Malaysia’s Petronas reports fire at Bintulu LNG
Malaysia’s state energy company Petronas said that a fire broke out at its giant liquefied natural gas (LNG) export complex in Bintulu, Sarawak, on Tuesday, but that operations are unaffected.
ExxonMobil and PNG agree key terms for LNG expansion
ExxonMobil (NYSE: XOM) and Papua New Guinea (PNG) have agreed key terms for the P’nyang development that could expand the current PNG LNG export project.
Indonesia approves path for record breaking Australia-Singapore subsea cable project
Indonesia has approved the subsea route for what could be the world’s first intercontinental power grid, connecting Australia to Singapore, with 24/7 renewable power. The official nod means Sun Cable’s ambitious project, that proposes the world’s largest solar farm, the world’s biggest battery, and the world's longest undersea cable, has moved a step closer to reality.
Woodside set to benefit from China’s energy crisis
Analysts expect Australian liquefied natural gas (LNG) supplier Woodside (ASX:WPL) to benefit as China faces a severe winter of energy shortages, with primary energy demand surging to a 10-year high.
The global gas crunch may switch off lights in Pakistan
Pakistan only started importing liquefied natural gas (LNG) six years ago, but its growing dependence on the super-chilled fuel is starting to turn into a nightmare.
Jadestone celebrates Montara oil success off Australia
Asia Pacific-focused Jadestone Energy (LON:JSE) today said it has successfully tied the Montara H6 development well into the Montara field facilities offshore Australia in the Timor Sea and started production.
Sri Lanka vows to push on with LNG imports even as gas surges
Sri Lanka will forge ahead with plans to import liquefied natural gas (LNG) in the next few years, even as a global supply crunch sends prices of the fuel soaring.
Surging gas prices squeeze PetroChina with $3bn loss looming
While most gas suppliers look set to benefit from a global spike in gas prices, PetroChina (HK:857) is one of the few exceptions, as regulated prices and rising gas import losses are set to squeeze China’s largest gas producer.
BP signs 5-year LNG deal with Australia’s Beach
BP (LON:BP) has signed a heads of agreement to buy 3.75 million tonnes per year (t/y) of liquefied natural gas (LNG) from Beach Energy’s (ASX:BPT) onshore Waitsia gas project in Western Australia’s Perth basin for a five-year term.
China’s power crunch is world’s latest supply-chain threat as gas shortage bites
China’s energy crisis is shaping up as the latest shock to global supply chains as factories in the world’s biggest exporter are forced to conserve energy by curbing production in part due to gas shortages. Significantly, China the world’s top buyer of natural gas, has not filled stockpiles fast enough, even though imports have surged in the last year. This could spark a global bidding war for gas supplies.
Big gas discovery bodes well for Australia’s Perth basin
Australian junior Norwest Energy (ASX:NEW) recently announced a large gas discovery in the onshore Perth basin in Australia. The news bolsters recent analysis from consultancy Rystad Energy that suggests conditions are ripe for a significant development opportunity, with the basin potentially emerging as a key source of gas supply in Western Australia.
Harbour Energy finishes first appraisal well on Tuna Block despite Chinese meddling
Harbour Energy (LON:HBR) and its partner Zarubezhneft have successfully completed their first appraisal well in the Tuna Block in the Natuna Sea offshore Indonesia despite reports that Chinese vessels had been meddling in the area.
China’s NOCs to spend $120bn on drilling in effort to cut oil imports
China’s national oil companies, CNPC, CNOOC, and Sinopec, are expected to spend over $120 billion on drilling and well services by 2025 to help meet rising domestic oil and gas demand. With 118,000 wells estimated to be drilled in China, analysts at Rystad Energy reckon there will be significant opportunities for innovative suppliers.
US push for LNG in Philippines paints unrealistic picture, IEEFA says
A recent white paper sponsored by the US Agency for International Development (USAID) promotes the benefits of liquefied natural gas (LNG) in the Philippines. But it makes overly optimistic claims about the financial, economic and environmental benefits of LNG, reckons the Institute for Energy Economics and Financial Analysis (IEEFA).
China’s maiden SPR auction unlikely to affect global oil markets, Woodmac says
China begins the sale of its strategic petroleum reserves (SPR) today, which is unlikely to have material impact on crude oil markets globally, reckons Wood Mackenzie.
Shale gas excitement builds in Australia’s Beetaloo as activity ramps up
Multiple shale gas exploration wells are being drilled in the remote Beetaloo basin in Australia’s Northern Territory and recent results have raised expectations that the area could be on par with shale gas plays in North America. Significantly, investors could finally find out whether the shale play is commercial by the end of next year.
China begins winter gas buying spree at the worst possible time
China is escalating its purchases of liquefied natural gas (LNG) for the winter, exacerbating a global supply shortage and leaving less fuel for energy-parched Europe.
LNG suppliers focus on spot deals in price jump, Gail India says
Liquefied natural gas (LNG) suppliers are limiting the volume they deliver under long-term contracts in favor of higher-priced spot sales, according to GAIL India Ltd., a major LNG buyer.
Indonesia approves ExxonMobil drilling plan at giant Cepu Block
Indonesian upstream regulator SKK Migas has approved ExxonMobil’s plans to restart drilling at its giant Cepu Block in a bid to find new reserves and stem falling output at the country’s largest oil producing block.
Asian Infrastructure Investment Bank and IRENA team-up to accelerate Asia’s energy transition
The China-based Asian Infrastructure Investment Bank (AIIB) and the International Renewable Energy Agency (IRENA) have signed a memorandum of understanding committing to work together to support Asia’s energy transition and mobilise greater private capital for renewable energy. Significantly, the AIIB has been viewed in some quarters as a potential rival to the World Bank and IMF.
Shell to launch Singapore’s first fully-electric ferry service
Shell has awarded a contract to Singapore company, Penguin International, to design, build and operate at least three fully-electric ferries which, when operational, will be the first fully-electric ferry service in Singapore and a first for Shell globally.
China offshore wind offers niche opportunities for Scottish players
China, which is on track to overtake the UK and become the world’s largest offshore wind market, offers niche opportunities for experienced Scottish companies.
There’s a fortune to be made in the obscure metals behind clean power
The era-defining shift from fossil fuels to clean energy will deliver an unprecedented new boom for commodities—and an opportunity for investors—as a range of relatively obscure materials become essential to delivering emissions-free power, transport and heavy industry.
US firm wins Sri Lanka LNG deal
New Fortress Energy has finalised a contract with the government of Sri Lanka that gives it the rights to develop a new liquefied natural gas (LNG) import terminal off the coast of Colombo that is expected to start up in 2023.
East Timor extends licensing round to drum up more interest
East Timor is extending the deadline for its second licensing round in an effort to drum up more interest from international oil companies (IOCs) and national oil companies (NOCs).