DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/94da33/taiwan_oil_and_gas) has announced the addition of the "Taiwan Oil and Gas Report Q1 2012" report to their offering.
Refinery expansion plans have been thrown into turmoil thanks to political intervention, and Taiwan may not see a new plant built within the next decade. Meanwhile, its growing appetite for imported gas means there is a need for fresh LNG purchase schemes, with Qatari volumes in particular on the rise and Papua New Guinea likely to become a new source of supply.
The main trends and developments we highlight in the Taiwanese Oil and Gas sector are:
- In May 2011, Royal Dutch Shell secured a 20-year deal to supply liquefied natural gas (LNG) to Taiwan, according to Upstream Online. The contract was signed with state-owned energy firm CPC Corporation. As a result of the heads of agreement (HoA), from 2016 Shell will provide 2mn tonnes of LNG to the country each year.
- In March 2010, the partners in the Papua New Guinea (PNG) LNG project signed a 20-year sale and purchase agreement (SPA) with CPC. Under the agreement, the PNG LNG project will supply around 1.2mn tpa of LNG to CPC.
- Between 2002 and 2010, the government planned to treble LNG consumption as domestic gas demand soared on the back of strong GDP growth and the development of gas-fired power generation capacity. Although this target was missed, gas usage is rising fast and Taiwanese demand should be around 18.3 bn cubic metres (bcm) by 2016.
- BMI forecasts a gradual rise in Taiwanese LNG imports throughout the decade, with volumes increasing from an estimated 14.9bcm in 2011 to 18.1bcm in 2016 and to 20.0bcm by 2021.
Companies Mentioned:
- CPC Corporation
- Formosa Petrochemical Corporation (FPCC)
- NPC
- Royal Dutch Shell
- ExxonMobil
For more information visit http://www.researchandmarkets.com/research/94da33/taiwan_oil_and_gas