2014-02-10 03:07:04 - Taiwan Oil and Gas Report Q2 2014 - a new market research report on companiesandmarkets.com
Taiwan is almost entirely dependent on imports to meet energy demand and is likely to stay in this state for the foreseeable future. A growing appetite for imported gas has created a need for fresh liquefied natural gas (LNG) purchase schemes, with Australian and Qatari volumes on the rise and Papua New Guinea set to become a new source of supply. The government has also allotted a monthly budget of approximately NT$17mn per month towards exploration activities, with operators eyeing deepwater exploration off Taiwan´s south-western coast and near Itu Aba island, the largest island in the disputed and potentially oil-rich Spratly chain in the South China Sea.
The main trends and developments we highlight in the Taiwanese oil and gas sector
- Rising oil prices announced by the nation´s two oil refiners in December 2013 stoked concerns about supplies from violence-hit South Sudan. CPC Corp and Formosa Petrochemical Corp both announced NT$0.50 per litre rises
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