Taiwan commits to net-zero carbon emissions by 2050
Taiwanese President Tsai Ing-wen last week signed a major climate change law that introduces a net-zero carbon target for 2050 and a carbon fee system for large emitters.
Australia’s Santos reports $2.5bn profit surge from higher oil and gas prices
Santos (ASX:STO) today announced its full-year results for 2022, reporting record free cash flow of US$3.6 billion and underlying profit jumping 160% to US$2.5 billion. The results reflect significantly higher oil and LNG prices compared to 2021, due to stronger global energy demand, combined with a higher interest in PNG LNG following its merger with Oil Search.
Bangladesh utilities seek $1bn for fuel to avert blackouts
Private power producers in Bangladesh have sought $1 billion of foreign currency from the country’s central bank to import heavy fuel oil to avert a looming energy crisis this summer.
Russian oil flows to China hit highest levels since Ukraine invasion
Russian exports of discounted crude and fuel oil to China have jumped to record levels as the re-opening of the world’s biggest energy importer gathers pace after the dismantling of Covid Zero.
Eni’s struggles at Blacktip trigger gas supply security fears in northern Australia
Gas production at Eni’s (MIL:ENI) Blacktip gas field offshore northern Australia has fallen faster than expected raising fears about energy security in the Northern Territory. However, the Italian company hopes development drilling might reverse the decline.
China’s taking control of LNG as global demand booms
A rush by China to sign new long-term liquefied natural gas (LNG) deals promises to give the nation even more control over the global market at a time when competition for cargoes is booming.
Malaysia attracts more oil and gas investment as Petronas hosts stellar exploration round
Malaysia’s 2022 oil and gas bid round was a remarkable success, attracting fresh investment, new upstream explorers, as well as new ideas to the mix in Southeast Asia’s most successful market. Indeed, other Southeast Asian countries should take note as Malaysia also launched its 2023 round that will see more investors queuing up.
Malaysia says it hasn’t got formal notice on Sulu seizure claims slapped on Petronas
Malaysia’s law minister on Friday said the government hasn’t received a formal notice of an attempt to seize the Southeast Asian country’s assets in Luxembourg by descendants of the sultanate of Sulu.
Malaysia launches 2023 bid round, awards highest number of PSCs since 2010
Petronas today launched the Malaysia Bid Round 2023 (MBR 2023), offering 10 exploration blocks and two clusters of Discovered Resource Opportunities (DRO). The company also signed deals from last year’s round representing the highest number of PSCs awarded in Malaysia within a single year since 2010.
China’s Xi vows deeper Iran ties amid US push to curb oil trade
Chinese leader Xi Jinping pledged to deepen ties with Tehran after meeting Iran’s President Ebrahim Raisi in Beijing, weeks after the US said it would increase pressure on China to stop buying Iranian oil.
Renewable power competitiveness in Asia Pacific worsened in 2022
The levelised costs of electricity (LCOE) for utility solar and onshore wind in Asia Pacific were up 16% and 12% respectively since 2020, as equipment, construction costs and interest rates rose in the region. However, China was insulated from the trend.
Woodside Energy to book nearly $4.4bn depreciation hit
Australia's Woodside Energy Group (ASX:WDS) said today that it would book a nearly $4.4 billion expense this year, as changes in its asset depreciation calculation method outweighed a tax benefit and a reversal of an impairment charge.
Singapore could review Keppel O&M bribery case with new evidence
Deputy Prime Minister Heng Swee Keat said that Singapore could review a decision not to prosecute key figures at Keppel Offshore & Marine Ltd. over a major bribery case involving payments to Brazil’s state-run energy company Petrobras if there’s new evidence that warrants doing so.
Australia’s Santos in $328m write-downs
Santos (ASX:STO) will take US$328 million ($470.8 million) in write-downs after slashing the volume of oil and gas reserves estimated in fields off Western Australia and other late-life ventures, despite increasing total reserves to a record level.
Santos bags key Dorado environmental approval in Australia
Australian oil and gas producer Santos (ASX:STO) today reported that it has approval from the offshore petroleum regulator for its US$2 billion Dorado oil and gas project in Western Australia. Significantly, the news may ease concerns about the regulator’s harder approach towards project approvals since a court ruling last year.
Saudi Aramco says ESG investing threatens energy security
Saudi Aramco’s top official warned Sunday that an increased focus on climate was undermining investment in oil and gas to the point where it now posed a threat to the world’s energy security.
OPEC chief tells climate negotiators to ‘look at the big picture’
OPEC’s top official urged countries to invest much more in oil to meet the world’s future energy needs and said climate policies need to be more “balanced and fair.”
APAC renewable energy deal value hits $19bn
Renewable energy M&A deal value in Asia Pacific increased by 11% year-on-year to $19 billion in 2022, primarily due to a surge in onshore wind and geothermal merger and acquisition activity.
Indonesia’s upstream player MedcoEnergi boosts capex by nearly 50%
Indonesian energy company MedcoEnergi (IDX:MEDC) will boost its capital expenditure by nearly 50% to about $370 million this year, with a bigger portion allocated to oil and gas development.
China scouts for LNG in risk to gas market’s delicate balance
China is looking for shipments of liquefied natural gas (LNG) into next summer, a move which could tighten global supply and steal shipments away from Europe.
TotalEnergies puts Adani hydrogen plan on hold until audits over
French energy giant TotalEnergies put a multi-billion dollar plan to produce green hydrogen with Adani Group on hold, pending audits of the Indian conglomerate accused of fraud by a US investor.
Chevron sells Myanmar gas assets to Canada’s MTI Energy
Chevron slammed by NGO's for selling its Myanmar assets to Canada's MTI Energy in a deal seen to benefit the military junta.
Upstream M&A heats up in Southeast Asia as Longboat joins the hunt
Underscoring the rising interest in Southeast Asia’s upstream market, North Sea-focused E&P company Longboat Energy (AIM:LBE), confirmed it is “exploring opportunities to broaden its strategic remit” in the region.
Chevron to spend $26m on Australian CCS research
Chevron (NYSE:CVX) will contribute a combined A$38 million (US$26.4 million) to carbon capture and storage (CCS) research projects in Western Australia and Victoria, advancing knowledge of the critical emissions technology for a lower carbon future.
Hong Kong targets prized Saudi Aramco listing with Xi’s backing
Two months after Chinese President Xi Jinping visited Saudi Arabia, Hong Kong’s leader John Lee has followed in his footsteps by taking a sizeable entourage to the kingdom.