Reliance New Energy acquires assets of battery maker Lithium Werks
India’s Reliance New Energy will acquire all the assets of battery maker Lithium Werks for $61 million
Oil extends slump below $100 with retreat gathering momentum
The heat is coming out of the oil market, and fast.
Aker Offshore Wind and Mainstream close deal for floating wind in Japan
Aker Offshore Wind and Mainstream Renewable Power have closed a deal that will see them take an initial 50% ownership stake in Progression Energy’s 800 MW floating offshore wind project in Japan.
TotalEnergies hands keys for strategic Myanmar asset to PTTEP for free
Thailand’s PTT Exploration & Production (PTTEP) has confirmed it will take over operatorship of the Yadana gas field offshore Myanmar in July as TotalEnergies (LSE:TTE) walks away in a transaction with no commercial value.
Chevron eyes PTTEP for Myanmar stake valued at $250m
Chevron is seeking to sell its share of the Yadana gas field to Thailand’s PTT Exploration & Production (BKK:PTTEP) as TotalEnergies gives its operated interest away for free in what appears to be a hasty retreat from Myanmar.
Oil resumes slide after wild week with focus on Ukraine talks
Oil declined following a volatile week of trading after Ukraine’s president said talks with Moscow show signs of becoming more substantive, prompting some cautious optimism about steps toward deescalation.
Brunei hopes to boost oil and gas production after new discovery
Brunei plans to boost production of oil and gas following the discovery of 42 million barrels of oil equivalent last year, according to energy minister Mat Suny bin Mohd Hussein. Significantly, the country is banking on new finds to reverse an expected decline in upstream output.
Malaysia’s Petronas and Japan’s ENEOS eye commercial hydrogen scheme
Malaysia’s Petronas and Japanese oil company ENEOS Corporation (ENEOS) have signed an agreement to advance studies for a commercial hydrogen production and conversion project at Kerteh in the Malaysian state of Terengganu. The move follows a pact signed between Malaysia and Japan last August to develop a clean hydrogen supply chain between the nations.
Europe’s plan to quit Russian fuel starts a global fight for gas
The liquefied natural gas (LNG) market is primed for a global battle for supply with far-reaching repercussions as the threat of Russia cutting off Europe sends the continent scrambling for alternatives.
Oil market’s big question: how much Russian crude will Asia buy?
Two weeks into Russia’s invasion of Ukraine, and one question is becoming increasingly pivotal in the global oil market: how much crude will Asia buy from Moscow?
Japan says G7 agrees on need to cut reliance on Russia for energy
Energy ministers from the Group of Seven developed nations on Thursday agreed to boost efforts to cut their dependency on energy imports from Russia, Japanese industry minister Koichi Hagiuda said, reported Nikkei Asia.
Strong interest in Australia’s CCS acreage release
Australia’s main oil and gas industry lobby group claims there has been strong interest in acreage releases for new carbon capture and storage (CCS) opportunities off Western Australia and the Northern Territory. Significantly, Australian producers need to be at the forefront of carbon-neutral liquefied natural gas (LNG) or “green LNG” to remain competitive and CCS is considered one potential route to help achieve this.
Japanese firms unlikely to exit Russian energy after Shell and ExxonMobil’s departure
There has been increasing speculation that Japanese oil and gas companies may follow their Western peers and exit Russian energy projects in response to Vladimir Putin’s bloody invasion of Ukraine. However, this seems unlikely, as such a move - designed to hurt Russia - would be blunted, as China is expected to fill any void left by departing investors.
New Fortress pushes ahead with Sri Lanka LNG-to-power
New Fortress Energy said it is ready to advance plans for a new LNG terminal offshore Sri Lanka after a legal challenge against the project was dismissed by the country’s Supreme Court.
UAE says OPEC+ should boost output, setting up tension in group
The United Arab Emirates said it will call on its fellow OPEC+ members to boost oil output faster, a dramatic U-turn that could set the country against fellow members of the alliance led by Saudi Arabia and Russia.
South Korea’s SK Group pledges $100m investment for Asian decarbonisation push
South Korea’s SK Group will invest $100 million in a joint venture with 8 Rivers Capital that will focus on the decarbonisation of Korean and key Asian markets. Significantly, this marks one of the largest single private investments in a carbon capture solutions provider to date, said 8 Rivers Capital.
Japanese trio buy stake in Taiwan’s first commercial offshore wind project
Japanese shipping company Mitsui OSK Lines (MOL), Toho Gas and Hokuriku Electric Power, will buy a 25% share in the 128 MW Formosa I offshore wind project in Taiwan from Macquaries’ Green Investment Group, which is exiting the country’s first utility-scale offshore wind farm.
Santos enters FEED for world’s largest CCS project at Bayu Undan offshore East Timor
Australia’s Santos has started front-end engineering and design (FEED) work for its proposed giant carbon capture and storage (CCS) project offshore East Timor at the Bayu Undan field. Significantly, Santos aims to take a final investment decision (FID) in 2023 on the CCS project, which it claims has the potential to be the largest in the world.
Shell makes maiden investment in Australian wind power
Shell is set to acquire 49% of Australian wind farm developer, WestWind Energy Development, which has a 3 GW project pipeline across the states of Victoria, New South Wales (NSW) and Queensland, that requires some $4.3 billion in investment.
Australian offshore wind gets a boost with 9GW target in Victoria
The Australian state of Victoria has committed to bringing online up to 9GW of offshore wind capacity by 2040 through a series of rolling goals with first power targeted as early as 2028. Crucially, this will help Australia, a giant liquefied natural gas (LNG) exporter, reposition itself as a major green hydrogen exporter in the future.
Japanese to invest up to €100m in world’s largest clean hydrogen fund
The Japan Bank for International Cooperation (JBIC) has pledged to invest up to €100 million ($108 million) as part of an equity participation in the Clean H2 Infra Fund S.L.P. of France. The fund, managed by Hy24, is targeting €1,500 million in equity. Significantly, Hy24 claims it is the world’s largest clean hydrogen infrastructure investment fund.
Russia threatens to cut natural gas flows to Europe via Nord Stream 1
Russia threatened to cut natural gas supplies to Europe via the Nord Stream 1 pipeline as part of its response to sanctions imposed over the invasion of Ukraine, a move that could heighten the turmoil in energy markets and drive consumer prices even higher.
Scotland deepens offshore wind collaboration with Taiwan
Scottish Development International (SDI) will lead Scotland’s largest ever offshore wind trade mission to Taiwan this month. A delegation of 16 Scottish companies specialising in offshore wind project development, construction, installation, operations, and maintenance will take part in Wind Energy Asia, Taiwan’s leading wind industry supply chain trade show. It will be held at the Kaohsiung Exhibition Centre from 9 to 11 March, where Scotland will have a pavilion for the first time.
US weighs acting without allies on ban of Russian oil imports
The Biden administration is considering whether to prohibit Russian oil imports into the US without the participation of allies in Europe, at least initially, according to two people familiar with the matter.
Oil prices hit $139 as Russian embargo talk fuels fears of supply shortage
Oil surged, briefly touching $139 a barrel, in a dramatic start to another tempestuous week after the US said it was discussing a ban on Russian crude imports, fanning supply fears in an already jittery market.