AsianOil - Asia Oil & Gas
Producers and investors remain cautious, as the coronavirus pandemic continues to affect energy demand, but are starting to plan for the post-crisis period.
Spot prices in Asia have risen slightly in May, though the recovery is still fragile, and has been bolstered in the short term by cancellations of cargoes from the US, as well as some regional production issues.
Thailand’s Gulf Energy has been granted licences to import up to 1.7mn tonnes per year of LNG.
The number of cancelled US LNG cargoes is reported to be on the up, but this comes as more LNG from the US is reaching China after shipments between the two recently resumed.
China’s National Petroleum and Natural Gas Pipeline Network Group (PipeChina) has broken ground on an LNG import terminal that is being built in the city of Longkou in Yantai, Shandong Province.
Strike Energy has picked pipeline operator Australian Gas Infrastructure Group (AGIG) as its midstream partner for its West Erregulla natural gas development in Western Australia.
China’s oil demand may have reportedly bounced back to pre-coronavirus (COVID-19) levels, but it appears that the country’s energy majors intend to prioritise investment in natural gas projects in the year ahead.
The Philippine government is trying hard to convince potential investors that the energy sector is still at the forefront of its priorities, even though the country remains under a coronavirus (COVID-19) lockdown.
The Vietnamese Trade Ministry has reportedly rejected state-owned PetroVietnam’s call for a suspension in petroleum imports in order to boost consumption of local stockpiles.
The Indonesian government is reviewing plans to inject IDR128.04 trillion ($8.69bn) into 12 of the country’s state-owned firms, including Pertamina.