As the world seeks to decarbonise, East Timor hopes that a plan for a giant carbon capture and storage (CCS) hub will help it find financial backing for a proposed liquefied natural gas (LNG) facility that would process gas from the Greater Sunrise fields.
ExxonMobil (NYSE:XOM) and Pertamina, the state-owned energy company of Indonesia, have signed a joint study agreement to assess the potential for large-scale implementation of lower-emissions technologies, including carbon capture and storage (CCS), as well as hydrogen production.
US liquefied natural gas (LNG) developer Venture Global will supply Malaysia’s Petronas with 1 million tonnes per year (t/y) of LNG for a 20-year term after the pair signed a new deal. Significantly, Asian LNG buyers, such as Petronas, are increasingly locking in new long-term supplies as more European buyers enter the race for LNG.
Oil advanced for a third day, bookending another tumultuous week of trading as investors weigh the prospect of a European Union ban on Russian crude imports and uncertainty over China’s virus resurgence.
Germany said Russia is using energy as a “weapon” after Moscow reduced natural gas supplies in retaliation for Europe’s penalties over the war in Ukraine.
Chevron (NYSE:CVX) and Pertamina will together explore potential business opportunities in geothermal, carbon capture utilisation and storage (CCUS), as well as hydrogen, in Indonesia, after signing an agreement in Washington.
Inpex’s (TYO:1605) proposed Abadi liquefied natural gas (LNG) plant in the Masela Block offshore Indonesia, which has long struggled to gain traction, has been delayed even further with a final investment not targeted until the latter half of this decade. Significantly, the project looks increasingly unlikely to be developed.
Japanese oil refiner Eneos Holdings and utility J-Power have teamed up to launch the country's first permanent carbon capture and storage (CCS) project by the end of this decade. Significantly, if CCS is successful in Japan, it would bode well for global liquefied natural gas (LNG) demand, as the world’s second biggest importer could better balance its net zero ambitions.
Australian operator Santos (ASX:STO) is preparing to decommission the floating storage and offloading (FSO) facility, as well as platforms, at Bayu Undan offshore East Timor, as soon as possible, as it accelerates plans for a giant carbon capture and storage (CCS) hub at the mature field.
BW Offshore’s strategy for recycling its end-of-life floating production storage and offloading (FPSOs) units has been criticised following a fatality at a ship breaking yard in India. BW is one of the largest operators of FPSOs for the oil and gas sector, but its decommissioned units are being dismantled in yards with questionable health, safety, and environmental credentials.
India’s liquefied natural gas (LNG) importers are purchasing extra volumes from Russia at a discount as most other spot buyers shun the fuel.
Ukraine has cited "force majeure" to potentially halt a third of Russian transited gas flows to Europe from Wednesday, while Russia’s Gazprom claims there have been no issues that would justify the move.
Indonesia’s national oil and gas company Pertamina has decided to cancel an earlier plan to buy discounted crude oil from Russia as domestic fuel stocks are now deemed sufficient.
Singaporean yard Keppel Offshore & Marine (Keppel O&M) will send two of its jack-up rigs to Saudi Arabia in a five-year deal worth S$135 million ($97 million) as the market for rigs continues to tighten.
If you are the owner of an oil refinery, then crude is trading happily just a little above $110 a barrel — expensive, but not extortionate. If you aren’t an oil baron, I have bad news: it’s as if oil is trading somewhere between $150 and $275 a barrel.
Upstream oil and gas projects with over 1.4 billion barrels of resources and $8.5 billion worth of greenfield investments are targeted for final investment decisions (FIDs) in Southeast Asia this year, based on operators’ plans, reported Rystad Energy. However, delays are likely with more activity expected to happen next year, noted the energy consultancy.
Oil fluctuated as investors weighed a pledge by the Group of Seven to ban imports of Russian crude against a cut in official prices by Saudi Arabia and the impact of China’s energy-sapping lockdowns.
Prime Minister Fumio Kishida said it would take time to phase out imports of Russian oil, hours after he joined other Group of Seven leaders to impose a ban on crude over the Kremlin’s invasion of Ukraine.
Inpex has started exploration drilling offshore Japan, which if successful could mark the nation’s first new offshore gas development in over three decades.
Singapore yard Keppel Offshore & Marine (Keppel O&M) has been awarded two integration FPSO integration contracts worth S$250 million ($180 million) from BW Offshore and Single Buoy Moorings (SBM).
Japanese offshore drilling company Japan Drilling Co., Ltd. (JDC) will drill up to 10 wells for Petronas offshore Malaysia with its semi-submersible Hakuryu-5.
France’s TotalEnergies (LSE:TTE) and Japan’s ENEOS are set to develop $2 billion worth of distributed generation assets across Asia following a recent deal to establish a joint venture that will sell power from solar.
Germany and India have signed a series of bilateral agreements that will see the South Asian country get 10 billion euros ($10.5 billion) in aid by 2030 to boost the use of clean energy.
Australian-listed Sacgasco (ASX:SGC) has agreed an alliance covering extended well testing and early production systems in the Palawan basin offshore Philippines as they aim to pump oil as fast as possible in the current high oil price environment. Significantly, the company and its partners will be hoping to eek oil out of an old field before their contract expires in 2024.
Sweltering heat and ongoing blackouts are forcing India’s liquefied natural gas (LNG) importers to top up with expensive shipments.
