Energy Transition: Setting targets is the easy bit – meeting them is the challenge
The phrase “Energy Transition” is now a central theme in climate change terminology, but transition to what energy sources and over what time period?
Gas
More upstream projects on the horizon for Australia
Australia is expected to see 118 oil and gas projects start operations across the value chain between 2021-2025, making up 6% of the total project starts in the Asia-Pacific (APAC) region, according to GlobalData.
Total accused of alleged profiteering in Myanmar
Activist group Justice For Myanmar, which documents military-linked financial matters in the country, has accused French major Total of making excessive profits at Myanmar’s expense.
Neptune and Spirit patch up differences with deal for Pegasus discovery
Oil and gas firms Neptune Energy and Spirit Energy have patched up their differences over the Pegasus West discovery in the southern North Sea.
Asia Pacific drives global upstream activity
Asia Pacific has been driving global upstream sanctioning activity over recent months with multiple projects approved in Malaysia and Australia.
BP and Reliance boost KG-D6 deep-water output offshore India
BP and India’s Reliance Industries have started production from a second ultra-deepwater gas field in the Krishan Godavari (KG) basin off India’s east coast.
Baron Oil boosts stake in Chuditch off East Timor
UK-listed Baron Oil has boosted its stake in the Chuditch gas discovery and surrounding acreage offshore East Timor.
Vietnam eyes $128bn investment in gas and renewables
Vietnam will need more than $128 billion of investment to achieve bullish targets in its latest power development plan that seeks to expand gas and renewable generation capacity over the next decade.
Duterte won’t challenge China at sea unless it drills for oil
Philippine President Rodrigo Duterte said challenging China in the South China Sea will only lead to violence, and that he will only do so if Beijing drills for oil in the disputed waters.
First appraisal well at Glengorm field in UK North Sea ‘not commercial’
The first appraisal well on the Glengorm gas field in the UK central North Sea has found "no commercial hydrocarbons", a project partner said today.
Gas is the new coal with risk of $100 billion in stranded assets
Natural gas is falling out of favor with emissions-wary investors and utilities at a quicker pace than coal did, catching some power generators unaware and potentially leaving them stuck with billions of dollars of assets they can’t sell.
Eni expands its footprint around big gas find in Vietnam
Italy’s Eni has expanded its acreage position around a major gas discovery offshore Vietnam after acquiring a 100% interest in Block 115/09 from struggling Singapore company KrisEnergy.
Despite turmoil, POSCO sends Transocean deep-water rig to Myanmar
Despite the political and social turmoil in Myanmar, South Korea’s Posco International is sending a second deep-water drilling rig to the troubled Southeast Asian state to continue development work at the Shwe gas field.
Petronas declares force majeure in Myanmar
Malaysian national oil company (NOC) Petronas has declared force majeure on its Yetagun field off Myanmar, which is on the brink of civil war, due to the depletion of gas production.
India’s appetite for gas will see LNG imports surge
India’s liquefied natural gas (LNG) demand will rise from 25 million tonnes per year (mtpy) in 2020 to almost 45 mtpa in 2030. And it will surge to 85 mtpa by 2040, as domestic production falls sharply, data from Rystad Energy shows.
Eni signs pact with China’s Zhejiang on gas and LNG
Italy’s Eni and China’s Zhejiang Energy will work together to pursue gas and liquefied natural gas (LNG) opportunities as part of a strategic switch towards cleaner fuels.
Singapore hands ExxonMobil LNG import rights
Singapore’s Energy Market Authority (EMA) has awarded ExxonMobil and Sembcorp Fuels the right to import liquefied natural gas (LNG) as pipeline supplies dwindle.
Politics muddy the race for first LNG in the Philippines
The Philippines this week approved yet another proposed liquefied natural gas (LNG) import scheme as the country faces a looming gas supply crunch. However, the latest award, to AG&P, underscores the department of energy’s (DOE’s) lack of strategy for LNG imports in the power-hungry Southeast Asia nation.
Eni sells Pakistan assets to Prime
Italy’s Eni has sold its Pakistan business to Prime International Oil & Gas Company as part of a plan to streamline its upstream portfolio to focus on strategic assets.
China’s new green target still means pumping too much pollution
China’s first road map to achieving net zero emissions by 2060 may be too slow to stop the world’s biggest polluter from hastening global warming.
Philippine tycoons jostle for Shell’s Malampaya stake
Philippine business tycoons are eager to buy Shell’s stake in the deep-water Malampaya project. However, any potential suitors for the 45% interest, valued at between $250 million and $300 million by analysts at Rystad Energy, will need to bring strong technical skills to eek more gas out of the aging field.
Indonesia’s Pertamina plans $92 billion spend
Indonesian national oil company (NOC) Pertamina has a planned capital expenditure totalling $92 billion for the term 2020-24. The NOC will be seeking external funding and partnerships to meet this goal.
Energy sector at risk from U.S.-China flashpoints
The increasing geopolitical rivalry between the U.S. and China has more than a 50% chance of spilling over into some form of military confrontation in the year ahead. This could involve threats, posturing, or the actual use of force, as well as have serious implications for energy companies and markets.
Chinese oil majors undervalued
Analysis from investment house Bernstein suggests that the Chinese oil majors - CNOOC, Sinopec and PetroChina - offer a potential 30% upside as they trade at a wide discount to historic prices and global peers.
Big oil steps up investments in Indian gas and renewables
Majors, such as BP, Total and Shell, as well as Asian national oil companies (NOCs), are stepping up their investments in India’s rapidly expanding gas and renewables markets.