Eni expands its footprint around big gas find in Vietnam
Italy’s Eni has expanded its acreage position around a major gas discovery offshore Vietnam after acquiring a 100% interest in Block 115/09 from struggling Singapore company KrisEnergy.
Global interest expected in Santos Dorado sale
Santos is seeking buyers for a 20-30% stake in its large Dorado oil project and Bedout exploration portfolio offshore western Australia estimated to be worth up to $200 million. Significantly, there is expected to be global interest in the sales process, which could be particularly appealing for Asian national oil companies (NOCs).
Advance bullish on Buffalo bonanza off East Timor
UK-listed Advance Energy has successfully raised the capital to acquire a 50% stake in the Buffalo project off East Timor. Drilling at the redevelopment project later this year is targeting a potential oil bonanza.
Japan sees more carbon neutral LNG changing hands
Japan’s Toho gas is the latest Japanese company to receive a liquefied natural gas (LNG) cargo that has had its emissions offset by carbon dioxide (CO2) credits. Significantly, the Nagoya-based gas company has pledged to buy more carbon neutral LNG after receiving its first shipment on 8 April.
Santos boss Gallagher given $4.5m bonus to pull out of Woodside race
Santos chief executive Kevin Gallagher, reportedly one of the top candidates to replace Peter Coleman as Woodside chief executive later this year, has been offered a one-off, A$6 million ($4.5 million) “growth projects incentive” to see through the delivery of major developments at the Australian company until 2025.
Despite turmoil, POSCO sends Transocean deep-water rig to Myanmar
Despite the political and social turmoil in Myanmar, South Korea’s Posco International is sending a second deep-water drilling rig to the troubled Southeast Asian state to continue development work at the Shwe gas field.
CNOOC extinguishes fire at one of China’s largest offshore fields
CNOOC, China’s third-largest oil company, confirmed it has extinguished a fire at a platform on its Penglai fields in northeast China. The fire is expected to cut crude output at the Penglai 19-3 field by around 600,000 barrels this year.
Australia unveils tougher decommissioning rules
Oil and gas producers will be subject to tougher liabilities and rules around decommissioning in Australia in an effort to prevent a repeat of the Northern Endeavour fiasco, which is expected to cost taxpayers over $190 million.
Shell hires rig for seven Malaysia wells
Shell is gearing up to drill seven wells off the East Malaysian states of Sabah and Sarawak after awarding a $17.68 million contract to Velesto Drilling.
Fire raging at China field owned by CNOOC and ConocoPhillips
Three crew members are missing following a well blowout and fire at an oil production platform in the Bohai Sea in northeastern China earlier this week that stopped operations at one of the country’s largest oil fields.
East Timor puts a number on potential LNG import volumes
East Timor, which is considering converting its oil-fired power plants to gas in an effort to slash energy supply costs, estimates it will need about 0.37 million tonnes per year (t/y) of imported liquefied natural gas (LNG).
JERA, world’s largest LNG buyer, sets up offshore wind base
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.
Japan’s MOL eyes LNG, hydrogen and ammonia ships
Japanese company Mitsui O.S.K. Lines (MOL) – one of the world’s largest shipping companies - is set to focus on developing ships that run on liquefied natural gas (LNG), ammonia and hydrogen in order to hit its 2050 net-zero goal.
Chevron signs first Japan LNG deal since 2013
Chevron will supply liquefied natural gas (LNG) to Japan’s Hokkaido Gas for five years starting April 2022 under a new deal.
KrisEnergy on verge of collapse as Cambodia bet backfires
Singapore-listed KrisEnergy – widely seen as a zombie company - is finally on the verge of collapse after production from its Apsara oilfield offshore Cambodia failed to meet expectations. Significantly, it should come as no surprise that the frontier basin disappointed.
BW wins FSRU deal for Philippines’ maiden LNG imports
First Gen has awarded a five-year deal that will see Norway’s BW Gas Limited supply a floating storage regasification unit (FSRU) to support its Interim Offshore LNG Terminal project in the Philippines.
Malaysia-Brunei unitisation pact bodes well for Shell
Malaysia and Brunei have finally formalised a previously stalled unitisation agreement for the Gumusut-Kakap and Geronggong-Jagus East fields that straddle the international maritime boundary between the two countries. The about turn bodes well for Anglo-Dutch supermajor Shell, which has stitched up most of the acreage in Brunei’s offshore.
Refinery fire in Indonesia sees near-term supply risk
A massive fire has been extinguished at one of Indonesia’s biggest oil refineries operated by national oil company Pertamina. However, near-term supply risks remain, but the national refining expansion plan remains intact, reported Fitch Solutions Country Risk & Industry Research.
Total must maintain Myanmar output to protect workers, CEO Says
French oil major Total must continue to produce gas in Myanmar and pay taxes to the military junta to protect staff from forced labor and maintain electricity supplies, Chief Executive Patrick Pouyanne said in an op-ed in Le Journal du Dimanche newspaper.
KrisEnergy completes Vietnam farm-out deal
Southeast Asia-focused upstream player KrisEnergy has finally completed the farm-out of its entire interest in Block 115/09 offshore Vietnam.
Petronas declares force majeure in Myanmar
Malaysian national oil company (NOC) Petronas has declared force majeure on its Yetagun field off Myanmar, which is on the brink of civil war, due to the depletion of gas production.
India’s appetite for gas will see LNG imports surge
India’s liquefied natural gas (LNG) demand will rise from 25 million tonnes per year (mtpy) in 2020 to almost 45 mtpa in 2030. And it will surge to 85 mtpa by 2040, as domestic production falls sharply, data from Rystad Energy shows.
Chevron’s Australian business is least resilient among big upstream players
Rystad Energy estimates that Chevron, based on the gas reserves of its discovered fields in Australia, holds the top position in terms of non-producing assets, totalling 21 trillion cubic feet (Tcf), among the major upstream companies operating in the country.
Twist of irony as East Timor eyes LNG imports
East Timor is considering building a liquefied natural gas (LNG) import terminal and converting oil-fired power plants to gas in an effort to slash energy supply costs and cut greenhouse gas emissions. The move seems slightly ironic given the country advocated developing an LNG export complex for much of the past decade.
China’s mega-refineries are throttling other Asia oil processors
The rise of China’s mega-refineries was always going to make life tougher for their competitors across Asia. But the fallout from Covid-19 is hastening the impact and accelerating consolidation across the region.