Asia-Pacific
Industry Profile Industry Overview Oil and Gas Production and Consumption Industry Focus Policy and Regulatory Environment ISIEmergingMarketsPDF in-jaipuriaimdemo from 110.234.16.130 on 2011-11-08 07:33:41 EST. DownloadPDF. Market Trends and Outlook Asia-Pacific to focus on Coal Bed Methane Regional Fuel Prices Rise Shale Gas in the Asia-Pacific Market Outlook Country Profiles Australia China India Indonesia Japan South Korea Currency Conversion Table The Scope of this Report Key References Comparative Data Reports Coverage
Current Environment Key Points Over a year after the deepest recession in decades, the Asia-Pacific region continued to lead the global economic recovery, generating strong demand for global oil and gas. Asia-Pacific oil demand grew 2.1% and 5.9% in 2009 and 2010 respectively with China behind 70% of the increase in oil demand. South Korea was the one regional country that saw its oil demand fall. According to the Korea Energy Economics Institute (KEEI), oil is expected to account for 39.5% of South Koreas total energy demand in 2011, compared with 53.2% in 2000. The share prices of leading companies did well over the past six months. The top ten leading AsiaPacific oil and natural gas companies by revenues saw their share prices rise by an average of 9.2% over the six months to May 31, 2011. The industry also saw a run of M&A activity over the past six months as oil and gas companies in the region continued their pursuit of unconventional energy assets both at home and abroad, as well as making strategic alliances. Industry Profile Key Points Although new discoveries of oil and gas are being made in the Asia-Pacific region, reserves are depleting due to the massive surge in demand from developing economies. The region has less than 4% of the worlds proven oil reserves, leaving it with few options to increase or even maintain current levels of production. The Asia-Pacific had proved reserves of 45.2 billion barrels by the end of 2010. Oil and gas consumption in the region surpassed that of North America in 2007. Total natural gas production in the region in 2010 was 399.4 million tons, an increase of 4.9% compared with the production of 380.8 million tons in 2009. Consumption of natural gas was up 5.3% for the period, from 1.2 billion tons to 1.27 billion tons. Market Trends and Outlook Key Points The decline of conventional oil and gas reserves over the past decade has elevated the importance of unconventional resources in the energy sector. Coal bed methane (CBM) is one alternative energy source touted to be in line to replace oil and gas. The recovering global economy, strong energy demand and a number of major global oil producing countries reduced production and exports levels has pushed up fuel prices across the Asia-Pacific over the past few months. Nuclear energy, natural gas, coal, biofuel and other renewables are among the alternative sources of energy explored by the region. One alternative source close to mass commercialization in the region is shale gas. According to the ADB, oil will supply approximately 27% of the Asia-Pacifics energy demand over the next two decades, with an annual growth of 2.2%. The demand for natural gas use will increase 3.6% a year to fulfill 14.5% of total energy demand.
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Publisher Jonathan Worrall Director John Pedernales Managing Editor Peter OShea Research Analyst Norman Tan Website: http://webreports.mergent.com Customer Service: 1800 342 5647 or 704 559 7601 email: customerservice@mergent.com Sales Enquiries: Tim Worrall - Asia-Pacific Sales Manager +61 422 721 844 email: tim.worrall@mergent.com
The Asia-Pacific Industry Reports are published by Mergent, Inc., headquartered in Fort Mill, South Carolina, USA. Each industry sector report is updated every six
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Current Environment
Sector Overview Over a year after the deepest recession in decades, the AsiaPacific region led the global economic recovery, generating strong demand for global oil and gas. The region rebounded swiftly during the first quarter of 2010, and was expected to continue leading the global recovery over the short term. According to the International Energy Agency (IEA), developing non-Organization for Economic Co-operation and Development (OECD) Asian economies led the global recovery, with many already out of recession in early 2010. China and India were the two countries that were among the least affected by the global recession, and they continued to lead world economic growth and energy demand growth, while Japan was still in the midst of recovery. their pursuit of unconventional energy assets both at home and abroad, as well as making strategic alliances with other oil and gas companies from other regions. Some companies also invested in alternative energy sources like solar power, biofuel and nuclear energy in an effort to diversifying their revenues streams from their core businesses. One obvious business sector for oil and gas companies to venture into is the energy sector. As oil and gas prices continue to soar, putting downward pressure on demand, and as crude oil and gas resources continue to deplete, other sources of energy will gain in market share and replace oil and gas. Many oil and gas companies therefore continued to invest in the energy sector over the past few months.
Crude oil prices rose as demand improved due to the The decline of conventional oil and gas reserves over the improving global economic environment that fueled past decade has elevated the importance of unconventional ISIEmergingMarketsPDF in-jaipuriaimdemo from 110.234.16.130 on 2011-11-08 07:33:41 EST. DownloadPDF. regional demand. Asia-Pacific oil demand grew 2.1% and resources in the energy sector as the industry struggles to 5.9% in 2009 and 2010 respectively. Chinas demand was meet forecast demand. Coal bed methane (CBM) is one the key behind the growth in oil demand, with 70% of the alternative energy source touted to be in line to replace demand increase in 2010 coming from the country. Not all oil and gas, with Australia the leader in the usage and countries generated stronger demand. South Korea was the commercialization of the energy source. Among the one regional country that saw its oil demand fall. According sources explored are nuclear energy, natural gas, coal, to the Korea Energy Economics Institute (KEEI), oil biofuel and other renewables. One other alternative source is expected to account for 39.5% of South Koreas total close to mass commercialization in the region is shale gas. energy demand in 2011, compared with 53.2% in 2000. Shale gas is in a position to add to the Asia-Pacifics future This demand is expected to decline further to 38.6% in energy supplies going forward and help to cut the regions 2013. The continued decline in oil consumption was due to reliance on imported energy. an increase in the use of natural gas and nuclear power. Sector Performance Leading oil and gas companies in the region did well financially, benefiting from the recovering global economy, Worldwide natural gas markets continued to experience which led to gains in crude prices. Higher global crude oil a reduction in demand over the past six months due to production more than offset the effects of lower worldwide the economic recession, continuing a two-year trend. refinery output and domestic refining margins, leading to This, combined with a faster-than-expected expansion in higher revenues and net income. The share prices of leading unconventional gas in the US, resulted in global oversupply. companies also did well over the past six months. The top However, after some initial downward pressure, gas prices ten leading Asia-Pacific oil and natural gas companies by made a recovery. The share performances of leading revenues, according to Mergent research, saw their share companies were largely unaffected by this. The top ten prices rise by an average of 9.2% over the six months to leading Asia-Pacific oil and natural gas companies by May 31, 2011. Of the ten, seven saw their share prices revenues, according to Mergent research, saw their share finish higher, while the remaining three ended the period prices pick up by an average of 9.2% over the six months weaker. to May 31, 2011, when crude closed at US$100.59/bbl on the New York Mercantile Exchange (NYMEX) on May 27. The industry also saw a run of M&A activity over the past Of the ten, seven saw their share prices finish higher, while six months as oil and gas companies in the region continued the remaining three ended the period weaker.
