Thailand Boosts LNG Imports
Thailand is signing new contracts for LNG purchases and expanding terminals to boost imports to replace flagging domestic production, Bloomberg reported. Southeast Asia’s second-largest economy will boost LNG imports by more than 70 percent this year. The report said that the country is doing everything it can to facilitate increased LNG imports to replace the declining domestic production. These include expanding the existing terminals. Producers of the fuel are expected to expand output by about 23 million t this year even as spot prices for LNG in Asia have fallen more than 60% the past three years and demand from traditional buyers in Japan and South Korea stagnates.
Statoil, PTTEP Swap Canadian Oil Sands Assets
Statoil and the Thai exploration and production company PTTEP have signed an agreement to divide their respective interests in the Kai Kos Dehseh (KKD) oil sands project in Alberta, Canada. Following the transaction, Statoil will continue as operator and 100% owner for the Leismer and Corner development projects. PTTEP will own 100% of the Thornbury, Hangingstone and South Leismer areas. As part of the transaction, Statoil will make a balancing payment of USD 200 million to PTTEP, in addition to a working capital adjustment from effective date of 1 January 2013.