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Wednesday, 31 December 2014

Ultra Petroleum's Drastic Price Drop Provides Opportunity For 50% Upside

Summary

  • UPL had an important Q3 2014, as it shifted its natural gas production mix by acquiring additional Pinedale assets and divesting from the Marcellus in an attempt to increase margins.
  • Management appears to understand the possibility of further oil and natural gas price drops.
  • UPL's stock price decreased 56% in the last 6 months, compared to a 49% drop in WTI and 34% drop in natural gas.
  • As one of the low cost producers of natural gas, Ultra Petroleum is well positioned against its competitors going forward with potential downside of 16% vs potential upside of 50%+.
Ultra Petroleum Corp (NYSE: UPL) is an independent oil and natural gas (O&G) company involved in the exploration and production (E&P), development, operation, and acquisition of oil and gas interests. The Company's main activities are developing natural gas reserves in: the Green River Basin of Wyoming - the Pinedale and Jonah fields, oil reserves in the Uinta Basin in Utah, and natural gas reserves in the Appalachian Basin of Pennsylvania.
(click to enlarge)Green River Basin Tight Gas
(click to enlarge)Uinta Basin Crude Oil
Additionally, Ultra Petroleum conducts a majority of its O&G activities jointly with others. The Company's revenues primarily derive from the production and sale of natural gas and condensate in southwest Wyoming, in addition to a smaller portion of the Company's revenues coming from oil sales in the Uinta Basin in Utah, and gas sales from wells in the Appalachian Basin in Pennsylvania.

Q3 2014 Update

During Q3 2014, the Company realized an average natural gas price of $3.59 per Mcf, including realized gains and losses on commodity derivatives, compared with $3.41/Mcf during Q3 2013. Moreover, the average realized price excluding gains and losses on commodity derivatives was $3.72/Mcf, compared with $3.44/Mcf during Q3 2013.

Cross-border firing kills two soldiers in Narowal: Chenab Rangers

This representative images shows security forces personnel guarding the border separating India and Pakistan. — AFP/File
This representative images shows security forces personnel guarding the border separating India and Pakistan. — AFP/File
SIALKOT: Cross-border firing between Pakistani border guards and Indian Border Security Force (BSF) personnel killed two soldiers in the Shakargarh sector of Narowal district on Wednesday, a Chenab Rangers spokesman said.
The dead included Naik Riaz Shakar and Lance Naik Safdar of Chenab Rangers, the spokesman said, adding that the exchange broke out ahead of a flag meeting ceremony in the sector.
The spokesman said that a commander from the Indian side had requested a meeting and when two representatives from the Rangers contacted them, the Indians opened fire.
Earlier in October and November, skirmishes at the Indo-Pak border increased hostilities between the two countries with both accusing each other of initiating the firing.
Reportedly more than 20 people had lost their lives on both sides of the border.

Pakistan protests, summons Indian envoy

The Indian Deputy High Commissioner was summoned to the Ministry of Foreign Affairs today to lodge a strong protest on the unprovoked firing of Indian troops in the Zafarwal Sector.
“The Government of Pakistan strongly condemned the action of the BSF troops, which is in violation of the commitment by both sides to maintain ceasefire along the Line of Control and the Working Boundary,” Foreign Office spokesperson Tasneem Aslam said in a statement.
She said the government of India has been urged to investigate the incident, bring the perpetrators to justice, and ensure maintenance of peace and tranquillity along the Line of Control and the Working Boundary.

