Localised Power Outage
Title : Power outage in Macpherson HDB block
Medium : My Paper
Date : 08 November 2016
Power outage in Macpherson HDB block
RESIDENTS at a Housing Board block in Macpherson had to take the stairs and walk along unlit corridors as the block was partially without power for four consecutive days.
From last Thursday, residents at Block 37, Circuit Road, had to deal with power outages, Lianhe Wanbao reported yesterday.
Initially, only the lifts were affected but the problem spread to the lights in the corridors.
A contributor to citizen journalism website Stomp, who identified herself as CK, said she had no electricity in her flat on Saturday for about two hours.
Resident Jiang Yuzhu, 72, told Wanbao that all six lifts stopped working last Thursday.
Since then, the lifts have worked only sporadically, with three lifts restored currently.
Other residents said repairmen were dispatched to fix the lifts when another problem cropped up - the corridor lights went off.
Said resident Zhou Longzhu, 60: "Both yesterday and the day before, our corridor lights would turn on only after 9 plus at night.
"When I came back at 8pm, I had to find my way home in the dark."
He added that it was the first blackout he had encountered at the block.
"I hope the authorities can quickly help us solve this issue, so our lives can go back to normal," he said.
A Marine Parade Town Council spokesman told Wanbao that Block 37 at Circuit Road had experienced a loss of power.
It received feedback from residents last Thursday that the lifts had stopped working.
Said the spokesman: "Our workers went down to investigate on that day and restored the power."
He added that the town council was working with the authorities to investigate the cause of the power outage, and apologised for the inconvenience caused to the residents.
Residents seeking help in a power outage can call the HDB Essential Maintenance Service Unit (EMSU) on 1800-275-5555.
Title : 80 households were affected with 4 days of power failure in HDB
Medium : Shin Min
Date : 07 November 2016
80 households were affected with 4 days of power failure in HDB
Title : Power failure for four consecutive nights
Medium : Lianhe Wanbao
Date : 07 November 2016
Power failure for four consecutive nights
Oil & Gas
Title : Big Oil on stronger ground, poised for rebound
Medium : The Business Times
Date : 08 November 2016
Big Oil on stronger ground, poised for rebound
New York
BIG Oil is clawing its way back. After a heart-stopping plunge in the price of crude over the last two years, along with slashed dividends and the elimination of tens of thousands of jobs, the biggest oil companies are proving surprisingly adept at again pumping profits, as well as oil, out of the ground.
Indeed, with oil trading in a range of US$40 to US$50 a barrel for most of 2016, experts say the biggest energy producers are poised to rebound if prices remain stable.
"It's a Hunger Games environment, but they are learning how to be more efficient," said Evan Calio, an equity analyst with Morgan Stanley. "Two years ago, nobody thought costs could drop as quickly as they did. It's staggering, and there's no doubt this has surprised people." Not that it has been easy.
Over the last 12 months, drillers have eliminated nearly 20,000 jobs in the United States, according to the Labor Department, and Morgan Stanley expects domestic oil production to finish 2016 half a million barrels below where it started. Deepwater drilling has been curtailed in places like the Gulf of Mexico, as have multi-billion dollar projects around the world.
In the continental US, once red-hot regions like North Dakota, where the fracking boom transformed the economy, have abruptly cooled. Individual companies that were especially aggressive about seeking new finds have been humbled.
Besides being forced to cut its dividend, ConocoPhillips reduced its capital budget for exploration and production by more than US$10 billion - or roughly two-thirds. Since late 2014, its shares have fallen from over US$70 to around US$40 recently.
But if crude prices can stay above US$40 a barrel, the dividends, and stock prices, of the big US oil companies should be secure. And if oil stays above US$50, or even hits US$60 in the coming months or years, Big Oil may well emerge from the recent lean years stronger than ever.
"Whoever survives this is going to win," said Michael Rothman, a veteran oil analyst who is president of Cornerstone Analytics, a New Jersey-based research firm. "They're going to come out smelling like roses."
