Far East ///

Old guard calls foul on sweeter LNG deals luring new buyers

Buyers in the world’s largest liquefied natural gas markets are concerned upstarts are winning better deals than traditional customers who helped underwrite the industry.

AAPG’s ACE ’17: Plentiful supply can meet strong demand, but forecasts rarely certain, admits BP exec

Gone forever are the days when the world stressed over what would happen when humanity began running out of oil—a fear based on M. King Hubbert’s theory of peak oil—or the point in time at which the maximum rate of petroleum extraction occurred.

Shell announces conditional sale of LPG business in Hong Kong, Macau to DCC Energy

Shell has announced the conditional sale of its Liquefied Petroleum Gas (LPG) business in Hong Kong and Macau to DCC Energy for a total enterprise value of $150.3 million.

Flood of U.S. oil to Asia comforts tanker market damaged by OPEC cuts

OPEC all but trashed the tanker market with its output cuts. That the damage hasn’t been even worse is thanks in large part to a flood of U.S. crude exports, particularly to Asia.

China surpasses Canada as top U.S. crude buyer amid record sales

China became the biggest buyer of U.S. crude in February, surpassing Canada, at a time when OPEC is cutting back output.

PetroChina posts record-low profit in third year of oil pain

PetroChina Co.’s profit fell 78% to the lowest on record as the energy price crash punished the country’s biggest oil and gas producer for a third year.

China's Sinopec invited to invest in Saudi Aramco IPO

China Petroleum & Chemical Corp. said it was invited to invest in Saudi Arabian Oil Co. as part of what could be the world’s biggest-ever initial public offering.

Cnooc rises as crude reserves boost investor appeal

Cnooc Ltd.’s wider disclosure about its reserve base and a higher-than-expected dividend is turning more analysts positive on the company. Shares jumped the most in almost four months.

China energy giant seen ready to unleash $85-billion spinoff

As China’s biggest oil and gas producer prepares to report what may be its worst-ever earnings, investors are focused on billions of dollars that could be unlocked by a spinoff of its massive pipeline network.

Asia's U.S. LNG fever going cold as buyers seek supply swaps

More Asian LNG buyers are trying to avoid taking the U.S. supplies they signed up for just a few years ago in order to cut shipping costs.

LNG still at the forefront of Japan’s energy future

One of Japan’s largest companies, the general trading giant and business developer Mitsui & Co., has underlined the importance of a stable liquefied natural gas supply in order to fulfil future energy demand in Japan.

Chinese imports surged in February as domestic demand heats up

China’s imports surged in February from a year earlier with the nation posting a rare trade deficit as exports slipped. Analysts said seasonal factors mostly explain the swings.

Saudi Arabia bulks up in Asia to boost appeal before IPO

Saudi Arabian Oil Co expanded its ownership of refineries and petrochemical plants in Indonesia and Malaysia with investments totaling $13 billion as it prepares for what may be the biggest ever initial public offering by bulking up its business in Asia, its largest market.

Japanese energy companies see LNG as cornerstone fuel

Japanese gas consumption hit record levels in January. Tokyo Gas reported that usage in the capital city reached over 60 MMcmg.

Global Maritime completes suitability survey for world’s second-largest semisubmersible

Global Maritime Consultancy & Engineering, a provider of offshore marine warranty, dynamic positioning and engineering services, has completed a suitability survey for the world’s second largest semisubmersible, the Xin Guang Hua, in advance of her maiden voyage.

West African oil floods to Asia in latest sign of OPEC’s impact

West African oil producers will next month send the most crude to Asia in at least five years, the latest sign of how refineries in the world’s biggest demand region are scouring the world to replace supplies cut by OPEC’s Middle East producers.

Proserv, SapuraKencana join forces in Asia Pacific

Proserv and SapuraKencana Technology Sdn Bhd (SK Technology), a wholly owned subsidiary of SapuraKencana Petroleum Berhad, are joining forces to provide enhanced technology services to clients in Asia Pacific.

Oil India Limited signs MOU with University of Houston to increase production

Oil India Limited (OIL), an upstream oil and gas public sector utility, has entered into a Memorandum of Understanding (MOU) with the University of Houston (UH), with the intent of augmenting its reserves base and maximizing recovery from its aging oilfields.

Cnooc quarterly sales drop 15% as output falls with spending

Cnooc Ltd., China’s biggest offshore oil and gas producer, posted a 15% fall in third-quarter sales as output declined with capital spending.

China crude imports rise to record high as storage expanded

China’s crude imports rose to a record as a new strategic reserve site became operational and refineries prepare to process more oil. Net oil product exports also rose near a record.