Development of the 5.1 trillion cubic feet Greater Sunrise gas and condensate field is back on the agenda for Woodside Energy (ASX:WDS), but the odds of progress look as difficult as ever, reported EnergyQuest. Significantly, all stakeholders in Sunrise should be talking about plate tectonics rather than economics, suggested the consultancy in its latest report.
Thailand’s upstream natural gas sector is struggling to reverse falling output due to bad planning and policy from the government, coupled with a seeming lack of innovation at PTT Exploration & Production (BKK:PTTEP), a state-backed company, that is taking increasing control of the country’s gas resources.
Pakistan is facing an escalation of its power crisis after it failed to agree a deal for natural gas supply next month.
The Group of Seven is moving toward reversing a commitment to halt the financing of overseas fossil-fuel projects by year’s end, a proposal now viewed favourably by most members, according to people familiar with the matter.
Thailand is curbing imports of liquefied natural gas (LNG) due to surging prices, potentially putting the country at risk of fuel shortages.
Woodside (ASX:WDS) said it has been notified that the Australian Conservation Foundation (ACF) has started proceedings in the Federal Court of Australia in relation to the environmental assessment of the Scarborough liquefied natural gas (LNG) project in Western Australia.
ExxonMobil is investing in a $29 billion project to boost Qatar’s gas exports, joining others including ConocoPhillips, TotalEnergies and Eni.
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.
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.
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.
Chevron (NYSE:CVX) plans to spend about $2.5 billion building up its hydrogen business this decade as the oil major accelerates investment in low-carbon technologies.
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.
Russia stepped up the use of energy as a weapon by further cutting natural gas shipments via its biggest pipeline to Europe, prompting Germany to accuse the Kremlin of trying to drive up prices.
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.
French energy major TotalEnergies and Indian billionaire Gautam Adani’s conglomerate are partnering to fund billions of dollars worth of green hydrogen development in India as the world’s third-largest polluter seeks to decarbonise.
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 (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.
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.
Australia's new Labor government has secured a majority in parliament. This is expected to provide a tailwind for renewable energy investment in Australia as the Labor party campaigned on a strong environmental agenda, under its Powering Australia plan.
Australia’s new government, elected with a promise to accelerate a shift away from fossil fuels, is holding talks with oil and gas giants to ease an energy squeeze that’s delivered a first major test.
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.
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.
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.
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.
The US has no immediate way to slash the price Americans are paying for gasoline, and is considering other proposals such as trying to set a lower price for sale of Russian crude, President Joe Biden said.