What's more, the big pullback in exploration has caused a steady drop in the cost of completing those projects that are still underway, as prices for steel, drilling rigs and other services have plunged. That should enable major energy companies to take advantage of economies of scale and increase their profit margins further.
"Capital spending has come down massively, and majors have taken a lot of the fat out of their organizations," said Neil Mehta, who tracks the North American integrated oil and refining industry for Goldman Sachs.
Now, after investments of tens of billions of dollars, many of these giant projects are set to come online in the next few years, and Mr Mehta said he expected Big Oil to move from investment mode to what he termed "harvest mode". "You spend a lot upfront and the capital is sunk, but now free cash flow profiles are going to get better," Mr Mehta said.
For example, Chevron's large Gorgon natural gas project in Australia saw costs balloon to more than US$50 billion from a projected US$37 billion. That strained the company's budget, but as Gorgon's production finally increases, Chevron's bottom line will benefit, with Japanese and Korean customers lined up to take delivery of natural gas.
Next year and 2018 "look to be an inflection point for Chevron", said Phil Gresh, an analyst with JPMorgan, noting that as projects like Gorgon near the finish line, the company's free cash flow should rise, providing additional support for Chevron's 4.2 per cent dividend.
What if oil prices do, in fact, start tumbling again, or at least don't budge from their current level of about US$50 a barrel? If benchmark oil prices dip below US$40, sustaining dividends will be tough, said Mr Mehta. "At US$50, American companies can make it, Europeans maybe not," he said. "At US$60, it's likely everybody can sustain their dividends." And the oil bulls do have some long-term trends in their favour.
Despite the push to reduce dependence on fossil fuels in many countries in the face of climate change, as well as the increasing popularity of electric cars in the US, the global appetite for oil is still expected to rise.
Mr Mehta estimates oil will trade in the US$50 to US$60 range from 2017 to 2020, with global demand rising annually by slightly more than 1 million barrels a day. "There are many countries that want to work their way up the economic ladder, and that means more demand for energy," he said.
Indeed, even with slower growth than in years past, China continues to consume more crude as new drivers hit the roads. India, too, has a growing middle class that will need gasoline and other fuels to power new automobiles.
Many US drivers, not to mention Detroit automakers, still favour gas-guzzling sport utility vehicles and other large cars. At the same time, Middle East oil producers as well as Russia have been showing a bit more willingness to work together to maintain price stability after the volatility of 2014 and 2015.
There is no guarantee oil prices will rise - or even stay where they are.
A little more than two years ago, when oil was trading higher than US$100 per barrel, many experts, not to mention executives, had no inkling a crash was coming.
Even if prices do drop again, the biggest energy companies that possess both upstream production capacity and downstream businesses like refining, chemicals and retail outlets will still fare better than smaller rivals, Mr Rothman said.
"There's an advantage to being an integrated oil company with both upstream and downstream operations and gas stations," Mr Rothman said. "It's interesting that retail gas stations make more money selling beer and cigarettes than gasoline." NYTIMES’
Title : Russia 'on board' with agreement to cap oil output: Opec chief
Medium : The Business Times
Date : 08 November 2016
Russia 'on board' with agreement to cap oil output: Opec chief
Dubai
RUSSIA, the world's biggest energy producer, is "on board" with an Opec (Organization of the Petroleum Exporting Countries) agreement to limit crude oil production to help rebalance the market, according to Opec secretary-general Mohammed Bar-kindo.
Opec producers remain committed to an agreement reached last month in Algiers to trim output, and cooperation from non-Opec producers will help bring the oil market back into balance, Mr Barkindo told reporters at an energy conference in Abu Dhabi.
Russia is due to join Opec for talks later this month in Vienna, where Opec will convene for its bi-annual meeting.
"We as Opec remain committed to the Algiers accord," Mr Barkindo said. "I have heard from the highest quarters in Moscow that Russia is on board."
