Brunei Darussalam’s growth momentum expected to continue in 2018: IMF
Real GDP in 2017 was stronger than expected, rebounding to 1.3 per cent supported by both the O&G and non-O&G sectors. On September 17, 2018, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Brunei Darussalam. Brunei Darussalam’s economy has been adjusting well to lower oil prices since 2014, […]
Gov’t Unwilling to Intervene as Fuel Oil Prices Rise
NAYPYITAW—The government cannot control the fuel oil price, which is determined by market forces and the law of supply and demand, Ministry of Electricity and Energy managing director U Thant Sin said. At a press conference on Thursday, the managing director said fuel oil prices were unlikely to come down any time soon due to […]
Sembcorp’s Myingyan power plant begins full operations
Sembcorp Industries’ US$300 million gas-fired power plant in Myingyan, Mandalay commenced full commercial operations on Wednesday following its first phase of operations in May. The 225-megawatt Sembcorp Myingyan Independent Power Plant (IPP) is one of the largest power plants of its kind in the country and also among the most efficient, Dennis Foo, managing director […]
Peso depreciation weighs on energy companies
ENERGY COMPANIES have counted the cost of the peso depreciation against the US dollar, prompting them to adopt measures to soften the impact on their finances, operations and investment decisions. “In the short-term operating perspective, you’d have to worry if the movement, the devaluation of the peso, has an impact on the growth rate of […]
Delta Offshore Energy developing LNG-to-power project in Vietnam
Delta Offshore Energy PTE Ltd (DOE) has announced that, earlier this year, it signed a memorandum of agreement with the Bac Lieu Party Chairman. DOE is the lead developer for the only 3000 MW LNG-to-power project in Bac Lieu Province, Vietnam. This agreement solely allows the company and its consortium to build, own and operate […]
Indonesia’s Jokowi Flip-Flops on Fuel Price Hike
Indonesian President Joko Widodo on Wednesday ordered his energy ministry to scrap an increase in retail gasoline prices within hours of its announcement. But with the crude marching higher and the currency slumping to a two-decade low, Widodo, known as Jokowi, is only delaying the inevitable. Jokowi, who’s seeking re-election in a vote scheduled for […]
Sen. Gatchalian asks gov’t to explore untapped oil and gas for energy self-sufficiency
Senator Sherwin Gatchalian said the Duterte administration must be more aggressive in its pursuit of energy self-sufficiency by launching an aggressive program to explore and develop the country’s untapped oil and natural gas resources. Gatchalian, chairman of the Senate energy committee, made this call following the latest round of global oil price hikes, which he […]
Singapore will update climate projections no earlier than 2021: MEWR
SINGAPORE — To do more to limit global warming, Singapore can reduce the use of natural gas for its energy needs, boost the efficiency of buildings and transportation, and share environmental solutions with counterparts in South-east Asia, experts in the field said. Their comments came in the wake of a new report by a United […]
Winners and losers among Singapore companies in current oil surge
BRENT crude oil prices are up more than 30 per cent this year and holding – but it won’t be a case of a rising tide lifting all boats. While the rally stirs hope for investors tracking the oil and gas sector, high oil prices are a concern for consuming companies in the aviation and […]
Analysis: Malaysia’s Petronas gears up for new investment cycle
RAPID refinery completion will free MYR15-20 billion/year capex Oil price rebound allows Petronas to start new investment cycle Petronas spends MYR30 billion/year just to maintain reserves. Singapore — Malaysia’s national oil company Petronas is poised for its next wave of investments, in line with the recent final investment decision on the LNG Canada project, as […]