New Energy market report from Business Monitor International: "Singapore Oil & Gas Report Q3 2016"
[ClickPress, Wed Jul 06 2016] Singapore will remain a key refining and petrochemicals hub in the Asia-Pacific region, supported by a well-developed downstream sector and world-class port infrastructure. The country will remain a large net importer of residual fuel oil (used to refuel ships stopping at its port) as domestic refineries are largely optimised to produce higher-value light-to-middle distillates. Singapore is also looking to improve its LNG sector, with ongoing expansion works set to double the country's import capacity by 2018.
Latest Updates and Key Forecasts
The Singapore Exchange (SGX) launched futures and swaps on the country's new LNG price index in January 2016 and is working to build up greater liquidity.
Singapore will begin to provide LNG bunkering to ships from 2017. The Maritime and Port Authority of Singapore (MPA) awarded the first pair of LNG bunkering licenses to Pavilion Energy and a joint-venture between Keppel Offshore & Marine and BG (now Shell).
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Singapore imported 16.8mn metric tonnes of crude oil over the first five months of 2016, with the bulk of it (over 80.0%) originating from the Middle East.
Favourable prices and ample supplies allowed Singapore to broaden its crude options. In 2015, the country restarted crude trades with Timor-Leste and South Korea, while commencing first trades with Papua New Guinea, Egypt, Bolivia and Nigeria.
Ongoing Phase III expansion work at the SLNG LNG terminal at Jurong Island will expand the terminal's capacity to 14.9bcm (from 7.5bcm currently) by 2018.
LNG imports are set to more than triple over the next 10 years, as the government gradually displaces pipeline gas supplies from Malaysia and Indonesia with LNG. We expect a significant jump in LNG imports beyond 2023 when three out of the four existing pipeline contracts expire.
The Singapore Oil & Gas Report has been researched at source and features BMI Research's independent forecasts for Singapore including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.
BMI's Singapore Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Singaporean oil and gas industry.
Benchmark BMI's independent oil and gas industry forecasts for Singapore to test consensus views - a key input for successful budgeting and strategic business planning in the Singaporean oil and gas market.
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