01.17.14 Energy News

Oil & Gas News

• Morgan Stanley say Brent to average USD 103/bbl in 2014 on higher supply. Brent crude is to peak in Q1, fall in Q2 on refinery maintenance, according to a Co. report. (BBG)
• Action could be taken against Chinese oil and gas company PetroChina after it admitted doing business with countries under US sanctions like Iran and Sudan. (Upstream)
• China National Petroleum Corporation (CNPC) posted a rise in output during 2013, driven mainly by an increase in overseas production. (Upstream)
• China’s 2014 net diesel exports may increase by 165% from last year and rise to 6.31mln tons. (BBG)

Geopolitical News

• Lebanon’s national news agency reports rocket attack hitting a house in Eastern Lebanon, killing 7 and injuring 15. (BBG)

Corporate News

• Royal Dutch Shell — Co.’s Q4 to be significantly below recent profitability, Co. Q4 CCS earnings ex items seen about USD 2.9bln. Co.’s Q4 downstream CCS earnings ex items hit by refining and Co.’s upstream ‘impacted’ by higher expenses, lower volumes and Q4 earnings also impacted by weakening AUD. (BBG) Co. shares trade down 2% at 1100GMT and are amongst the biggest losers in the FTSE 100.
• Statoil sees potential for stable Norway production until 2025 and further increased oil recovery potential at 700-800mln bbl. (BBG)
• Woodside Petroleum, Australia’s second largest oil producer, may develop a liquefied natural gas project in western Canada after receiving British Columbia’s approval to go ahead with a potential plant. (BBG)