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Last Updated: June 14, 2017
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Last week in the world oil:

Prices

  • Oil prices remain weak, but edged up at the start of the week on news that US inventories had declined and that Saudi Arabia would limit crude sales to Asia in July and slash shipments to the US. However, simmering geopolitical tensions in the Arabian Gulf and increased US drilling activity is likely to keep a lid on prices below US$50/b for a while.

Upstream & Midstream

  • Shell has lifted its declared force majeure on Forcados crude exports, bringing all of Nigeria’s oil export facilities online for the first time in 16 months, after local militants disrupted operations through a sustained series of sabotage. With Nigeria exempt from the OPEC supply cuts, it can now raise its production back to expected levels of 1.8 mmbpd.
  • After previous talks with the South Sudan government collapsed, France’s Total says that the country has reapproached the French major to resume talks on developing the B1 and B2 oil blocks. Tullow Oil is also involved in the negotiations as South Sudan seeks foreign investment to unlock its hydrocarbon potential. B1 and B2 are part of the three blocks that make up the former Block B, the largest untapped oil deposit in South Sudan and central to the government’s plans to raise production from 130 kb/d to 200 kb/d by end-2017 and 300 kb/d by end-2018.
  • Commercial production from Eni’s offshore Sankofa field in Ghana will start in July, three months ahead of schedule with production of 45 kb/d. This is Phase 1 of the US$7.9 billion Offshore Cape Three Points project, which includes expected 180 mcf/d output at the Gye Nyame gas reserve.
  • Libya’s major Sharara field has reopened and should resume normal production levels of 270 kb/d within the week after a short workers’ strike over medical treatment coverage for employees.
  • Total operational oil rigs in the USA reached 741 last week, adding 8 new units. Along with 3 new gas rigs, that brings the American total to 927.

Downstream

  • Utilisation rates at Venezuela’s 187 kb/d Puerto la Cruz refinery has dropped down to 16%, as the Mesa 30 crude it depends on is redirected to Cuba and Curacao. Mesa 30 is a superlight crude used to dilute heavy Orinoco oil, but also prized by PDVSA’s foreign clients. Cuba, in particular, has taken up to 1.4 mmbpd of Mesa 30 since March, providing valuable foreign currency but exacerbating Venezuela’s refining crisis.

Natural Gas and LNG

  • While the gas world focuses on selling LNG to Asia, France’s Total is also looking at alternatives to grow its gas business by investing directly in gas-consuming industries. It has identified Morocco and South Africa as key countries to invest in gas and power projects, which will support an LNG portfolio that is expected to double to 15 million tons by 2020. Total will be looking to get involved in a US$4.6 billion Moroccan LNG import project and a US$3.9 billion gas-to-power development in South Africa.
  • Greece will be launching a tender this month for the privatisation of the country’s natural gas grid operator DESFA, part of a condition of Greece’s bailout agreement with the EU and IMF. Azerbaijan’s SOCAR originally agreed to buy 66% of DESFAfor €400 million, but the deal later collapsed.

Last week in Asian oil

Upstream

  • Pakistan’s OGDC has struck oil in the Chabaro-1 well in Pakistan’s Khewari block. Test drilling has shown flows of 15 mcf/d and a tiny 20 bpd of condensate. This adds on to the Chhutto-1 well, also in the province of Sindh, with flows of 8.66 mcf/d of gas and 285 bpd of condensate. While small, the finds are also a signal that OGDC’s aggressive exploration is paying off, adding to its production level of 50 kb/d – representing half of Pakistan’s current oil output.

Downstream

  • In an unusual and coordinated move, an alliance of more than 20 of China’s largest independent oil refiners have urged the ‘teapots’ to work closely as a group to adhere to government rules on oil quotas and fuel taxes. Previously pursuing individual agendas, the importance of the teapots in domestic fuels and exports expanded in 2015 when they were first allowed to import crude directly. But with that came extra scrutiny. Accused by Sinopec and Petrochina of evading or under-paying taxes, the move is an attempt to band together and act as a single block to preserve and defend their interests as a whole, since the actions of a single errant member could cause negative consequences for all.
  • Iraq is planning to triple its refining capacity by 2021 to reduce its reliance on refined product imports. Capitalising on its vast crude reserves, Iraq is planning a second refinery in Basra (300kb/d), a 70 kb/d plant in Kirkuk, and a 150 kb/d facility with two Chinese companies, as well as upgrades to existing refineries in Basra and Daura. Assuming all projects are completed as scheduled by 2021, processing capacity in Iraq will rise from 500 kb/d to 1.5 mmb/d.
  • Financing issues have caused Indonesia’s Pertamina to rethink its schedule of upcoming refinery upgrades and its ventures with Rosneft and Saudi Aramco. Unable to juggle so many projects within a short period, the timeline will now be expanded to ensure that cost is not a burden concentrated within 1 or 2 years. The Balikpapan project, which would boost capacity to 360 kb/d from 260 kb/d has been pushed back to 2020 from 2019, with a second stage – aimed at improving fuel quality – delayed to 2021. The Cilacap upgrade project will be pushed to 2023 from 2021, pending Saudi Aramco sign-off, while the grassroots 300 kb/d Tuban refinery with Rosneft is likely to be moved to 2024 from 2021. All this will mean that Indonesia will remain highly dependent on fuel imports for the time being.

