"Taiwan Oil & Gas Report Q3 2013" is now available at Fast Market Research
New Energy market report from Business Monitor International: "Taiwan Oil & Gas Report Q3 2013"
[USPRwire, Fri Jun 14 2013] Plans are presently under way to begin deepwater exploration off Taiwan's south-western coast in the South China Sea. Meanwhile, a growing appetite for imported gas has created a need for fresh liquefied natural gas purchase schemes, with Australian and Qatari volumes on the rise and Papua New Guinea set to become a new source of supply.
The main trends and developments we highlight in the Taiwanese oil and gas sector are:
* In December 2012, state-owned CPC Corporation and Husky Energy reached an agreement to cooperate deepwater exploration projects off the south western coast of Taiwan in the South China Sea. Any discoveries would serve as a significant boost to Taiwan's bleak upstream outlook. Successes would also confirm the resource potential of the eastern South China Sea, where China - led by CNOOC - is actively stepping up its exploration efforts.
* The location for a third liquefied natural gas (LNG) terminal has been finalised and is set to be constructed near Taipei. Operations are expected to commence in 2018.
* Given large industrial demand, which is inherent in the energy equation, consumption of oil and power is expected to move broadly in line with the GDP trend. Taiwan's domestic crude oil production (including crude oil, condensate, and liquids production, but excluding production gains) is expected to be approximately 2,330 barrels per day (b/d) in 2013, meaning virtually all of the country's oil is imported. Our forecasts for crude oil consumption are for an increase from a forecast 1.07mn b/d in 2013 to around 1.19mn b/d by 2017, and to 1.36mn b/d by 2022.
* For 2013, Taiwan's oil and gas import bill is forecast by BMI at US$51.82bn, assuming an OPEC basket oil price of US$108.00 per barrel (bbl). By 2017, and assuming an oil price of US$96.50/bbl, combined oil and gas costs are put at US$51.54bn, rising to US$55.53bn by 2022, when the oil price assumption is US$91.60/bbl.
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