Nawaz announces up to Rs14 reduction in petroleum prices

The new prices will be implemented from midnight. – Agencies/file
The new prices will be implemented from midnight. – Agencies/file
ISLAMABAD: Following drop in prices of electricity and petroleum products earlier in the month, Prime Minister Nawaz Sharif on Wednesday announced further reduction in the prices of petroleum products.
Addressing a press conference here, he said petrol prices are being reduced by Rs6.25 per liter, HBOC Rs14.14 per liter, kerosene oil Rs11.26 , light diesel oil Rs10.48 and high diesel oil by Rs7.86 per liter.
The new prices will be implemented from midnight.
Speaking to journalists, Sharif said reduction in POL prices has led to decrease in prices of other commodities including groceries. He vowed to provide more relief to the masses in coming days.
The prime minister said that the recently made reduction in electricity tariff would start reflecting on consumers’ bills from January. He also announced that electricity prices would further drop in coming days due to setting up of new power plants in the country.
Prime Minister Sharif urged provincial governments to take steps in order to reduce prices of commodities.
Following the announcement, the petroleum ministry issued a notification for the same.
Despite the announcement of reduction in POL prices for January, masses would not receive complete relief of the plunge in global oil market, mainly due to the imposition of GST on petroleum products.
According to the notification, the price of High Speed Diesel (HSD), which is widely used in heavy vehicles and the agriculture sector, has been slashed by Rs7.86 per litre. Its price has come down to Rs86.23 per litre from Rs94.09 per litre.
Similarly, the price of petrol witnessed a decline of Rs6.25 per litre against its current price of Rs84.53 per litre which is now pegged at Rs78.28. Kerosene oil, which is used as kitchen fuel in remote areas of the country, recorded a significant decrease of Rs11.26 per litre. Its price has fallen from Rs83.18 per litre to Rs71.92 per litre.
The price of High Octane Blending Component (HOBC), which is used in luxury cars, registered a drop of Rs14.14, bringing its price down to Rs 92 from Rs106.14 per litre. The price of light diesel oil was slashed by Rs10.48 per litre dragging its price down to Rs67.5 per litre from Rs Rs77.98 per litre.
Owing to expected major dip in the revenue collection of the Federal Board of Revenue (FBR) due to sharp slash in crude price in global oil market, the government on Tuesday had increased the GST on petroleum products to 22 per cent from 17 per cent.
It may be mentioned that crude oil prices have fallen down sharply to more than 48 per cent in the international market since late June, and now it stands at $56 per barrel.

Female literacy hits new low in Balochistan

Female literacy rate in Balochistan has plunged to greater depths. — Reuters/ File
Female literacy rate in Balochistan has plunged to greater depths. — Reuters/ File
Education is a right denied to many children across Pakistan,but the state of literacy, particularly of females is dismal in Balochistan with as much as 70% girls dropped out of school.
The statistics paint a bleak picture, with less than two per cent rural women educated and only 26 per cent overall female literacy in the province, as cited by sources in the education department.
Co-education schools and colleges exist in the Makran belt but the emergence of new militant organisations, who have warned girls of dire consequences, have prevented females from enrollment, plunging Balochistan to the lowest female literacy in Pakistan.
But the statistics and headlines hardly tell the story.
With limited access to schools in the province; most of the girls enroll themselves in primary classes but drop out as they get older. According to officials, the dropout rate is as much as 70 per cent with the highest being in Dera Bugti.
“Dera Bugti stands first in terms of low female literacy rate across the country,” said Saboor Kakar, Secretary Education Balochistan.
Kakar believes militancy is the root cause.
“The dropout rate in girls’ schools is worst in Balochistan out of all other provinces owing to militancy in the area,” he said while talking to Dawn.com.
In Panjgur, a district in Makran, the private co-education schools were targeted and threatened to shut down by militants, earlier this year in May. Parents were also intimidated into not sending their girls to school.
A school van was burnt in Panjgur and teachers were warned not to pursue their profession. After this attack, schools remained closed in the district for days, the closure prompted Baloch nationalists groups to stage protest demonstrations to mount pressure on the government to re-open schools.
“We will not allow forced-closure of schools in Makran,” said Ghullam Nabi Marri, the Central leader of Balochistan National Party.
A similar pattern was seen in other districts of Makran division which include Turbat and Gwadar. Even though the government is aware of the threats, they have failed to arrange separate classes for girls or to find an alternative.

