ExxonMobil (NYSE:XOM), which operates the PNG LNG export complex in Papua New Guinea (PNG), has sealed a gas agreement with the PNG government that provides a clear framework for development of the P’nyang field to backfill existing liquefied natural gas (LNG) infrastructure. However, major development activities are unlikely to start before 2027.
US-based Enfinity Global has acquired a $1 billion utility-scale solar photovoltaic (PV) power portfolio in Japan. Significantly, the deal marks the largest renewable energy acquisition in Japan for at least five years in terms of transaction value and power capacity, according to Enerdatics, a research company.
Germany’s RWE and India’s Tata Power are teaming up to explore the potential development of offshore wind projects in India. Significantly, India remains an unexplored and highly attractive market for offshore wind given its large coastline of 7,600 kms.
Malaysia’s Petronas and Japan’s Mitsubishi Corporation are divesting their shares in the Yetagun gas field offshore Myanmar. The move marks the latest in a series of exits by major energy companies, including Chevron and TotalEnergies, following the military coup in February 2021.
Malaysia has filed a fresh charge against a local manager of Norwegian oil services provider Aker Solutions, accusing him of providing false information to the country's corporate regulator, according to the company and a court document, reported Reuters.
Soaring gasoline prices are fanning inflation and causing a headache for governments and central banks worldwide. In countries with elections coming up, they’re an extra headwind for the incumbents.
Oil prices could be set for a “prolonged period” above $100 a barrel over the next six to nine months, with the world setting fresh demand records this year, said Vitol Group chief executive Russell Hardy.
China National Offshore Oil Corporation (CNOOC) struck $13 billion worth of deals to boost oil and gas supply, as the country aims to avoid a repeat of last year’s energy crunch.
ConocoPhillips (NYSE:COP) has completed the purchase of an additional 10% shareholding interest in Australia Pacific LNG (APLNG) from Origin Energy for $1.645 billion.
The Polaris drillship, owned by Aquadrill Offshore, has caught fire while docked at a port in Sri Lanka, reported local officials.
Hibiscus Petroleum (KLSE:HIBISCS) said it continues to assess future growth opportunities in the North Sea and Southeast Asia as the Malaysian-listed company strives to double its production by 2026.
The Institute for Energy Economics and Financial Analysis (IEEFA) believes the start of work on the Santos-led Barossa liquefied natural gas (LNG) development offshore northern Australia should be suspended as the associated carbon capture and storage (CCS) scheme, proposed by the operator, remains problematic and will not cut emissions. Otherwise the CCS project should be viewed as nothing more than ‘green washing’ and a diversion while construction continues, said IEEFA.
Forget the futures market, the world’s most important oil price just smashed through $100 a barrel with every sign it is going to push higher.
China’s renewables manufacturing has emerged from 2021 bigger and more competitive than ever before. Western markets are benefitting from trading with the IKEA of the energy transition, but balancing reliance on China’s technology providers with local interests is now a key political, as well as environmental challenge, says Wood Mackenzie.
Australia’s Woodside (ASX:WPL) reported profits jumping to nearly US$2 billion in 2021 with core profit for the full year more than tripling due to elevated oil and gas prices.
As part of its portfolio optimisation drive Australia’s Santos is targeting total sales proceeds of between $2 billion and $3 billion by shedding some assets.
Global oil markets are reacting to news from Eastern Europe that Russia has retracted troops from the Ukrainian border. However, price relief may be short-lived as bullish factors remain, reckons consultancy Rystad Energy.
Oil fell after Russia said some troops are starting to return to their permanent bases, easing geopolitical tensions that have rallied prices.
East Timor-based independent think-tank La'o Hamutuk has hit out at Santos’ plans to store carbon from its proposed Barossa liquefied natural gas (LNG) development at the Bayu Undan field in the Timor Sea by filing a submission to the Northern Territory (NT) Environmental Protection Authority (NTEPA).
Woodside (ASX:WPL) chief executive Meg O’Neill has appointed several top BHP (ASX:BHP) executives into her new leadership team for the mega-merger that will establish one of the world’s top independent oil and gas companies.
Oil surged at the start of the week as the possibility of war in Ukraine fanned demand, with the US benchmark nearing $95 a barrel.
Inpex, Japan’s largest upstream explorer and producer, is seeking opportunities to acquire more natural gas resources in Vietnam, Malaysia, as well as other countries in Southeast Asia.
Japan’s Inpex (TYO:1605) has confirmed that it will not take a final investment decision (FID) for its proposed Abadi liquefied natural gas (LNG) development in the Masela Block offshore Indonesia until the second half of the 2020s with the aim of starting production in the early 2030s. However, questions remain around the commercial viability of the project and this also marks the latest in a series of delays for Abadi.
Heerema Marine Contractors will transport and install the 4,800 metric ton Ichthys LNG booster compression module from Indonesia to the project offshore Australia.
Kuwait Foreign Petroleum Exploration Company’s (KUFPEC’s) recent exploration discovery at its Anambas-2X well in the Anambas Block offshore Indonesia has posted even better flow rates than initially announced.
