East Asia ///
Pavilion Energy Trading & 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.
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 announced that the operator, Eni, said production has started from its Merakes development in the East Sepinggan block offshore Indonesia.
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.
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 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 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.
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 Limited has announced that CNOOC China Limited, its subsidiary, has signed a Cooperation Framework Agreement with China Petroleum & Chemical Corporation (Sinopec Corp.) regarding the sea areas of Bohai, Beibu Gulf and South Yellow Sea, as well as North Jiangsu basin.
China raised the security level for its vessels heading through the Strait of Malacca, a key Asian trade route and major oil choke point.
Inpex Corp. has announced that through its subsidiary Inpex Masela, Ltd, it has submitted to Indonesian government authorities (the authorities) a revised Plan of Development (POD) for the Abadi LNG Project.
Japan’s Inpex Corp. agreed on a framework with Indonesia for the $20-billion Abadi liquefied natural gas project, a key step toward reaching final investment for one of the world’s biggest export ventures.
Here’s another reason for Presidents Donald Trump and Xi Jinping to seal a swift trade deal: it could put the U.S. on track to become China’s biggest supplier of liquefied natural gas, according to Morgan Stanley.
China’s first seagoing LNG bunker vessel will operate with a comprehensive and integrated package of highly efficient and environmentally sustainable solutions from the technology group Wärtsilä.
After another record year, global demand for natural gas is set to keep growing over the next five years, driven by strong consumption in fast-growing Asian economies and supported by the continued development of the international gas trade.
During the official visit of the President of the People’s Republic of China Xi Jinping to the Russian Federation, PAO NOVATEK, Sinopec and Gazprombank signed Heads of Agreement on establishing a joint venture to market LNG and natural gas to end-customers in the People’s Republic of China.
PESA is pleased to announce two PESA product exclusions that were filed have just been granted by United States Trade Representative (USTR).
A critic of Papua New Guinea’s resource deals has been chosen as the country’s prime minister, a potential speed bump for multi-billion-dollar natural gas export projects led by Exxon Mobil Corp. and Total SA.
Brent crude rose even as President Donald Trump said the U.S. isn’t ready to make a trade deal with China, casting a shadow on prospects for oil-demand growth.
Australia’s gas industry is in a relative sweet spot. Its ideally placed to serve Chinese buyers avoiding tariff-laden U.S. LNG and the surprise re-election of its center-right government means producers face less immediate pressure to cut emissions.