February 2018

TWA - The Gorgon and Wheatstone LNG projects are now enjoying cash margins of more than $US30 a barrel at a $US50 price, Chevron says, and production from the $111 billion mega-projects is expected to increase this year.

REUTERS - India’s push to more than double the share natural gas has in its energy mix to 15 percent by 2022 will require a huge increase in imports and the construction of more LNG terminals, a government official said on Wednesday.

WNN - Indonesia needs to double its electricity generation capacity over the next ten years, and continue that expansion beyond 2050, to improve access to electricity and meet the demand of its growing economy and population, the London-based organisation said. At the same time Indonesia needs to tackle high levels of air pollution and deliver on the commitment made at the COP 21 climate change conference to reduce greenhouse gas emissions by 29% by 2030.

IMF - The Indonesian economy has continued to perform well. Real GDP growth accelerated slightly to 5.1 percent in Q3:2017 from 5 percent in 2016 and H1:2017, led by robust exports and fixed investment.

BAKER HUGHES A GE - The worldwide rig count for February 2018 was 2,271, up 96 from the 2,175 counted in January 2018, and up 244 from the 2,027 counted in February 2017.

EXXONMOBIL said it added 2.7 billion oil-equivalent barrels of proved oil and gas reserves in 2017, replacing 183 percent of production. ExxonMobil's proved reserves totaled 21.2 billion oil-equivalent barrels at year-end 2017. Liquids represented 57 percent of the reserves, up from 53 percent in 2016. ExxonMobil’s reserves life at current production rates is 14 years.

BLOOMBERG - West Texas Intermediate for March delivery rose as much as 79 cents to $64.18 a barrel and traded at $63.88 as of 11:39 a.m. in Singapore. The contract fell 76 cents to $63.39 on Tuesday. Total volume traded was about 16 percent above the 100-day average. Brent for April settlement rose 46 cents to $67.32 a barrel on the London-based ICE Futures Europe exchange, snapping a three-day decline. The global benchmark crude traded at a premium of $3.73 to April WTI.

МИНЭНЕРГО РОССИИ - «Мы придаем большое значение восстановлению экономики Сирии, в частности нефтегазовой сфере, что, безусловно, будет способствовать нормализации социально-экономической ситуации в стране», - отметил Александр Новак.

REUTERS - Gazprom expects its average annual investment until 2035 to be capped at 1 trillion rubles ($17.5 billion).

EIA - China surpassed the United States in annual gross crude oil imports in 2017, importing 8.4 million barrels per day (b/d) compared with 7.9 million b/d for the United States. China had become the world’s largest net importer (imports minus exports) of total petroleum and other liquid fuels in 2013. New refinery capacity and strategic inventory stockpiling combined with declining domestic oil production were the major factors contributing to the recent increase in China’s crude oil imports.