Fast Market Research recommends "Taiwan Oil & Gas Report Q2 2013" from Business Monitor International, now available

Boston, MA -- (SBWire) -- 03/18/2013 --BMI View: Plans are presently underway to begin deepwater exploration off Taiwan's south-western coast in the South China Sea. Meanwhile, a growing appetite for imported gas has created a need for fresh LNG purchase schemes, with Australian and Qatari volumes on the rise and Papua New Guinea set to become a new source of supply.

The main trends and developments we highlight in the Taiwanese Oil and Gas sector are:

- In December 2012, state-owned CPC Corporation and Husky Energy reached an agreement to cooperate deepwater exploration projects off the south-western coast of Taiwan in the South China Sea. Any discoveries would serve as a boost to Taiwan's bleak upstream outlook significantly. Successes would also confirm the resource potential of the eastern South China Sea, where China - led by CNOOC - is actively stepping up its exploration efforts.
- The location for a third LNG terminal has been finalised and is set to be constructed near Taipei. Operations are expected to commence in 2018.
- Given large industrial demand, which is inherent in the energy equation, consumption of oil and power is expected to move broadly in line with the GDP trend. Taiwan's domestic crude oil production is expected to be around 500 barrels per day (b/d) in 2013, meaning virtually all of the country's oil is imported. Our forecasts for crude oil consumption are for an increase from an estimated 0.97mn b/d in 2013 to around 1.07mn b/d by 2017, and to 1.22mn b/d by 2022.
- For 2013, Taiwan's oil and gas import bill is forecast by BMI at US$43.7bn, assuming an OPEC basket oil price of US$99.1 per barrel (bbl). By 2017, and assuming an oil price of US$93.3/bbl, combined oil and gas costs are put at US$46.9bn, rising to US$49.2bn by 2021, when the oil price assumption is US $91.50/bbl.

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