Upstream oil and gas projects with over 1.4 billion barrels of resources and $8.5 billion worth of greenfield investments are targeted for final investment decisions (FIDs) in Southeast Asia this year, based on operators’ plans, reported Rystad Energy. However, delays are likely with more activity expected to happen next year, noted the energy consultancy.
Prime Minister Fumio Kishida said it would take time to phase out imports of Russian oil, hours after he joined other Group of Seven leaders to impose a ban on crude over the Kremlin’s invasion of Ukraine.
Inpex has started exploration drilling offshore Japan, which if successful could mark the nation’s first new offshore gas development in over three decades.
Singapore yard Keppel Offshore & Marine (Keppel O&M) has been awarded two integration FPSO integration contracts worth S$250 million ($180 million) from BW Offshore and Single Buoy Moorings (SBM).
Japanese offshore drilling company Japan Drilling Co., Ltd. (JDC) will drill up to 10 wells for Petronas offshore Malaysia with its semi-submersible Hakuryu-5.
Australian-listed Sacgasco (ASX:SGC) has agreed an alliance covering extended well testing and early production systems in the Palawan basin offshore Philippines as they aim to pump oil as fast as possible in the current high oil price environment. Significantly, the company and its partners will be hoping to eek oil out of an old field before their contract expires in 2024.
Sweltering heat and ongoing blackouts are forcing India’s liquefied natural gas (LNG) importers to top up with expensive shipments.
India is trying to get deeper discounts on Russian oil to compensate for the risk of dealing with the OPEC+ producer as other buyers turn away, according to people with knowledge of the matter.
Japan will consider providing financial support to boost production of liquefied natural gas (LNG) in the U.S., reported financial publication Nikkei Asia, as Tokyo aims to lower its energy dependence on Russia following Moscow's invasion of Ukraine.
Russia’s invasion of Ukraine seems to have jolted China based buyers of liquefied natural gas (LNG) into signing more deals with US-based LNG export developments as global competition for the fuel surges.
India’s Oil and Natural Gas Corporation Limited (ONGC) and Norway’s Equinor will collaborate in the areas of upstream exploration and production (E&P), midstream, downstream, and clean energy options, including carbon capture utilisation and storage (CCUS) in India, after the pair signed a memorandum of understanding (MoU).
Malaysia’s Petronas and Thailand’s PTT Exploration & Production (PTTEP) have announced they will exit the Yetagun gas project offshore Myanmar as they rationalise their upstream portfolios. Neither company denounced the military-led coup in their exit statements.
Japanese trading giant Mitsui & Co. nearly tripled its full-year profit to an all-time high on soaring energy and commodity prices, and said the company will keep its involvement in liquefied natural gas projects in Russia.
BP (LON:BP) has restarted its second liquefied natural gas (LNG) export train at the Tangguh complex in Indonesia following a shutdown due to mechanical irregularities. The Tangguh Train 2 plant has a processing capacity of 3.8 million tonnes per year of LNG.
Canada’s Valeura Energy will buy two operated licences offshore Thailand from Singapore’s KrisEnergy, which was forced into liquidation last year, for a price of $3.1 million. There will also be certain contingent payments of up to a further $7 million related to future development milestones, said Valeura Energy.
CNOOC has brushed aside recent media reports that the firm is considering withdrawing from oilfield investments in the UK North Sea, the US and Canada.
A worker reportedly lost his life while scrapping an FPSO unit, formerly owned by Oslo-listed BW Offshore (OL:BWO), at an Indian beaching yard on 21 April, according to a report from an NGO. However, BW Offshore denied the report, and said Wednesday that the incident “was unrelated to the ongoing recycling of former BW Offshore FPSOs at the yard.”
Sembcorp Marine has agreed to merge with Keppel Offshore & Marine in a deal that will create the world’s biggest builder of oil rigs and push the business further into renewables and alternative energy solutions. The pair are forming what could be one of the world’s largest offshore energy players worth $6.3 billion.
Liquefied natural gas (LNG) developer Woodside (ASX:WPL) is considering new investment opportunities, including the Browse and Greater Sunrise fields, on expectations that new supply will be needed to alleviate global energy market tightness.
Only five blocks out of 18 blocks offered in East Timor’s second licensing round have been awarded. East Timor’s National Petroleum and Minerals Authority (ANPM) said that it has awarded three onshore blocks and two offshore blocks.
Thailand’s PTT Exploration & Production (PTTEP) is now the official operator of the G1/61 project, which covers the Erawan, Platong, Satun and Funan fields, as well as the G2/61 project, covering the Bongkot field. PTTEP (BKK:PTTEP) said it is ready to boost natural gas production to increase energy security despite being denied prior access to Erawan due to an unresolved dispute with the former operator.
Technip Energies may have to considerably slow construction for Novatek PJSC’s Arctic LNG 2 project because of the latest European Union sanctions against Russia for invading Ukraine.
Petronas has awarded Block SK427 off the coast of Sarawak to SK earthon, a subsidiary of South Korea’s SK Innovation, and Petroleum Sarawak Exploration & Production (PSEP) in an area where several discoveries were made last year. Petronas and SK will also collaborate on carbon capture and storage (CCS) opportunities.
Petronas and Sabah Oil & Gas Development Corporation (SOGDC) have signed a key memorandum of understanding (MoU) that will see the Malaysian national energy company build Sabah’s first and largest near-shore floating liquefied natural gas (LNG) facility estimated to cost MYR8.8 billion ($2.02 billion).
China’s interest in acquiring an abandoned stake in a Russian liquefied natural gas (LNG) export project is providing further justification for Japan to continue its joint venture with Gazprom PJSC.