The influx of teachers in Quetta

In Quetta, the female literacy rate is better as compared to far-flung areas of Balochistan. Female teachers in Khuzdar, Mastung and other troubled districts have either abandoned their profession or transferred their jobs to Quetta.
According to statistics provided by education department Balochistan, there is only one female teacher for every three students in Apwa Girls High School Quetta. In comparison, there is only one teacher for more than one hundred students in Kuchlak, Ghabarg and other cities in the outskirt of Quetta.
“Female teachers cannot do there job in an atmosphere of threats and intimidation”, said Gul Bushra Kakar, a renowned educationist.
The state of education in Balochistan has been grim for many years due to instability in the province.
“Although I am a native of this land, I refuse to teach in troubled parts of the province,” said Kakar who has been teaching for last 20 years.
Gul Bushra stated that owing to these threats, most of the teachers in rural Balochistan have either gone on long leave without pay or have quit the profession for the safety of their lives. “Several professors from Balochistan University were also forced into leaving their job.”

Fewer schools

Not only are schools hard to access, but there are fundamentally fewer schools in the province with respect to its population.
According to Pakistan’s 1998 census, there are more than 22,000 settlements in Balochistan whereas the number of government-run primary, middle and high schools is approximately 12,000. The ratio suggests that almost half of Balochistan is deprived of schooling.
“We need establishment of at least 10,000 more schools to enroll children who are deprived of education,” said Sardar Raza Muhammad Bareech, the Advisor to the Chief Minister Balochistan on Education.
Constructing more schools does not seem to be the only solution for improving the education standard in the province. The legitimacy of the current few thousand schools is also under question. The number of ghost schools have been quoted to be as much as 3000 with more than 5000 ‘ghost’ teachers. These ‘teachers’, who have never stepped inside their schools, are regularly drawing their salaries.
Worsening law and order situation coupled with budgetary allocations, teachers’ absenteeism, and lack of schools, facilities and growing corruption have been the underlying factors behind low literacy rate in Balochistan.
Then there is the issue of poverty.
Children often do not attend school because most of them are working to support their stricken families for survival.
This year, the government of Balochistan had declared an education emergency in the province but it has largely remained confined to papers.

Jennifer Lawrence joins 'Mockingjay' co-stars in Ebola awareness campaign

Clockwise from top: Josh Hutcherson, Jennifer Lawrence, Liam Hemsworth and Mahershala Ali.
Clockwise from top: Josh Hutcherson, Jennifer Lawrence, Liam Hemsworth and Mahershala Ali.
Actor Jennifer Lawrence appears in a public service announcement (PSA) about the Ebola virus with her The Hunger Games: Mockingjay - Part 1 co-stars to raise awareness on the virus’ devastating impact in West Africa.
Mockingjay stars Jennifer Lawrence, Josh Hutcherson, Liam Hemsworth, Jeffrey Wright, Julianne Moore, and Mahershala Ali to discuss hard facts about the outbreak.

Without access to the same resources as Americans — such as I.V. fluids, electrolytes, food, fully-equipped modern hospitals, well-trained medical professionals — chances of survival are immensely reduced.
Mahershala points out in the video that in some parts of West Africa, only two out of every 10 patients infected with Ebola have survived.
All eight Americans who had contracted Ebola and received treatment in US hospitals survived.
That makes the survival rate in America 100 per cent, as compared to the 20 per cent in West Africa.
Moore says: “Ebola is not a death sentence.”
“What would happen if you got Ebola?” Josh Hutcherson asks Jennifer Lawrence in the video.
After a brief pause, she responds: “I’d be fine.”
“You have a lot of doctors,” Hutcherson then points out in the clip.
The video also shows statistics pointing out that there were 19,648 confirmed Ebola cases worldwide from December 6, 2013, to December 22, 2014, with 19,643 of them in West Africa.
While there is no proven treatment available for Ebola, supportive care such as rehydration and treatment of specific symptoms improves survival, according to the World Health Organisation (WHO).
The Ebola Survival Fund, which works in conjunction with the United Nations supporting community-based groups fighting the disease in Liberia and Sierra Leone, has utilised the power of Hollywood before. Whoopi Goldberg, Alicia Keys and Idris Elba, among other celebrities, teamed up with the organisation in October to produce a PSA with a similar message.

