Samsung Heavy wins major LNG carrier contract
The company said this was larger than its previous largest order, which was for 16 methanol-power containerships, worth 3.95trn won ($3bn).
Asia
Asia Oil and Gas news and updates
Castorone off Scarborough work for at least a month
Saipem’s initial assessment attributed the problem to a software anomaly. This appeared to have led to a tensioner failing.
Total strikes for OMV’s Malaysian unit in $900mn move
“This agreement streamlines our Energy portfolio and is in line with the OMV Strategy 2030 of reducing oil and gas production over time,” said OMV CEO Alfred Stern.
Conrad, Coro delay Mako FID as costs rise
The Australian listed company said it had made progress on the project during the last few months, with total costs now estimated to be $325 million. Costs to reach first production are $250mn. Previously, it had forecast total costs to be $303mn.
Saipem’s Castorone chalks up second accident in a month
The union went on to say Saipem's Castorone would have to return to Broome and probably be down manned.
Seatrium warns of “significantly higher” loss for year
The result is that Seatrium has warned it faces “financial loss that is significantly higher than the previous year”.
All Asia Posts
Four dead as ONGC helicopter ditches in sea off India
Four people have died after a helicopter ditched in the Arabian Sea Tuesday morning, the state oil company of India has confirmed.
BP’s delayed Tangguh Train 3 LNG project is 90% finished
Indonesia’s Ministry of Energy and Mineral Resources has said that the progress of construction at the BP-led Tangguh Train 3 LNG project in Indonesia’s West Papua province has reached more than 90%.
Pakistan faces deeper power crisis as LNG becomes too expensive
Pakistan is facing an escalation of its power crisis after it failed to agree a deal for natural gas supply next month.
Offloading of first LNG starts at PTT-led Nong Fab terminal in Thailand
The PTT-operated Nong Fab liquefied natural gas (LNG) regasification terminal in Thailand has started offloading its first LNG from a carrier, contractor Saipem reported on June 24.
Jadestone’s oil spill puts spotlight on ageing Montara FPSO at infamous Australian field
When Jadestone Energy (LON:JSE) completed its US$195 million acquisition of the Montara oil project from PPT Exploration & Production (BKK:PTTEP) in September 2018 it was taking a risk with a floating production storage and offloading (FPSO) unit that had a troubled history. Given a recent oil spill at the field in the Timor Sea, and subsequent shutdown of the Montara Venture FPSO, that gamble has come home to roost.
Thailand at risk of fuel crunch with imported gas too pricey
Thailand is curbing imports of liquefied natural gas (LNG) due to surging prices, potentially putting the country at risk of fuel shortages.
Samsung Heavy wins $3bn in orders for 14 LNG carriers
Samsung Heavy Industries said Wednesday it has won orders for 14 liquefied natural gas (LNG) carriers worth 3.9 trillion won ($3 billion) as European countries cut natural gas imports from Russia and seek alternative sources of the fuel in the wake of the Ukraine invasion, reported Nikkei Asia.
CNOOC finishes China’s first offshore CCS project
CNOOC has finished China's first offshore carbon capture and storage (CCS) project designed to permanently store carbon dioxide (CO2) in the seabed, state media reported recently.
Asia imports more seaborne Russian oil than Europe, India takes lion’s share
Almost four months after Russia’s invasion of Ukraine, Russian crude oil, Urals, has seen a switch in flow from its traditional market of Europe to Asia. Since the start of the war, based on the average of March to May 2022, Indian imports of Urals crude have picked up by 658% compared to 2021 levels, while for China the increase is 205% and for Asia as a whole 347%, Rystad Energy research shows.
Russia overtakes Saudi Arabia as China’s top oil Supplier
China continued to snap up Russian energy products last month, including a record quantity of crude oil, lifting purchases to $7.47 billion -- about $1 billion more than April and double the amount of a year ago.
Sembcorp Marine shareholders question Singapore yards mega merger
Singapore’s Sembcorp Marine (SGX:S51) has released the financial and operating metrics of its proposed combination with a restructured Keppel Offshore and Marine (Keppel O&M) (SGX:BN4) in a response to queries from its shareholders that fear share dilution.