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Current Environment
Table 1: Key Asia-Pacific Oil and Gas Major Stock Performances
Company China Petroleum & Chemical Corp (Sinopec) PetroChina Co Ltd China National Offshore Oil Co Ltd (CNOOC) Indian Oil Corp Hindustan Petroleum Corp Oil and Natural Gas Corp Ltd (ONGC) Caltex Australia Woodside Petroleum Ltd Santos Ltd Petronas Dagangan Bhd
Ticker HKSE: 386 HKSE: 857 HKSE: 883 BSE: 530965 BSE: 500104 BSE: 500312 ASX: CTX ASX: WPL ASX: STO KLSE: PETD
Closing Stock Prices December 1, 2010 HK$7.15 HK$9.56 HK$16.79 Rs384.55 Rs431.50 Rs313.83 A$12.95 A$40.76 A$12.25 RM11.41 May 31, 2011 HK$7.66 HK$11.28 HK$19.60 Rs328.30 Rs380.50 Rs281.05 A$14.12 A$46.63 A$14.76 RM16.30 Average Rise/Fall (%)
Change (%) 7.1 18 16.7 (14.6) (11.8) (10.5) 9 14.4 20.5 42.9 9.2
Source: Mergent analysis
The strongest performer during the period once again was cyclones and two tropical lows hit the area, suggesting that Petronas Dagangan Bhd (KLSE: PETD), which had the investors have faith in the foundations and future of the ISIEmergingMarketsPDF in-jaipuriaimdemo from 110.234.16.130 on 2011-11-08 Overall, the EST. DownloadPDF. best performance during the second half of 2010 as well. company. 07:33:41 companys shares rose by 20.5% The Malaysian state-run oil company started the period at over the period. RM11.41 (US$3.81) on December 1, and fell slightly to its period low of RM11.39 (US$3.81). It then rose steadily The company with the worst performing stock over the over the next three months, hitting its period high of period was Indian Oil Corp (BSE: 530965). The companys RM16.50 (US$5.52) on March 31, a price that it reached share price started the period at Rs.384.55 (US$8.65) per again twice more on April 5 and April 7. share on December 1 and hit a period high of Rs.385.75 (US$8.68) two days later. Indian Oil Corps share price then Petronas share price fell slightly to RM15.30 (US$5.12) fell the following two months to a period low of Rs.293.05 on May 3, before ending the period at RM16.30 (US$5.45) (US$6.59) on February 25. It then picked up over the next per share, not too far off from its period high. Petronas two months to reach Rs.343.30 (US$7.72) per share on shares rose by a total of 32.9% over the period. The strong May 2, and ended the period lower at Rs.328.30 (US$7.39) share performance was due largely to solid financial on May 31. performances of the company over the past year. Leading Companies Another company whose share prices did well over the period was Santos Ltd (ASX: STO). Santos share price All leading major oil companies continued their climb back started the period at its period low of A$12.25 (US$13.09) from recession, and significant rises in net income of 2010 on December 1. It then rose steadily over the next four and the first quarter of 2011. They benefited as a recovering consecutive months and hit its period high of A$16.49 global economy spurred gains in crude prices, and higher (US$17.69) per share. Santos share prices then underwent global crude oil production more than offset the effects a slight correction, declining to A$15.19 (US$16.29) per of lower worldwide refinery output and domestic refining share at the start of May or May 2, before rounding off the margins, leading to higher revenues and net income. period at A$14.76 (US15.83) per share on May 31. China National Offshore Oil Co Ltd (CNOOC) (HKSE: The strong share performance came on the back of weaker 883) financial performance due to interrupted production and drilling activities of the companys interests offshore of Chinas largest offshore oil company, China National Western Australia, hit on no less than five occasions as three Offshore Oil Company Ltd (CNOOC), reported total
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Current Environment
unaudited revenues of RMB48.51 billion (US$7.51 billion) for the first quarter of this year. This was a yearon-year increase of 26.6%. The company reported total net production of 85.2 million barrels of oil equivalent (BOE) for the quarter. Its average realized oil price also rose 32.7% for the period to US$99.98%. CNOOC made five new discoveries and succeeded in drilling six appraisals over the quarter. It also ran its Jinzhou 25-1 offshore drilling project successfully and lined up a number of other projects to be carried out over the rest of the year. The company purchased a 33.3% stake in Chesapeakes Niobrara project for the period. Indian Oil Corp Ltd (IOC) (BSE: 530965) Mergers and Acquisitions Asias national oil companies (NOCs) drove a revival of oil and gas M&A activity over the past six months in their pursuit of unconventional energy assets both at home and abroad, as well as making strategic alliances with other oil and gas companies from other regions. A number of the regions leading oil and gas companies also invested in alternative energy sources like solar power, biofuel and nuclear energy in an effort to diversifying their revenues streams from their core businesses. Gradually improving financing conditions, the relatively high oil price and the needs of Asian NOCs and the majors to gain access to reserves drove the revival.
State-owned Indian Oil Corp (IOC) reported a great In an effort to diversify their business and revenue streams, year financially in 2010. The company reported its one obvious business sector for oil and gas companies highest ever gross turnover, reporting Rs.3.29 billion to venture into is the energy sector. As oil and gas prices (US$74.03 million). Its profit after tax was up 138.9% continued to soar, putting downward pressure on demand, year-on-year to Rs.74.46 billion (US$1.68 billion) for and as crude oil and gas resources continued to deplete, 2010. IOC saw its overall sales of petroleum rise 3.9% other sources of energy gained in market share and replaced ISIEmergingMarketsPDF in-jaipuriaimdemo from 110.234.16.130 on 2011-11-08 07:33:41 EST. DownloadPDF. for the year, surpassing the overall industry growth rate. oil and gas. Many oil and gas companies therefore invested IOCs capacity utilization was 102%, with the company into the energy sector over the past few months. successfully commissioning a number of projects, including the expansion of the Panipat and Haldia One company that did so was Indian Oil Corporation Ltd, refineries, the upgrading of fuel qualities in its refineries, which entered into a joint venture with Nuclear Power and the expansion of its marketing and pipeline network. Corporation of India Ltd in January to set up nuclear power IOCs earnings per share (EPS) for 2010 was Rs.30.67 plants across the country. During the same month, Indian (US$0.69), a slight decline from the EPS of Rs.42.10 Oil also signed a memorandum of understanding with clean energy company LanzaTech to collaborate to produce fuel (US$0.95) reported for 2009. grade ethanol. Another company with investments in the energy sector was South Koreas S-Oil, which acquired a Petroliam National Bhd (Petronas) (KLSE: PETD) 33.4% stake in Hankook Silicon, a producer of the core Malaysias state oil and gas company, Petronas, enjoyed a element needed in the production of solar energy cells, good financial year in 2010, posting a 14.4% increase in poly-silicon. revenues for the fiscal year (FY) 10/11. its revenues went up from RM210.8 billion (US$70.47 billion) in FY09-10 Apart from the energy sector, oil and gas companies in the to RM241.2 billion (US$80.63 billion) in FY10/11, driven region also invested in other business sectors. In March, by higher crude prices and volume sold. Its gross profit Indian oil and gas conglomerate Reliance Industries for the year was up to RM97.8 billion (US$32.7 billion) announced it had formed a new joint venture with D.E. from RM82.4 billion (US$27.6 billion), a rise of 18.7%. Shaw Group to form a financial services business in India. Overall profit for the period was RM63 billion (US$21.1 The deal will see D.E. Shaw contribute its investment and billion) compared with RM45.5 billion (US$15.2 billion) technological expertise and combine them with Reliances over FY09/10. For 2010, Petronas made crucial oil operational knowledge and extensive presence in the and gas discoveries offshore of the Malaysian state of country to offer a comprehensive array of financial service Sarawak. The company oversaw the successful drilling in India. The deal came as both parties attempt to stake of the NC3 wildcat well in March 2010 and the Spaoh-1 a claim in the fledging financial services sector in the well in December. Petronas expected to drill more than 50 country. exploration wells offshore around Malaysia over the next three years.
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Industry Profile
Industry Overview Although new discoveries of oil and gas are being made in the Asia-Pacific region, reserves are depleting due to the massive surge in demand from developing economies. While there are considerable oil and natural gas reserves in the Asia-Pacific, most notably in India, Indonesia, Malaysia, China and offshore Western Australia, longterm energy demand growth is expected to surpass the regions own production capacity. It is inevitable that developing countries in the region are expected to be the dominant consumers of the worlds energy supplies, and most producers will became net importers rather than net exporters over the coming months. region rushes to meet rising demand. The Asia-Pacific has proved reserves of 45.2 billion barrels by the end of 2010. Having surpassed North America back in 2007, the level of oil and gas consumption in the Asia-Pacific is the highest in the world, thanks to its brisk economic expansion. Led by China and India, oil consumption in Asia-Pacific countries rose by 5.3% to 27,237 barrels per day (b/d) in 2010 from 25,866 b/d in 2009.
