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.
oil
There are signs a stronger China rebound will boost oil: IEA
China’s economy could be poised for a stronger-than-anticipated rebound that’ll deliver a demand boost for oil and natural gas, according to the head of the International Energy Agency.
Upstream oil and gas M&A opportunities in Indonesia for 2023
Despite the above-surface challenges, Indonesia's subsurface oil and gas potential remains attractive. More upstream M&A is on the cards as majors, independents and NOCs reshuffle their portfolios.
Oil set for weekly loss as China optimism dims, stockpiles swell
Oil headed for a second weekly drop as optimism over a recovery in Chinese demand dimmed and US stockpiles kept rising.
Upstream M&A in Southeast Asia: will the oil and gas majors divest in 2023?
Will 2023 see the majors, including ExxonMobil, Chevron, Shell, BP, ConocoPhillips, TotalEnergies, and Eni, divest upstream oil and gas assets in Southeast Asia?
Chinese patrols near oil and gas in disputed South China Sea hit new peak with tensions high
China’s Coast Guard maintained near-daily patrols at key features across the disputed South China Sea last year, ramping up its presence as tensions over the waterway with Southeast Asian neighbours remain high, new tracking data shows.
Chevron to buy back $75bn in stock after record profit
Chevron plans to buy back $75 billion of shares and increase dividend payouts after a year of record profits that evoked angry denunciations from politicians around the world as soaring energy prices squeezed consumers.
Australia’s Woodside pumps record oil and gas, eyes more FIDs in 2023
Woodside Energy (ASX:WDS) produced record volumes of oil and gas in 2022, the Australian LNG exporter announced today as it released its fourth quarter financials. Woodside is also getting ready for numerous final investment decisions (FIDs) on various projects in 2023.
US to boost pressure on China to stop importing Iran oil, envoy says
The US said it will increase pressure on China to stop buying Iranian oil, as the White House seeks to enforce sanctions aimed at curbing the Islamic Republic’s nuclear activities.
Sanctions-proof yuan to Putin’s rescue after oil cap hits budget
The price cap on Russian crude oil exports is starving President Vladimir Putin’s budget of income, though it likely won’t force him to ratchet down spending for years thanks to a $45 billion buffer of yuan reserves.
Texas oil industry paid record $24.7 billion in taxes last year
The Texas oil and natural gas industry paid a record $24.7 billion in taxes and royalties last year, far exceeding the previous annual high of $16 billion set in 2019, according to the Texas Oil and Gas Association.
Another worker killed at Pertamina’s Rokan Block in Indonesia
One worker was killed in a work-related accident at the Rokan Block in Indonesia, operated by national oil company Pertamina. A subsidiary of the NOC, Pertamina Hulu Rokan (PHR), is aggressively trying to boost output at Indonesia’s second-largest oil producing block after taking over from previous operator Chevron in August 2021.
Ping Petroleum wins first Malaysia oil and gas PSCs
Petronas has awarded Ping Petroleum two production sharing contracts (PSCs) for discovered oil and gas resources in Malaysia marking the company’s debut in its home country.
Sri Lanka set to open 900 offshore blocks for oil and gas exploration
Sri Lanka is preparing to issue two-year oil and gas exploration licenses for as many as 900 offshore blocks for foreign companies to explore for energy resources and bring vital investments to the crisis-hit country, a top official told Reuters.
Indonesia sends navy to monitor Chinese coast guard ship near Harbour Energy gas field
Indonesia has deployed a warship to its North Natuna Sea to monitor a Chinese coast guard vessel that has been active in the gas-rich maritime area, the country’s naval chief said on Saturday of an area that both countries claim as their own.
Harbour Energy to start drilling for more Indonesia oil and gas in September
Harbour Energy plans to start more frontier oil and gas exploration drilling offshore Indonesia’s Aceh province in September of this year, according to local reports.
Low-carbon investments to rise by $60bn in 2023 as hydrogen and CCUS spending surges
Spending on low-carbon projects will increase by $60 billion this year, 10% higher than 2022, led by wind developments, but helped by a significant rise in funding for hydrogen and carbon capture, utilisation and storage (CCUS) infrastructure, Rystad Energy research shows.
ExxonMobil to sell Thai refinery and retail unit to Bangchak
ExxonMobil will sell its controlling stake in Esso (Thailand) Pcl, which runs a local refinery and retailing business, to rival Bangchak Corp. as the largest US oil company focuses on its home market and the production of lower-emission fuels.
Philippine Supreme Court revokes South China Sea oil and gas exploration deal
Philippine oil and gas drillers tumbled Wednesday after the top court voided the nation’s 2005 deal with China and Vietnam to jointly explore for oil and gas in the South China Sea, less than a week after President Ferdinand Marcos Jr. agreed to revive similar talks with Beijing.
Cnooc lifts spending to raise energy supply as China reopens
China National Offshore Oil Corp. pledged higher spending this year as Beijing looks to raise production to safeguard energy security and fuel a rebound in economic growth.
Singapore company starts oil drilling in Myanmar
Singapore-listed Interra Resources reported that its joint venture entity, Goldpetrol Joint Operating Company, has started drilling development well CHK 1238 in the Chauk oil field onshore Myanmar.
Chinese firm CNPC signs deal with Taliban to produce oil in Afghanistan
The Taliban-led administration in Afghanistan signed its first international contract last Thursday to extract oil from the northern Amu Darya basin as the beleaguered group seeks to increase revenue.
Malaysia doubles exploration success in 2022 with 10 discoveries
Petronas and its Petroleum Arrangement Contractors (PACs) recorded a total of 10 hydrocarbon discoveries in Malaysia in 2022, following the increase of exploration activities in the country.
Myanmar energy ties are flying under the ESG radar
Posco International is one of the last foreign companies with a significant stake in Myanmar’s oil and gas sector, despite the industry’s ties to a military regime that has been widely condemned for violations of human rights.
Hydrogen projects in Australia are struggling to lure investors
Australia has only one committed hydrogen project out of a vast pipeline of proposals worth A$266 billion ($178 billion), showing the challenge in becoming a major exporter of the zero-carbon but still unproven fuel.