Oil demand in China is expected to pick up as the world’s largest crude importer pivots away from its strict Covid Zero policy, although analysts caution that it may take time for gains to kick in.
Petronas Carigali has entered into a heads of agreement with JX Nippon Oil & Gas Exploration Corporation (JX Nippon) to collaborate in developing a joint proposal to monetise the gas potential within the Bujang, Inas, Guling, Sepat and Tujoh (BIGST) fields, located offshore Kerteh, Terengganu, Malaysia.
Thailand’s state-backed upstream company PTT Exploration Production (PTTEP) announced it will spend $29 billion between 2023 and 2027 as it aims to boost oil and gas production, as well as diversify into new businesses to cut emissions.
East Timor’s President Jose Ramos-Horta said that Australia has shown no signs moving forward with a long-stalled gas pipeline project that runs through the Southeast Asian country, leaving around $100 billion in potential revenue untapped.
China and Saudi Arabia signed a number of agreements, including on energy and investments, after their leaders met in Riyadh on Thursday at a summit that showcased deep and growing ties beyond oil.
Malaysia’s Petronas Carigali has discovered oil and gas at the Nahara-1 well in Block SK306, located in the shallow waters of Balingian Province about 150 kilometres from Bintulu, off the coast of Sarawak, offshore Malaysia.
Oil fell for a fourth day as warnings from major US banks of a tough outlook for 2023 stoked concern over demand prospects and dented appetite for risk assets including commodities.
Mubadala Energy has agreed to sell three oilfields offshore Thailand to Valeura Energy. The Canadian company claims the acquisition will make it the largest independent operator of oil production in Thailand.
After months of planning and negotiations, the biggest tranche of sanctions on Russian oil to date take effect on Monday. How big their impact will be remains uncertain.
The chief executive of Australia’s Woodside Energy (ASX:WDS) appears to have made a blunder with her comments that the company is open to revisiting a greenfield LNG export development in East Timor. Significantly, the melodrama around the project will likely continue.
Malaysia’s Petronas has reported a near doubling of its third quarter profit and warned of continuing volatility in oil and gas prices on Wednesday.
The government of Indonesia is reviewing plans to again auction the giant East Natuna Block offshore Indonesia as carbon capture and storage (CCS) technology opens up the development potential of the carbon dioxide (CO2) intense field, according to Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif.
The financial impact of Western sanctions and the wide scale exodus of foreign partners from the Russian oil and gas sector are beginning to materialise, with upstream investments set to sink to $35 billion in 2022, according to Rystad Energy research.
Oil extended a rebound from the lowest level in almost a year on speculation that the Organization of Petroleum Exporting Countries and its allies will deepen supply cuts to respond to weakening global demand.
Woodside Energy’s (ASX:WDS) latest production guidance for 2023 has fallen short given delays at new oil projects in West Africa and the US, as well as a maintenance shutdown at the Pluto LNG export complex in Australia.
Oil dropped to the lowest level since December as unrest in China hurt risk appetite and the outlook for demand, adding to stresses in an already-fragile global crude market.
Harbour Energy (LON:HBR) is seeking a floating production storage and offloading (FPSO) unit for its Tuna oil and gas development offshore Indonesia in the Natuna Sea.
Natural gas is seen as an essential component of Indonesia’s energy transition with the government targeting to significantly boost upstream investment. Officials estimate $179 billion is needed to meet 2030 oil and gas production targets in Southeast Asia’s largest economy.
Malaysia-based Hibiscus Petroleum today reported that relatively strong oil and gas prices have contributed positively to the profitability levels in all the group’s producing assets in Malaysia and the UK.
Indonesia’s Pertamina has reportedly successfully decommissioned the Southeast Asian country’s first offshore oil and gas platform in partnership with South Korean companies, according to upstream regulator SKK Migas.
Indonesian upstream player Saka Energi is planning to invest up to $1.5 billion between 2022 and 2028 to develop various assets in Indonesia and abroad as it seeks to boost oil and gas production.
UK-listed Jadestone Energy (LON:JSE) has reported that the start-up of the company’s Montara Venture floating production storage and offloading (FPSO) vessel remains uncertain following oil leaks offshore Australia.
The UK is pressing ahead with legislation to prevent its services being used to allow shipments of oil from Russia internationally.
Oil fell after Federal Reserve Chair Jerome Powell said interest rates will go higher than earlier projected, overshadowing tightening supply.
OPEC held firm to projections that global oil demand will keep growing for another decade, and said it would be dangerous to abandon fossil fuels.