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.
LNG
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.
Oil price to gain on Asian fuel switching from LNG
Asian power demand is switching away from LNG and into oil burning, Rystad Energy has said, driven by high prices.
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.
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 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.
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.
L&T wins Petronet LNG expansion deal in India
Indian engineering company Larsen & Toubro (L&T) has won a “significant” engineering, procurement, construction, and commissioning order for two LNG storage tanks at the Petronet LNG-led Dahej expansion project in Gujarat.
Gas price risk rising for emerging Asian markets, threatens expansion plans
Surging US Henry Hub gas prices, as well as higher and extremely volatile global gas prices, offers a lesson for emerging markets that investment in gas importing, distribution and power production assets will lead to stranded assets and lost wealth, according to analysis from IEEFA.
Vietnam to start maiden LNG imports in 2022
Vietnam aims to begin importing its first liquefied natural gas (LNG) cargoes in 2022 as part of a longer-term plan to maintain stable natural gas supply and meet rising demand for power, the country’s Minister of Industry and Trade Nguyen Hong Dien said.
BHP decommissioning bill pegged at $3.9bn
BHP Group will transfer some $3.9 billion worth of oil and gas decommissioning liabilities to Woodside if the pair’s merger goes through successfully. The liability is much smaller than expected helping to ease investor concerns at Woodside.
Santos and East Timor sign pact for potential $1.6bn CCS scheme at Bayu Undan
Australia’s Santos today announced that it has signed a memorandum of understanding (MoU) with East Timor’s regulator ANPM to progress a carbon capture and storage (CCS) project, estimated to cost $1.6 billion, at the ageing Bayu Undan field in the Timor Sea. But low returns and high complexity threaten the viability of the proposed scheme.
Inpex ships ‘carbon neutral’ LNG from Ichthys
Japan’s Inpex said yesterday that it has made arrangements for a ‘carbon neutral’ shipment of liquefied natural gas (LNG) from the Inpex-operated Ichthys LNG project in Australia to be delivered to compatriot Toho Gas.
PNG scrutinises Santos-Oil Search merger
The government of Papua New Guinea (PNG) has raised concerns that Santos’ proposed $15.5 billion merger with Oil Search could harm national interests in the liquefied natural gas (LNG) exporting country.
Santos and Oil Search edge closer to $15.5 billion merger
Santos and Oil Search have agreed a merger deal that will create a A$21 billion ($15.5 billion) Asian oil and gas producer, confirming terms agreed on last month.
‘Carbon Neutral’ LNG demand soars in Asia despite criticism
Liquefied natural gas (LNG) shipments tagged “carbon neutral” are gaining popularity among Asian buyers, despite criticism that the offsets used to justify the label don’t actually cancel out planet-warming emissions generated by the fossil fuel.
Carbon capture and the future of LNG in Asia
Carbon capture and storage (CCS) will play an important role in decarbonising liquefied natural gas (LNG), but the pace of progress remains too slow, writes Gavin Thompson, Asia Pacific vice chair, Wood Mackenzie.
Delta gets environmental nod for Vietnam LNG-to-power project
The Vietnam government has given environmental approval for Delta Energy Offshore’s proposed liquefied natural gas (LNG) import terminal and power project in southern Vietnam.
Philippines bets on Sampaguita as Forum prepares to drill in disputed waters of South China Sea
The government of the Philippines is eyeing a potentially large gas discovery as UK company Forum Energy prepares to drill in the disputed waters of the South China Sea. But geologists remain skeptical about the potential and any unilateral drilling will likely draw Beijing’s ire.