East Asia ///
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.
InterMoor, a leading provider of mooring services, foundation solutions and offshore installations in subsea services group Acteon, has signed a contract with COOEC, a subsidiary of China National Offshore Oil Corporation (CNOOC), to install deepwater mooring systems for the Liuhua 16-2 and Lingshui 17-2 floating production facilities in the South China Sea.
Oil and gas process equipment supplier, Frames, has been awarded a contract to supply TechnipFMC with the hydraulic control systems for subsea wells and subsea isolation valves in Eni's Merakes field tie-back to the existing Jangkrik Floating Production Unit in offshore East Kalimantan, Indonesia.
Two new doctoral student (PhD) positions are being created through the Industrial Postgraduate Programme, supported by the Singapore Economic Development Board (EDB) and DNV GL. A further full time Research Fellow post is also being created at NTU’s Singapore Centre for 3D Printing.
API issued the following statement in response to China’s increase of the retaliatory tariffs on $60 billion worth of U.S. products, including U.S. LNG:
Korean Prime Minister Nak-yon Lee attended the 2019 Offshore Technology Conference (OTC) at NRG Park on Wednesday, 8 May, further emphasizing the global reach of the offshore energy industry.
Trent Latshaw, Latshaw Drilling Company
The recent tightening of oil export sanctions by the Trump administration against Iran has caused me to do some thinking.