Natural Gas & LNG

  • As Australia aims to ease the gas shortage in its populous east coast, the Northern Territory has ok-ed the building of the Jemena A$800 million gas pipeline (owned by the State Grid Corp of China and Singapore Power), which will link the gasfields in northern Australia with consuming markets in Queensland. Meanwhile, further south, the state of Victoria is backing a floating LNG import project with AGL Energy to beef up its local gas supply. This is required since onshore gas drilling has been barred in Victoria, forcing the state to compete with LNG export projects pulling natural gas out of the country’s manufacturing hub.

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The Australian 590 Student Guardian Visa Process In A Nutshell

Student guardian visa subclass 590 allows you to stay in Australia as a guardian or custodian or relative of an overseas student who is pursuing an education course in Australia. With 590 student guardian visa, You can stay with your child to take care of him/her in Australia until the course complete. Your child age must below then 18th years old before applying for a student guardian visa 590. If you're a relative then you can stay with the child by submitting written permission of a child’s caretakers like a guardian or grandparents. If your child is older then eighteen years then to apply for visa subclass 590 you need to show that you have special emergency circumstances. You can apply for a 590 student guardian visa outside from Australia and acquire enrollment in alternative courses up to three months with a 590 visa. You will be authorized to take care more then one child if you have. You can do the other study or coach just for 3 months with this Student Guardian Visa Subclass 590

Step By Step Process About 590 Visa

1.Before Applying for Visa

Meet Eligibility Criteria

    • You must be a parent or grandparents or relative of a non-Australian child who is below 18th of age.

    • If you want to apply from inside of Australia then you need to hold a substantive visa except for domestic worker, temporary work visa, transit visa, visitor visa, etc.

    • If your another child who is below 18th and not coming to Australia with you then you need to give evidence that you have made welfare arrangement for the child.

    • You have to account for your all healthcare expenses so make sure that medical insurance can only reduce your expenses.

    • Your past immigration history must be credible like you must not have any visa cancellation history.

    • Your intention should be genuine at the time of applying for student guardian visa 590 and it should be not against Australian culture and policies.

    • If your family members are also applying with you then they also need to meet health policies of the Australian government

    • Only a parent or grandparents or custodian or step parents of an overseas student visa 500 holder can apply for this student guardian visa subclass 590.

    • If parents are not present due to any reason for looking after the visa subclass 500 holder student then any relative can apply for this 590 student guardian visa. 

    • You must be a guardian of an international student who must be below 18th of age except for exceptional circumstances.

    • You have to give assurance to immigration authorities that you will be able to provide welfare.

    • Your age must be above 21 years old before going to apply for a student guardian visa 590.

    • You have to pay back any type of debt to the Australian government if you have.

    • If you have another child aged 6 years old then you can bring him/her to Australia but if your child if older then 6           years then you need to show emergency condition to bring him/her to Australia.

  Collect Documents

    •Provide character certificate and other national identities.

    •Submit bank documents and salary slips to prove that you will be enough capable to give welfare to the student.

    •Provide guardianship documents to prove your credibility to that child.

    •Translate your non-English documents into English.

    •Submit legal student guardianship form.

    •Provide dependent under 6 documents if you bring your child who is under 6 years of age.

2. Processing Time And Cost Of This Visa

Visa subclass 590 cost starts from AUD 560. This visa 590 may proceed in 2 to 4 months. But in case you forget to submit any documents then you processing time of visa can be increased. Your visa application processing time can be increased if you provide incomplete information.

3. Apply For The Visa

You need to apply online for the 590 student guardian visa 6 weeks before the student’s course starts. At the time applying for the visa, you have to prove that you are genuine and legal applicant by submitting legal documents. If you submit illegal information to immigration authorities then they have the authority to cancel your visa application immediately. You and your relative which is listed in visa application will not able to get a visa for the next 10 years in case of any fraud by you. You should contact an experienced Immigration Agent Adelaide.

