BHP Group on Tuesday said it sees a clear opportunity in oil and gas to enjoy strong returns over the medium term and is ready to seek counter-cyclical deals in a world where many energy companies have cut back on exploration and new projects.
Malaysian national oil company (NOC) Petronas and JERA - a joint fuel-procurement venture between Japan's Tokyo Electric Power and Chubu Electric Power – have signed a memorandum of understanding that will see the pair collaborate on a wide range of low-carbon energy initiatives, covering liquefied natural gas (LNG), ammonia and hydrogen.
Australia, Japan and Vietnam are leading the shift to renewable energy in Asia Pacific, according to the latest research from IHS Markit. Significantly, coal and gas power plants are also being built at a brisk pace as part of the energy mix across the region.
Repsol and Petronas are on track to drill the much-anticipated Rencong-1X wildcat in the frontier deep waters of Indonesia’s North Sumatra basin.
Malaysia’s Petronas has successfully started producing liquefied natural gas (LNG) from its second floating LNG (FLNG) vessel at the PTT Exploration & Production (PTTEP) operated Rotan gas field off Sabah.
The Indonesian government forecasts that 616 new development wells will be drilled across the archipelago this year following a strong rebound in global crude prices.
Japan Petroleum Exploration Company (JAPEX) has suspended its Soma LNG import terminal operations after a magnitude 7.3 earthquake hit Fukushima prefecture late Saturday.
SKK Migas, Indonesia’s upstream regulator, expects Eni to takeover Chevron’s giant Indonesia Deepwater Development (IDD) during the first quarter 2021. If the move comes to pass, expect other potential buyers, that could include Pertamina, Sinopec, Neptune Energy and Saka Energi, to be in the new IDD mix.
Petronas MPM hopes to lure investors to Malaysia’s shallow-water and late-life assets after revealing new fiscal terms as part of an ongoing effort to revive its domestic upstream sector. The move could help Malaysia steal a march on neighboring countries.
Australia’s Energy World Corporation (EWC) is planning to restart development of its mid-scale modular Sengkang LNG liquefaction facility in South Sulawesi, Indonesia.
Myanmar’s transition towards renewable energy sources will face near-term headwinds after the recent military coup. However, analysts are more optimistic over the medium to longer term given the dominance of Chinese companies in the sector.
This year will be busy for Australian renewable energy players with an estimated 5.3 gigawatts of utility PV, wind and battery projects expected to finish commissioning, revealed Rystad Energy.
New upstream oil and gas projects worth about $15 billion will be sanctioned in Australasia this year, according to Rystad Energy’s forecast, marking a huge boost compared to the $1.2 billion committed to new projects in 2020.
The delayed Total-led liquefied natural gas (LNG) export development in Papua New Guinea (PNG) has signed a key fiscal stability agreement with the government. This marks a significant step in de-risking the proposed 5.33 million tonne per year Papua LNG scheme.
India is set for the largest increase in energy demand of any country over the next 20 years. This underscores the potential for policies and investment to accelerate the clean energy transition, the International Energy Agency (IEA) said in a new report.
The Indian government is trying to persuade ExxonMobil to take stakes in offshore acreage controlled by state-backed Oil & Natural Gas Corporation (ONGC).
Japanese companies are increasingly focused on upstream portfolio rationalisation, with divestment of non-operated stakes in smaller oil, as well as other non-core assets, expected to accelerate, research from Wood Mackenzie shows.
There is a high risk that political turmoil in Myanmar will negatively affect the energy sector, however, Chinese companies look set to benefit from the tumultuous environment, according to Fitch Solutions Country Risk & Industry Research.
China Oilfield Services Limited (COSL) is expected to have another solid year in 2021 as offshore capital spending is set to surge to record levels in China.
CNOOC, China’s third-biggest oil company, aims to raise its capital spending this year to between 90 billion and 100 billion yuan ($15 billion), the highest level since 2014, bucking the industry trend.
Indonesia’s national oil company (NOC) Pertamina is preparing to take at least one of its business units public during the second-half 2021.
Malaysian national oil company (NOC) Petronas said that it is making every effort to ensure the safety of about 155 workers that are sub-contracted on a barge servicing its Yetagun platform in the Andaman Sea off Myanmar following the military coup.
Upstream merger and acquisitions (M&A) deals are expected to rebound in Asia Pacific this year after plunging to their lowest level this century in 2020, when the pandemic and collapse in oil and gas prices killed activity.
The Asia Pacific region offers plenty of opportunities for the UK’s subsea engineering sector, both in the traditional oil and gas business, as well as the rapidly expanding renewable energy industry, reckons Subsea UK.
The bloodless military coup in Myanmar has triggered some upstream companies to assess whether they should activate force majeure clauses in their production-sharing contracts (PSCs) with the government.