Why we have 'Ghosro Masters' and how to put an end to them

The nation will get nowhere if its teachers dont report at their schools every day. —Photo by Fayyaz Ahmed
The nation will get nowhere if its teachers dont report at their schools every day. —Photo by Fayyaz Ahmed
These days, a campaign 'Ghosro Master' against ghost teachers in Sindh, is underway on social media (take a look herehere and here).
So-called teachers who have never stepped inside their schools but are regularly drawing their salaries from the country's exchequer are being identified and are shamed on Facebook and Twitter.
As the government drags its feet on action against these ghost schools/teachers, I believe this campaign has given a voice to the suffering students and parents. Sindh's education secretary has also confessed that about 40 per cent of school teachers in Sindh fall under the 'ghost' category.
Just a few months since the start of this social media campaign, residents of Sindh already seem to have witnessed one instance of change: In November 2014, 77 ghost teachers were suspended in Khairpur district.
I belong to a small village of Sindh and have seen some very dedicated teachers working under harsh conditions. On the one hand, we have teachers like Asu Bai, a differently-abled lady who has worked voluntarily and against all odds for the betterment of the society we are living in. On the other hand, we have scores of ghost teachers.
Also read: ‘Ghosro Master’
Let us explore the reasons why these 'ghosts' are so reluctant to attend their schools and how they are being encouraged by the society for not performing their duties.
If it's in the village, it belongs to the landlord
It is true that the feudal system is one of the biggest structural impediments to education in the rural areas. Landlords are mostly averse to letting any person become more important/powerful than them. They're unable to digest the popularity of dedicated teachers at work in their villages.
This one time, I learned a very interesting reasoning given out by a landlord: since the land belongs to them, therefore the government should only send those teachers to the school who were nominated by the landlord. Any other teacher was just not acceptable.
Lack of interest by the community itself
Hardly ever do we see complaints lodged by parents against ghost teachers. The community believes that since they are not paying the teachers, therefore they have no right to question them or complain against their regular absences from school.
Another factor which hinders the community members from raising their voices is the strongbiradari (community) net. People believe that if they complain against their fellow tribesmen, they may end up alienating themselves.
Social acceptance of ghost teachers
Most of the ghost teachers identified on social media are famous names. They advocate the importance of education on national and international forums and portray themselves as paragons of education without showing any concern or interest about their own duties at school.
Society has shown an acceptance of this criminal act. No more are these people shamed or questioned for their hypocrisy. Obviously, the ducking of duties flourishes in this conducive environment.
Babus living in a different world
People in the education department and most key political figures hardly ever leave their air-conditioned offices to check what's happening in the schools. That is true for at least most who are involved. And the few who do go out tend to avert their eyes and hide beyond excuses to avoid confronting the massive challenge that lies before them.
And why shouldn't they? The children of these elites study in top notch private schools and universities abroad — they don't feel responsible for correcting something for which they are not the supposed stakeholder.
Nepotism and cronyism in appointments
Since education is a huge department, there is lots of space for cronies to be stuffed into. Countless appointments are made of persons with all levels of qualification. Everyone from those promised jobs prior to elections, to those who have failed in securing jobs anywhere else, are welcome, and are somehow adjusted in the education department.
No wonder, then, that from the higher officials down to the teachers, few people have real knowledge of the subjects. Interestingly, history was made in 2013 when, female candidates were given extra 20 marks for "gender relaxation".
I, despite being a woman, believe that it is nothing but an utter injustice to male candidates.

