With less than three weeks of liquid fuel reserves, Australia risks grinding to a halt following a global economic shock or conflict along a major trade route, but a new report by the MUA outlines a potential solution that would cost consumers less than a cent per litre. The report examines policy changes that have caused fuel supplies to fall to just a quarter of the IEA’s fuel stockholding obligation.
Qatar announced its decision to leave OPEC on January 1, as the country’s state oil company, Qatar Petroleum, informed. This is part of Qatar’s attempts to give emphasis on natural gas production, the Minister of state for energy affairs, Saad Sherida Al-Kaabi, explained.
A feeder container ship loaded with 130 LNG tank containers sailed from the Port of Yangpu of Hainan Province to the Port of Jinzhou in November. This is part of an LNG trial project; China’s first-ever attempt to transport the surplus capacity of Hainan terminal to its northern part via LNG tank containers.
IEA published its annual long-term energy outlook, describing the developments in oil demand and supply through to 2040. In the New Policies Scenario, the agency considers not only the current policies but also ambitions, including those set out in Paris agreement, along with possible evolution of current technologies.
Indonesian-based company Jaya Samudra Karunia (JSK) has taken delivery of the 26,000m3 floating storage and regasification unit (FSRU) ‘Karunia Dewata’, the largest FSRU to be built in China and the first to feature Type C cargo tanks. The unit was built at PaxOcean’s Zhoushan Shipyard to Lloyd’s Register’s (LR) Rules
According to EIA’s recent report ‘Crude Oil and Natural Gas Proved Reserves’, there is a continuous rise on shale and tight resources that drove proved reserves of both U.S. crude oil and natural gas to new records in 2017. Reserves of U.S. crude oil increased 19.5% in comparison to 2016, whereas reserves of natural gas increased by 36.1% from the end of 2016.
Petronas and Vitol signed binding Heads of Agreement (HOA) for long-term LNG sale and purchase (SPA) agreement, on 1 October 2018. According to the agreement, Petronas will supply Vitol with approximately up to 0.8 million tonnes per annum for a period of up to 15 years on both Delivered Ex-Ship (DES) and Free on Board (FOB) basis, as from 2024.
GoodFuels Marine along with bulker and tanker owner and operator Norden A/S, has successfully completed trials of the world’s first zero emission, ‘drop in’ Heavy Fuel Oil. The Bio-Fuel Oil is able to deliver almost zero carbon and Sulphur Oxide emissions without requiring engine modifications.
As part of IMO’s strategy to reduce GHG emissions from ships, a meeting of the IMO Global Industry Alliance to Support Low Carbon Shipping (GIA) Task Force took place at IMO Headquarters in London, on 27 November, holding a lively debate on the marine fuel for the future.
Singapore based SSB Cryogenic Services (SSB) signed a $50m agreement with Global Petro Storage (GPS) Singapore to develop small-scale LNG supply chain solutions in Southeast Asia.
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