Opec, which pumps about 40 per cent of the world's oil, is trying to persuade producers from outside the group, such as Russia, to join the cuts. It wants to put the changes into effect when it meets in Vienna on Nov 30. The group has held talks over the past weeks with producer nations Russia, Azerbaijan, Brazil, Kazakhstan and Mexico.
Producers from outside Opec need to join the group in cutting output, Eni SpA CEO Claudio Descalzi
said in a Bloomberg TV interview from Abu Dhabi. "Opec alone is not enough," he said.
Russia, the world's largest energy producer, pumped at a post-Soviet record of 11.2 million barrels a day last month. With new fields ramping up production and more due to start producing before year-end, its output may climb further.
Energy Minister Alexander Novak indicated that Russia was willing to freeze production for six months or more, rather than cut, and only if Opec reached an agreement first.
The Algiers accord helped push oil prices to a 15-month high above US$50 a barrel, but crude has subsequently fallen as several Opec members disputed production estimates that would determine the size of cuts by individual members of the group.
Opec's internal disagreements have also prevented a deal so far to secure the cooperation of other major suppliers after rounds of talks in Vienna. The producers will meet again later this month in Vienna.
Without a deal, Opec will return to the policy of pumping without limits to secure sales, author and energy consultant Daniel Yergin said.
Opec members Iraq and Iran represent a "sticking point" that needs a resolution if there is to be agreement to limit production, he said.
Both countries have asked to be exempt from any production cuts. "If there isn't an agreement, it's back to battle for market share."
Title : OPEC Chief Says Russia 'on Board' With Deal to Limit Oil Output
Medium : Bloomberg
Date : 07 November 2016
OPEC Chief Says Russia 'on Board' With Deal to Limit Oil Output
Russia, the world’s biggest energy producer, is “on board” with an OPEC agreement to limit crude oil production to help re-balance the market, according to the group’s Secretary- General Mohammed Barkindo.
Members of the Organization of Petroleum Exporting Countries remain committed to an agreement they reached in Algiers in September to trim output, and cooperation from non-OPEC producers will help bring the oil market back into balance, Barkindo told reporters at an energy conference in Abu Dhabi. Russia is due to join OPEC for talks later this month in Vienna, where the group will convene for its bi-annual meeting.
“We as OPEC remain committed to the Algiers accord,” Barkindo said Monday. “I have heard from the highest quarters in Moscow that Russia is on board.”
OPEC, which pumps about 40 percent of the world’s oil, is trying to persuade producers from outside the group, such as Russia, to join the cuts.
The organization’s members want to put the changes into effect when they meet in Vienna on Nov. 30. The group has held talks over the past weeks with producer nations Russia, Azerbaijan, Brazil, Kazakhstan and Mexico.
Outside OPEC
Producers from outside OPEC need to join the group in cutting output, Eni SpA CEO Claudio Descalzi said in a Bloomberg TV interview from Abu Dhabi. “OPEC alone is not enough,” he said.
Russia, the world’s largest energy producer, pumped at a post-Soviet record of 11.2 million barrels a day last month. With new fields ramping up production and more due to start producing before year-end, its output may climb further. Energy Minister Alexander Novak indicated that Russia was willing to freeze production for six months or more, rather than cut, and only if OPEC reached an agreement first.
The Algiers accord helped push oil prices to a 15-month high above $50 a barrel, but crude has subsequently fallen as several OPEC states disputed production estimates that would determine the size of cuts by individual members of the group. Benchmark Brent crude was 0.7 percent higher at $45.89 a barrel on Monday at 3:08 p.m. in London.
OPEC’s internal disagreements have also prevented a deal so far to secure the cooperation of other major suppliers after rounds of talks in Vienna. The producers will meet again later this month in Vienna.
Without a deal, OPEC will return to the policy of pumping without limits to secure sales, author and energy consultant Daniel Yergin said in an interview at the conference.
OPEC members Iraq and Iran represent a “sticking point” that needs a resolution if there is to be agreement to limit production, he said. Both countries have asked to be exempt from any production cuts. “If there isn’t an agreement, it’s back to battle for market share.”