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Damon Evans

Oil & Gas

India’s ONGC eyes more Russian oil and gas assets

India’s state-backed Oil & Natural Gas Corporation (ONGC) (NSE:ONGC) is considering placing more offers for Russian energy assets that western majors, such as Shell (LSE:RDSA), BP (LON:BP), and ExxonMobil (NYSE:XOM), are seeking to divest following Russia’s invasion of Ukraine, the Economic Times reported yesterday.


ExxonMobil’s P’nyang deal bullish for PNG’s LNG export growth

A deal struck between ExxonMobil (NYSE:XOM) and the government of Papua New Guinea (PNG) earlier this year will ensure that the Pacific Island nation will remain a major force in the global market for liquefied natural gas (LNG) for years to come, according to a report by Fitch Solutions. Significantly, the government secured “highly favourable terms.”

Renewables/Energy Transition

Ammonia co-firing in power plants could be worth $100bn in 2050, says Woodmac

While hydrogen can be used in many sectors, its derivative, ammonia, has emerged as a key tool to provide flexible power generation and integrate variable renewables. Analysis by energy research company Wood Mackenzie shows that a 10% ammonia co-firing in global coal plants would translate to 200 million tonnes (Mt) of ammonia demand, a potential market of $100 billion by 2050.


Malaysia’s Petronas signs up for long-term US LNG supply

US liquefied natural gas (LNG) developer Venture Global will supply Malaysia’s Petronas with 1 million tonnes per year (t/y) of LNG for a 20-year term after the pair signed a new deal. Significantly, Asian LNG buyers, such as Petronas, are increasingly locking in new long-term supplies as more European buyers enter the race for LNG.


Japan’s Inpex delays Abadi LNG project in Indonesia again

Inpex’s (TYO:1605) proposed Abadi liquefied natural gas (LNG) plant in the Masela Block offshore Indonesia, which has long struggled to gain traction, has been delayed even further with a final investment not targeted until the latter half of this decade. Significantly, the project looks increasingly unlikely to be developed.


Japan eyes first proper carbon capture and storage project

Japanese oil refiner Eneos Holdings and utility J-Power have teamed up to launch the country's first permanent carbon capture and storage (CCS) project by the end of this decade. Significantly, if CCS is successful in Japan, it would bode well for global liquefied natural gas (LNG) demand, as the world’s second biggest importer could better balance its net zero ambitions.


BW Offshore FPSO recycling strategy criticised after death at Indian yard

BW Offshore’s strategy for recycling its end-of-life floating production storage and offloading (FPSOs) units has been criticised following a fatality at a ship breaking yard in India. BW is one of the largest operators of FPSOs for the oil and gas sector, but its decommissioned units are being dismantled in yards with questionable health, safety, and environmental credentials.

Oil & Gas

Ukraine turns off Europe-bound gas from Russia

Ukraine has cited "force majeure" to potentially halt a third of Russian transited gas flows to Europe from Wednesday, while Russia’s Gazprom claims there have been no issues that would justify the move.