Brent oil climbs to 2014 high as geopolitical unrest returns
Brent oil extended gains to the highest level in seven years as geopolitical tensions stirred in the Middle East and concerns about the demand impact of the omicron virus variant eased.
Woodside enters FEED for US hydrogen project as FID looms
Australian energy producer Woodside (ASX:WPL) has started front-end engineering design (FEED) work on a hydrogen project for the first time after awarding a deal to Kellogg, Brown & Root (KBR) for its proposed H2OK project in Oklahoma in the US.
Japan nears maiden offshore gas project in more than 30 years
Inpex is set to start an exploration drilling campaign offshore Japan as it seeks to prove up new oil and gas fields, which if commercialised will mark the nation’s first new offshore gas development in over three decades.
Iberdrola eyes five offshore wind opportunities in Philippines
Spain’s Iberdrola is eying five early-stage offshore wind projects in the Philippines as part of its ambitious push to expand its footprint in the Asia Pacific region.
Australia’s hottest day in 60 years triggers LNG plant outage
Australia matched the country’s highest temperature on record, triggering a bushfire warning and temporarily shutting a liquefied natural gas (LNG) export plant on Friday.
South Korea’s Daewoo wins $553m deal for Chevron’s Jansz-lo Australian project
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) reported that it has won a contract worth 656.1 billion KRW ($553.4 million) from Chevron to build an offshore facility for the Jansz-Io gas field development offshore Australia.
Asia’s richest man plans to invest $76 billion in green projects
The conglomerate led by Mukesh Ambani, Asia’s richest man, announced plans to invest $76 billion toward clean energy projects, dwarfing an earlier commitment of $10 billion by the world’s biggest fossil-fuel billionaire.
Petronas strikes third gas discovery at Balingian off Sarawak
Petronas Carigali, the upstream subsidiary of Malaysian national oil company (NOC) Petronas, has made a gas discovery at the Hadrah-1 wildcat exploration well of Block SK411, located in the shallow waters of Balingian province about 170 kilometres northwest off the coast of Sarawak, Malaysia.
Shell’s Prelude FLNG faced ‘catastrophic failure’ from power outage
Power problems on Shell’s Prelude floating liquefied natural gas (FLNG) vessel offshore Australia risked the “catastrophic failure” of parts of the ship’s structure, according to a report by the offshore regulator, reported WA Today.
Sembcorp finishes first newbuild floater for Shell
Singapore’s Sembcorp Marine said it has successfully completed the Vito regional production facility (RPF) for Shell that will operate in the US Gulf of Mexico.
Strong FPSO market expected to continue, says Rystad
The market for floating production, storage, and offloading (FPSO) units almost brushed off the pandemic’s effect in 2021 and is likely to continue apace in 2022, with 10 new awards expected, according to a Rystad Energy report. Two lease contracts were awarded in the fourth quarter of 2021, bringing the total for the year to 10 – up from just three in 2020 – a strong rebound for the FPSO market.
Petronas and Sabah launch gas masterplan
Malaysia’s Petronas and the Sabah State Government on Tuesday launched the Sabah gas masterplan that serves as a reference for both parties in guiding the way forward for the further development of natural gas in the Malaysian state.
China’s virus lockdowns cast a pall over oil demand growth
China’s worst Covid-19 outbreak since the inaugural flareup in Wuhan is blunting oil demand growth in the world’s largest crude importer, although most major population centers remain unaffected so far.
Shale giants view a crude oil ascent above $100 as bad for industry
Major shale-oil drillers are dreading the prospect of $100-a-barrel crude on fears it will tempt less-disciplined rivals to expand output and create a new supply glut.
Pertamina makes gas discovery at Mahakam
Pertamina’s Manapatu 1x exploration well in the Mahakam Block offshore East Kalimantan has hit gas. It marks the first discovery for Indonesia in early 2022.
South Korea chided for declaring gas a sustainable investment
South Korea’s government is being criticised for including natural gas in a category of activities that it deems will help cut emissions.
Sembcorp Marine’s yard faces arbitration with $76 million claim
Singapore-based offshore construction company Sembcorp Marine (SGX:S51) has announced that its wholly-owned subsidiary, Jurong Shipyard, is facing arbitration under four separate contracts due to allegations of a breach of contract and payment claims exceeding $76 million relating to the termination of these contracts.
ExxonMobil Indonesia lawsuit set for trial after 20 years
A longstanding US lawsuit filed against ExxonMobil (NYSE:XOM) that alleges the oil and gas giant was responsible for human rights violations, including sexual assault, battery and wrongful death, that was committed by members of the Indonesian military, could be heard in court within months, reported Nikkei Asia.
Australian share prices ignore surging LNG revenue
While 2021 has seen a surge in revenue from liquefied natural gas (LNG) sales, this has not been reflected in the share prices of the three Australian companies most leveraged to LNG revenue: Woodside (ASX:WPL), Santos (ASX:STO) and Origin Energy (ASX:ORG), EnergyQuest said in a note today.
Australia posts record LNG exports in 2021
Australian exports of liquefied natural gas (LNG) hit a record high in 2021 of 80.9 million tonnes, according to estimates based on shipping data from EnergyQuest. Significantly, it is likely that 2021 is close to the peak of Australian LNG production, added the Adelaide-based consultancy.
China LNG demand to peak in 2022
This year will mark a peak for liquified natural gas (LNG) imports into China as domestic production is set to expand and pipeline imports increase, predict analysts at Fitch Solutions.
Ambitious Cairn hires former BP exec as COO
Cairn Oil & Gas, India’s largest private exploration and production company, has appointed former BP executive Martyn Smith as chief operating officer.
Oil edges higher as Libyan output falls ahead of OPEC+ meeting
Oil edged higher as Libyan supply tightened ahead of an OPEC+ meeting on Tuesday to discuss production policy for February.
Gas shortage leads to Pakistan losing 20% of vital textile exports
Pakistan’s natural gas shortage is hurting its most important export industry, putting even more stress on an economy already struggling with accelerating inflation and a weakening currency.
OPEC+ seen reviving output in sign of confidence for 2022 demand
OPEC and its allies are expected to revive more oil supplies when they meet on Tuesday, underscoring the group’s optimism in the outlook for global demand.