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Oil Buyers’ Market In Asia Set To Continue

7th January 2019

With all the oversupply concern among oil traders, the buyers’ market in Asia is likely to remain strong this year, S&P Global Platts reports today, citing local traders. Everyone who produces oil is looking eagerly for buyers in Asia as the United States produces ever-growing volumes of light crude that has pressured premiums for these grades, making them more attractive for refiners compared with grades tied to the Dubai/Oman benchmarks. “Arbs [are] wide open and expected to remain so for next year,” S&P Global Platts quoted one Singapore trader as saying, adding data from its trade flow software cFlow showed that the...

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Producer cuts are set to boost the oil market in 2019

7th January 2019

Crude oil will remain oversupplied in the first quarter of 2019 as the market works through stocks, said energy information provider, Argus Media. An oversupply of oil will continue to pressure prices into the first quarter of 2019, but producer cuts will eventually boost crude price as the year progresses, according to Argus Media, an energy information provider. That is, supply and demand should rebalance by the second quarter of next year, said Azlin Ahmad, editor for crude oil at Argus. Since climbing to four-year highs in early October, the price of crude futures have crashed by more than a third. The latest wave...

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Securing your data is only going to get more challenging

7th January 2019

SINGAPORE (Dec 31): In December, news emerged that social media giant Facebook had been playing fast and loose with its users’ data. Internal documents and emails published by the UK government show that the company considered employing the data for strategic and commercial purposes. Advertisers and partners would be sold access to the valuable information, while rivals would be kept out. The revelations come amid hearings in the UK Parliament on the controversies that the company has been mired in — including allowing its platform to be misused to incite violence and interfere in elections. To be sure, there is...

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Trade Protectionism the Biggest Threat to Singapore’s Economy: MAS survey

17th December 2018

SINGAPORE (Dec 12): Trade protectionism is cited as the top risk among local economists, as suggested by the latest findings of the Monetary Authority of Singapore’s (MAS) Dec 2018 survey of professional forecasters, which reflect the views of 23 economists and analysts who closely monitor the Singapore economy. Based on the latest survey’s findings, 100% of respondents cited an intensification of US-China trade tensions as a downside risk – up from 89% in the previous survey for Sept 2018. In a Wednesday report, MAS also notes that a growing number of respondents flagged slower growth in China as a downside...

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Cyber Threat ‘Sharpshooter’ Targets Energy, Defense Firms

17th December 2018

A new global cyber threat campaign has recently infiltrated dozens of energy, defense, nuclear, and financial companies around the world, using malware to extract and exploit data from these organizations in a campaign McAfee has dubbed ‘Operation Sharpshooter’. The McAfee Advanced Threat Research team and McAfee Labs Malware Operations Group say that they have discovered that this new global campaign uses an in-memory implant to download and retrieve a second-stage implant—which McAfee calls Rising Sun—for further exploitation. This campaign appeared in 87 organizations—mostly in the United States—in October and November this year. The malware links were posing as industry job recruitment activity,...

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New Method of Collection of Safety Statistics by IMCA

17th December 2018

The new year will see a change in the method used by IMCA for collecting safety statistics from its contractor members. This will result in simpler, more timely reporting, and the ability to more easily benchmark performance – two factors we believe will stimulate higher data submission rates than in the past. IMCA began collecting safety statistics in 1997. That first year, just 23 members took part in the safety statistics programme. Last year, 191 contractors took part, nearly half the contractor membership. The statistics show that IMCA contractors are 10 times safer today than they were in 1997. As...

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Total to divest a 4% interest in Ichthys LNG, Australia for $1.6 billion

17th December 2018

Paris – Total has signed an agreement to divest a 4% interest in the Ichthys liquefied natural gas (LNG) project in Australia to operating partner INPEX for an overall consideration of $1.6 billion. The transaction, which is subject to Australian regulatory approvals, reduces Total’s interest in the asset to 26%. “This transaction is part of our constant portfolio review to optimize our capital allocation. Ichthys is part of a wave of Australian LNG projects, which have unfortunately experienced major cost overruns and delays during their construction phase. The final CAPEX estimate provided by the operator is around $45 billion to...

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U.S. to Receive Sharp Oil Export Cuts from Saudi

17th December 2018

LONDON and NEW YORK (Bloomberg) — After flooding the U.S. market in recent months, Saudi Arabia plans to slash exports to the world’s largest oil market in the coming weeks in an effort to dampen visible build-ups in crude inventories. American-based oil refiners have been told to expect much lower shipments from the kingdom in January than in recent months following the OPEC agreement to reduce production, according to people briefed on the plans of state oil company Saudi Aramco. Saudi crude shipments to the U.S. next month could even test the 30-year low set in late 2017 of 582,000...

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Premier Oil To Bid On Chevron’s UK North Sea assets

17th December 2018

LONDON (Bloomberg) — Premier Oil Plc is considering a bid for a package of North Sea oil and gas assets put on the block by U.S. oil major Chevron Corp. that’s worth about $2 billion, according to people familiar with the matter. The first round bids is due before the end of the month, the people said, asking not to be identified as the matter is private. Premier, which has a market value of about 578 million pounds ($733 million), may tap a partner or buy only the operating rights for the assets, the people said. No final decisions have...

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Singapore, KL leaders seek talks to resolve maritime dispute

10th December 2018

Leaders on both sides stress need for peaceful resolution amid tensions; observers welcome it As the stand-off between Singapore and Malaysia over maritime boundaries enters its second week, leaders on both sides have made calls for talks to resolve the simmering dispute. Both countries, though, have their own views on how to do so and the way forward. Weighing in for the first time, Finance Minister Heng Swee Keat said on Sunday (Dec 9) that the intrusions by Malaysian government vessels into Singapore territorial waters are a “violation of Singapore’s sovereignty and international law” and a “serious matter of national interest”....

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