New upstream oil and gas projects worth about $15 billion will be sanctioned in Australasia this year, according to Rystad Energy’s forecast, marking a huge boost compared to the $1.2 billion committed to new projects in 2020.
There is a high risk that political turmoil in Myanmar will negatively affect the energy sector, however, Chinese companies look set to benefit from the tumultuous environment, according to Fitch Solutions Country Risk & Industry Research.
Malaysian national oil company (NOC) Petronas said that it is making every effort to ensure the safety of about 155 workers that are sub-contracted on a barge servicing its Yetagun platform in the Andaman Sea off Myanmar following the military coup.
The bloodless military coup in Myanmar has triggered some upstream companies to assess whether they should activate force majeure clauses in their production-sharing contracts (PSCs) with the government.
Myanmar faces a potential energy crunch following a bloodless military coup that is set to delay urgent upstream investment and derail vital liquefied natural gas (LNG) import projects.
Cairn Energy will return £188 million to shareholders following completion of the sale of its Senegalese assets to Woodside.
Woodside Energy has opted to pre-empt the sale of FAR’s stake in a licence offshore Senegal, which will increase the buyer’s stake to 82% in the Sangomar field.
The energy industry has a reputation for being slow to support new technologies, but one exception to this generalisation is the rise of autonomous offshore vehicles.
Blue Ocean Seismic Services (BOSS) has won £10 million of backing from a range of companies including BP Ventures, Woodside Energy and Blue Ocean Monitoring.
Australia’s FAR did not exercise its right to pre-empt the sale of Cairn Energy’s stake in the Sangomar field, as the company works to find a buyer for its own interest.
East Timor may have a second chance to see its Greater Sunrise field developed this decade as Australia’s Santos considers extending the life of the country’s Bayu-Undan project, which feeds the Darwin LNG export plant in northern Australia.
Australian firm Woodside has moved to whisk the purchase of Cairn Energy’s 40% stake in the Sangomar project off Senegal out from under the nose of Russian firm Lukoil.
Australia’s FAR is in default for its payments due on the Sangomar field, following recent talk of delays in Senegal’s upstream plans.
Australia is seeking to cut emissions in one of the world’s biggest per-capita polluters by encouraging oil firms including Chevron Corp. and Woodside Petroleum Ltd. to invest in carbon-reduction projects.
Australia’s FAR has been unable to secure financing for its stake in the Sangomar field development and so has begun a process to sell all, or a part, of its stake in the Senegalese project.
Demand destruction and sustained oil prices below $40 per barrel mean Asia Pacific is bracing itself for a brutal wave of cost cutting that will see its reliance on imports rise as upstream investment is hit hard.
Woodside Petroleum has slashed its spending this year by 50%, to around $2.4 billion, but Senegal’s Sangomar development should progress as planned.
Australia’s FAR has temporarily suspended plans for drilling offshore The Gambia, in response to the coronavirus pandemic, while the oil price crash has made talks on securing debt for Senegal’s Sangomar development harder.
Looming wave of final investment decisions (FIDs) will provide massive boost for offshore oilfield service sector in Southeast Asia
Australia’s Woodside Energy has approved the 100,000 barrel per day Sangomar project, offshore Senegal, launching agreements with suppliers and putting the field on course to begin production in 2023.
The Sangomar development and exploitation plan has been submitted to the Senegalese government, operator Woodside Energy has said, with the final investment decision (FID) for the project expected later this month.
Subsea 7 has today confirmed a multi-million deal with Australian liquefied natural gas (LNG) producer Woodside for the second phase of its Julimar-Brunello project.
Uniper is confident that LNG supply will continue to be bountiful in the years to come, providing a secure source of supply for demand around the world, company board member Keith Martin told Energy Voice at ADIPEC.
Developing the SNE field will require capital expenditure of around $4.2 billion, a presentation by Australia’s FAR has said, versus the previous projection of $3bn.
Woodside Energy is pushing ahead with its Scarborough plan, even while the final investment decision (FID) for Browse has been pushed back to the first half of 2021.