WorldOil BP Singapore inks 10-year LNG supply deal with Pavilion Energy that includes CO2 reporting Pavilion Energy Trading and Supply and BP Singapore have signed a long-term LNG sale and purchase agreement for the supply of approximately 0.8 million tons of LNG per year to Singapore for 10 years from 2024. As part of the agreement, both companies will strive to co-develop and implement a greenhouse gas quantification and reporting methodology. Mongolia’s Petro Matad moves forward with Block XX Exploitation License The Mineral Resources Professional Council (MRPC) concluded that it supports and will approve Petro Matad’s Plan of Development for the Block XX Exploitation License once certain technical clarifications have been provided. Neptune Energy producing natural gas from Merakes project in Indonesia Neptune Energy announced that the operator, Eni, said production has started from its Merakes development in the East Sepinggan block offshore Indonesia. Asian oil demand strengthens North Sea crude markets Over the past several weeks, Asian refineries have snapped up crude oil from the Middle East, the U.S. and Russia as buyers received more government allowances to boost imports after the start of next year. Demand for North Sea barrels was slow to pick up, but even that’s now started to change. Saudis raise Asian oil prices as vaccines spur demand The largest oil price increase in five months indicates Saudi Arabia is confident global energy demand is strong enough to absorb a small boost in output from OPEC+ members next month, and that markets will remain tight even with parts of Europe and the U.S. in lockdown. Saudi discounts oil to Asia, defending market share after OPEC+ cuts Saudi Arabia might have just signed off on one of the most notable oil output deals in history, but challenges lie ahead as the kingdom faces keen competition from rival suppliers to the prized Asian market. Oil tumbles below $50/bbl with virus sapping Chinese demand Oil fell below $50/bbl for the first time in more than a year as China’s oil consumption was said to plunge by 20% amid the spread of coronavirus, threatening what could be the largest demand shock since the since the global financial crisis. U.S. oil lets top Korean refiner pivot away from Middle East South Korea’s biggest oil refiner is looking to buy a wider variety of U.S. crude grades to reduce its reliance on Middle East supply. CNOOC China signs cooperation framework agreement with Sinopec Corp. CNOOC Limited has announced that CNOOC China Limited, its subsidiary, has signed a Cooperation Framework Agreement with China Petroleum and Chemical Corporation (Sinopec Corp.) regarding the sea areas of Bohai, Beibu Gulf and South Yellow Sea, as well as North Jiangsu basin. China raises security warning on vessels plying Malacca Strait China raised the security level for its vessels heading through the Strait of Malacca, a key Asian trade route and major oil choke point.