Natural gas production and consumption in the AsiaPacific also rose in 2010. Total natural gas production in the region in 2010 was 399.4 million tons, an increase of 4.9% compared with the production of 380.8 million tons The region has less than 4% of the worlds proven oil reported in 2009. Consumption of natural gas was up 5.3% reserves, leaving it with few options to increase or even over the period, from 1.2 billion tons to 1.27 billion tons. maintain current levels of production. The region has large The largest energy consumer in the region is China. The ISIEmergingMarketsPDF in-jaipuriaimdemo the primary energy source 2011-11-08 07:33:41 EST. DownloadPDF. coal reserves, making coal from 110.234.16.130 on countrys energy consumption grew 11.2% over the year, in China and India. For the rest of the region, crude oil displacing the US as the worlds largest energy consumer. is the energy source of choice. Oil is expected to retain In 2010, Chinas oil demand continued to grow, leaning its position as the worlds foremost source of primary heavily on oil imports to meet its needs. The countrys energy consumption over the next two decades. Although net oil imports were up 14.6%, or 680,000 b/d in 2010. industrialized countries continue to consume more oil than According to the China Petroleum and Chemical Industry developing countries, the gap is narrowing. Developing Association (CPCIA), oil imports made up more than 55% nations are expected to consume an amount equal to 94% of all oil consumption in China. of the total amount of oil consumed by industrialized countries by 2025. Data from the CPCIA also shows that from January to June 2010 the apparent volume of Chinas oil consumption Petroleum-based fuels used for transportation are also reached 220 millions tons, an increase of more than 15% poised for strong growth in developing Asia. China is the compared with the previous year. In the same period, key market that will drive growth in regional consumption, Chinas oil import dependency grew by more than 4% followed by India, Thailand and Indonesia. Energy use for compared with 2009. In addition, the apparent volume of transportation in China is expected to increase by 5.3% Chinas crude oil consumption reached 215 million tons, annually between 2001 and 2025, while demand in Asias an increase of nearly 19%, and Chinas crude oil import other developing countries will also experience strong dependency reached more than 54%, an increase of nearly growth as rising standards of living result in increased 6% compared with the previous year. The country remained automobile ownership. Indias rapidly growing economy the leading crude oil producer in the Asia-Pacific despite is causing growing demand for energy as well, while South declining production. However, its crude oil production Korea and Japan are expected to reach the same level by is expected to decline at an average annual rate of 3.7% 2015. between 2010 and 2020. Despite this, the country will produce more than thrice that of the next largest producer, Oil and Gas Production and Consumption Malaysia, in 2020, according to IEA statistics. According to the BP Statistical Review 2011, oil production has been on a plateau for well over a decade and continued to be so in 2010. Net oil imports are increasing as the Indias consumption picked up 6.6% from 441.1 Million Tonnes of Oil Equivalent (mtoe) in 2008 to 468.9 mtoe in 2009. Indonesia also reported 3.1% growth, from 124.7
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Industry Profile
mtoe to 128.2 mtoe for the same period. India is expected to emerge as the second largest crude oil consumer in the Asia-Pacific by 2013. India is currently the third largest oil consumer in the Asia-Pacific after China and Japan. Driven by strong growth in GDP, India is expected to witness the largest oil consumption growth rate in the Asia-Pacific between 2010 and 2020. On the other hand, Japanese crude oil consumption is expected to decline at an average annual rate of 0.7% within the same period at the country continues to remain in an economic plateau. to drive the energy source. It has also fueled funding from governments and investment from the private sector into the technology. The Asia-Pacific is home to one key biofuel source, the Jatropha plant. Jatropha is a hardy plant that can grow on tough soil conditions and currently, a 2,000 hectare plantation is being developed in Malaysia. The possibility of having 700 sq km Jatropha plantation is also being discussed In China early this year. China has also been developing and experimenting with a range of other biofuel, including ethanol and biodiesel. Biofuels Asia expects the demand for biofuel to increase by an average of 20%-30% over the rest of the decade. Other countries actively developing the technology include Australia and Indonesia. The technology is expected to play a role in aiding the region meet its future energy demand and be less dependent on oil and gas imports.
The region is also rich with coal, which is a crucial energy source in a number of countries, including China, Australia, India, and Indonesia. Coal consumption grew only in China and India to support their infrastructure and industrial projects, whose growth, if combined, was more than enough to counterbalance the declines in the rest of the world. In the Asia-Pacific, coal supplies most energy needs in China and India, but only 23% of the rest of the regions need. Coal consumption in the Asia-Pacific is expected to Policy and Regulatory Environment double in the next 20 years, but it is unlikely that it will be ISIEmergingMarketsPDF in-jaipuriaimdemo from 110.234.16.130 on 2011-11-08 07:33:41 crucial crude source to the oil and able to keep pace with the regions total energy needs. Offshore drilling is a EST. DownloadPDF. gas industry, and with new onshore discoveries declining Industry Focus steadily over the past decade, offshore sources have become increasingly important to the worlds energy The Role of Biofuel in the Asia-Pacific Energy Market supply. Offshore drilling represents approximately 50% of all offshore capex within the global E&P business. The Biofuel is a reasonably new energy source that has Asia-Pacific oil and gas industry has been no laggards, increasingly gained prominence over the past few years. spending approximately US$88 billion over the past five It is produced both directly and indirectly from organic years on offshore drilling. Spending surged in 2006 and material or biomass, which includes animal and agricultural continued throughout 2007, before declining slightly in wastes and plant materials like cassava, rice, corn and so 2008 and sharply in 2009. The forecast for offshore drilling on. More efficient biofuel processing techniques have been expenditure for this year through to 2013 is growth at a developed recently, making the energy source cheaper and slower rate, and is expected to reach US$108 billion by more efficient, as well as widening the range of materials 2015. An estimated US$75 billion was spent on shallow used. As fossil fuel prices and the level of environmental water drilling in the Asia-Pacific over the last five years. consciousness grow, biofuel looks poised to increase its This represents 85% of all drilling expenditure in the share in the global energy market. region. According to the International Energy Agency (IEA), biofuel is expected to provide up to 27% of all global transportation fuel by 2050. Giving the Asia-Pacific biofuel a boost over the past few months was the commitment by the European Parliament to reduce emission levels for commercial vehicles in the EU. The EU Renewable Energy Directive saw the goal of having 20% of the regions energy come from green and renewable sources by 2020. This has opened up opportunities for biofuel producers in the Asia-Pacific, which is in an advantageous position due to lower costs and the existence of initiatives
One year after the BP oil spill disaster, offshore drilling policies for many oil producing countries around the globe have been permanently changed. For many Asia-Pacific countries however, much of their offshore drilling policies remain the same. Some, like Australia, have continued with their offshore operations, citing the reason that their existing offshore safety and environment policies are efficient enough. The prospects for the recovery in drilling numbers vary considerably across geographic regions, with deepwater drilling continuing to be the main driver for expanding levels of activity in the market.
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Industry Profile
As Asia-Pacific continues to develop both economically and in population, the regions demand energy will inevitably increase. The region is already home to China, the largest energy consumer in the world. The region has been exploring other sources of energy to meet its demand. Nuclear energy was touted as one possible source for mass expansion before the Japan Fukushima Daiichi nuclear leak led to many countries shelving plans for the energy source. Coal is the largest energy source in the region aside from oil and gas, while the region is also experimenting with other sources like biofuel and shale gas. China, India, Australia, Indonesia and Malaysia have been exploring the potential of biofuel, while China also has an international deal with the US to jointly develop and invest in shale gas.
