Crude oil sinks again as spectre of US slowdown alarms investors
Oil retreated along with other key commodities as concern over a global economic slowdown intensified, with Federal Reserve Chair Jerome Powell warning a US recession is possible.
Samsung Heavy wins $3bn in orders for 14 LNG carriers
Samsung Heavy Industries said Wednesday it has won orders for 14 liquefied natural gas (LNG) carriers worth 3.9 trillion won ($3 billion) as European countries cut natural gas imports from Russia and seek alternative sources of the fuel in the wake of the Ukraine invasion, reported Nikkei Asia.
CNOOC finishes China’s first offshore CCS project
CNOOC has finished China's first offshore carbon capture and storage (CCS) project designed to permanently store carbon dioxide (CO2) in the seabed, state media reported recently.
Asia imports more seaborne Russian oil than Europe, India takes lion’s share
Almost four months after Russia’s invasion of Ukraine, Russian crude oil, Urals, has seen a switch in flow from its traditional market of Europe to Asia. Since the start of the war, based on the average of March to May 2022, Indian imports of Urals crude have picked up by 658% compared to 2021 levels, while for China the increase is 205% and for Asia as a whole 347%, Rystad Energy research shows.
Woodside’s Scarborough LNG project taken to court over environmental assessment
Woodside (ASX:WDS) said it has been notified that the Australian Conservation Foundation (ACF) has started proceedings in the Federal Court of Australia in relation to the environmental assessment of the Scarborough liquefied natural gas (LNG) project in Western Australia.
Philippines closer to adding one of world’s top solar sites
Solar Philippines has taken a further step toward massively expanding the nation’s renewables capacity, including with one of the world’s top projects, as it aims to help meet rising energy demand and aid a shift away from coal.
ExxonMobil joins energy majors investing in Qatar gas project
ExxonMobil is investing in a $29 billion project to boost Qatar’s gas exports, joining others including ConocoPhillips, TotalEnergies and Eni.
Russia overtakes Saudi Arabia as China’s top oil Supplier
China continued to snap up Russian energy products last month, including a record quantity of crude oil, lifting purchases to $7.47 billion -- about $1 billion more than April and double the amount of a year ago.
Sembcorp Marine shareholders question Singapore yards mega merger
Singapore’s Sembcorp Marine (SGX:S51) has released the financial and operating metrics of its proposed combination with a restructured Keppel Offshore and Marine (Keppel O&M) (SGX:BN4) in a response to queries from its shareholders that fear share dilution.
Oil spill offshore Western Australia at Jadestone’s Montara field, share price dives
UK-listed Jadestone Energy has reported an oil spill offshore Western Australia at the Montara oilfield when oil was being transferred between two crude tanks onboard the Montara Venture FPSO. Oil was observed on the surface of the sea and the field has now been shut down after a hole was identified in the bottom of the tank of the floating production storage and offloading (FPSO) unit.
Boost for Indonesia as BP signs deep-water PSCs
In a boost for Indonesia, BP (LON:BP) has today signed the 30-year production sharing contracts (PSC) for Agung l and Agung ll deep-water oil and gas exploration blocks with the government of Indonesia. The areas are underexplored with significant potential for natural gas resources, close to expanding gas demand markets.
China in advanced talks with Qatar for gas stakes worth billions
China’s energy majors are in advanced discussions to invest billions of dollars in Qatar’s massive liquefied natural gas (LNG) expansion project.
Indonesia’s Medco in dispute with Libya NOC
Indonesia’s Medco Energi has started international arbitration at the ICC against the National Oil Company of Libya to enforce its contractual rights under an exploration and production sharing contract, as well as protect its right to benefit from its investment in Area 47 in the north African nation.
AGL, Inpex, and Osaka Gas to build green hydrogen hub in Australia
AGL Energy is leading a consortium, that includes Japanese pair Inpex and Osaka Gas, as well as South Korea’s SK Group, in a detailed feasibility study to build a massive green hydrogen export hub at Torrens Island, South Australia.
First Gen Philippines LNG import terminal delayed, asks BW to delay FSRU delivery
First Gen’s Interim Offshore LNG Terminal project in the Philippines has been delayed and the company has asked BW Gas to delay the delivery of the floating storage and regasification unit (FSRU) BW Paris from Q1 2023 to end of Q2 or early Q3 2023.
Gazprom and CNPC sign technical deal on Far East route for supplying Russian gas to China
Gazprom and CNPC have signed a technical agreement on the Far East route for supplying Russian gas to China, Gazprom said in a statement. The pair signed a long-term gas supply deal in February underpinning the construction of a pipeline from Russia’s Far East into China, underscoring Moscow’s strategic pivot to Asia.
Chevron eyes $2.5 billion investments in low-carbon hydrogen
Chevron (NYSE:CVX) plans to spend about $2.5 billion building up its hydrogen business this decade as the oil major accelerates investment in low-carbon technologies.
Medco Energi eyes more acquisitions in Southeast Asia, ESG in focus
Indonesia’s Medco Energi (IDX:MEDC) is on the lookout for more merger and acquisition (M&A) opportunities in Southeast Asia after successfully buying ConocoPhillips Indonesian assets in a $1.355 billion deal struck last year.
Russia steps up energy wars with gas cuts to Europe’s top buyers
Russia stepped up the use of energy as a weapon by further cutting natural gas shipments via its biggest pipeline to Europe, prompting Germany to accuse the Kremlin of trying to drive up prices.
JERA, Tokyo Gas, Inpex to join Santos-led Bayu Undan CCS project
Japan’s three energy companies – JERA, Tokyo Gas and Inpex – plan to join the proposed giant carbon capture and storage (CCS) project led by Santos (ASX:STO), at Bayu Undan offshore East Timor. The trio’s total investment could reach as much as 100 billion yen ($748 million) reported the Nikkei Asia.
Major energy players raise the game in green investments in Asia, says Woodmac
BP confirmed today that it picked up over 40% stake in the Asian Renewable Energy Hub project to produce and export green hydrogen in Australia. In addition, TotalEnergies and Adani announced yesterday an investment of $5 billion into the development of hydrogen and derivatives business in India.
BP to lead giant green hydrogen project in Western Australia
BP has acquired a stake in and will lead one of the world’s largest clean energy projects, which aims to supply green hydrogen from Australia to key markets including South Korea and Japan.
TotalEnergies, Adani team up for multi-billion dollar Indian hydrogen plans
French energy major TotalEnergies and Indian billionaire Gautam Adani’s conglomerate are partnering to fund billions of dollars worth of green hydrogen development in India as the world’s third-largest polluter seeks to decarbonise.
East Timor set for three more onshore exploration wells as driller announces success
Australian company Timor Resources said it will drill three more exploration wells onshore East Timor after certifying 24.2 million barrels of oil and 1.3 billion cubic feet of gas reserves from its first two onshore wells.
Shell upbeat on CCS prospects in Asia
Shell (LON:SHEL) is upbeat about the opportunities for carbon capture and storage (CCS) in Asia Pacific, as the supermajor explores various potential storage site options across its portfolio in the region, which includes Australia, Malaysia and Brunei.