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
Indonesia seeks $187bn in upstream oil and gas investment
The Indonesian government estimates that $187 billion needs to be invested in its upstream sector to meet its 2030 oil and gas production targets of 1 million barrels per day of oil and 12 billion cubic feet per day of gas. However, this target seems ambitious with major investors seeking to exit Indonesia's oil and gas sector, unless the government can attract local conglomerates.
India offers eight upstream blocks in new bid round
The government of India is offering eight upstream blocks in its latest licensing round as it seeks to boost domestic production and reduce its reliance on imports.
Timor Resources hits oil and gas onshore East Timor
Australian company Timor Resources has completed the first of three exploration wells onshore East Timor. The company said it hit oil and gas in its contract area, although it remains to be seen if the discovery is commercial.
China’s CNOOC signs maiden US LNG deals with Venture Global
US-based Venture Global LNG has signed a pair of liquefied natural gas (LNG) supply deals with China National Offshore Oil Corporation (CNOOC). Significantly, the move underscores China’s increasing appetite for US LNG and it marks the first LNG supply agreement signed by a US exporter with CNOOC, China's largest importer of LNG.
BP’s Tangguh LNG Train 3 start-up delayed again, says SKK Migas
The start-up of BP’s (LON:BP) Tangguh liquefied natural gas (LNG) Train 3 project, which is under construction, has again been delayed due to the pandemic. It is now expected to start up at the end of 2022, reported Indonesian upstream regulator SKK Migas.
Woodside awards giant subsea deal for Scarborough LNG offshore Australia
Subsea Integration Alliance, comprising Subsea 7 and OneSubsea, will provide engineering, procurement, construction, and installation (EPCI) of subsea pipelines and production systems for Woodside’s Scarborough project offshore north West Australia after announcing the deal.
POSCO and Petronas team up for CCS in Malaysia
Malaysian state energy company Petronas and South Korea’s POSCO International will jointly explore opportunities in carbon capture and storage (CCS) technologies, as well as carbon dioxide (CO2) storage solutions in Malaysia. Significantly, Petronas wants to establish Malaysia as the leading hub for CCS in the Asia region.
Santos awards Baker Hughes CCS deal in Australia
US-based Baker Hughes (NASDAQ:BKR) will supply Santos’ (ASX:STO) Moomba carbon capture and storage (CCS) project in Australia with turbo machinery equipment.
B.Grimm and Siemens join Vietnam LNG-to-power project
Thailand’s B.Grimm Power and Siemens Energy have joined the Energy Capital Vietnam (ECV)-led consortium to develop an LNG-to-power project in Southern Vietnam.
Upstream oil and gas exploration is back in Asia Pacific
After two years of mediocre activity levels brought on by budget cuts and pandemic-related restrictions there will be an uptick in 2022 as operators work their way through the backlog in Asia Pacific.
Repsol and Petronas delay Andaman wildcat drilling
Spain’s Repsol (BME:REP) is again delaying the drilling of the much anticipated Rencong-1X deep-water wildcat exploration well in the Andaman III Block in the North Sumatra basin offshore Indonesia.
As gas prices surge Australian LNG developers make more money than US exporters
Extraordinary global gas prices are benefitting Australian liquefied natural gas (LNG) exporters. At current spot prices Australian LNG producers can make even larger margins on spot sales than US exporters, with estimated margins of over US$30 per million British thermal units (MMBtu), due to shorter shipping distances to Asia, said Australian consultancy Energy Quest.
Australian LNG under threat in China market
Australia, which is profiting from surging gas prices in Asia, remains the largest liquefied natural gas (LNG) supplier to North Asia. But its market position in the booming Chinese market is under threat, warned Australian consultancy Energy Quest.
Covid-zero policies and pollution curbs stunt China’s oil demand
China, the world’s biggest buyer of crude, is set to start 2022 with a subdued appetite for oil. For that, you can blame -- or thank -- Beijing’s increasingly tough line on the virus, pollution, and rule-breakers.
Banning US LNG exports would be ‘highly destabilising’ says IHS Markit
Disrupting liquefied natural gas (LNG) supply would risk higher prices for domestic consumers, undermine US interests abroad and hinder global emissions reduction efforts, a new report from IHS Markit finds.
Sembcorp Marine wins Bechtel deal for Pluto LNG T2
Singapore’s Sembcorp Marine (SGX:S51) will perform module assembly for the second liquefied natural gas (LNG) train to be built at Woodside’s Pluto development in Australia following a contract award from engineering company Bechtel.
Harbour eyes first production from Tuna in 2026 offshore Indonesia
Harbour Energy (LON:HBR) is targeting final investment approval to develop its Tuna Block offshore Indonesia in 1H 2023 with first production planned in 2026 following successful appraisal drilling in the Natuna Sea.
Harbour Energy set to drill exciting deep-water Andaman probe
UK-listed Harbour Energy (LON:HBR) said it is on track to probe the deep waters of Indonesia’s North Sumatra basin in its Andaman II production-sharing contract (PSC) with drilling set to start around March-April 2022. Significantly, the company has already identified potential commercialisation paths with first gas eyed by 2026, as well as options for carbon capture and storage (CCS).
Worker killed at Pertamina’s Rokan Block in Indonesia
One worker was killed in an accident last Thursday at the Rokan Block in Indonesia, operated by national oil company Pertamina. A subsidiary of the NOC, Pertamina Hulu Rokan (PHR), is aggressively trying to boost output at Indonesia’s second-largest oil producing block after taking over from previous operator Chevron in August.
Santos and Oil Search complete merger consolidating power in PNG
The merger of Australia’s Santos (ASX:STO) and Papua New Guinea-focused Oil Search is now complete following shareholder approvals and the blessings of PNG.
ConocoPhillips pivots to LNG in the Asia Pacific region
ConocoPhillips intends to become the largest shareholder in Australia Pacific LNG (APLNG) project as it raises its stake in the development as part of a reshuffle of its Asian assets.
Indonesia loses another IOC as ConocoPhillips exits in $1.3bn deal
ConocoPhillips (NYSE:COP) will exit Indonesia after agreeing to sell its assets in the country to local independent Medco Energi (IDX:MEDC) for $1.355 billion. The move could be a blow to Indonesia’s image in the longer run as the nation tries to attract foreign investment, but analysts generally see the deal as positive.
Santos sells stake in Barossa LNG project to JERA for $300m
Santos said today that it has signed a $300 million deal to sell a 12.5% interest in the Barossa project in Australia to Japan’s JERA.
Baker Hughes wins Pluto LNG deal
Baker Hughes (NASDAQ:BKR) has been awarded a contract by Bechtel to provide high-efficiency gas turbines and centrifugal compressors to support the expansion of the Pluto liquefied natural gas (LNG) onshore processing facility in Western Australia, which is operated by Woodside (ASX:WPL).
Woodside targeting $5bn investment in new energy
Australian liquefied natural gas (LNG) developer Woodside (ASX:WPL) said today that it is targeting $5 billion worth of investment in new energy products and lower-carbon services by 2030.