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The recovering global economy and energy demand, as well as the reduced production and the exports of a number of major global oil producing countries have led to fuel prices rising over the past year. Oil prices past US$100 per barrel in February, the highest point in two China has showed the greatest amount of progress in and a half years, due to investor concern over the Middle accessing and developing CBM resources among all Asian East unrest. In Australia, although shielded by the strong ISIEmergingMarketsPDF in-jaipuriaimdemosignificant CBM exploration 2011-11-08 dollar, average household expenditure on fuel countries. The country has from 110.234.16.130 on Australian 07:33:41 EST. DownloadPDF. acreage in various basins, and three producing projects. was expected to rise to A$65 (US$69.73) a week in 2011 China has the most advanced CBM industry in the region, A$10 (US$10.07) more than a year ago. Petrol prices with established CBM production and huge potential are expected to hit A$2.00 (US$2.15) per liter this year, for growth. According to Chinas Ministry of Land and putting the country at risk of higher inflation. Resources, the country may have about 1,000 trillion cubic feet (Tcf) of CBM resources in place, with 350 Tcf of its In July this year, China raised its fuel prices for the second resources deemed as recoverable. These resources are time in three months, increasing wholesale petrol and distributed mainly in the Shanxi and Shaanxi provinces, diesel prices by US$53 per ton by cutting subsidies. The Inner Mongolia and the Yunnan-Guizhou Plateau, rise came as the country attempted to offset global crude oil particularly in the Ordos, Qinshui, Junggar and Erlian price increases. The cut in petrol and diesel subsidies was basins. also the Chinese Governments attempt to stem inflation in its rapidly expanding economy. Another Asian economic India also holds significant prospects for commercial powerhouse, India, saw its state-run fuel retailers raise recovery of CBM. The country is home to the fourth largest petrol prices by 4.5% in January this year, the second proven coal reserves and is the third largest coal producer rise in a month, as its attempted to starve off inflation as in the world. Indian conglomerate, Reliance Industries, well. The countrys major oil retailers, Indian Oil, Bharat has five coal bed methane blocks in the states of Madhya Petroleum Corp and Hindustan Petroleum Corp raised their Pradesh, Rajasthan and Chhattisgarh. The company hopes prices by US$0.05 per liter, following their 5.5% increase to extract gas from these blocks and expects to drill 100 in December. wells in the next five years to a depth of up to 1,700 meters. In Indonesia, the Government was encouraged by certain quarters in July this year to raise fuel prices by cutting In Indonesia, the CBM potential is estimated at 450 Tcf subsidies in the state budget and limiting consumption. in place with the most significant reserves in the South The call came as some argued that the present subsidy Sumatra (183 Tcf), Barito (102 Tcf), Kutei (80 Tcf) and system had opened the commodity to abuse in the black Central Sumatra (53 Tcf) basins. Indonesia is promoting market, where the subsidized petrol is sold abroad. Black CBM exploration and production by opening the first market abuse of subsidized petrol was the reason given by CBM bid round, changing legislation that regulates access Indonesias neighbor Malaysia when it decided to raise
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India is another frontier in the Asia-Pacific for shale gas development. Indias huge shale deposits are located on the Gangetic plain, Assam, Gujarat, Rajasthan and in most coastal areas. The country has been working together with the US to find ways for economic exploration of the gas. January of this year saw a landmark in India when the ISIEmergingMarketsPDF in-jaipuriaimdemo from 110.234.16.130 on 2011-11-08oil and gas giant ONGC found shale gas in an countrys 07:33:41 EST. DownloadPDF. Shale Gas in the Asia-Pacific exploratory well near Durgapur, making it the first Asian country to discover shale gas. The majority of countries in the region have growing economies, which drives energy demand. Falling new Indonesia, meanwhile, plans to tender the onshore shale production and rises in global crude oil prices have led gas reserves in the eastern part of the country, estimated to Asia-Pacific countries seeking out alternative sources at 1,000 Tcf, for development by year-end 2010. Looking of energy. Among the sources explored include nuclear ahead, Mergent expects governments and national oil energy, natural gas, coal, biofuel and other renewables. companies with proven shale gas reserves will continue to One alternative source close to mass commercialization in seek alliances with western multinationals well versed in the region is shale gas. Shale gas is in a position to add the extraction and processing of shale gas. The current shale to the Asia-Pacifics future energy supplies going forward gas revolution in the Asia-Pacific is also becoming a way and help to cut the regions reliance on imported energy. to diversify energy supplies in the region at a time when cutting emissions is increasingly becoming a priority. Currently, China, India and Thailand, among other countries, already consume more gas than they produce. Market Outlook The gap is set to widen unless they can boost production of this unconventional gas resource. Recent breakthroughs The Asia-Pacific has a large and growing demand for oil. in hydraulic fracturing techniques and the adoption of new This, combined with sharply limited domestic supplies, technologies have allowed China to start developing its poses a major challenge for the regions energy security own shale plays. Chinas current technically recoverable and economic growth. The region is heavily dependent on shale gas reserves are estimated to be at around 1,275 imports to meet its large and growing demand for oil, and is trillion cubic feet (Tcf), an amount that is larger than all the also particularly dependent on oil imports from the Middle shale gas reserves of both the US and Canada combined. East, which perhaps the most volatile and unpredictable The Ministry of Land and Resources announced at the region of the world. beginning of 2010 that China had plans to boost its shale gas production capacity by 530 billion cubic feet (Bcf) to There is a glimmer of hope for a change for the region 1.059 Tcf annually to ease gas shortages in the country. going ahead, with a growing volume of Russian oil heading Chinas natural gas supply is frequently in shortage, for Asia via a newly opened terminal at Kozmino on the
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Country Profile
Australia
Sector Overview Australia is one of the few countries in the OECD that is a significant net hydrocarbon exporter. The country exports approximately two thirds of its total energy production. The country has a considerable amount petroleum and natural gas reserves. Oil production in Australia peaked in 2000 and has steadily declined since then. Gas production in Australia, meanwhile, continues to grow, meeting both domestic and export demand via LNG sales. The country also has other energy sources, most notably coal. According to the EIA, as of June this year, Australia remained the worlds largest coal exporter. Oil Sector According to statistics released by the EIA earlier this year, Australia had 3.3 billion barrels of proven oil reserves as of January 1, 2010. Oil production totaled 589,000 bbl/d in 2009, of which 81% (476,000 bbl/d) was crude oil. The country expects a continued decline in oil liquids production is expected over the next decade. A couple of significant offshore projects, the Pyrenees and Van Gogh projects, came online in Western Australia in the first quarter of 2010. Both have since made a significant contribution to oil production in the country.
Pyrenees has a production capacity of 96,000 bbl/d and Australias prospects for expanding these energy exports in Van Gogh has a production capacity of 150,000 bbl/d. the future are promising as Asian demand for both coal and These projects are expected by the Australian Bureau of LNG is rising along with Australias proven natural gas Agricultural and Resource Economics (ABARE) to boost reserves. Having a stable political environment, substantial oil exports by 7% over 2010-2011, in line with higher ISIEmergingMarketsPDF in-jaipuriaimdemoproximity to Asian markets 2011-11-08 07:33:41 EST. DownloadPDF. hydrocarbon reserves, and from 110.234.16.130 on production, aided by the Kipper and Turum fields starting makes Australia an attractive place for foreign investment. up in the beginning of 2011 at 10,000 and 11,000 bbl/d, Although Australia exports crude oil and refined petroleum respectively. These additions to production are expected to products, it is a net importer of oil. Hydrocarbon exports offset the fall in output in other fields at least in the short accounted for 19% of total export revenues in 2009. term.
Table 2: Historical Australian Oil and Gas Production (mmbls, bcf)
2000 1800 1600 1400 1200 1000 800 600 300 250 200 150 100 50 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
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According to the EIA, Australia had 110 Tcf of proven natural gas reserves as of January 2010. Australia is the 12th largest holder of natural gas reserves in the world and The results were largely affected by adverse weather was the fourth largest exporter of LNG in the world in conditions that were unfavorable to the drilling process 2009. This was largely a result of increased exploration and and production of the company. The average rainfall at development of its unconventional as well as conventional Moomba over the quarter, combined with floods, affected gas sources. Natural gas production in Australia reached production in the companys interest in the Cooper Basin. 1.5 Tcf in 2009 and is on a rising trend, with significant new Santos production and drilling activities offshore of ISIEmergingMarketsPDF in-jaipuriaimdemo from 110.234.16.130 on 2011-11-08 07:33:41 EST. DownloadPDF. no less than projects coming on-stream in the short to medium term. Western Australia were also interrupted on five occasions as three cyclones and two tropical lows hit The majority of Australias natural gas production is the area. converted into LNG for export as well as for domestic consumption because the distance between Australia and Woodside Petroleum (ASX: WPL) its key natural gas export markets in Asia makes pipeline trade virtually impossible. Australian LNG exports have Woodside Petroleum reported financial and production increased by 48% and they are expected to continue declines for the first quarter of 2011. Like Santos, abnormal to increase over the short to medium term over the past levels of tropical cyclone activity in the northwest, where
Table 3: Australias LNG Exports for 2009
India, 5% S. Korea, 7%
Taiwan, 2%
China, 20%
Japan, 65%
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Australias gas output is expected to eclipse Malaysias by 2020 and Indonesias by 2025.The two nations are currently the largest gas producers in the Asia-Pacific and major LNG exporters. Crude oil production, on the other hand, is expected to decline by 28% over the 2010-2020 period. Australian coal production is currently near its peak and over the same period, is expected to increase by only an average of 0.6% annually.
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Country Profile
China
Sector Overview China is the worlds most populous country and the second largest oil consumer behind the US. The country has surpassed the US in terms of total energy consumed and rising oil demand and imports have made China a significant player in world oil markets. China went from being a net oil exporter in the early 1990s and became the worlds third largest net importer of oil in 2006. first time surpassing Japans imports. After years of rapid growth, the rate of consumption growth is expected to slow down in 2011. According to the China Petroleum and Chemical Industry Federation (CPCIF), China's crude oil consumption is projected to grow by 6.6% this year, down from a 13.1% growth in 2010.
