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Asia

Oil & Gas

Singapore prepares to swap its oil hub status for greener future

Royal Dutch Shell announced late last year it would slash capacity by half at its biggest oil refinery. For Singapore, where the plant has been a mainstay of the economy for six decades, it marked a turning point in one of the most successful bets on fossil fuels in history.

Asia

Chevron makes $4bn investment to keep pumping Gorgon LNG

The Chevron-led Gorgon LNG venture in Australia will proceed with a $4 billion investment for the Jansz-Io compression development that will keep customers in Asia supplied with gas for decades. Significantly, the subsea compression project, needed to move the gas from the deep seas to shore, will be the first of its kind outside of Norway.

Asia

Lifting of Iran sanctions to spark fight for oil market share in Asia

The expected return of Iranian oil to the market as US sanctions are likely to be lifted over the next year will offer new opportunities for former buyers in Asia to reshuffle their oil import mixes. Significantly, the return of Iranian barrels will trigger a fierce battle among global suppliers for market share raising the risk of price drops, reported Fitch Solutions.

Asia

Supplying Asia with LNG got much costlier for the US, but strong demand brings export records

Supplying liquefied natural gas (LNG) to the expanding Asian market has become more expensive for US producers this year, a Rystad Energy report reveals. Even so, US exporters are unlikely to repeat last year’s cost-related shut-ins as global demand has rebounded to strong levels. Instead, US LNG exports climbed to a record monthly high of 6.5 million tonnes in May and may keep rising to new peaks, according to the energy consultancy.