage...

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COMPANY: Puma Energy considering a public listing

(EnergyAsia, June 1 2016, Tuesday) — On the back of its successful expansion across the world, Singapore-based mid-and-downstream firm Puma Energy is looking to list its shares on a major stock exchange, according to UK’s Sky News. In a story last week, Sky News reported that the firm which specialises in operating fuel storage and...

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