Japan's JERA, the world's largest individual buyer of liquefied natural gas (LNG), said today that it will buy a 25.7% interest in Freeport LNG Development in the US for about $2.5 billion as it races to secure LNG supplies.
Energy majors, including Chevron, ExxonMobil, JERA, JGC, Mitsubishi Heavy Industries, Santos and SK E&S, are banding together to help nations in Asia achieve lower carbon emissions by promoting natural gas. Together they have established an advocacy group called Asia Natural Gas and Energy Association (ANGEA) that will join with policymakers to find solutions to cut carbon emissions.
Santos, which operates the Bayu-Undan field offshore East Timor, said today that production from its Phase 3C infill drilling program has started with the first well producing a better than expected outcome.
Chevron is receiving heavy flak and potential fines for failing to meet emissions reduction targets at its troubled carbon capture and storage (CCS) scheme that forms a crucial element of the Gorgon liquefied natural gas (LNG) export project in Australia. Its partners include Shell and ExxonMobil.
The Chevron-led Gorgon LNG venture in Australia will proceed with a $4 billion investment for the Jansz-Io compression development that will keep customers in Asia supplied with gas for decades. Significantly, the subsea compression project, needed to move the gas from the deep seas to shore, will be the first of its kind outside of Norway.
Petronas, which has yet to make a firm carbon-neutral pledge, sees significant growth ahead for solar and wind, particularly as a hedge against volatile fossil fuel prices, Jay Mariyappan, head of the state-backed Malaysian company’s new energy business told the APAC power and renewables summit.
Australia’s Santos has completed the sell-down of 25% interests in Bayu-Undan and Darwin LNG to South Korea’s SK E&S, which is also a partner in the recently sanctioned Barossa development.
JERA, the largest power generation company in Japan, producing about 30% of the nation’s electricity, has opened an office in the city of Akita as a base for offshore wind projects off the coast of Akita Prefecture.
Australia’s Santos has awarded the biggest contract tied to its $3.6 billion Barossa liquefied natural gas (LNG) project in northern Australia that will backfill Darwin LNG. This offers a strong signal that a final approval for the scheme is imminent.
Malaysian national oil company (NOC) Petronas and JERA - a joint fuel-procurement venture between Japan's Tokyo Electric Power and Chubu Electric Power – have signed a memorandum of understanding that will see the pair collaborate on a wide range of low-carbon energy initiatives, covering liquefied natural gas (LNG), ammonia and hydrogen.
Santos has approved US$235 million worth of investment for an infill drilling campaign that will extend the life of the Bayu-Undan field offshore East Timor. As a result, the Santos-led Darwin LNG export plant, which is fed by the aging field, will not need to be shut down while new supplies of gas are developed.
The Santos-led Barossa LNG export project is on track for a final investment decision (FID) within six months after drastically cutting costs and securing a major Japanese buyer for some of Australia’s dirtiest LNG.
Equinor has teamed up with two of Japan’s leading energy firms as it looks to make inroads into the East Asian country’s expanding renewables sector.
Japan’s largest utility company and a French state-owed investment firm have joined forces with floating wind firm Ideol to create a vehicle for financing 2 gigawatts of green power projects.
Equinor and Orsted will lead a new group formed to tackle climate change by accelerating the deployment of offshore renewable energy technology.
Southeast Asia and Australia are set to take centre stage in the region’s upstream M&A activity as private equity companies sense a value opportunity.