7 months ago

Petromin marine and offshore Jan-Feb Issue

Industry Outlook Scene &

Industry Outlook Scene & Heard China Surpasses South Korea As World’s Second-Largest LNG Importer In 2016, South Korea imported 33.5 million tonnes to China’s 26.1 million tonnes, according to customs data. China’s General Administration of Customs just confirmed what liquefied natural gas industry insiders have been speculating for weeks: There’s a new No. 2 in town. China imported 38.1 million tonnes of LNG in 2017, according to customs data released in early January. That’s more than the 37.6 million tonnes that South Korea imported last year, according to customs data that country released last week. Japan, the world’s largest importer, had shipped in 72.3 million tonnes through the end of November, according to government data. China’s surge stems from President Xi Jinping’s efforts to clean the air in smoggy cities by replacing coal-burning furnaces with cleaner natural gas. The push resulted in winter gas shortages in parts of the country where infrastructure was not prepared to handle the increased demand. 36 January to February 2018

Additional LNG buying has also inflated spot prices, which have more than doubled since June to US$11.40 per million British thermal units, according to industry publication World Gas Intelligence. Gas consumption in China is expected to continue its rise as the government still has room to improve air quality, Sanford C. Bernstein & Co. analysts including Neil Beveridge said in a Jan 18 research note. China could overtake Japan as the world’s No. 1 LNG importer as soon as 2025, according to Bloomberg New Energy Finance forecasts. Indonesia Sets Sights On $17.04b Oil and Gas Investment In 2018 The Energy and Mineral Resources Ministry has said that the government is aiming to achieve a US$17.04 billion investment target in the oil and gas sector. “[Investment] is returning to the level between 2014 and 2016,” Ego Syahrial, the ministry’s oil and gas director general, said in Jakarta in early January as quoted by He added that oil and gas investment reached $20.72 billion in 2014, $17.38 in 2015 and $12.74 billion in 2016. Ego said, however, that the sector recorded the lowest-ever investment in 2017 at only $10.18 billion, of which $9.33 billion was in the upstream oil and gas business and $845.58 million in the downstream business. Meanwhile, Upstream Oil and Gas Regulatory Special Task Force (SKK Migas) head Amien Sunaryadi said the government was attempting to boost investment in a number of upstream oil and gas projects in order to achieve the target. Among these projects are the Jambaran Tiung Biru project, which will break ground this year, the capacity expansion of the Jangkrik field in the Makassar Strait, the Tangguh Train III project in Papua’s Bintuni Bay, and the preliminary front-end engineering design (pre-FEED) for the Masela block in Maluku’s Arafuru Sea, which is expected to commence this month. Meanwhile, Downstream Oil and Gas Regulatory Agency (BPH Migas) head Fanshurullah Asa said the government would auction three gas pipeline projects: the 687-kilometer Natuna- West Kalimantan, the 1,800-kilometer West Kalimantan-Central Kalimantan and the 162-kilometer Central Kalimantan-South Kalimantan pipeline projects. Shell Sees Potential LNG Supply Shortage as Global Demand Surges The global liquefied natural gas (LNG) market has continued to defy expectations of many market observers, with demand growing by 29 million tonnes to 293 million tonnes in 2017, according to Shell’s annual LNG Outlook. Such strong growth in demand is consistent with Shell’s first LNG Outlook, published in 2017. Based on current demand projections, Shell sees potential for a supply shortage developing in mid-2020s, unless new LNG production project commitments are made soon. January to February 2018 37

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