Asia Pacific Spotlight
Welcome to our second issue of the ERCE Asia Pacific Spotlight. We aim to update and inform you on key issues facing our region and the energy industry.
In this issue:
- SPE PRMS – What’s New?
- Philippines LNG
- Global Price Update
- Split Decision – Indonesian PSCs
- ERCE in the region
- Australia Office Opens
- Our support for The Elephant Story
SPE PRMS – What’s New?
The Society of Petroleum Engineer’s Petroleum Resources Management System (PRMS) is relied upon for definition, classification, and estimation of hydrocarbon resources.
The June 2018 revision of the PRMS contains several changes that could impact your Reserves and Resources. Read our summary of the key updates to learn how you could be affected.
Phillipines - Time to Step on the Gas
The main island of Luzon has relied on natural gas from the offshore Malampaya gas field since 2001 for power. With this gas supply expected to decline into the 2020’s the Philippines needs to come up with an alternative source of gas. Importing LNG appears to be the best bet to keep the lights on.
Global Price Update
Oil prices have tempered as OPEC has increased supply in recent months and fears of a trade war between China and the USA increased concern around demand. The Brent-WTI split had a sharp correction in late June in line with OPEC’s increased supply and Syncrude Canada suffered a major outage. Asian LNG have been driven by an increase in demand over the northern hemisphere winter months.
Source: ERCE Energy Review 2018
Split Decision – Indonesian PSCs
The new Gross Split PSC is intended to encourage investment and more efficient operatorship in Indonesia. Headline changes include the removal of cost recovery and the supposedly diminished role of SKK Migas. The jury is still out on whether the Indonesian Government has achieved its goal but there encouraging signs with a number of Gross Split PSCs being acquired in 2018.
Find out more about the key aspects of the new PSC and their potential impacts in our article.
ERCE Opens Australia Office in Perth
Image Source: Opaiin/Shutterstock.com
In August we opened our latest office in Perth, Australia. This will enable us to grow our business and better service our clients in the Australian and New Zealand markets.
ERCE in the Region
In September we opened our latest office in Perth, Australia. This will enable us to grow our business and better service our clients in the Australian and New Zealand markets.
ERCE Supports Asian Elephant Charity
Source: Stewart Easton/ERCE
As part of it’s commitment to investing and supporting organisations within the Asia Pacific region, ERCE has recently donated US$5,000 to support The Elephant Story & Golden Triangle Asia Foundation. The harsh reality is that 60% of Thailand’s elephants are still captive and 60% of those are used for tourism. We hope through our support and building awareness we can help to reduce the number of elephants in captivity in Thailand.