Boost for Indonesia as BP signs deep-water PSCs
In a boost for Indonesia, BP (LON:BP) has today signed the 30-year production sharing contracts (PSC) for Agung l and Agung ll deep-water oil and gas exploration blocks with the government of Indonesia. The areas are underexplored with significant potential for natural gas resources, close to expanding gas demand markets.
China in advanced talks with Qatar for gas stakes worth billions
China’s energy majors are in advanced discussions to invest billions of dollars in Qatar’s massive liquefied natural gas (LNG) expansion project.
Indonesia’s Medco in dispute with Libya NOC
Indonesia’s Medco Energi has started international arbitration at the ICC against the National Oil Company of Libya to enforce its contractual rights under an exploration and production sharing contract, as well as protect its right to benefit from its investment in Area 47 in the north African nation.
First Gen Philippines LNG import terminal delayed, asks BW to delay FSRU delivery
First Gen’s Interim Offshore LNG Terminal project in the Philippines has been delayed and the company has asked BW Gas to delay the delivery of the floating storage and regasification unit (FSRU) BW Paris from Q1 2023 to end of Q2 or early Q3 2023.
Gazprom and CNPC sign technical deal on Far East route for supplying Russian gas to China
Gazprom and CNPC have signed a technical agreement on the Far East route for supplying Russian gas to China, Gazprom said in a statement. The pair signed a long-term gas supply deal in February underpinning the construction of a pipeline from Russia’s Far East into China, underscoring Moscow’s strategic pivot to Asia.
Medco Energi eyes more acquisitions in Southeast Asia, ESG in focus
Indonesia’s Medco Energi (IDX:MEDC) is on the lookout for more merger and acquisition (M&A) opportunities in Southeast Asia after successfully buying ConocoPhillips Indonesian assets in a $1.355 billion deal struck last year.
JERA, Tokyo Gas, Inpex to join Santos-led Bayu Undan CCS project
Japan’s three energy companies – JERA, Tokyo Gas and Inpex – plan to join the proposed giant carbon capture and storage (CCS) project led by Santos (ASX:STO), at Bayu Undan offshore East Timor. The trio’s total investment could reach as much as 100 billion yen ($748 million) reported the Nikkei Asia.
East Timor set for three more onshore exploration wells as driller announces success
Australian company Timor Resources said it will drill three more exploration wells onshore East Timor after certifying 24.2 million barrels of oil and 1.3 billion cubic feet of gas reserves from its first two onshore wells.
Shell upbeat on CCS prospects in Asia
Shell (LON:SHEL) is upbeat about the opportunities for carbon capture and storage (CCS) in Asia Pacific, as the supermajor explores various potential storage site options across its portfolio in the region, which includes Australia, Malaysia and Brunei.
Petronas to double capex to $14 billion on project ‘catch-up’
Malaysia’s national oil company Petroliam Nasional Bhd. plans to double its capital expenditure to 60 billion ringgit ($14 billion) this year from 2021, as business activities normalize following the lifting of Covid-era restrictions.
More M&A in APAC: ESG worries and Woodside-BHP deal see more assets up for sale
More merger and acquisition (M&A) opportunities are expected to hit the market in Asia Pacific, as international oil companies (IOCs) continue to rationalise their portfolios, and ESG concerns trigger further divestments. This will help to unlock the deal flow in APAC, but potential acquirers could struggle to secure necessary finance without a strong ESG narrative.
Early winter gas rush in Asia signals further price pain ahead
Liquefied natural gas (LNG) buyers in Asia are already busy securing cargoes for winter, indicating that competition in a tight market may lead to a further jump in prices.
US LNG flows into high-priced Europe, deserts China
The US more than doubled LNG exports to Europe in the first four months of the year, according to the Energy Information Administration (EIA).
Pakistan asks Qatar for more LNG to help ease its fuel crunch
Pakistan is in discussions for increased deliveries of liquefied natural gas from Qatar, the latest effort by the South Asian nation to help ease a crippling fuel crunch.