4. Conditions After You Have Applied For The Visa

    • You are not allowed to do any type of work in Australia.

    • You can study only for 3 months.

    • With visa subclass 590 you can’t apply for another visa

    • At the time of leaving Australia, you must have brought the student to your country.

    • If you have another child who is below 6th years of age then you can bring him/her to Australia.

Get The Direction To Migration Agent Adelaide - ISA Migrations and Education Consultants.



August, 21 2019
TODAY IN ENERGY: The U.S. leads global petroleum and natural gas production with record growth in 2018

U.S. petroleum and natural gas production increased by 16% and by 12%, respectively, in 2018, and these totals combined established a new production record. The United States surpassed Russia in 2011 to become the world's largest producer of natural gas and surpassed Saudi Arabia in 2018 to become the world's largest producer of petroleum. Last year’s increase in the United States was one of the largest absolute petroleum and natural gas production increases from a single country in history.

For the United States and Russia, petroleum and natural gas production is almost evenly split; Saudi Arabia's production heavily favors petroleum. Petroleum production is composed of several types of liquid fuels, including crude oil and lease condensate, natural gas plant liquids (NGPLs), and bitumen. The United States produced 28.7 quadrillion British thermal units (quads) of petroleum in 2018, which was composed of 80% crude oil and condensate and 20% NGPLs.

estimated petroleum and natural gas production in selected countries

Source: U.S. Energy Information Administration, based on International Energy Statistics
Note: Petroleum includes crude oil, condensate, and natural gas plant liquids.

U.S. crude oil production increased by 17% in 2018, setting a new record of nearly 11.0 million barrels per day (b/d), equivalent to 22.8 quadrillion British thermal units (Btu) in energy terms. Production in the Permian region of western Texas and eastern New Mexico contributed to most of the growth in U.S. crude oil production. The United States also produced 4.3 million b/d of NGPLs in 2018, equivalent to 5.8 quadrillion Btu. U.S. NGPL production has more than doubled since 2008, when the market for NGPLs began to expand.

U.S. dry natural gas production increased by 12% in 2018 to 28.5 billion cubic feet per day (Bcf/d), or 31.5 quadrillion Btu, reaching a new record high for the second year in a row. Ongoing growth in liquefied natural gas export capacity and the expanded ability to reach new markets have supported increases in U.S. natural gas production.

Russia’s crude oil and natural gas production also reached record levels in 2018, encouraged by increasing global demand. Russia exports most of the crude oil that it produces to European countries and to China. Since 2016, nearly 60% of Russia’s crude oil exports have gone to European member countries in the Organization for Economic Cooperation and Development (OECD). Russia’s crude oil is also an important source of supply to China and neighboring countries.

Russia’s natural gas production increased by 7% in 2018, which exceeded the growth in exports. The Yamal liquefied natural gas (LNG) export facility, which loaded its first cargo in December 2017, can liquefy more than 16 million tons of natural gas annually and accounts for almost all of the recent growth in Russia’s LNG exports. Since 2000, more than 80% of Russia’s natural gas exports have been sent to Europe.

Saudi Arabia’s annual average crude oil production increased slightly in 2018, but it remained lower than in 2016, when Saudi Arabia’s crude oil output reached a record high. Saudi Arabia’s crude oil production reached an all-time monthly high in November 2018 before the December 2018 agreement by the Organization of the Petroleum Exporting Countries (OPEC) to extend production cuts.

In addition to exporting and refining crude oil, Saudi Arabia consumes crude oil directly for electricity generation, which makes Saudi Arabian crude oil consumption highest in the summer when electricity demand for space cooling is relatively high. Since 2016, Saudi Arabia’s direct crude oil burn for electric power generation has decreased for a number of reasons, including demand reductions from a partial withdraw of power subsidies, greater use of residual fuel oil, and increased availability of domestic natural gas.

Crude oil exports account for about 60% of Saudi Arabia’s total economic output. China, along with Japan, South Korea, Taiwan, and the United States remain critical markets for Saudi Arabia’s petroleum exports.

