The US energy industry revived in 2017 as oil prices kept rising steadily in the second half of the year. Experts believe growing American energy exports and China's rising energy demand will create unique opportunities for the two giant economies in 2018.

Crude oil prices rebounded from $42.06 per barrel this summer to approaching $60 toward the end of the year. Some major financial institutions, including the World Bank, have forecast that the prices would keep rising through 2018.

Russian energy giant Gazprom is in talks with China on natural gas supplies from Russia's Far East, and a contract on deliveries of the fuel is planned to be signed in 2018, Gazprom said on Thursday.

The project was discussed by Gazprom CEO Alexei Miller and China National Petroleum Corp Chairman Wang Yilin in Beijing on Thursday, Gazprom said in a statement.

BEIJING -- China's top economic planner on Tuesday ordered local authorities to strengthen regulation on the pricing of heating and natural gas during upcoming holidays as demand surged.

The National Development and Reform Commission (NDRC) said in a statement that the heating prices for households converting from coal to gas should be regulated more strictly during the New Year and the Spring Festival.

China's demand for natural gas will continue to soar toward 2040, outstripping domestic output by around 43 percent, according to an International Energy Agency (IEA) report published Tuesday.

"China's annual gas production will more than double to 340 billion cubic meters in 2040, with shale gas a major contributor, but consumption is foreseen to grow even faster, reaching 600 billion cubic meters," said the China Special Report of the World Energy Outlook 2017.

Despite a pullback in the growth rate from previous years, China's economy still represents a major driver of future energy demand, according to a longtime energy industry participant.

"China is still a significant growth market and will contribute about 350,000 barrels a day of oil demand to the market," said Chris Midgley, head of global content analytics for S&P Global Platts, at the company's annual global energy forum in New York on Thursday.

The Changning-Weiyuan national shale gas demonstration zone developed by PetroChina Southwest Oil & Gas Field Company generated more than 2.4 billion cubic meters of shale gas in 2017, the company said Wednesday.

The Bangladeshi government signed a framework agreement with China on Sunday for construction of a 220-km pipeline to carry oil from tankers in the Bay of Bengal to storage plants on the mainland.

Bangladesh's Economic Relations Department (ERD) Secretary Kazi Shofiqul Azam and Chinese Ambassador to Bangladesh Ma Mingqiang signed the framework agreement in the capital of Dhaka.

The project is aimed to make a balance between the demand and supply of the country's energy need and ensure energy security of the country, they said, adding it will also reduce the system loss during import of refined and non-refined fuel.

The ERD said this is one of the 27 projects for which memorandum of understandings were signed between the two governments in October last year.

In December last year, Bangladesh reached an agreement with the state-owned China Petroleum Pipeline Bureau (CPP) for engineering, procurement, construction and commissioning for installation of single point mooring with 220-km double pipelines.

Bangladeshi State Minister for Power and Energy, who witnessed the signing ceremony on Sunday, said the new infrastructure will help the country to expedite the entire process and save about 1 billion taka (about 12.5 million U.S. dollars) a year in reduced vessel fare and operational loss.

According to project details, a diesel and crude oil storage tank will be set up at Moheshkhali Island on the Bay of Bengal in Bangladeshi Cox's Bazar district. Officials said the project cost stands at 54.26 billion taka (about 694 million U.S. dollars).

The project is expected to have an annual unloading capacity of 9 million tonnes.

Under the project, BPC officials said the Chinese firm will build 146-km offshore pipeline and 74-km onshore pipeline to carry imported oil from sea to a refinery in Chittagong district, some 242 km southeast of Dhaka, for processing.

The project was launched as Bangladesh is not capable of handling large vessels carrying imported crude and finished oil, due to low navigability of a key river channel and constrained facilities at the main seaport in Chittagong.

According to the officials, large tankers anchor at deep sea and smaller ships unload them, taking lots of time and causing systematic losses for the government.

Source:  Citation: Xinhua


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