Oil declines for a second session with focus on Fed stimulus
Oil dropped as the dollar strengthened and investors turned their attention to a Federal Reserve meeting this week that’s expected to signal moving toward scaling back stimulus.
Wood and NERA celebrate AI tech that could save billions of dollars offshore Australia
Aberdeen-based Wood and National Energy Resources Australia (NERA) today announced that the pair have teamed up to deliver an artificial intelligence (AI) software solution for offshore asset inspections that could create savings of A$2.8 billion ($2 billion) per year.
Contract terminated for sunken rig hired by ConocoPhillips off Malaysia
Malaysian driller Velesto Energy said that a contract to provide a jack-up drilling rig to ConocoPhillips for work offshore Sarawak in Malaysia has been officially terminated after the unit sunk in early May.
Indonesia sends navy to deter Chinese survey ship near Harbour Energy Tuna Block
Indonesia has sent a naval ship to tail a Chinese survey vessel that has been operating close to Harbour Energy’s Tuna Block in the Natuna Sea within Indonesia’s exclusive economic zone (EEZ).
Pertamina lifts Rokan output after Chevron exit
Indonesian national oil company (NOC) Pertamina has seen production at the giant Rokan Block edge up by 2,000 barrels per day (b/d) since taking over the field from Chevron last month. However, it remains to be seen if the NOC, which plans to spend $2 billion at Rokan by 2025, can significantly boost volumes in the longer term.
Shell’s production hit offshore Malaysia at Gumusut-Kakap
A production issue at the Shell-operated Gumusut-Kakap field offshore Sabah in East Malaysia will see exports of the country’s flagship crude oil Kimanis fall in October and November, reported Reuters.
Chevron CEO warns of high energy prices and supply crunches
The world is facing high energy prices for the foreseeable future as oil and natural gas producers resist the urge to drill again, according to Chevron's top executive.
Solar needs to dethrone coal to meet Indonesia goals, study says
Solar power holds the key to meeting renewable energy targets for Indonesia, but the fast-growing Southeast Asian economy needs significant reforms to steer it away from an over-reliance on coal, according to a report.
Gas price risk rising for emerging Asian markets, threatens expansion plans
Surging US Henry Hub gas prices, as well as higher and extremely volatile global gas prices, offers a lesson for emerging markets that investment in gas importing, distribution and power production assets will lead to stranded assets and lost wealth, according to analysis from IEEFA.
Vietnam to start maiden LNG imports in 2022
Vietnam aims to begin importing its first liquefied natural gas (LNG) cargoes in 2022 as part of a longer-term plan to maintain stable natural gas supply and meet rising demand for power, the country’s Minister of Industry and Trade Nguyen Hong Dien said.
Thailand’s PTT closer to ruling EV market in Southeast Asia
Thai oil and gas group PTT has signed a joint venture deal with leading electronics producer Foxconn to make electric vehicles (EVs) as Thailand aims to become the region's top manufacturer and exporter of EVs. The move underscores the state-backed energy company's desire to diversify away from the traditional oil and gas business, which may have slower growth potential in the long run.
BHP decommissioning bill pegged at $3.9bn
BHP Group will transfer some $3.9 billion worth of oil and gas decommissioning liabilities to Woodside if the pair’s merger goes through successfully. The liability is much smaller than expected helping to ease investor concerns at Woodside.
Woodside teams up to drive hydrogen adoption in South Korea
Australian liquefied natural gas (LNG) developer Woodside has joined five parties to establish the HyStation company, which aims to build and operate hydrogen refuelling stations to service public transport bus fleets in South Korea.
Santos and East Timor sign pact for potential $1.6bn CCS scheme at Bayu Undan
Australia’s Santos today announced that it has signed a memorandum of understanding (MoU) with East Timor’s regulator ANPM to progress a carbon capture and storage (CCS) project, estimated to cost $1.6 billion, at the ageing Bayu Undan field in the Timor Sea. But low returns and high complexity threaten the viability of the proposed scheme.
Inpex ships ‘carbon neutral’ LNG from Ichthys
Japan’s Inpex said yesterday that it has made arrangements for a ‘carbon neutral’ shipment of liquefied natural gas (LNG) from the Inpex-operated Ichthys LNG project in Australia to be delivered to compatriot Toho Gas.
Malaysia’s Petronas and Japan’s Eneos explore hydrogen opportunities
Malaysia's state energy company Petronas and Japanese oil giant Eneos are exploring opportunities to develop a clean hydrogen supply chain between the two nations.
Sembcorp wins Dorado FPSO work
Singapore’s Sembcorp Marine will carry out front-end engineering design (FEED) work for the floating production, storage and offloading (FPSO) facility that will form part of Santos’ Dorado development offshore Australia.
PNG scrutinises Santos-Oil Search merger
The government of Papua New Guinea (PNG) has raised concerns that Santos’ proposed $15.5 billion merger with Oil Search could harm national interests in the liquefied natural gas (LNG) exporting country.
Santos and Oil Search edge closer to $15.5 billion merger
Santos and Oil Search have agreed a merger deal that will create a A$21 billion ($15.5 billion) Asian oil and gas producer, confirming terms agreed on last month.
Keppel delivers Guyana’s second FPSO
Singapore yard Keppel Offshore &Marine (Keppel O&M) has delivered a mega floating storage and offloading (FPSO) vessel dubbed Liza Unity to SBM Offshore that will process oil from the prolific Stabroaek Block offshore Guyana.
Oil price could hit $200 without new investments says Omani minister
Oil prices could hit $200 per barrel if no new investments are made in the upstream oil and gas sector in the short-term, Oman's energy and minerals minister said yesterday in reply to the International Energy Agency's (IEAs) assessment for reaching net-zero emissions by 2050, reported S&P Global Platts.
China intervenes in oil market with historic sale of reserves
China made an unprecedented intervention in the global oil market, releasing crude from its strategic reserve for the first time with the explicit aim of lowering prices.
‘Carbon Neutral’ LNG demand soars in Asia despite criticism
Liquefied natural gas (LNG) shipments tagged “carbon neutral” are gaining popularity among Asian buyers, despite criticism that the offsets used to justify the label don’t actually cancel out planet-warming emissions generated by the fossil fuel.
Carbon capture and the future of LNG in Asia
Carbon capture and storage (CCS) will play an important role in decarbonising liquefied natural gas (LNG), but the pace of progress remains too slow, writes Gavin Thompson, Asia Pacific vice chair, Wood Mackenzie.
PTTEP seeks technologies to cut carbon footprint
Thailand’s PTT Exploration & Production (PTTEP) is working with Netherlands-based TechnologyCatalogue.com to find novel and proven technologies to reduce its carbon (CO2) footprint.