According to statistics released by Chinas National Bureau Oil consumption growth in China accounted for about of Statistics, Chinas crude oil output climbed 8.8% yeara third of the worlds oil consumption growth in 2009. on-year to 17.76 million metric tons or 4.2 million barrels The use of natural gas in China has also grown rapidly per day in October 2010. The country produced 168.06 in recent years, with China looking to raise natural gas million metric tons of crude oil for the first ten months imports via pipeline and LNG. China is also the worlds of 2010, 6.1% more than in the same period of last year. largest producer and consumer of coal, supplying 74% of According to EIA data, China had proven oil reserves of Chinas total energy consumption requirements in 2008. 20.4 billion barrels as of January 2010, up over four billion The country still has large quantities of coal reserves yet barrels from the previous year. The CPCIF also forecast ISIEmergingMarketsPDF in-jaipuriaimdemo from 110.234.16.130 on 2011-11-08 07:33:41 EST. DownloadPDF. to be developed. that crude oil output would grow by approximately 4% in 2011. Oil is the second largest source of Chinas energy consumption and accounts for 15% of the countrys total Natural Gas Sector energy consumption. Despite making an effort to diversify its energy supplies, hydroelectric sources (7%), natural gas According to the EIA, China had 107 Tcf of proven natural (4%), nuclear power (1%), and other renewables (0.2%) gas reserves as of January 2010. The CPCIF estimates make up relatively small amounts of Chinas energy natural gas consumption will continue to grow at a fast consumption mix. The EIA forecasts coals share of the pace of about 15%, down slightly from the natural gas energy mix will fall to 62% by 2035 due to anticipated consumption rate growth of 15.9% in 2010. Natural gas increased efficiencies and Chinas goal to reduce its carbon is the fastest growing fuel in Chinas energy mix, but intensity or carbon emissions per unit of GDP by at least demand consistently outpaces supply in the country. 40% from 2005 levels by 2020. Natural gas still represents a small proportion (4%) of total energy consumption in China. However, with Oil Sector demand for the relatively clean fuel rising rapidly, China is increasingly resorting to LNG imports while building Oil consumption in China has continued to grow at a its gas infrastructure. Natural gas consumption in China is solid pace, driven by strong economic growth and making expected to rise to over 10% by 2020 in light of increasing the countrys ranking as one of the worlds top energy LNG imports as well as domestic discoveries. consumers. China consumed an estimated 8.3 million bbl/d of oil in 2009, up by nearly 500 million bbl/d from year Chinas potential wealth of unconventional gas resources earlier levels. The EIA forecasts Chinas oil consumption such as CBM and shale gas has spurred the Government will continue to grow during 2011, with oil demand to seek foreign investors with technical expertise to exploit reaching almost 9.6 million bbl/d in 2011. these reserves. China is estimated to have over 1,000 Tcf of geological CBM reserves, with 350 Tcf recoverable The EIA also estimates Chinas net oil imports reached reserves and only six Tcf so far of proven reserves by 2010. 4.3 million bbl/d in 2009, making it the second largest Despite facing several economic and logistical challenges net oil importer in the world behind the US and for the to producing CBM, the Government support and foreign
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Its net profit rose 24.7%, from RMB57.857 billion (US$8.95 billion) in 2009 to RMB72.125 billion (US$11.16 billion). Sinopec discovered 270 million tons of oil and 35.8 (billion ISIEmergingMarketsPDF in-jaipuriaimdemo from 110.234.16.130 on 2011-11-08 07:33:41 EST. DownloadPDF. cubic meters) bcm of natural gas in proven reserves in 2010. It also produced a total of 42.56 million tons of crude oil and 12.5 bcm of natural gas during the year, both of which were the highest levels ever produced by the company. Sinopec also improved its crude oil production capacity to 5.92 million tones for the year and upped its natural gas production capacity to 7.1 bcm. PetroChina (HKSE: 857) PetroChina continued to perform strongly over the first quarter of this year. The company reported net profit of RMB37 billion (US$5.72 billion) and basic EPS of RMB0.20 (US$0.03). This represented an increase of 13.9% compared with the first quarter of 2010. The company produced 219.1 million barrels of crude oil in the first quarter of 2011, an increase of 4.3% as compared with the first quarter of 2010, while its production of marketable natural gas rose by 7.1% to 639.3 billion cubic feet (bcf). For the quarter, PetroChina realized 325.7 million barrels of oil and natural gas equivalent output, representing an increase of 5.2%. Of the 325.7 million barrels, 26.6 million barrels were overseas oil and natural gas equivalent output. This was an increase of 5.4% as compared with the first quarter of 2010. Its exploration and production operations operating profit rose 38.8% to RMB45.865 billion (US$752.62 million) for the period.
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Country Profile
India
Sector Overview produced roughly 880 thousand bbl/d of total oil in 2009 from over 3,600 operating oil wells and saw a substantial rise in crude oil production in the first half 2010, buoyed by the production increase in the private sector. Based on Ministry of Petroleum and Natural Gas data, crude oil production picked up to 3.186 MMT to April 2010 from 2.85 MMT reported in April 2009, an increase of 5.5%. India is increasingly dependent on imports to meet its petroleum demand, thanks to the combination of rising India had an estimated 1.075 trillion cu m of proved natural oil consumption and relatively flat production. India was gas reserves as of January 1st, 2010, according to statistics the sixth largest net importer of oil in the world in 2009, released by the Ministry of Petroleum and Natural Gas. importing nearly 2.1 million bbl/d, or about 70%, of its oil Imports satisfy much of Indias growing energy needs needs. The EIA expects India to become the fourth largest as the country does not have sufficient domestic energy net importer of oil in the world by 2025, behind the US, resources. In addition to pursuing domestic oil and gas China, and Japan. The country gets approximately 70% of exploration and production projects, India is also stepping its crude oil imports come from the Middle East, primarily ISIEmergingMarketsPDF in-jaipuriaimdemo from 110.234.16.130 on 2011-11-08 07:33:41 EST. DownloadPDF. up its natural gas imports, particularly through imports of from Saudi Arabia, followed by Iran. India is expected to LNG. increase its crude oil imports from Middle East in the next few years to fuel its massive upcoming refining capacities. Oil Sector Natural Gas Sector According to the BP 2010 Statistical Review of World Energy, Indias oil reserves climbed 55% in 2010 from According to the EIA, India had approximately 38 Tcf of 2009 to nine billion barrels. This was the second largest proven natural gas reserves as of January 2010. The EIA amount of reserves in the region after China. India estimates that India produced approximately 1.4 Tcf of
Table 4: Crude Oil production (MMT) Performance
The Indian oil and gas industry has been instrumental in fueling the rapid growth of the countrys economy over the past decade. India was the fourth largest oil consumer in the world, after the US, China and Japan in 2009. India is a significant consumer of energy resources due to its high economic growth rates and over 15% of the worlds population. According to the BP 2010 Statistical Review of World Energy, Indias oil reserves climbed 55% in 2010 from 2009 to 9 billion barrels.
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According to the IEA, Indias fuel demand is expected to grow by 3.2% in 2011, higher than the revised 2% rise expected in 2010. The IEA forecasts Indias fuel demand will grow by 107,000 bpd to 3.43 million bpd in 2011. The IEA believes that as the Indian economy continues to grow over the longer term, the countrys fuel demand will become more sensitive to global crude oil prices. This will no doubt lead the country to explore energy alternatives for oil and gas and set the stage efficiency gains and more rational energy use. As a step towards that direction, India is currently seeking investments of up to US$4.5 trillion in ISIEmergingMarketsPDF in-jaipuriaimdemo from 110.234.16.130 on 2011-11-08 07:33:41 EST. DownloadPDF. Leading Companies its energy sector in an effort to cut carbon emissions as part of a global initiative to reduce global warming by 2050. Oil and Natural Gas Corporation (ONGC) (BSE: 500312) Indias per capita emission is low compared to the US and China, although it is projected to increase by 10% by 2050. Indians state-owned Oil and Natural Gas Corporation India would have to shift from coal-based economy to (ONGC) reported consolidated gross sales of other sources like wind, solar, hydro and nuclear power if Rs.122,764.04 crore (US$27.622 billion) for the year it is to meet the requirements of the global initiative. ended March 31, 2011, compared with consolidated gross sales of Rs.106,174.73 crore (US$23.89 billion) reported for the 12 months ended March 31, 2010. Its net profit also rose from Rs.19,403.53 crore (US$4.37 billion) to Rs.22,455.93 crore (US$5.05 billion) over the period. ONGC made two significant discoveries over the year. The first was the exploratory well Vadtal#3 in the companys NELP Block CB-ONN-2004/2, which is proved to have the production capacity of 22.5 cubic meters of oil per day and gas production capacity of 3,758 cubic meters per day. Another was the companys successful development of the North Kadi #461 well in its Western Onshore Basin, which churned out oil at a rate of 17 cubic meters daily. Reliance Industries (BSE: 500325) Reliance Industries is Indias largest conglomerate by market capitalization. The company reported stellar financial results for the 12 months ended March 31, 2011. The companys total turnover was up 29% from the comparable 2010 period to US$58 billion. Reliances exports also went up by 33% to US$32.9 billion over the
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Country Profile
Indonesia
Sector Overview Indonesia ranks 20th among the worlds oil producers and accounts for approximately 1.2% of worlds total production, according to the BPs Statistical Review of World Energy 2010, making it a significant player in the international oil and gas industry. Indonesia became a net oil importer in late 2004 following a number of years of declining oil production and increases in consumption. This, along with the downward spiral of oil prices in 2008 and 2009, led the Government to scale back its domestic fuel subsidy in 2008 and to temporarily withdraw from OPEC. has attempted to shift towards natural gas, especially for power generation. Natural Gas Sector According to the BP Statistical Review of World Energy 2010, Indonesia ranked seventh in world gas production. More than 70% of the countrys natural gas reserves are located offshore, with the largest reserves found off Natuna Island, East Kalimantan, South Sumatra, and West Papua, according to the Indonesian Government. Increasingly competitive LNG markets, new pipeline exports, as well as growing domestic demand are transforming Indonesias gas industry.
