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
Woodside boss warns profits levy is a ‘red flag’
The head of the newly merged Woodside Energy Group said the UK government’s windfall tax is a “red flag” that suggests potential investments in the North Sea carry more risk.
Shell teams up with key Japanese LNG buyers to accelerate decarbonisation
Shell (LON:SHEL) and Japanese liquefied natural gas (LNG) buyers Tokyo Gas and Osaka Gas will together explore potential opportunities to accelerate decarbonisation across their respective production value chains.
Accidents surge at yards in Bangladesh where FPSOs are beached
Since the start of 2022, out of the eighteen accidents that shook the Bangladeshi shipbreaking industry, six have taken place at yards owned by Kabir Steel Re-Rolling Mills (KSRM), a concern of large conglomerate Kabir Group, reported NGO Shipbreaking Platform.
Tycoon Razon to acquire Philippines Malampaya gas project from Udenna, Shell divestment ongoing
Philippine billionaire Enrique Razon will acquire a controlling stake in businessman Dennis Uy’s Malampaya gas project, in a move that may help extend the life of a field that fuels some of the nation’s biggest power plants. Significantly, Shell is also in the process of trying to divest its share of Malampaya.
The demise of an E&P star – the sad tale of Pakistan Petroleum
The sad story that follows is based on the authors' personal experience as a director on the board of Pakistan Petroleum Limited between September 2014 and October 2018. He thought it important to document the events that transpired during that time so that perhaps the Government of Pakistan will take note and take corrective action. Though the damage done is severe, there may yet be time to salvage the situation.
Southeast Asia market for drilling rigs lukewarm despite lofty oil prices
Global and regional upstream activities, including in Southeast Asia, are rising, as more exploration and development projects are evaluated and approved. Yet, the drilling rig market in the region is not as exciting as it should be, especially with global oil prices ranging between $100 and $120 per barrel in recent months.
Mubadala leans on gas to hit the 500,000 boepd mark
Abu Dhabi’s Mubadala Petroleum has reached 500,000 barrels of oil equivalent per day, for the first time in its history.
India’s GAIL seeks long-term LNG deal, eyes expanding ties with Russia’s Gazprom
India's state-run gas utility GAIL is seeking a one million tonne per year (t/y) liquefied natural gas (LNG) import deal for ten years starting 2023 to help meet the country's expanding demand for cleaner fuels amid increasing energy consumption, said the company’s chairman Manoj Jain earlier this week.
China will take advantage of Russia’s energy dilemma, EU says
The European Union’s top trade official said China will exploit Russia’s need to diversify where it sells its energy, with the bloc set to ban as much as 90% of Moscow’s crude oil imports by year’s end.
Killer Bee stings Nigerian cybercrime in oil hack
Interpol and the Economic and Financial Crimes Commission (EFCC) have arrested three Nigerians in connection to cybercrimes against oil and gas companies.
High LNG prices for longer could see Asian buyers head for the exits
Spot liquefied natural gas (LNG) prices in Asia remain near unprecedented highs, driven by market tightness and supply-side uncertainties made worse by the Russia-Ukraine conflict. Significantly, while the persistently high LNG prices might be a boon for producers, they may stunt long-term demand expansion in Asia.
Windfall Tax deals blow to North Sea firms EnQuest, Serica and Harbour Energy
Researchers have set out the near-term impact on North Sea players from the windfall tax, while EnQuest reportedly is looking elsewhere to invest.
Shell approves $2.5bn Crux gas project to backfill Prelude LNG off Australia
Shell (LON:SHEL) has taken a final investment decision (FID) to develop the Crux natural gas field offshore Western Australia.
India’s ONGC pledges to boost exploration investment by 150% to $4bn
India’s Oil & Natural Gas Corporation (ONGC) said it targets to boost exploration investments by 1.5 times in the next three years to $4 billion. Significantly, ONGC is heading the South Asian nation’s oil and gas hunt in unexplored areas and is seeking international partners to bring challenging fields to production to make up for the falling output from its ageing fields.
Top India explorer ONGC’s profit misses as levies weigh on oil gains
Oil & Natural Gas Corp.’s profit rose 32% in the fourth quarter but missed estimates as an increase in government levies ate into the gains from soaring oil prices after Russia’s invasion of Ukraine.
Cheniere signs LNG supply deal with South Korea’s POSCO
US liquefied natural gas (LNG) developer Cheniere Energy will supply 0.4 million tonnes per year of LNG to South Korea’s POSCO International Corporation, owner of the Asian nation’s first private LNG import terminal, under a new long-term deal.
Pakistan considers gas import deal with countries including Russia
Pakistan said it is considering to sign a liquefied natural gas (LNG) purchase agreement with various countries including Russia as it seeks to secure supply and ease a crippling shortage.
Santos eyes cheaper carbon storage offshore East Timor at new $1.7bn APAC hub
Developing carbon capture and storage (CCS) projects in Southeast Asia is considerably cheaper than developing similar projects in more developed economies, such as Australia.
Galileo aims to bring LNG to the masses
Developing LNG projects is traditionally seen as a big-ticket item, reserved for the few. Costs are high and equipment specialised, making the resource out of reach for most smaller scale operators – despite the advantages it offers.
Russian parliament leader calls on Shell and Japanese firms to give up Sakhalin LNG stakes
The head of Russia’s lower parliamentary house yesterday called for the Sakhalin-2 LNG project equity owned by foreign investors from “unfriendly countries” to be transferred to Gazprom or the state.
Fitch takes Indonesia’s Medco off rating watch after ConocoPhillips acquisition
Fitch Ratings has removed Medco Energi from rating watch, as the oil and gas company has completed the acquisition of the giant Corridor Block from ConocoPhillips, and the outlook is positive. Its long-term issuer default rating is now at B+.
South Korea court rejects case against Barossa pipeline financing
A South Korean court has rejected an application from a group of indigenous Australians to block South Korean export credit agencies from funding a deep-water pipeline for the Santos-led (ASX:STO) Barossa gas and liquefied natural gas (LNG) project off northern Australia.
Keppel sends more oil drilling rigs to Middle East in $87.2m deal
Singapore rig builder Keppel Offshore & Marine (Keppel O&M) will send another two jack-up rigs to the Middle East in a deal worth up to S$120 million (US$87.2 million) as the oil and gas market improves.
Risks rise for Thai power sector as PTTEP struggles with gas supply challenges, warns Fitch
Thailand’s state-backed upstream player PTT Exploration & Production (PTTEP) is facing significant gas supply challenges that pose further downside risks to the Southeast Asian nation’s gas power sector, warned Fitch Solutions.
China in talks with Russia to buy oil for strategic reserves
China is seeking to replenish its strategic crude stockpiles with cheap Russian oil, a sign Beijing is strengthening its energy ties with Moscow just as Europe works toward banning imports due to the war in Ukraine.