August, 21 2019
Your Weekly Update: 12 - 16 August 2019

Market Watch 

Headline crude prices for the week beginning 12 August 2019 – Brent: US$58/b; WTI: US$54/b

  • Saudi Arabia’s overtures to further stabilise prices was met with a largely positive response by the market, allowing crude prices to claw back some ground after being hammered by demand concerns
  • Saudi officials reportedly called other members in the OPEC and OPEC+ producer clubs to discuss options on how to stem the recent rout in prices, with an anonymous official quoted as saying that it ‘would not tolerate continued price weakness’
  • Reports suggest that Saudi Arabia plans to keep its oil exports at below 7 mmb/d in September according to sales allocations, which was seen as a stabilising factor in crude price trends
  • This came after crude prices fell as the US-China trade war entered a new front, causing weakness in the Chinese Yuan, although President Trump has floated the idea of delaying the new round of tariffs beyond the current implementation timeline of September 1
  • Crude had also fallen in response to a slide in American crude oil stockpiles and a receding level of tensions in the Persian Gulf
  • In a new report, the International Energy Agency said that the outlook for global oil demand is ‘fragile’ on signs of an economic slowdown; there is also concern that China will target US crude if the US moves ahead with its tariff plan
  • The US active rig count lost another 8 rigs – 6 oil and 2 gas – the sixth consecutive weekly loss that brought the total number of active rigs to 934
  • Demand fears will continue to haunt the market, which will not be offset so easily of Saudi-led efforts to limit production; as a result, crude prices will trade rangebound with a negative slant in the US$56-58/b range for Brent and US$52-54/b for WTI


Headlines of the week

Upstream

  • Nearly all Anadarko shareholders have approved the Occidental Petroleum deal, completing the controversial takeover bid despite investor Carl Icahn’s attempts to derail the purchase
  • Crude oil inventories in Western Canada have fallen by 2.75 million barrels m-o-m to its lowest level since November 2017, as the production limits in Alberta appear to be doing their job in limiting a supply glut while output curbs are slowly being loosened on the arrival of more rail and pipeline capacity
  • Mid-sized Colorado players PDC Energy and SRC Energy – both active in the Denver-Julesburg Basin – are reportedly in discussion to merge their operations
  • Pemex has been granted approval by the National Hydrocarbon Commission to invest US$10 billion over 25 years to develop onshore and offshore exploration opportunities in Mexico
  • Qatar Investment Authority has acquired a ‘significant stake’ in major Permian player Oryx Midstream Services from Stonepeak Infrastructure Partners for some US$550 million, as foreign investment in the basin increases
  • PDVSA and CNPC’s Venezuelan joint venture Sinovensa has announced plans to expand blending capacity – lightening up extra-heavy Orinoco crude to medium-grade Merey – from a current 110,000 b/d to 165,000 b/d
  • BHP has approved an additional US$283 million in funding for the Ruby oil and gas project in Trinidad and Tobago, with first production expected in 2021
  • CNPC, ONGC Videsh and Petronas have reportedly walked away from their onshore acreage in Sudan, blaming unpaid oil dues on production from onshore Blocks 2A and 4 that have already reached more than US$500 million

Midstream/Downstream

  • Expected completion of Nigeria’s huge planned 650 kb/d Dangote refinery has been delayed to the end of 2020, with issues importing steel and equipment cited
  • Saudi Aramco’s US refining arm Motiva announced plans to shut several key units at its 607 kb/d Port Arthur facility in Texas for a 2-month planned maintenance, affecting its 325 kb/d CDU and the naphtha processing plant
  • ADNOC has purchased a 10% stake in global terminal operator VTTI, expanding its terminalling capacity in Asia, Africa and Europe
  • A little-known Chinese contractor Wison Engineering Services has reportedly agreed to refurbish Venezuela’s main refineries in a barter deal for oil produced, in a bid for Venezuela to evade the current US sanctions on its crude exports
  • Swiss downstream player Varo Energy will increase its stake in the 229 kb/d Bayernoil complex in Germany to 55% after purchasing BP’s 10% stake
  • India has raised the projected cost estimate of its giant planned refinery in Maharashtra – a joint venture between Indian state oil firms with Saudi Aramco and ADNOC – to US$60 billion, after farmer protests forced a relocation

Natural Gas/LNG

  • The government of Australia’s New South Wales has given its backing to South Korea’s Epik and its plan to build a new LNG import terminal in Newcastle
  • Kosmos Energy is proposing to build two new LNG facilities to tap into deepwater gas resources offshore Mauritania and Senegal under development
  • In the middle of the Pacific, the French territory of New Caledonia has started work on its Centrale Pays Project, a floating LNG terminal with an accompanying 200-megawatt power plant, with Nouvelle-Caledonia Energie seeking a 15-year LNG sales contract for roughly 200,000 tons per year
August, 16 2019