China is seeking to replenish its strategic crude stockpiles with cheap Russian oil, a sign Beijing is strengthening its energy ties with Moscow just as Europe works toward banning imports due to the war in Ukraine.
Following a shareholder vote yesterday, Australian liquefied natural gas (LNG) developer Woodside Petroleum (ASX:WPL) will change its name to Woodside Energy Group as it prepares to embrace the energy transition.
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.
Woodside Petroleum almost certainly won investor approval to boost global oil and gas production by adding BHP Group assets while also facing a rebuke on its climate accounting.
The Australian government has granted A$5 million (US$3.5 million) of funding for deepC Store’s offshore floating carbon capture and storage (CCS) hub dubbed CStore1. The proposed project, expected to store carbon dioxide (CO2) from Japan would be Asia Pacific’s first floating multi-user CCS hub, said the Perth-based company.
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.”
Thailand’s dependence on imported liquefied natural gas (LNG) continues to expand despite soaring global prices. Significantly, the increasing demand for LNG is being exacerbated by production declines across ageing domestic fields, particularly Erawan.
Gas coupled with renewable power is a natural partnership on the road to net zero and the pairing is already cutting emissions in many countries, according to global energy advisory company RISC.
A road map for the future of Australia’s world-leading liquefied natural gas (LNG) exports has shown how the sector can transition to zero emissions with environmental and business advantages.
The momentum of the energy transition must be maintained without compromising energy security, and that includes affordability, as well as universal access to reliable energy. But “we can only do this through decarbonisation, not defossilisation,” said Santos chief executive Kevin Gallagher.
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.
Oil steadied after closing at the highest level in almost eight weeks as traders weighed strength in key products markets and data from China that signalled a possible easing of some anti-virus lockdowns.
Australia’s main oil and gas industry lobby group sees the carbon capture utilisation and storage (CCUS) business as a crucial opportunity for Australia, as well as the oil and gas sector.
As the world seeks to decarbonise, East Timor hopes that a plan for a giant carbon capture and storage (CCS) hub will help it find financial backing for a proposed liquefied natural gas (LNG) facility that would process gas from the Greater Sunrise fields.
ExxonMobil (NYSE:XOM) and Pertamina, the state-owned energy company of Indonesia, have signed a joint study agreement to assess the potential for large-scale implementation of lower-emissions technologies, including carbon capture and storage (CCS), as well as hydrogen production.
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.
Oil advanced for a third day, bookending another tumultuous week of trading as investors weigh the prospect of a European Union ban on Russian crude imports and uncertainty over China’s virus resurgence.
Germany said Russia is using energy as a “weapon” after Moscow reduced natural gas supplies in retaliation for Europe’s penalties over the war in Ukraine.
Chevron (NYSE:CVX) and Pertamina will together explore potential business opportunities in geothermal, carbon capture utilisation and storage (CCUS), as well as hydrogen, in Indonesia, after signing an agreement in Washington.
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.
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.
Australian operator Santos (ASX:STO) is preparing to decommission the floating storage and offloading (FSO) facility, as well as platforms, at Bayu Undan offshore East Timor, as soon as possible, as it accelerates plans for a giant carbon capture and storage (CCS) hub at the mature field.
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.
India’s liquefied natural gas (LNG) importers are purchasing extra volumes from Russia at a discount as most other spot buyers shun the fuel.
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.
