Energy transition akin to Industrial Revolution – Centrica speaks out on scale of challenge
The energy transition requires the sector to grapple with the Fifth Industrial Revolution.
Gas
How can energy help achieve ‘national security’?
Energy secretary Ed Miliband told industry at the EnergyUK conference in September that reaching net zero, which the government wants to achieve by 2030, will be a matter of “national security”.
Harbour Energy completes drilling at Tolmount East site
Harbour Energy (LON: HBR) has completed drilling of the Tolmount East project ahead of first gas expected later this year.
AF Gruppen secures decom contract for North Sea platform
Norwegian company AF Gruppen (AFG) has secured a key decommissioning contract for a North Sea platform.
Extinction Rebellion protesters target Labour headquarters
Climate change protesters from Extinction Rebellion (XR) poured fake oil and set off smoke grenades in a targeted protest at the headquarters of the Labour Party in London.
Europe gas storage is 90% full. It still may not be enough
Europe’s natural gas reserves are almost full, though that still may not be enough to see the region through winter.
Windfall Tax price floor: What difference will it make to the North Sea?
While it’s not a panacea - and may never actually kick into force - the windfall tax price floor could help with financing the $5bn of North Sea projects awaiting FID.
UK homes facing £6,000 bill for imported gas over next 12 years
The Energy and Climate Change Intelligence Unit (ECIU) said that it would not be possible to avoid this by producing more gas domestically, as the UK's North Sea reserves are dwindling.
Gas should be taxed more than electric, UK energy secretary says
Britain should place higher taxes on natural gas than power to spur the country’s shift to a low-carbon economy, according to UK energy secretary Grant Shapps.
Australia’s Santos reports $2.5bn profit surge from higher oil and gas prices
Santos (ASX:STO) today announced its full-year results for 2022, reporting record free cash flow of US$3.6 billion and underlying profit jumping 160% to US$2.5 billion. The results reflect significantly higher oil and LNG prices compared to 2021, due to stronger global energy demand, combined with a higher interest in PNG LNG following its merger with Oil Search.
Eni’s struggles at Blacktip trigger gas supply security fears in northern Australia
Gas production at Eni’s (MIL:ENI) Blacktip gas field offshore northern Australia has fallen faster than expected raising fears about energy security in the Northern Territory. However, the Italian company hopes development drilling might reverse the decline.
Hartshead dishes out platform and pipeline survey contract for North Sea gas project
Australian-headquartered Hartshead Resources (ASX: HHR) is making headway on developing a pair of Southern North Sea gas fields.
China’s taking control of LNG as global demand booms
A rush by China to sign new long-term liquefied natural gas (LNG) deals promises to give the nation even more control over the global market at a time when competition for cargoes is booming.
Malaysia attracts more oil and gas investment as Petronas hosts stellar exploration round
Malaysia’s 2022 oil and gas bid round was a remarkable success, attracting fresh investment, new upstream explorers, as well as new ideas to the mix in Southeast Asia’s most successful market. Indeed, other Southeast Asian countries should take note as Malaysia also launched its 2023 round that will see more investors queuing up.
Malaysia launches 2023 bid round, awards highest number of PSCs since 2010
Petronas today launched the Malaysia Bid Round 2023 (MBR 2023), offering 10 exploration blocks and two clusters of Discovered Resource Opportunities (DRO). The company also signed deals from last year’s round representing the highest number of PSCs awarded in Malaysia within a single year since 2010.
Renewable power competitiveness in Asia Pacific worsened in 2022
The levelised costs of electricity (LCOE) for utility solar and onshore wind in Asia Pacific were up 16% and 12% respectively since 2020, as equipment, construction costs and interest rates rose in the region. However, China was insulated from the trend.
Singapore could review Keppel O&M bribery case with new evidence
Deputy Prime Minister Heng Swee Keat said that Singapore could review a decision not to prosecute key figures at Keppel Offshore & Marine Ltd. over a major bribery case involving payments to Brazil’s state-run energy company Petrobras if there’s new evidence that warrants doing so.
Australia’s Santos in $328m write-downs
Santos (ASX:STO) will take US$328 million ($470.8 million) in write-downs after slashing the volume of oil and gas reserves estimated in fields off Western Australia and other late-life ventures, despite increasing total reserves to a record level.
Santos bags key Dorado environmental approval in Australia
Australian oil and gas producer Santos (ASX:STO) today reported that it has approval from the offshore petroleum regulator for its US$2 billion Dorado oil and gas project in Western Australia. Significantly, the news may ease concerns about the regulator’s harder approach towards project approvals since a court ruling last year.
Saudi Aramco says ESG investing threatens energy security
Saudi Aramco’s top official warned Sunday that an increased focus on climate was undermining investment in oil and gas to the point where it now posed a threat to the world’s energy security.
OPEC chief tells climate negotiators to ‘look at the big picture’
OPEC’s top official urged countries to invest much more in oil to meet the world’s future energy needs and said climate policies need to be more “balanced and fair.”
Indonesia’s upstream player MedcoEnergi boosts capex by nearly 50%
Indonesian energy company MedcoEnergi (IDX:MEDC) will boost its capital expenditure by nearly 50% to about $370 million this year, with a bigger portion allocated to oil and gas development.
China scouts for LNG in risk to gas market’s delicate balance
China is looking for shipments of liquefied natural gas (LNG) into next summer, a move which could tighten global supply and steal shipments away from Europe.
Chevron sells Myanmar gas assets to Canada’s MTI Energy
Chevron slammed by NGO's for selling its Myanmar assets to Canada's MTI Energy in a deal seen to benefit the military junta.
Upstream M&A heats up in Southeast Asia as Longboat joins the hunt
Underscoring the rising interest in Southeast Asia’s upstream market, North Sea-focused E&P company Longboat Energy (AIM:LBE), confirmed it is “exploring opportunities to broaden its strategic remit” in the region.