According to the countrys Ministry of Energy and Mineral Resources, Indonesian oil and gas development stalled in 2010, with state revenue from the sector falling US$6.36 billion, down 25% on 2009, and direct investment falling Although Indonesias natural gas production has picked ISIEmergingMarketsPDF in-jaipuriaimdemo from 110.234.16.130 on 2011-11-08 07:33:41 EST. DownloadPDF. to US$12.18 billion from a targeted US$13.77 billion up in recent years, the country is facing a declining global target. The key reason behind the decline was the failure LNG market share to emerging LNLG producers in by the Government to find new investors for most of the 40 Qatar, Australia, Algeria and Malaysia. The Indonesian oil and gas blocks offered in 2008. Government has outlined plans to start development of shale gas in 2011. Indonesia has a substantial amount of Oil Sector shale gas reserves. According to data from the Bandung Institute of Technology, Indonesia has potential shaleOil production in Indonesia has slumped in recent years, based gas reserves of up to 1,000 Tcf. with upstream oil and gas regulator BPMigas lowering its estimate for national oil production to 917,000 barrels per Leading Companies day for 2010, down 5% from initial projections, citing the prospect of shutdowns and regulatory hurdles. The natural PT Medco Energi Internasional Terbuka (JSX: MEDC) decline in output due to the drying up of oil fields is not the only threat to oil production in the country. The industrys PT Medco Energi is Indonesias largest private oil output was also affected by unplanned shutdowns, land company, with various exploration and production blocks acquisition difficulties and restrictions from environmental in Indonesia, Cambodia, Oman, Yemen, Libya, Tunisia and laws over the last year. the US. The company performed well financially in 2010, reporting total revenues of US$929.9 million. This was an The Indonesian Environment Ministry looked to enforce increase of 39.2% from the total revenues of 667.8 million a new environment law that allows the Government to reported for 2009. The companys net income also surged cancel the operating permit of any company found to be 331.9% for the period, from US$19.2 million to US$83.1 breaching the terms of its environmental impact assessment. million. This came despite slower LPG sales for the year, As a result, the law has become a stumbling block in which fell from an average of 45.2 MT per day to 42 MT Indonesias efforts to attract fresh investment to develop per day. The strong financial performance was aided by new fields. Many of its remaining unexploited fields are the higher average oil prices, which rose from US$63.98 in remote areas or under deep water, requiring high levels per barrel to US$81.47 per barrel for the year, an increase of investment and specialized technology. Indonesia has of 27.3%. PT Medco Energis proved reserves declined, proven oil reserves of 4.05 billion barrels as of January 1, however, for the year, falling from 235.5 MMBOE in 2009 2010. As Indonesias oil production has fallen, the country to 201.4 MMBOE in 2010.
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Once a major oil exporter, growing domestic needs, a slump in production and the inability to tap into new fields fast enough has turned Indonesia into a net importer of crude oil in recent years. In a bid to stem a steady decline in production that has intensified the need for imports, Indonesia has offered new exploration rights and financial incentives for oil and gas investors. Although encouraging, the incentives are said to be insufficient and, looking ahead, the country will need to look to other sources of energy. Indonesia is looking to use more renewables and is targeting by 2025 to have an energy mix of 30% from gas, 20% from oil-based fuels, 30% from coal, and the rest from renewables such as geothermal and solar power. Indonesia has hundreds of active and extinct volcanoes, giving it the potential to produce an estimated 27,000 MW of electricity from geothermal sources. However, that potential remains largely untapped because of the high costs of producing geothermal energy.
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Country Profile
Japan
Sector Overview Japan is the third largest oil consumer in the world behind the US and China and the second largest net importer of crude oil. It is also the worlds largest importer of LNG and coal. Japanese oil demand has been declining for years, with the countrys falling population focusing on conservation and greener fuels. The Ministry of Economy, Trade and Industry (METI) forecast that total oil demand would decline by an average of 3.5% a year until the fiscal year ending in March 2015. In light of the countrys lack of sufficient domestic hydrocarbon resources, Japanese energy companies continued to actively pursue participation in upstream oil and natural gas projects overseas over the last six months, providing engineering, construction, financial, and project management services for energy projects globally. Natural Gas Sector Japan had 738 Bcf of proven natural gas reserves as of January 2010, according to the EIA. Approximately 50% of Japans domestic gas supply is produced in its largest natural gas field in the Minami-Nagaoka on the western coast of Honshu, where 125 Bcf of natural gas was produced in 2009. Japan relies on imports to meet its natural gas needs due to its limited natural gas resources. Japan is the worlds largest importer of LNG and, in the first half 2010, where its LNG imports reached a record because of the huge increase in the purchase of the fuel. According to data from Japans Ministry of Finance, the purchase of the cleaner burning fuel rose to 34.68 million metric tons in the six months through to June 2010 from 31.65 million tons the year earlier. Imports fell about 8.7% in the first half of 2009 from the previous year because of the global recession.
The overcrowded refining industry is expected to see a change after new regulations for 110.234.16.130 on ISIEmergingMarketsPDF in-jaipuriaimdemo fromrefiners to boost their 2011-11-08 07:33:41 EST. DownloadPDF. ability to process heavy oil into lighter oil products by Leading Companies March 2014 by either building new residue cracking units or by cutting down their capacities. The countrys shrinking JX Holdings (TYO: 5020) domestic market offers refiners little incentive to invest in costly new units to meet the trade ministrys directive. The JX Holdings is Japans largest refiner. The company reported Japanese Government looked to narrow the gap between total net sales of 9.6 trillion (US$119.04 billion) for the Japans heavy oil cracking ratio of about 10% of refining 12 months ended March 31, 2011. Its operating income capacity, with ratios of around 19% in Europe, the US and reached 334.402 billion (US$4.15 billion) for the financial some Asian countries. year, with total net income for the year of 311.736 billion (US$3.96 billion). Its basic EPS for the period was 125.35 Oil Sector (US$1.55). In January this year, the company announced that its affiliate Nippon Oil Exploration (NOE) had made a Japan has very limited domestic oil reserves, amounting gas-condensate discovery in Block16-2 offshore Vietnam. to 44 million barrels as of January 2010, according to the Vietnam is one of NOEs key E&P areas and, apart from EIA. Japans domestic oil reserves are concentrated Block 16-2, NOEX also has interests in Block 5-1b/c primarily along the countrys western coastline. The offshore Vietnam, which is currently in the exploration country relies heavily on imports, especially those from phase. The JX Holdings affiliate also has an interest in the Middle East, to meet local demand, making Japan the Block 15-2, home to the Rang Dong and Phuong Dong oil worlds third largest net importer of oil. Japan maintains fields, which are currently in the production phase. government-controlled oil stocks to insure against a supply interruption and the country has total strategic oil stocks Idemitsu Kosan (TYO: 5019) of 590 million barrels at the end of April 2010. Japan is the third largest petroleum consumer in the world, behind Idemitsu Kosan is involved primarily in petroleum the US and China, consuming 4.4 million bbl/d of oil in products, petrochemical products, oil exploration and 2009. However, oil demand in Japan has been declining production, coal, and other businesses. The company since 2005. The countrys industrial sector is also shifting reported net sales of 3.659 trillion (US$45.37 billion) for to natural gas use. Fuel substitution is occurring in the the year ended March 31, 2011 17.6% higher than the residential sector as high prices have cut demand for net sales of 3.112 trillion (US$38.59 billion) reported for kerosene in home heating. the comparable prior-year period.
