Malaysia’s Yinson, an energy infrastructure and technology company, will provide a floating storage and offloading (FPSO) vessel to Enauta Energia for use at the Atlanta field in the Santos basin offshore Brazil in a deal worth at least $505 million.
Malaysia’s Petronas has awarded six of the 13 offshore exploration blocks offered in the recently concluded Malaysia Bid Round (MBR) 2021.
The Indonesian government estimates that $187 billion needs to be invested in its upstream sector to meet its 2030 oil and gas production targets of 1 million barrels per day of oil and 12 billion cubic feet per day of gas. However, this target seems ambitious with major investors seeking to exit Indonesia's oil and gas sector, unless the government can attract local conglomerates.
The government of India is offering eight upstream blocks in its latest licensing round as it seeks to boost domestic production and reduce its reliance on imports.
Australia’s Woodside (ASX:WPL) is studying the technical and commercial feasibility of a liquid hydrogen supply chain from Western Australia to Singapore and potentially Japan.
Australian company Timor Resources has completed the first of three exploration wells onshore East Timor. The company said it hit oil and gas in its contract area, although it remains to be seen if the discovery is commercial.
US-based Venture Global LNG has signed a pair of liquefied natural gas (LNG) supply deals with China National Offshore Oil Corporation (CNOOC). Significantly, the move underscores China’s increasing appetite for US LNG and it marks the first LNG supply agreement signed by a US exporter with CNOOC, China's largest importer of LNG.
The start-up of BP’s (LON:BP) Tangguh liquefied natural gas (LNG) Train 3 project, which is under construction, has again been delayed due to the pandemic. It is now expected to start up at the end of 2022, reported Indonesian upstream regulator SKK Migas.
The Indonesian government estimates that total investment of up to $1,043 billion will be needed to develop new power plants fuelled by renewable energy to achieve its goal of carbon neutrality by 2060. The Southeast Asian nation is currently heavily reliant on coal for power generation.
Oil extended declines as the rapid spread of the omicron variant of the virus increased concerns about the outlook for energy demand.
JGC said it will provide engineering, procurement, and construction (EPC) services at a “mega solar power plant generation project” with 94MW capacity at Bugallon in the Philippines for Aboitiz Power.
Subsea Integration Alliance, comprising Subsea 7 and OneSubsea, will provide engineering, procurement, construction, and installation (EPCI) of subsea pipelines and production systems for Woodside’s Scarborough project offshore north West Australia after announcing the deal.
Malaysian state energy company Petronas and South Korea’s POSCO International will jointly explore opportunities in carbon capture and storage (CCS) technologies, as well as carbon dioxide (CO2) storage solutions in Malaysia. Significantly, Petronas wants to establish Malaysia as the leading hub for CCS in the Asia region.
Japanese exploration and production company Inpex (TYO:1605) is expanding its footprint in offshore wind after acquiring shares of an offshore wind power generation company in the Netherlands. It has also established a UK-based renewable energy division to focus on Europe.
US-based Baker Hughes (NASDAQ:BKR) will supply Santos’ (ASX:STO) Moomba carbon capture and storage (CCS) project in Australia with turbo machinery equipment.
Thailand’s B.Grimm Power and Siemens Energy have joined the Energy Capital Vietnam (ECV)-led consortium to develop an LNG-to-power project in Southern Vietnam.
After two years of mediocre activity levels brought on by budget cuts and pandemic-related restrictions there will be an uptick in 2022 as operators work their way through the backlog in Asia Pacific.
Spain’s Repsol (BME:REP) is again delaying the drilling of the much anticipated Rencong-1X deep-water wildcat exploration well in the Andaman III Block in the North Sumatra basin offshore Indonesia.
Extraordinary global gas prices are benefitting Australian liquefied natural gas (LNG) exporters. At current spot prices Australian LNG producers can make even larger margins on spot sales than US exporters, with estimated margins of over US$30 per million British thermal units (MMBtu), due to shorter shipping distances to Asia, said Australian consultancy Energy Quest.
Australia, which is profiting from surging gas prices in Asia, remains the largest liquefied natural gas (LNG) supplier to North Asia. But its market position in the booming Chinese market is under threat, warned Australian consultancy Energy Quest.
China, the world’s biggest buyer of crude, is set to start 2022 with a subdued appetite for oil. For that, you can blame -- or thank -- Beijing’s increasingly tough line on the virus, pollution, and rule-breakers.
Disrupting liquefied natural gas (LNG) supply would risk higher prices for domestic consumers, undermine US interests abroad and hinder global emissions reduction efforts, a new report from IHS Markit finds.
Singapore’s Sembcorp Marine (SGX:S51) will perform module assembly for the second liquefied natural gas (LNG) train to be built at Woodside’s Pluto development in Australia following a contract award from engineering company Bechtel.
Harbour Energy (LON:HBR) is targeting final investment approval to develop its Tuna Block offshore Indonesia in 1H 2023 with first production planned in 2026 following successful appraisal drilling in the Natuna Sea.
UK-listed Harbour Energy (LON:HBR) said it is on track to probe the deep waters of Indonesia’s North Sumatra basin in its Andaman II production-sharing contract (PSC) with drilling set to start around March-April 2022. Significantly, the company has already identified potential commercialisation paths with first gas eyed by 2026, as well as options for carbon capture and storage (CCS).
