Under fire, exploration drilling fights for its corner
Exploration is not quite the dirty word it was in 2020-21, but appetite remains muted and highly selective.
India
VIDEO: Indian Coast Guard evac rig ahead of cyclone
According to the Joint Typhoon Warning Center, Biparjoy is a cyclonic storm that risks damaging winds, "heavy rainfall, storm surge, rough seas, mudslides, and flash flooding".
Emerging markets, emissions and EVs
The IEA has said EVs will remove the need for 5mn barrels per day of oil by 2030.
Brothers fighting fraud charges from India are flourishing in Nigeria
Some of that expansion was bankrolled by a “well calculated economic fraud” that left the group owing more than 140 billion rupees ($1.71 billion) to public lenders including State Bank of India, Bank of Baroda and Union Bank of India, the CBI told the country’s Supreme Court a year ago.
ONGC scores Mumbai Offshore finds, minister backs expansion
ONGC intends to unlock the “vast potential of India's hydrocarbon resources along with reserves accretion, strengthening the nation's energy security”.
Lukoil considers Pecan sale to Indian interests
While Aker Energy has attributed delays at Pecan to Lukoil, the company has faced other problems. The company’s first plan was seen as overly aggressive and politically unpalatable, forcing it to rethink development.
Essar puts UK low carbon opportunity at heart of $3.6bn investment
Essar said hydrogen and biofuels are becoming globally significant fuels. “The UK is positioned strongly to spearhead the rapid growth of the European low carbon fuels market,” it said. “The UK already benefits from an advanced regulatory and policy framework to support low carbon energy production”.
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.
APAC renewable energy deal value hits $19bn
Renewable energy M&A deal value in Asia Pacific increased by 11% year-on-year to $19 billion in 2022, primarily due to a surge in onshore wind and geothermal merger and acquisition activity.
TotalEnergies puts Adani hydrogen plan on hold until audits over
French energy giant TotalEnergies put a multi-billion dollar plan to produce green hydrogen with Adani Group on hold, pending audits of the Indian conglomerate accused of fraud by a US investor.
India can add oil and gas while it chases green goal, Modi says
India, the third-largest greenhouse gas emitter, is planning for an expansion of its oil and gas sectors even as it aims to hit net-zero by 2070.
India faces up to its energy challenges
Competitive manufacturing centres are needed to ensure the cost of low-carbon technologies continues its precipitous fall over the past decade.
India says its path to net zero must pass through fossil fuels
India defended its use of fossil fuels citing energy security priorities, even as the country vowed to remain committed to decarbonisation.
Power hungry India seeks developers for 4GW of offshore wind power
The government of India has kicked off plans for offshore wind by releasing a consultation paper to call for bids to lease 870 square kilometres of seabed area in the power hungry South Asian nation.
India mulls plan to keep old power plants running for longer
India is discussing a plan to keep old power stations running for longer, arguing that they’re needed to meet demand until enough energy storage can be built.
World Bank eyes huge offshore wind potential in Sri Lanka
Sri Lanka’s offshore wind resource far exceeds the South Asian nation’s energy demand, and its development could help the country’s economic recovery by displacing costly fuel imports, according to the World Bank.
India cheers key milestone for ONGC deepwater KG block
India’s Oil & Natural Gas Corporation (ONGC) has hit a key milestone for its giant KG-DWN-98/2 deep-water development in the Krishna Godavari (KG) basin offshore India’s east- coast.
Arrested tanker crew face malaria, typhoid amid Nigeria transfer plans
Equatorial Guinea has said it will send the Heroic Idun VLCC, and crew, to Nigeria, where they may stand trial for charges related to potential oil theft.
China and India lead LNG regas additions in Asia
China and India will significantly expand their LNG import infrastructure over the next five years with the pair, led by China, set to record the highest LNG regasification capacity additions in Asia.
G7 offers Vietnam and Indonesia $15bn to quit coal ahead of COP27
The G7 and its partners have made multi-billion dollar offers to wean Vietnam, Indonesia and India away from coal — but it has yet to convince these emerging economies to quit the dirtiest fossil fuel, reported POLTICO.
Putin welcomes friendly countries, China and India, to invest in Russia’s gas and LNG business
Russian President Vladimir Putin intends to allow companies from friendly countries, such as China and India, to invest in its gas and LNG business, as Western firms retreat.
Chevron to assess exploration potential in India with ONGC
Chevron (NYSE:CVX) confirmed that its wholly owned subsidiary, Chevron New Ventures, has entered into a memorandum of understanding (MOU) with India’s Oil and Natural Gas Corporation (ONGC) to assess the exploration potential across a number of basins in India, the company told Energy Voice.
India plans $2.5bn aid to oil firms hit by soaring costs
India plans to pay about 200 billion rupees ($2.5 billion) to the state-run fuel retailers, such as Indian Oil, to partly compensate them for losses and keep a check on cooking gas prices, according to people familiar with the matter.
ExxonMobil teams up with India’s ONGC for deepwater exploration
ExxonMobil (NYSE:XOM) and India’s Oil & Natural Gas Corporation (ONGC) have signed a heads of agreement covering deepwater exploration off the east and west coasts of India. The news bodes well for ONGC, which recently pledged to boost exploration investment by 150% to $4 billion.
Unaffordable LNG prices undermine rapid demand growth forecasts in key Asia markets
Sustained high prices may accelerate downward pressures on Asian liquefied natural gas (LNG) demand, clouding long-term industry outlooks.