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Prices For November Soften After Earlier Strong Weeks

17th September 2018

LONDON, Sept 14 (Reuters) – Asian spot liquefied natural gas (LNG) softened for November delivery after several weeks of strong demand and tightening supplies led buyers to wait for a correction in prices. Spot prices for November delivery in Asia were heard around $12.00 per million British thermal units (mmBtu) this week, down 5 cents from the week before, market sources said. The first half of November was weaker than the second, with one cargo for delivery in the first two weeks of the month offered but unsold at $12.00, traders said. The last of the October cargoes also weakened during...

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Banks in emerging Asia wrestle for e-payments market share against telcos and online upstarts

17th September 2018

Indonesian and Philippine banks may lose up to $3.8b and $1.3b respectively as they fail to hold on to their dominance. Banks in emerging Asian markets that failed to adopt mobile payment technologies early on in the game run the significant risk of disruption in the payments space as independent upstarts and telco incumbents swoop in to wrestle market share away from laggard lenders, according to a report from Morgan Stanley. “We are now in the midst of a period of change in the ASEAN payments market, although the pace differs. Singapore and Thailand are leading, Malaysia is next, whilst...

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Why The U.S. Is Suddenly Buying A Lot More Saudi Oil

17th September 2018

For a few months now, OPEC has been boosting production to ease concerns about high oil prices amid expected supply losses from Venezuela and Iran. The cartel’s largest producer and exporter, Saudi Arabia, has been specifically targeting an increase in crude oil exports to the most transparent market, the United States, which reports crude oil imports and inventory levels every week. On the one hand, the Saudis are looking to regain their foothold in the American market after having cut shipments to the United States to a 30-year-low at the end of last year, when OPEC’s efforts to erase the...

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Shippers Fear Engine Failures as Industry is Forced to Upgrade its Fuel

17th September 2018

(Bloomberg) — Add oil tankers breaking down at sea to the list of things shipping companies are worrying about as they brace for a once-in-a-generation overhaul to the kind of fuel the industry must consume. From Jan. 1, 2020, the vast majority of the world’s merchant fleet will have to use fuel containing no more than 0.5 percent sulfur, down from 3.5 percent in most parts of the world today. The change is expected to upend both shipping and refining industries, with analysts forecasting higher oil prices, slower-sailing ships, and some observers even warning of risks to world trade. Now...

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OGUK: Lower offshore costs face low drilling activity at North Sea crossroads

17th September 2018

Oil & Gas UK describes the UK’s offshore industry as at a crossroads in its Economic Report 2018. The report contrasts reduced costs, competitive fiscal terms, improved operational performance, and greater stability in oil and gas prices, with the impacts of record low drilling activity and a potentially damaging supply-chain squeeze. The report shows operating costs as halved and now sustained at $15/boe, production on track to be 20% more than 2014, and more major new projects sanctioned by exploration and production companies so far in 2018 than the last 2 years combined. At the same time, however, only four...

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Sapura Upstream makes maiden foray into Australia

17th September 2018

Malaysian firm Sapura Upstream Sdn. Bhd. has made its maiden entry into exploration work in Australia through a farmin to three permits offshore Western Australia held by Perth-based private firm Finder Exploration Pty. Ltd. All three permits are in the North West Shelf oil and gas province. The EP483-TP/25 permit is in shallow water at the southern margins of the Carnarvon basin and close to existing infrastructure. WA-412-P is in the northern Carnarvon basin adjacent to several large oil and gas fields. AC/P61 is in the Vulcan subbasin surrounded by oil and gas discoveries. On completion of the farmin, Sapura...

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Oil Demand Seen Peaking by 2023 While Climate Targets Missed

10th September 2018

All energy use to fall from 2035, renewables share to soar Planet set to warm 2.6 degrees, above recommended level Within 20 years, oil use will have long since peaked, renewables and natural gas will account for about half of energy supply and the cost of keeping the lights on will plummet. But that still won’t be enough to meet climate goals, according to a forecast from energy and maritime services company DNV GL Group AS. Even with crude oil demand expected to fall from 2023 and total energy consumption over the globe to peak 12 years after that, the world...

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Enhanced understanding improves “child well” performance

10th September 2018

In U.S. shale fields, operators are attempting to improve infill well performance. In the Eagle Ford, child wells now account for about 75% of new completions. Infill drilling is ramping up in the Permian, which hosts half of all U.S. drilling.   The transition to infill development in the shale fields has been challenging, and production rates are highly variable and unpredictable. This is due to depletion effects of the parent well that can cause fracture hits and interwell communication among child and parent wells (SPE 174902). In reservoirs with significant depletion caused by parent wells, predicting performance of new...

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Risks of cybersecurity breaches won’t go away

10th September 2018

SINGAPORE (Sept 6): Singapore will continue monitoring risks of cybersecurity breaches and data hacks as those threats won’t go away, a senior government official said. Risks need to be managed but won’t prevent the government from building the city state into a technology-advanced one under its “Smart Nation” plan, Janil Puthucheary, senior minister of state for communications and information, said on Thursday at Bloomberg’s “Sooner Than You Think” technology summit in Singapore. “There is worry, and I think rightfully so, as we see issues of data privacy and cybersecurity around the world,” he said. “We need to keep our eyes...

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Singapore’s manufacturing talent must evolve to address new challenges: Randstad

10th September 2018

SINGAPORE (Sept 5): A growing number of companies in Singapore’s manufacturing sector have been jumping on the digital bandwagon by exploring how manufacturing intelligence and automation can help meet their business objectives, reduce cost and improve efficiencies, according to Randstad Singapore’s observations. In its latest Manufacturing Workforce Trends report, the recruitment firm says manufacturing employees will need to acknowledge the need to be flexible and adaptable to “inevitable changes” in their job scopes with the advent of emerging technologies. It is also likely that these employees will be required to learn how to work with new and advanced technology through robust learning and...

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