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Country Profile
South Korea
Sector Overview South Korea is one of the worlds largest energy consumers. The country has no domestic reserves, making it one of the worlds top energy importers. The country is the fifth largest importer of crude oil and the second largest importer of both coal and LNG in the world. LNG accounts for about 15% and coal 25%, while oil products meet 45% of the countrys energy needs. Oil accounted for the largest portion of South Koreas primary energy consumption in 2009. However, its share has been declining since the mid1990s, when it reached a peak of 66%. million bbl/d in 2009. The country is wholly reliant on imports to meet its demand, as it has no proven domestic crude oil reserves. In May 2010, the country increased its crude imports by 21.5% as refiners expanded fuel production to meet international orders. According to the Ministry of Knowledge Economy, during the same period, its imports rose to 75.3 million barrels from 62.0 million the year earlier.
The majority of South Koreas crude oil imports come from the Middle East, with the Persian Gulf accounting Having no international oil or natural gas pipelines, South for nearly 75% of its 2009 total oil imports. The industrial Korea relies exclusively on tanker shipments of LNG and sector accounts for more than half of South Koreas crude oil. South Korea is home to some of the largest and oil end-use consumption, largely due to its significant most advanced oil refineries in the world and these tanker petrochemical industry. South Korea had 2.7 million bbl/d shipments of LNG and crude oil are refined domestically. of crude oil refining capacity at six facilities as of January State-owned oil, gas, and electricity companies aggressively 1, 2010, according to the EIA, and has the ISIEmergingMarketsPDF in-jaipuriaimdemo from 110.234.16.130 on 2011-11-08 07:33:41 EST. DownloadPDF. sixth largest sought overseas exploration and production opportunities refining capacity in the world. over the last six months in an effort to improve the nations energy security. Natural Gas Sector Oil Sector South Korea, Asias fourth largest buyer of oil and the tenth largest consumer of oil in the world, consumed over two
Table 6: South Korean Oil Imports by Source, 2009
South Korea, the worlds second largest buyer of LNG after Japan, increased imports of the fuel in the first half of 2010 to meet rising demand from power producers and to build winter stockpiles. South Korea saw its natural gas demand
Qatar, 6%
Iran, 8%
Kuwait, 13%
UAE, 14%
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South Koreas LNG demand is set to grow in 2010 and 2011, led by strong demand from the power sector. The KEEI estimates South Koreas LNG consumption grew ISIEmergingMarketsPDF in-jaipuriaimdemo from 110.234.16.130 on 2011-11-08 07:33:41 EST. DownloadPDF. South Koreas leading energy provider, SK Energy, reported approximately 20% to 29.8 million mt in 2010, with further that its third quarter revenue and operating profit rose 11% growth of 10.3% to 32.9 million mt expected in 2011 as the and 296% year-on-year to stand at KRW10.167 trillion country attempts to meet stronger power demand attributed (US$1.017 billion) and KRW325 billion (US$32.5 million) to the strong consumption by power utilities that account for respectively. Its net income rose 36% to KRW343.8 billion 30% of total countrys total LNG demand. South Korean oil (US$34.38 million) from the same period in 2009. SK and companies have also upgraded many of their refining Energys quarterly operating profit was up significantly, facilities, increased their upstream investment, and begun by 296% year-on-year, to KRW325 billion (US$32.5 investing in alternative energy projects. million), mainly due to the turnaround of its petroleum business and a favorable performance from the exploration and production business, in spite of a weak performance by its petrochemical business. SK Energys overall revenue growth for the quarter compared to the same period of year 2009 was largely driven by the higher product prices from rise in crude oil prices and higher operation rates. SK Energy (KSE: 96770) S-Oil Corp (KSE: 10950) S-Oil, South Koreas third largest oil refiner, reported much improved financial results of 2010. The company reported revenues of KRW20.53 trillion (US$2.053 billion) for the year, compared with the KRW17.424 trillion (US$1.74 billion) it reported over 2009. Its operating income rose from KRW349 billion (US$34.9 million) to KRW813 billion (US$81.3 million) for the period, while its net income was up from KRW273 billion (US$27.3 million) to KRW705 billion (US$70.5 million). S-Oil completed its Onsan Refinery Expansion Project towards the end of May this year. A total of KRW1.3 trillion (US$130 million)
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Currency Unit Australian Dollar (A$) Chinese Yuan (RMB) Hong Kong Dollar (HK$) Indian Rupee (Rs) Indonesian Rupiah1 (Rp) Japanese Yen () Malaysian Ringgit (RM) South Korean Won (KRW)
Units per US$ 0.9322 6.4645 7.7818 44.4100 8,567.0000 80.6400 2.9915 1,056.9000
US$ per Unit 1.0727 0.1547 0.1285 0.0225 0.0001 0.0124 0.3343 0.0001
Sources: Federal Reserve Bank of New York, Bank Indonesia
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Key References
Global
BP Statistical Review of World Energy A comprehensive guide to energy market statistics. http://www.bp.com/centers/energy Energy Information Administration (EIA) A statistical agency of the US Department of Energy. http://www.eia.doe.gov International Energy Agency (IEA) An intergovernmental body committed to advancing security of energy supply, economic growth and environmental sustainability through energy policy cooperation. http://www.iea.org Organization of Petroleum Exporting Countries (OPEC) Comprised of 11 oil developing countries, OPECs primary mission is to stabilize oil prices and help producers achieve a reasonable rate of return on their investments. http://www.opec.org
Australia
ISIEmergingMarketsPDF in-jaipuriaimdemo from 110.234.16.130 on 2011-11-08 07:33:41 EST. DownloadPDF. Australian Bureau of Agricultural and Resource Economics (ABARE)
A government economic research agency that provides economic analysis and forecasts to enhance the competitiveness of the Australian agricultural, mineral, energy and forestry industries. http://www.abare.gov.au Australian Bureau of Statistics (ABS) Australias national statistical agency. http://www.abs.gov.au Australian Institute of Petroleum (AIP) A representative of Australias petroleum industry. http://www.aip.com.au Australian Petroleum Production and Exploration Association (APPEA) A representative body of the oil and gas exploration and production industry in Australia. http://www.appea.com.au Australian Trade Commission Australias trade and investment development agency. http://austrade.gov.au
China
General Administration of Customs A full ministerial-level government agency that directly reports to the State Council of China and manages all the customs regions nationwide. http://www.customs.gov.cn
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National Development and Reform Commission (NDRC) A macroeconomic regulatory department that develops national economic strategies, long-term economic plans as well as annual economic plans. http://www.ndrc.gov.cn
India
India Brand Equity Foundation (IBEF) A public-private partnership between the Ministry of Commerce and Industry, the Government of India, and the Confederation of Indian Industry whose primary objective is to build positive economic perceptions of India globally. http://www.ibef.org Ministry of Petroleum and Natural Gas The ministry that develops and coordinates policy, law and projects related to petroleum in India. http://www.petroleum.nic.in
Indonesia