To-do list for improving the situation

  • Education department should make a complaint cell for lodging complaints against ghost teachers, ghost schools and insufficient facilities at the school. Education department officials should be accessible to people via email, telephone and post. It should also be ensured that the identity of the complainant is kept strictly confidential.
  • It's time that the community as a whole stand up for education. Any teacher whose attendance is not regular should not be allowed to stay in that school. Villagers should put pressure on the local education authorities for not sending any such teacher to their school who is unable to ensure his/her attendance. It's time to realise that school teachers are not just answerable to the education department but also to the pupils and to their parents for their apathy to the school.
  • Any person who is found guilty of being a ghost teacher should not be invited to speak at forums or gatherings. We have to be selfish in order to get our children educated. Forget about them being your nephews or cousins. If they are not taking your children's future seriously, you should stop taking them. Isolate them.
  • Many of the ghost teachers are working in private institutes. The government could impose a fine on any organisation hiring ghost teachers and asking them to work for them during term time. It is also important that education department makes a district-wise list of all the teachers and make this database publicly available via their website. This will enable private organisations to check if a person is already employed by the education department.
  • Babus sitting in their offices in the provincial capitals should seek monthly report from their subordinates from every district and taluka regarding schools. It will do them no harm if they go out in the field for a few days and pay surprise visits to different districts every month. Strict action should be taken against those who are not taking their duties seriously.
  • Appointments should be made only on merit. I am a woman and a teacher and I don't think women need 20 marks in charity. They can very well prove themselves. If the complaint cell is functional, people will be able to register complaints against anyone attempting to bribe them for appointment.
Teachers play a vital role in building nations, we'll never build ours if our teachers are not up to the task.
While we have had plenty who devoted their lives to this cause, becoming role models for the next generation; the elimination of ghost teachers is the need of the hour.
I am afraid if we don't act fast enough, these ghost teachers will become the role model, in fact they might already have. In any case, the social media campaign is a positive development to the end of countering this trend. It has had some positive results and if nothing else, at least proves there is a will to change the system.
Time is running out. Do the authorities care?

Related:
Do you have information you wish to share with Dawn.com? You can email our News Desk to share news tips, reports and general feedback. You can also email the Blog Desk if you have an opinion or narrative to share, or reach out to the Special Projects Desk to send us your Photos, or Videos.

 
The author is a doctoral researcher at the School of Computer Science, University of Birmingham. Her research interests include cloud architecture, requirements engineering, economic driven software engineering and risk management.
Prior to her PhD, she taught at NED University as Assistant Professor.

The views expressed by this blogger and in the following reader comments do not necessarily reflect the views and policies of the Dawn Media Group.

