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