Contents
The next cycle in energy – what investors should watch............................................... 1
Valuations – NOCs vs IOCs .......................................................................................... 2
The new bottlenecks in energy ...................................................................................... 7
Caps to oil prices – section 2....................................................................................... 20
Costs........................................................................................................................... 37
Investment in natural gas – what to watch................................................................... 44
Global and Asian refiners – what happened? what’s next?......................................... 72
Appendices .................................................................................................................. 85
Company Updates ....................................................................................................... 95
Formosa Petrochemical Corp 96
SK Energy Co Ltd 102
S-Oil Corp 109
Singapore Petroleum 115
Cairn India 123
CITIC Resources 127
CNOOC 128
China Oilfield Services 131
Enviro Energy 138
Esso Thailand 139
Genesis Energy Holdings 142
Great Offshore 143
Green Dragon Gas Ltd 147
Hong Kong & China Gas 148
Honghua Group 149
IRPC Pcl 150
Jutal Offshore Oil Services 153
Oil & Natural Gas 154
PetroChina 158
Petro Vietnam 161
PTT Aromatics & Refining 162
Reliance Industries 165
Shiv-Vani Oil & Gas Exploration 169
Sinopec 173
Thai Oil 176
TSC Offshore Group 179
Xinao Gas 180
Yantai Raffles Shipyard 181