What Pakistani leaders can learn from the world's 'poorest' president

José Mujica stands outside his house in Montevideo, June 25, 2013. —AFP
José Mujica stands outside his house in Montevideo, June 25, 2013. —AFP
From Jinnah and Liaquat Ali Khan to Nawaz Sharif and Asif Ali Zardari, political leadership in Pakistan has traditionally been the dominion of the rich. Back then, Pakistan’s independence movement was led by the Muslim elite.
Today, another generation of very rich rule millions of impoverished souls, who have no hope of ever having any control over their destinies.
The Jinnah House (South Court) in the Malabar Hills neighbourhood of South Mumbai is in a dilapidated state today. However, the palatial home of Pakistan’s founding father is worth millions of dollars. Some estimate the property to be worth tens of millions of dollars. South Court was constructed in 1936 and cost 200,000 rupees. Architect Claude Batley had designed the structure, which was built with the help of Italian stonemasons.
Today, that opulence is matched by Zardari’s Surrey Palace (Rockwood Park) and the choice digs of the Sharif family in Raiwind.
The gulf between the elected and electors has plagued Pakistan since forever. Electoral democracy has hardly made any dent in the country's dynastic politics.
For an egalitarian society to take root, the ruled must become the rulers of their destinies and governments.
This may change if Pakistanis were to learn from Uruguay’s President, José Mujica, who lives in a small house off a dirt road, and donates 90 per cent per cent of his $12,000monthly salary to charity. Mr Mujica may be the world’s ‘poorest’ president, but he is also the president whose lifestyle resembles that of the people he leads.
José Mujica has some things in common with the Zardaris of Pakistan. Mujica is a former ‘rebel’ leader who spent 14 years in prison and was shot six times. He was condemned to solitary confinement for most of the time in prison. Zardari, Makhdoom Amin Fahim, and Nawaz Sharif have all been to prison for varying time periods.
However, unlike Mujica, Pakistan’s ruling elite crave opulence and splendour while paying lip service to the plight of the poor they rule over.
Mujica was elected president in 2010. His prized possessions include an aging Volkswagen Beetle and a small house, which his political opponents disparagingly called a cave. When he was first elected, he arrived at the Parliament riding an old Vespa scooter. Two guards parked at some distance from his house are the only visible sign that Uruguay’s president lives there.
‘‘It is not the man who has too little, but the man who craves more, who is poor,’’ he told Simon Romero of the New York Times in 2013.
Since his election, Mr Mujica has undertaken several progressive reforms. Legalising the use of Marijuana and a greater recognition of and tolerance for sexual diversity are two examples of how he is transforming the society.
Speaking to The New York Times, Mujica criticised the extensive focus on economic growth, which he considers “a problem for our civilisation” because of growth’s adverse impact on earth’s resources.
Being in a prison for 14 years for his political beliefs has made Mujica appreciate the plight of those who have endured similar ordeals.
Earlier in December, Uruguay accepted six detainees from Guantánamo Bay. Mujica negotiated the release of four Syrians, one Tunisian, and a Palestinian who were cleared for release by the US authorities. However, the six detainees handed over to Uruguay, along with another 67 men still awaiting release, were kept at Guantánamo Bay because no nation was willing to accept them.
The US government is encouraging other Latin American countries to accept the remaining 67 of the 136 detainees at Guantánamo Bay who no longer pose any threat to the US. The Americans are dangling trade concessions to convince the struggling economies in Latin America to play host to strangers.
Mujica, however, welcomed the detainees on principle.
Uruguay, he says “would be hospitable to human beings that have endured an atrocious kidnapping.” He refuses to restrict the former detainees’ movements, against the wishes of the US government.
The 55-year old Canadian Prime Minister, Stephen Harper, is another example of an ordinary citizen rising through the ranks to reach the highest office in the country. While I oppose Mr Harper’s politics, I respect his struggle and the sociopolitical system that empowers citizens to become leaders. Harper, whose father was an accountant, attended public schools. He entered politics emerging later as the leader of the Conservative Party.
Prime Minister Jean Chrétien, who visited Pakistan in 1996, is another example of a little guy from a little town (le petit gars de Shawinigan) rising to assume the highest office in the land.
Given the stark socioeconomic differences, some may consider the Canadian examples to be irrelevant to Pakistan.
But Uruguay, on the other hand, is very much like Pakistan; a developing economy. With a population of just 3.5 million and per capita GDP of $16,500, Uruguay may not be an ideal match but still, it merits some curiosity.
If the status quo were to be maintained in Pakistan, Bilawal Bhutto Zardari, Maryam and Hamza Sharif, and other progenies of the ruling elite will take over control from their fathers and uncles. This will be no different from the past when the Mughals handed the reigns to their sons, condemning the indigenous of the subcontinent to a life of servitude.
José Mujica’s life shows that it is not the birthright of the elite to be rulers. Pakistani voters may want to emulate Uruguayans in the next elections.
Or is it too much to expect from Pakistanis to elect ordinary citizens to power?
Do you have information you wish to share with Dawn.com? You can email our News Desk to share news tips, reports and general feedback. You can also email the Blog Desk if you have an opinion or narrative to share, or reach out to the Special Projects Desk to send us your Photos, or Videos.

 
Murtaza Haider is a Toronto-based academic and the director of Regionomics.com.


He tweets @regionomics

The views expressed by this blogger and in the following reader comments do not necessarily reflect the views and policies of the Dawn Media Group.

