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Follow on Google News | "Singapore Oil & Gas Report Q2 2011" is now available at Fast Market ResearchNew Energy research report from Business Monitor International is now available from Fast Market Research
In terms of natural gas, in 2010 the region is expected to have consumed 493bn cubic metres (bcm) and demand of 647bcm is targeted for 2015. Production of an estimated 412bcm in 2010 should reach 548bcm in 2015, implying net imports rising from around 81bcm to 99bcm. This is thanks to many Asian gas producers being major exporters. Singapore's estimated share of gas consumption in 2010 will have been 2.03%, and market share is expected to rise to 2.11% by 2015. There is no gas production in Singapore. Preliminary data suggest that the 2010 full-year outturn will have been US$77.38 per barrel for OPEC crude, which is expected to have delivered North Sea Brent and West Texas Intermediate averages of around US$79.40/barrel (bbl). The BMI price target of US$77 was reached thanks to the early onset of particularly cold weather, which drove up demand for and the price of heating oil during the closing weeks of the year. The oil market is now in a bullish mood, in spite of the economic uncertainty facing the world in 2011. Global GDP growth in 2011 should exceed 3%, but is unlikely to match the level seen in 2010. Slower economic expansion in China and Japan is set to undermine a potentially unchanged rate of growth in the US and Eurozone. Oil prices seldom reflect underlying macroeconomic trends, but the case for surging energy demand and spiralling fuel costs is far from convincing. Ample oil inventories and increasing OPEC supply are likely to keep the price of crude in check - and we are sticking with our forecast of an average US$80/bbl for the OPEC basket. Singapore's real GDP growth in 2010 is assumed by BMI to have been 12.9%, with the forecast average annual increase put at 6.1% in 2010-2015. There is no domestic oil or gas production but there is an active downstream segment, with extensive international oil company (IOC) involvement in refining and petrochemicals. Oil consumption beyond 2009 is forecast to increase by around 3% per annum to 2015, implying demand of 1.19mn b/d by the end of the forecast period. Gas demand and imports are forecast to increase from an estimated 10.0bcm in 2010 to 13.7bcm by 2015. Between 2010 and 2020, we are forecasting an increase in Singapore's domestic oil consumption from 1.02mn b/d to 1.37mn b/d, with the island's refining capacity rising from 1.39mn b/d to 1.55mn b/d. Gas demand is expected to rise from around 10.0bcm in 2010 to a possible 19.6bcm by 2020, driven by power generation requirements. LNG imports are expected to commence in 2013 and reach 6.0bcm per annum by 2015 through the initial import terminal. Details of BMI's 10-year forecasts, which provide regional and country-specific projections, can be found later in this report. Singapore holds 11th place, above Thailand, in BMI's composite Business Environment (BE) league table. The country ranks equal 12th (alongside Hong Kong) in BMI's updated upstream Business Environment ratings, thanks to a virtual absence of hydrocarbon resources. The score reflects the limited involvement of the government in upstream oil activities and an exceptionally healthy country risk profile, which partly offset the lack of reserves and output growth potential. The country sits ahead of South Korea and well clear of bottom-placed Taiwan in the upstream league table. Singapore ranks fourth, behind Japan, in BMI's downstream Business Environment ratings, reflecting its relatively high level of oil consumption, increasing gas demand, established modern refining capability, fuels export capability and a relatively low level of retail site intensity. It is just one point behind Japan, but two clear of South Korea, and seems likely to retain its current position. For more information or to purchase this report, go to: - http://www.fastmr.com/ About Business Monitor International Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. # # # Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. End
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