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The latest Singapore Oil & Gas Report from BMI forecasts that the country will account for 3.81% of Asia Pacific regional oil demand by 2014, while not contributing to supply. Regional oil use of 21.42mn b/d in 2001 is set to reach 27.15mn barrels per day (b/d) in 2010, then to rise to around 30.21mn b/d by 2014. Regional oil production was around 8.35mn b/d in 2001 and is forecast to average an estimated 8.82mn b/d in 2010. It is set to increase only slightly to 8.89mn b/d by 2014. Oil imports are growing rapidly, because demand growth is outstripping the pace of supply expansion. In 2001 the region was importing an average of 13.07mn b/d. This total will rise to a projected 18.32mn b/d in 2010 and is forecast to reach 21.32mn b/d by 2014. The principal importers will be China, Japan, India and South Korea. By 2014 the only net exporter will be Malaysia.
In terms of natural gas, in 2010 the region will consume an estimated 496bn cubic metres (bcm) and demand of 625bcm is targeted for 2014. Production of a forecast 415bcm in 2010 should reach 522bcm in 2014, which implies net imports rising from around 81bcm to 104bcm. This is thanks to many Asian gas producers being major exporters. Singapore’s estimated share of gas consumption in 2010 is 2.02%, and market share is expected to rise to 2.03% by 2014. There is no gas production in Singapore. We continue to predict a 2010 OPEC basket oil price level of US$83.00/bbl. This equates to Brent at just under US$85.00, WTI at almost US$87.60, Urals averaging US$83.60 and Dubai at US$83.55. The 2011 OPEC assumption is US$85.00/bbl, rising to an average of around US$90.00 in 2012 and beyond. For the whole of 2010, we are currently assuming an average global jet fuel price of US$95.50/bbl, compared with around US$70.66 in 2009. The 2010 average global gasoil price, calculated by BMI, is US$92.67/bbl, against US$68.96 in 2009. The 2010 average naphtha price is estimated at US$83.09 – compared with US$59.30/bbl in 2009. For global unleaded gasoline, BMI is now forecasting an average of US$95.66/bbl in 2010, up from around US$70.17/bbl in 2009.
Singapore’s real GDP growth in 2010 is forecast by BMI to be 7.0%, followed by an average annual increase of 5.0% in 2010-2014. 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 2014, implying demand of 1.15mn 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 12.7bcm by 2014.
Between 2010 and 2019, we are forecasting an increase in Singapore’s domestic oil consumption from 966,000b/d to 1.33mn b/d (+30.48%), 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 18.2bcm by 2019, driven by power generation requirements. LNG imports are expected to commence in 2013 and reach 5.0bcm per annum 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 seventh place above Japan 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 equal fourth with 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 Australia, but three clear of South Korea, and seems likely to retain its current position.
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Browse All Business Monitor International Market Research Reports
The latest Singapore Oil & Gas Report from BMI forecasts that the country will account for 3.81% of Asia Pacific regional oil demand by 2014, while not contributing to supply. Regional oil use of 21.42mn b/d in 2001 is set to reach 27.15mn barrels per day (b/d) in 2010, then to rise to around 30.21mn b/d by 2014. Regional oil production was around 8.35mn b/d in 2001 and is forecast to average an estimated 8.82mn b/d in 2010. It is set to increase only slightly to 8.89mn b/d by 2014. Oil imports are growing rapidly, because demand growth is outstripping the pace of supply expansion. In 2001 the region was importing an average of 13.07mn b/d. This total will rise to a projected 18.32mn b/d in 2010 and is forecast to reach 21.32mn b/d by 2014. The principal importers will be China, Japan, India and South Korea. By 2014 the only net exporter will be Malaysia.
In terms of natural gas, in 2010 the region will consume an estimated 496bn cubic metres (bcm) and demand of 625bcm is targeted for 2014. Production of a forecast 415bcm in 2010 should reach 522bcm in 2014, which implies net imports rising from around 81bcm to 104bcm. This is thanks to many Asian gas producers being major exporters. Singapore’s estimated share of gas consumption in 2010 is 2.02%, and market share is expected to rise to 2.03% by 2014. There is no gas production in Singapore. We continue to predict a 2010 OPEC basket oil price level of US$83.00/bbl. This equates to Brent at just under US$85.00, WTI at almost US$87.60, Urals averaging US$83.60 and Dubai at US$83.55. The 2011 OPEC assumption is US$85.00/bbl, rising to an average of around US$90.00 in 2012 and beyond. For the whole of 2010, we are currently assuming an average global jet fuel price of US$95.50/bbl, compared with around US$70.66 in 2009. The 2010 average global gasoil price, calculated by BMI, is US$92.67/bbl, against US$68.96 in 2009. The 2010 average naphtha price is estimated at US$83.09 – compared with US$59.30/bbl in 2009. For global unleaded gasoline, BMI is now forecasting an average of US$95.66/bbl in 2010, up from around US$70.17/bbl in 2009.
Singapore’s real GDP growth in 2010 is forecast by BMI to be 7.0%, followed by an average annual increase of 5.0% in 2010-2014. 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 2014, implying demand of 1.15mn 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 12.7bcm by 2014.
Between 2010 and 2019, we are forecasting an increase in Singapore’s domestic oil consumption from 966,000b/d to 1.33mn b/d (+30.48%), 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 18.2bcm by 2019, driven by power generation requirements. LNG imports are expected to commence in 2013 and reach 5.0bcm per annum 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 seventh place above Japan 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 equal fourth with 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 Australia, but three clear of South Korea, and seems likely to retain its current position.
About Us
ReportsandReports comprises an online library of 10,000 reports, in-depth market research studies of over 5000 micro markets, and 25 industry specific websites. Our client list boasts almost all well-known publishers of such reports across the globe. We as a third-party reseller of market research reports employ a number of marketing tools, such as press releases, email-marketing and effective search-engine optimization techniques to drive revenues for our clients. We also provide 24/7 online and offline support service to our customers.
Contact:
Ms. Sunita
7557 Rambler road,
Suite 727, Dallas, TX 75231
Tel: +1-888-989-8004
http://reportsandreports.blogspot.com/
http://reportsandreports.proarticles.co.uk/
http://reportsnreports.wordpress.com/
