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ASEAN Maximises Energy Security with Oil Stockpiling

29 March 2018

The 15th Energy Security Forum and Associated Meetings were organised by ACE and Ministry of Energy (MOEN) of Thailand on 27-29 March 2018 in Bangkok, Thailand. The Meetings were attended by representatives from Cambodia, China, Japan, Korea, Lao PDR, and Thailand.  Also in  attendance were representatives from the ASEAN Centre for Energy (ACE), Asian Development Bank (ADB), ASEAN Council on Petroleum (ASCOPE), Institute of Energy Economics, Japan (IEEJ), Japan Atomic Energy Agency/Integrated Support Center for Nuclear (JAEA/ISCN), Japan Oil, Gas and Metal Corporation (JOGMEC), Korea Energy Economics Institute (KEEI). The Meetings were chaired by Dr. Prasert Sinsukprasert, Inspector General, Office of the Permanent Secretary, MOEN, Thailand.

The 15th Energy Security Forum and Associated Meetings commenced with the Oil Market and Natural Gas Forum and Business dialogue on 27 March 2018. The ASEAN+3 (plus China, Korea, Japan) Focal Points actively discussed the funding opportunities, market development, and potential partnership within ASEAN+3.  ACE emphasised that a strong partnership with China, Japan and Korea will boost oil and gas business development. The Meeting agreed to enhance the communication and discussion among the national companies, government sector and financial institutions within a specific topic and to continuously engage expert/(s) to present global perspective and trend on LNG market development.

The 6th Oil Stockpiling Roadmap (OSRM) Workshop was conducted on 28 March 2018. The Workshop updated the AMS+3 on the 2017-2018 activities by ACE and JOGMEC. The Workshop noted updates by China, Japan and Korea on the oil stockpiling facilities. During the Workshop, ACE shared the status of oil stockpiling development in each ASEAN Member State (AMS) and pointed out that there are at least 5 critical items to be considered by the Meeting to develop oil stockpile system, such as; a) gas and oil products data, b) stockpiling policy, c) infrastructure, d) stock standards, and d) responsible body. Japan expressed the willingness to share expertise and support ASEAN in establishing oil stockpiling facilities. The Workshop agreed that the OSRM is necessary to prevent oil disruption in the future.

ACE shared the ASEAN energy trends during the 15th Energy Security Forum on 29 March 2018. ACE mentioned in 2040, oil is still the largest fuel in the primary energy mix followed by coal and renewables. ASEAN will have a surplus of coal until 2040. With a nearly constant production (mainly due to Indonesia’s plan to cap its coal production at 400 million tonnes per year starting in 2019) over the projection period 2015-2040 and increasing domestic requirements, the surplus production constantly reduces over the projection period.

On 30 March 2018, all participants were invited by MOEN, Thailand, to visit PTT Oil Business Academy in Ayutthaya. The Academy showed the facilities and PTT’s oil products, as well as PTT’s other business activities such as integrated gas station with convenience store and cafe.  All ASEAN+3 Members expressed their sincerest gratitude to MOEN, Thailand, for the great hospitality and meeting arrangement during the 15th Energy Security Forum and Associated Meetings. (SBS. Featured photo credit:  MOEN)