Sydney spectacular leads global New Year celebrations

New Year's fireworks erupt over Sydney's iconic Harbour Bridge and Opera House during the traditional fireworks at midnight. -AFP Photo
New Year's fireworks erupt over Sydney's iconic Harbour Bridge and Opera House during the traditional fireworks at midnight. -AFP Photo
SYDNEY: A dazzling display of fireworks lit up Sydney Harbour on Thursday as Australia's biggest city welcomed the New Year in spectacular style, defying terrorist fears days after a deadly siege.
From Hong Kong to London and New York to Rio, millions around the world will celebrate when the clock ticks past midnight, ringing in 2015 with massive fireworks displays, concerts and light shows.
In Sydney, rocked by deadly drama just before Christmas when an Iranian-born gunman with a history of violence and extremism took 17 hostages in the city's financial hub, tonnes of fireworks exploded over the harbour watched by a crowd estimated at more than one million.
“We are celebrating that we are a multicultural, harmonious community but we will be thinking about what happened,” Lord Mayor Clover Moore said in reference to the incident in which two hostages and the gunman died.
In the aftermath of the siege, Prime Minister Tony Abbott said security agencies had picked up a heightened level of “terrorist chatter” and warned that “the terror threat remains high and... at this level, an attack is likely”.
But the fireworks display went ahead without incident. Brilliant bursts of colour lit up the harbour in spectacular fashion in the midnight showpiece, with fireworks cascading off the Harbour Bridge, shooting off the Opera House and streaming across the sky in one of the world's first major celebrations to ring in 2015.

Worldwide revelry

Across Asia, millions will be partying with Hong Kong's dazzling skyline along Victoria Harbour set to light up during an eight-minute pyrotechnic display.
In China, Beijing's bid to stage the 2022 Winter Olympics was to be the theme of celebrations, with concert pianist Lang Lang to be the star performer at an extravaganza at Olympic Park.
The Chinese capital has held New Year countdowns at the historic Temple of Heaven since 2011, but has moved the event to the site of the 2008 summer games to raise the profile of its winter Olympics bid.
In Taiwan the landmark skyscraper Taipei 101 will be at the centre of celebrations, with performances by pop singers and a firework display at midnight expected to attract hundreds of thousands.
And in Japan, the Meiji Jingu shrine in Tokyo brought out stocks of lucky charms and set up large offertory boxes as it prepared to welcome a huge wave of worshippers overnight.
The huge shrine expects three million visitors in the first three days of the new year.
In Malaysia, a sombre mood prevails across the country after the crash of AirAsia Flight QZ8501 carrying 162 people in Indonesia and flooding in the nation's northeast which has displaced almost 250,000 people.
Year-end countdown celebrations have been cancelled, with many companies instead launching fundraising campaigns for flood victims.
In Afghanistan, the last French troops in the country held a ceremony in Kabul to mark the end of their deployment after NATO combat operations closed down as a new “train and support” mission takes over.
The end of another era will be remembered in Berlin with “Baywatch” star David Hasselhoff joining a huge open air concert in front of the Brandenburg Gate, where he famously sang for freedom after the Berlin Wall fell 25 years ago.
In Paris, the Champs-Elysees will be reserved for pedestrians to let them watch a visual spectacle projected onto the Arc de Triomphe 15 minutes before the start of the new year.
The ticking of the clock past midnight will be significant for Lithuania as it adopts the euro. Another small Baltic state, Latvia, takes over the rotating presidency of the European Union, putting it on the front line of negotiations with neighbouring Russia over the crisis in Ukraine.
In Spain, millions of revellers will descend on Madrid's Puerta del Sol to eat the traditional 12 grapes for each stroke of midnight while in Barcelona a massive fireworks display will be held.
London stages New Year's Eve fireworks along the Thames and Edinburgh will be holding its traditional Hogmanay street party along the Royal Mile with tens of thousands expected.
Marking 2015 on Copacabana beach in Rio de Janeiro, more than two million people are expected to attend a huge fireworks show that will open celebrations marking 450 years since the founding of the city.
And in New York about one million revellers are expected to descend on Times Square to watch the New Year's Eve Ball Drop.