SYDNEY (Bloomberg) -- The state of Queensland may expand the amount of land available for gas exploration to overcome looming gas shortages and high prices on the east coast of Australia.
A coal seam gas exploration program in the state’s Surat Basin, which plans to reserve gas for Australian use, may be expanded, according to a government statement Sunday.
“Urgent action is required to increase domestic gas supply to protect industry and to secure jobs,” said Queensland Natural Resources Minister Anthony Lynham. “We are looking at further and larger land releases in the Surat basin with the same Australian market conditions.”
Natural gas prices for some customers across Australia’s patchwork power markets have jumped as exports rise from Queensland’s three liquefied natural gas projects while drilling bans in several states limit supply.
Prime Minister Malcolm Turnbull will hold a second meeting with gas producers on Wednesday to seek further supply commitments after receiving pledges from executives last month to raise production of the fuel. The meeting was in part triggered by a report showing the states of New South Wales, Victoria and South Australia face a shortfall of gas-powered electricity generation in the summer of 2018-19.
Other proposed measures by the Queensland government include new gas pipelines, which could be funded from the North Australia Infrastructure Facility, and federal funding of water study initiatives. Tenders close on April 20 for the initial Surat basin exploration round.
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Tyre market in Bangladesh is forecasted to grow at over 9% until 2020 on the back of growth in automobile sales, advancements in public infrastructure, and development-seeking government policies.
The government has emphasized on the road infrastructure of the country, which has been instrumental in driving vehicle sales in the country.
The tyre market reached Tk 4,750 crore last year, up from about Tk 4,000 crore in 2017, according to market insiders.
The commercial vehicle tyre segment dominates this industry with around 80% of the market share. At least 1.5 lakh pieces of tyres in the segment were sold in 2018.
In the commercial vehicle tyre segment, the MRF's market share is 30%. Apollo controls 5% of the segment, Birla 10%, CEAT 3%, and Hankook 1%. The rest 51% is controlled by non-branded Chinese tyres.
However, Bangladesh mostly lacks in tyre manufacturing setups, which leads to tyre imports from other countries as the only feasible option to meet the demand. The company largely imports tyre from China, India, Indonesia, Thailand and Japan.
Automobile and tyre sales in Bangladesh are expected to grow with the rising in purchasing power of people as well as growing investments and joint ventures of foreign market players. The country might become the exporting destination for global tyre manufacturers.
Several global tyre giants have also expressed interest in making significant investments by setting up their manufacturing units in the country.
This reflects an opportunity for local companies to set up an indigenous manufacturing base in Bangladesh and also enables foreign players to set up their localized production facilities to capture a significant market.
It can be said that, the rise in automobile sales, improvement in public infrastructure, and growth in purchasing power to drive the tyre market over the next five years.
Headline crude prices for the week beginning 14 January 2019 – Brent: US$61/b; WTI: US$51/b
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GEO ExPro Vol. 15, No. 6 was published on 10th December 2018 bringing light to the latest science and technology activity in the global geoscience community within the oil, gas and energy sector.
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