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LNG

Asia

BP bags approval for $2bn Tangguh LNG expansion project

Indonesian upstream regulator SKK Migas has approved BP’s $2.04 billion plan to develop new gas fields in West Papua that will supply its Tangguh liquefied natural gas (LNG) export project. However, the UK supermajor will likely need Indonesia to finalise regulations around carbon capture, utilisation and storage (CCUS) before any expansion can take place.

Asia

McDermotts’ CB&I wins more Philippines LNG work

McDermott International’s CB&I Storage Solutions will provide the engineering, procurement and construction (EPC) work for a second storage tank at Atlantic Gulf and Pacific Company’s (AG&P’s) liquefied natural gas (LNG) import and regasification terminal in the Philippines.

Asia

Woodside and BHP confirm oil mega-merger

Woodside and BHP today confirmed a mega-merger deal that will establish one of the world’s top independent oil and gas companies. Woodside said it would issue new shares to BHP shareholders in exchange for the mining giant’s petroleum business.

Asia

Pertamina courts ExxonMobil at East Natuna for oil development

Indonesian national oil company (NOC) Pertamina is doggedly pursuing US major ExxonMobil to help it develop oil resources at the giant East Natuna field in the disputed waters of the South China Sea. Development of the field faces huge technical, economic and geopolitical challenges, but Pertamina believes a gradual phased development, starting with oil could offer a solution.

Asia

Woodside-BHP $14.7bn merger deal would create a ‘super independent’

Woodside today confirmed it is in discussions with BHP over a potential merger involving BHP’s entire petroleum business. This merger “would create a new international super independent built for scale and resilience, with a long-term focus on LNG but exposure in the medium term to high-margin, deepwater oil,” said Andrew Harwood, Asia Pacific research director at Wood Mackenzie.

Asia

Indian gas boom dampens demand for LNG, but not for long

While the current boom in domestic gas production will derail liquefied natural gas (LNG) demand growth in the short-term, the lack of significant pre-FID domestic supply and no discoveries of note in blocks awarded under the OALP rounds should ensure that beyond 2024 India’s LNG demand roars back, writes Gavin Thompson, Wood Mackenzie Asia Pacific vice chair.

Asia

Woodside gets environmental nod for Scarborough LNG

Woodside said today that it has been granted environmental approval for the nearshore component of the proposed Scarborough development offshore Western Australia. This marks another crucial step for the project ahead of a planned final investment decision later this year.

Asia

Japan’s plan to cut LNG demand is unrealistic says Rystad

Japan’s recent revision to its strategic energy plan (SEP) lowers the targeted share of liquefied natural gas (LNG) in the country’s power generation mix in 2030 to 20% from 27% previously, as a measure to cut emissions. However, analysis from Rystad Energy concludes that Japan’s targets are too ambitious and that the changes the new plan will bring will mostly be in the structure of commodities trading.

Events

Reuters Events: Downstream USA 2021

As the world’s economies fire up for revival it has become clear that downstream, and the products we produce, are critical to global recovery.

Asia

PNG government reneges on offshore gas agreement again

The government of Papua New Guinea (PNG) has again changed the agreed fiscal terms for Twinza Oil’s proposed Pasca A gas project, which would be the country’s first offshore development. Significantly, the move underscores the increasing political risk for resource investors, such as ExxonMobil, in the Pacific Island nation.