India ready to launch offshore wind auction within months
The government of India said it will offer 4GW of capacity on blocks offshore Tamil Nadu within the next three to four months.
More M&A in APAC: ESG worries and Woodside-BHP deal see more assets up for sale
More merger and acquisition (M&A) opportunities are expected to hit the market in Asia Pacific, as international oil companies (IOCs) continue to rationalise their portfolios, and ESG concerns trigger further divestments. This will help to unlock the deal flow in APAC, but potential acquirers could struggle to secure necessary finance without a strong ESG narrative.
Early winter gas rush in Asia signals further price pain ahead
Liquefied natural gas (LNG) buyers in Asia are already busy securing cargoes for winter, indicating that competition in a tight market may lead to a further jump in prices.
New Australian government bolsters outlook for renewable energy
Australia's new Labor government has secured a majority in parliament. This is expected to provide a tailwind for renewable energy investment in Australia as the Labor party campaigned on a strong environmental agenda, under its Powering Australia plan.
PTTEP to start Thailand’s first CCS project in 2026
PTT Exploration & Production (PTTEP) is gearing up to develop Thailand’s first carbon capture and storage (CCS) project at the Arthit offshore gas field as the state-backed upstream player eyes its net zero greenhouse gas (GHG) emissions target.
Shell teams up with key Japanese LNG buyers to accelerate decarbonisation
Shell (LON:SHEL) and Japanese liquefied natural gas (LNG) buyers Tokyo Gas and Osaka Gas will together explore potential opportunities to accelerate decarbonisation across their respective production value chains.
Accidents surge at yards in Bangladesh where FPSOs are beached
Since the start of 2022, out of the eighteen accidents that shook the Bangladeshi shipbreaking industry, six have taken place at yards owned by Kabir Steel Re-Rolling Mills (KSRM), a concern of large conglomerate Kabir Group, reported NGO Shipbreaking Platform.
First test for Australia’s new Government is an energy squeeze
Australia’s new government, elected with a promise to accelerate a shift away from fossil fuels, is holding talks with oil and gas giants to ease an energy squeeze that’s delivered a first major test.
Oil rises to three-month high as Saudis signal demand confidence
Oil extended gains to the highest level in almost three months after Saudi Arabia signalled confidence in the demand outlook by increasing the price of its crude for Asia by more than expected.
Tycoon Razon to acquire Philippines Malampaya gas project from Udenna, Shell divestment ongoing
Philippine billionaire Enrique Razon will acquire a controlling stake in businessman Dennis Uy’s Malampaya gas project, in a move that may help extend the life of a field that fuels some of the nation’s biggest power plants. Significantly, Shell is also in the process of trying to divest its share of Malampaya.
The demise of an E&P star – the sad tale of Pakistan Petroleum
The sad story that follows is based on the authors' personal experience as a director on the board of Pakistan Petroleum Limited between September 2014 and October 2018. He thought it important to document the events that transpired during that time so that perhaps the Government of Pakistan will take note and take corrective action. Though the damage done is severe, there may yet be time to salvage the situation.
Southeast Asia market for drilling rigs lukewarm despite lofty oil prices
Global and regional upstream activities, including in Southeast Asia, are rising, as more exploration and development projects are evaluated and approved. Yet, the drilling rig market in the region is not as exciting as it should be, especially with global oil prices ranging between $100 and $120 per barrel in recent months.
India’s GAIL seeks long-term LNG deal, eyes expanding ties with Russia’s Gazprom
India's state-run gas utility GAIL is seeking a one million tonne per year (t/y) liquefied natural gas (LNG) import deal for ten years starting 2023 to help meet the country's expanding demand for cleaner fuels amid increasing energy consumption, said the company’s chairman Manoj Jain earlier this week.
Shell sends ‘thug’ to stop industrial strike action on Prelude FLNG, says labor union
Production at Shell’s (LON:SHEL) Prelude floating liquefied natural gas (LNG) facility offshore Western Australia may soon be affected by industrial strike action after the Offshore Alliance issued the supermajor with a notice of protected industrial action starting 10 June.
China will take advantage of Russia’s energy dilemma, EU says
The European Union’s top trade official said China will exploit Russia’s need to diversify where it sells its energy, with the bloc set to ban as much as 90% of Moscow’s crude oil imports by year’s end.
Biden sees no quick fix on gas costs, weighs Russian crude price cap
The US has no immediate way to slash the price Americans are paying for gasoline, and is considering other proposals such as trying to set a lower price for sale of Russian crude, President Joe Biden said.
Carbon capture in Southeast Asia: myths and realities
In recent years the debate around carbon capture utilisation and storage (CCUS) has gained traction in Southeast Asia. However, the establishment of CCUS in the region is likely to be limited to gas processing and some industrial applications, reckons the Institute for Energy Economics and Financial Analysis (IEEFA).
Woodside completes merger with BHP Petroleum
Woodside Energy and BHP have completed the merger of Woodside with BHP’s oil and gas portfolio to create one of the world’s largest energy producers.
Singapore’s Mooreast targets floating renewable energy sector with its mooring solutions
Singapore’s Mooreast Holdings has announced plans to expand its mooring and rigging solutions products range and to enhance partnerships with international players as it eyes expansion in the global floating offshore renewable energy sector following an IPO last November.
High LNG prices for longer could see Asian buyers head for the exits
Spot liquefied natural gas (LNG) prices in Asia remain near unprecedented highs, driven by market tightness and supply-side uncertainties made worse by the Russia-Ukraine conflict. Significantly, while the persistently high LNG prices might be a boon for producers, they may stunt long-term demand expansion in Asia.
Giant deep ocean turbine trial offers hope of endless green power in Japan
Power-hungry, fossil-fuel dependent Japan has successfully tested a system that could provide a constant, steady form of renewable energy, regardless of the wind or the sun.
EU leaders back push to ban most Russia oil over Putin’s war
European Union leaders agreed to pursue a partial ban on Russian oil, paving the way for a sixth package of sanctions to punish Russia and its president, Vladimir Putin, for the invasion of Ukraine.
Shell approves $2.5bn Crux gas project to backfill Prelude LNG off Australia
Shell (LON:SHEL) has taken a final investment decision (FID) to develop the Crux natural gas field offshore Western Australia.
India’s ONGC pledges to boost exploration investment by 150% to $4bn
India’s Oil & Natural Gas Corporation (ONGC) said it targets to boost exploration investments by 1.5 times in the next three years to $4 billion. Significantly, ONGC is heading the South Asian nation’s oil and gas hunt in unexplored areas and is seeking international partners to bring challenging fields to production to make up for the falling output from its ageing fields.
Top India explorer ONGC’s profit misses as levies weigh on oil gains
Oil & Natural Gas Corp.’s profit rose 32% in the fourth quarter but missed estimates as an increase in government levies ate into the gains from soaring oil prices after Russia’s invasion of Ukraine.