Badan Pelaksana Minyak dan Gas Bumi (BP Migas) A regulatory body responsible for all upstream operations in Indonesia. http://www.bpmigas.com Indonesian Petroleum Association (IPA) A representative of Indonesias petroleum industry. http://www.ipa.or.id Ministry of Energy and Mineral Resources (MEMR) The ministry responsible for developing Indonesias substantial energy and mineral resources. ISIEmergingMarketsPDF in-jaipuriaimdemo from 110.234.16.130 on 2011-11-08 07:33:41 EST. DownloadPDF. http://www.setjen.dpe.go.id
Japan
Ministry of Economy, Trade and Industry (METI) METI is responsible for a wide range of industrial fields, including basic industries, machinery and information industries, and consumer goods industries. It is also in charge of affairs related to foreign trade, high technologies, environmental protection and industrial location, energy and other areas. http://www.meti.go.jp/english Petroleum Association of Japan (PAJ) PAJ is an association of refiners and primary distributors in Japan. Its main activities include collecting the opinions of its member companies and compiling the proposals to be incorporated into the Governments petroleum policy. http://www.paj.gr.jp/english/index.html
South Korea
Korea Energy Economic Institute (KEEI) The KEEI contributes to national energy policy-making by collecting, analyzing, and disseminating energy information. http://www.keei.re.kr/keei/main_eng.html Korea Petroleum Association (KOPA) KOPA aims to attain a sound and systematic development of the petroleum industry through the promotion of mutual understanding among member firms. http://eng.oil.or.kr Ministry of Commerce, Industry and Energy (MOCIE) MOCIE plays a pivotal role in South Korean economic policy regarding industrial development, international trade and energy resource management. http://www.mocie.go.kr/eng
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Company China Petroleum & Chemical Corp PetroChina Co Ltd Indian Oil Corp Ltd CPC Corporation Taiwan CNOOC Ltd Hindustan Petroleum Corp Ltd Oil and Natural Gas Corp Ltd Caltex Australia Ltd Woodside Petroleum Ltd Petronas Gas Bhd Company China Petroleum & Chemical Corp PetroChina Co Ltd Indian Oil Corp Ltd CPC Corporation Taiwan CNOOC Ltd Hindustan Petroleum Corp Ltd Oil and Natural Gas Corp Ltd Caltex Australia Ltd Woodside Petroleum Ltd Petronas Gas Bhd Company China Petroleum & Chemical Corp PetroChina Co Ltd Indian Oil Corp Ltd CPC Corporation Taiwan CNOOC Ltd Hindustan Petroleum Corp Ltd Oil and Natural Gas Corp Ltd Caltex Australia Ltd Woodside Petroleum Ltd Petronas Gas Bhd Company
Country China China India China HKG India India Australia Australia Malaysia Total Revenue - FYE - 1 $284,719,645,718 $222,315,524,766 $58,567,323,098 $29,218,655,848 $27,770,660,633 $25,235,898,327 $23,838,679,602 $19,254,181,884 $4,254,000,000 $1,046,873,548 Net Income - FYE - 1 $10,892,651,350 $22,876,388,334 $2,449,785,638 -$3,678,692,217 $8,254,376,553 $328,566,817 $4,394,011,150 $323,401,634 $1,577,000,000 $288,333,789
Ticker 386 857 530965 1328 883 500104 500312 CTX WPL 6033 Total Revenue - FYE - 2 $192,723,343,111 $149,278,703,829 $56,638,927,595 $27,195,760,364 $15,435,706,054 $25,548,372,846 $21,554,651,820 $16,173,842,382 $3,949,096,876 $970,420,129 Net Income - FYE - 2 $9,045,108,286 $15,606,180,276 $470,921,444 $357,616,218 $4,318,332,558 $148,857,281 $3,962,637,545 $283,083,064 $1,635,039,426 $254,544,800
Exchange HKSE HKSE BSE TWN HKSE BSE BSE ASX ASX KLSE Total Revenue - FYE - 3 $219,117,456,691 $157,192,639,469 $58,626,987,172 $23,845,943,462 $18,532,029,618 $27,800,119,567 $25,266,746,295 $16,468,405,373 $4,147,532,493 $999,152,213 Net Income - FYE - 3 $3,657,360,508 $18,583,131,398 $2,129,919,043 -$428,256,476 $6,503,297,865 $339,793,249 $5,037,022,045 $22,871,743 $1,231,094,072 $341,664,759
Primary SIC 1382 1311 1311 1311 1311 2911 1311 2911 1311 4925 EBITDA - FYE - 1 N/A $45,484,253,090 $4,549,886,999 -$3,705,541,733 $15,197,299,122 $817,359,935 $6,780,342,398 $715,972,274 $3,013,000,000 $371,442,140 EPS - FYE - 1 $0.82 $0.12 $0.94 -$0.32 $0.19 $0.97 $2.02 $1.19 $2.04 $0.15 1311 4923 2911 4613 1321 5171 2911 5172 2911 4923 EBITDA - FYE - 2 N/A $34,405,389,226 $2,123,755,782 $952,936,961 $8,268,908,382 $408,302,006 $6,113,683,436 $622,790,834 $3,467,938,409 $327,877,664 EPS - FYE - 2 $0.71 $0.08 $0.21 $0.06 $0.10 $0.44 $1.82 $1.05 $2.33 $0.16 1382 4925 2911 5172 2911 1381 5172
Other SICs 5169 5171 2992 1382 6231 5169 2865 2899 5171 5172 6719 2869 2911 5172
4923
4922
EBITDA - FYE - 3 $11,624,239,493 $37,114,236,711 $4,325,823,888 -$57,076,550 $9,823,824,205 $593,124,922 $7,725,515,257 $198,197,185 $2,915,059,816 $425,984,242 EPS - FYE - 3 $0.05 $0.09 $0.83 -$0.08 $0.15 $1.00 $2.31 $0.09 $1.79 $0.17
ISIEmergingMarketsPDF in-jaipuriaimdemo- from 110.234.16.130 Current Assets on 2011-11-08 07:33:41 EST. DownloadPDF. Total Current Assets Total Current Assets Total Long-Term Debt Long-Term Debt Long-Term Debt FYE - 1 FYE - 2 FYE - 3 FYE - 1 FYE - 2 FYE - 3 China Petroleum & Chemical Corp PetroChina Co Ltd Indian Oil Corp Ltd CPC Corporation Taiwan CNOOC Ltd Hindustan Petroleum Corp Ltd Oil and Natural Gas Corp Ltd Caltex Australia Ltd Woodside Petroleum Ltd Petronas Gas Bhd Company China Petroleum & Chemical Corp PetroChina Co Ltd Indian Oil Corp Ltd CPC Corporation Taiwan CNOOC Ltd Hindustan Petroleum Corp Ltd Oil and Natural Gas Corp Ltd Caltex Australia Ltd Woodside Petroleum Ltd Petronas Gas Bhd $39,478,882,565 $43,448,025,146 $11,089,719,779 $5,425,286,006 $15,269,861,626 $3,731,954,637 $6,926,114,787 $2,312,248,763 $1,579,000,000 $842,298,532 $29,478,617,161 $43,114,088,611 $6,950,199,360 $6,236,734,263 $10,379,534,752 $2,568,975,306 $5,992,614,144 $1,839,601,026 $2,435,471,269 $680,836,505 $24,239,465,994 $32,966,365,479 $11,042,560,717 $5,424,311,909 $9,345,684,698 $3,885,019,305 $8,485,016,565 $1,423,756,159 $582,460,521 $662,478,556 Profit Margin (Most Recent Yr) N/A 10.29 4.18 -12.59 29.72 1.30 18.43 1.68 37.07 27.54 $26,408,611,195 $19,927,180,225 $11,019,248,806 $2,305,486,089 $1,777,421,128 $5,420,551,758 $1,395,860,490 $437,424,871 $4,512,000,000 $134,155,400 Date FYE - 1 31-Dec-2010 31-Dec-2010 31-Mar-2010 31-Dec-2008 31-Dec-2010 31-Mar-2010 31-Mar-2010 31-Dec-2010 31-Dec-2010 31-Mar-2010 $21,357,351,865 $12,517,721,022 $9,306,404,596 $1,079,164,418 $2,719,692,562 $4,729,410,771 $1,289,249,270 $387,600,576 $4,972,570,401 $123,325,437 Date FYE - 2 31-Dec-2009 31-Dec-2009 31-Mar-2009 31-Dec-2007 31-Dec-2009 31-Mar-2009 31-Mar-2009 31-Dec-2009 31-Dec-2009 31-Mar-2009 $18,633,252,302 $4,814,537,883 $9,670,178,104 $831,798,649 $2,031,802,694 $4,309,348,611 $235,262,922 $496,163,998 $2,038,267,173 $141,955,359 Date FYE - 3 31-Dec-2008 31-Dec-2008 31-Mar-2008 31-Dec-2006 31-Dec-2008 31-Mar-2008 31-Mar-2008 31-Dec-2008 31-Dec-2008 31-Mar-2008
Return on Equity (Most Recent Yr) 18.07 16.06 20.96 -56.63 25.22 12.15 19.45 10.35 14.22 11.74
Definitions
- Total Revenue = All revenues, including net sales, operating revenues, interest income, royalties, excise taxes etc. - EBITDA = Earnings before interest, taxes, depreciation and amortization. - EPS Cont Operations = Earnings Per Share as reported by company excluding extraordinary items. - Total Current Assets = All assets expected to be realized within the next year, includes cash, accounts receivable and inventories. - Long Term Debt = Debt due to be paid at a date more than one year in the future. - Return on Equity = The companys earnings divided by its equity (book value). - Profit Margin = The companys net income as a percent of revenues.
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EXPANDED LONG-TERM DEBT MERGENT INVESTMENT GUIDES ISIEmergingMarketsPDF in-jaipuriaimdemo from 110.234.16.130 on 2011-11-08 07:33:41 EST. DownloadPDF. DIVIDEND RECORD AND ANNUAL DIVIDEND RECORD UNIT INVESTMENT TRUSTS SERVICE BOND RECORD & ANNUAL BOND RECORD INDUSTRY REVIEW
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Mergent, Inc., a leading provider of global business and financial information on publicly traded companies, operates sales offices in key North American cities as well as London, Tokyo and Melbourne. Mergents
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