New Energy market report from Business Monitor International: "Hong Kong Oil & Gas Report Q2 2014"

Boston, MA -- (ReleaseWire) -- 02/24/2014 --With no domestic energy resources, Hong Kong faces the challenge of meeting growing oil and gas demand through imports alone. Having mainland China at its doorstep helps, as the outlook for Hong Kong is linked directly to that of its parent state.

The main trends and developments we highlight for Hong Kong's oil and gas sector are:

- Natural gas is still viewed simply as a power generation fuel, but more will be consumed as gas-fired capacity expands. Recent reports indicate that the Hong Kong government hopes to raise the proportion of gas-fired electricity to 50% by 2015. Our forecasts are for gas consumption to rise from a forecast 3.9bcm in 2014 to 4.5bcm in 2018 and to 5.5bcm by 2023.
- The Shenzhen-Hong Kong gas pipeline was commissioned in December 2012 and is now fully operational. The completion of the Hong Kong spur will help to diversify the city's gas import sources as well as improve its access to gas. The Hong Kong Branch of the Second West-East gas pipeline began to supply Hong Kong in H213.
- The rate of refined oil products demand growth and imports should match underlying GDP trends closely, although a drive towards energy conservation may lead to a moderation in market expansion. This suggests that demand will rise from a forecasted 354,000b/d in 2014 to 439,200b/d by 2018 and to a possible 535,950b/d by 2023. All of this oil will be imported.
- The cost of refined petroleum product imports is put at US$14.0bn in 2014, rising to US$16.1bn in 2018 and to US$19.8bn by 2023. Hong Kong actually imports refined petroleum products, meaning that the total import bill is far higher than for crude alone. Natural gas imports in 2014 will cost an estimated US$1.96bn, and will total US$2.62bn by 2023. At the time of writing we assumed an OPEC basket oil price of US$101.80/bbl in 2014.

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