It’s been less than a month since world leaders pledged to combat climate change at the COP26 summit in Glasgow, yet Japan is already showing signs of putting the brakes on divestment from fossil fuels.
Thailand’s PTT Exploration & Production (PTTEP) has raised its capital spending plan for upstream oil and gas to $16.5 billion over the next five years. PTTEP (BKK:PTTEP) will also spend an additional $4.4 billion developing its new energy business, which includes hydrogen, wind and solar, through to 2026.
Malaysian state energy company Petronas has confirmed the award of two front-end engineering design (FEED) contracts, to a JGC-Samsung Heavy Industries consortium and to Saipem, as part of an international dual FEED design competition for its nearshore floating liquefied natural gas (FLNG) project in Sabah in Malaysia.
Singapore LNG (SLNG) and Linde have signed a memorandum of understanding to collaboratively explore the feasibility and development of a carbon dioxide (CO2) liquefaction and storage facility in what could be a first in Asia.
Singapore’s Keppel Offshore & Marine (Keppel O&M) has signed a global framework agreement with giant offshore wind developer Orsted to potentially undertake future offshore substation (OSS) projects.
Cnooc Ltd, China’s biggest offshore oil and gas driller has officially cut its ties with the New York Stock Exchange following a geopolitical spat with the US.
Norway’s Hoegh LNG will supply the first floating storage and regasification unit (FSRU) to operate at the Port Kembla Energy Terminal being developed by Australian Industrial Energy (AIE) in Australia under a long-term charter deal.
Oil rose as investors weighed risks to the near-term outlook, including the impact of the omicron virus variant and upcoming OPEC+ meeting.
Thailand’s PTT Exploration & Production (PTTEP) (BKK:PTTEP) has struck a second gas discovery in Baram province in Block SK417 in shallow waters about 180 kms off the coast of the Malaysian state of Sarawak.
Oil demand will bounce back to what it was before the coronavirus pandemic crushed energy use last year, and a rout in prices last week was based on unfounded fears of new variants of the disease, the head of Saudi Aramco said.
Indonesian independent Medco Energi is carrying out a study to assess the potential of applying carbon capture, utilisation and storage (CCUS) technology at its operating assets.
PetroChina, which is owned by China National Petroleum Corporation (CNPC), has secured an extension of its contract for the Jabung Block in Indonesia for an additional 20 years through to 2043.
Oil rebounded from Friday’s omicron-driven rout as traders assessed the risks to global demand from the new variant, and speculation mounted that OPEC+ may decide this week to pause output increases.
BP (LON: BP) today signed a memorandum of understanding (MoU) with upstream regulator SKK Migas for Indonesia’s first enhanced gas recovery (EGR) and carbon capture utilisation and storage (CCUS) development. The EGR and CCUS scheme will be implemented at BP’s Tangguh liquefied natural gas (LNG) project.
Malaysia’s state-owned energy company Petronas is preparing to take a final investment decision (FID) on its third multi-billion dollar floating liquefied natural gas (FLNG) unit after awarding front-end engineering and design (FEED) contracts. The new-build floater project, dubbed ZLNG, will help solve challenges commercialising gas offshore Sabah in Malaysia.
Brent oil slumped as increasing coronavirus cases and a new Covid-19 strain raised concerns about the outlook for energy demand ahead of next week’s OPEC+ meeting on production policy.
Malaysia’s Petronas, along with Japanese companies Sumitomo and Tokyo Gas, will carry out a feasibility study to establish a supply chain of ‘carbon neutral methane’ to Japan.
Next month Italy’s Eni (BIT:ENI) will attempt to fix technical glitches that have forced a partial shutdown of its Merakes deep-water field offshore Indonesia.
Keppel Offshore & Marine has been awarded work for the conversion of a floating storage and regasification unit (FSRU) and the integration of a floating production storage and offloading vessel (FPSO).
Oil was steady in Asia after OPEC said a planned coordinated release of reserves may swell a crude surplus expected early next year.
US-based Cheniere Energy (NYSE:LNG) will supply 0.3 million tonnes per year of liquefied natural gas (LNG) to China for 20 years starting in January 2023 after signing a deal with Foran Energy Group.
Fast-moving plans for a Santos-led carbon capture and storage (CCS) project at the Bayu Undan field offshore East Timor, that would see the nation import Australia’s waste, have been described as “carbon colonialism” by independent thinktank La'o Hamutuk.
With domestic supply in decline, Asia urgently needs to address its growing gas and energy needs. In the past few months, multiple energy crunches across the globe highlights that a flexible and reliable supply of energy is critical to keep markets and prices stable. In Asia, a growing gap between booming gas demand and falling supply is cause for significant concern.
Oil traders are betting that longer-term crude prices could be set to spike because of a lack of investment in future supply.
Oil was steady after the biggest gain in two weeks following an announcement by the US of a coordinated release of strategic petroleum reserves (SPR) with other countries that fell short of expectations.
