East Asia ///
Asia’s relentless buying of liquefied natural gas earlier this year has left the region so well stocked for winter that spot shipments are being diverted to energy-hungry Europe.
A weather phenomenon that typically delivers harsher winters is on the way and expected to add to Asia’s energy crisis.
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.
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.