Thursday October 20, 2005

Southeast Asia faces diverse energy challenges : Morgan Stanley

peakoil.com -> news.yahoo.com, sunstar.com.ph :

Southeast Asian economies are facing diverse challenges in coping with high oil prices, among them removing costly fuel subsidies and attracting investments into the energy sector, US investment bank Morgan Stanley said in a report. Regional economies must also improve energy efficiency and cut a heavy dependence on imported oil.

Malaysia appears best placed to benefit from rising oil prices after consistently remaining a net oil exporter, but fuel subsidies are eating up gains. The country has improved energy efficiency and moved away from a heavy reliance on oil, while its investments in exploration and production activities have boosted oil exports.

The bank highlighted the need for Indonesia to substantially increase investments in oil exploration as current production is sourced mainly from its ageing fields, and warned that Indonesia runs the risk of becoming a permanent net oil importer.

Singapore's vulnerability to oil shocks is "exaggerated because oil bunkering trade is counted as domestic consumption and refined oil exports to Indonesia are not properly captured," the bank said. Singapore is a major global bunkering port - it sells fuel to ships on anchor here. Morgan Stanley said Singapore is an "efficient oil user", with oil consumption estimtated at 4-5.5% of GSP this year.

See also :

1. ASEAN, China, Japan, South Korea mull oil stockpile
2. Panic petrol buying in Indonesia ahead of price hike

(2005-10-20 13:00:52 SGT) [Energy] Permalink

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