Samsung Heavy wins major LNG carrier contract
The company said this was larger than its previous largest order, which was for 16 methanol-power containerships, worth 3.95trn won ($3bn).
Asia
Asia Oil and Gas news and updates
Castorone off Scarborough work for at least a month
Saipem’s initial assessment attributed the problem to a software anomaly. This appeared to have led to a tensioner failing.
Total strikes for OMV’s Malaysian unit in $900mn move
“This agreement streamlines our Energy portfolio and is in line with the OMV Strategy 2030 of reducing oil and gas production over time,” said OMV CEO Alfred Stern.
Conrad, Coro delay Mako FID as costs rise
The Australian listed company said it had made progress on the project during the last few months, with total costs now estimated to be $325 million. Costs to reach first production are $250mn. Previously, it had forecast total costs to be $303mn.
Saipem’s Castorone chalks up second accident in a month
The union went on to say Saipem's Castorone would have to return to Broome and probably be down manned.
Seatrium warns of “significantly higher” loss for year
The result is that Seatrium has warned it faces “financial loss that is significantly higher than the previous year”.
All Asia Posts
Pertamina targets 300,000 barrels per day at Rokan
Indonesian national oil company Pertamina is aiming to significantly boost production at the country’s second largest oil producing block, named Rokan, which it acquired from Chevron in August.
Clock ticking for PTTEP after signing Erawan pacts with Chevron as gas market worsens
PTT Exploration & Production (PTTEP) (BKK:PTTEP) will be able to access the Chevron-operated Erawan gas field offshore Thailand ahead of a transition in 2022 after the pair signed three agreements designed to smooth the handover process following a bitter dispute.
China cuts crude oil import quota and favors mega-refiners
China’s government cut the amount of crude oil import quota awarded to independent oil refiners and favored large, complex processors as it seeks to reform the sector.
ExxonMobil boosts investment at giant Cepu Block in Indonesia
US supermajor ExxonMobil (NYSE:XOM) is planning to increase its investment in Indonesia’s giant Cepu Block by $170 million.
Omicron yet to curb driving across most of Asia in boon for oil
The rapid spread of omicron has yet to dampen road traffic across most of Asia even as it leads to restrictions in parts of Europe, suggesting energy demand in the region may be spared a significant hit.
China to spend $3bn on technology company to improve offshore engineering
China will invest $3 billion in a bid to improve its offshore engineering research and development capabilities through the creation of China Ocean Engineering. The new company will focus on the overall design and final assembly of offshore equipment.
Southeast Asia to dominate global deepwater gas activity with $25bn spend
Southeast Asia will lead other regions in having the largest share of new deepwater gas and condensate developments taking a final investment decision (FID) between 2022 and 2025, research from Rystad Energy shows. Significantly, around $25 billion is expected to be spent on greenfield deepwater developments in the region from 2021-2025, up from $2 billion over the prior five-year term.
Singapore’s Pavilion to supply LNG to China
Singapore’s Pavilion Energy will supply 0.5 million tonnes per year (t/y) of liquefied natural gas (LNG) to China’s Zhejiang Hangjiaxin Clean Energy as the Southeast Asian city state aims to become a regional LNG trading hub.
China’s oil demand to peak by 2030 says CNPC
China's oil consumption is expected to peak at about 780 million tonnes per year (about 111 million barrels) by 2030, driven by strong petrochemical demand, China National Petroleum Corp (CNPC) Economics & Technology Research Institute (ETRI) said on Sunday.
Shell waiting on approval for CCS to exit Abadi LNG
Shell’s (LSE:RDSA) attempt to divest its stake in the Abadi liquefied natural gas (LNG) project, proposed in the Masela Block offshore Indonesia, is likely to be further delayed as operator Inpex (TYO:1605) seeks approval for a revised plan of development (POD).
Regulator orders Shell to stop output at Prelude FLNG until safe
The Australian offshore regulator NOPSEMA has ordered Shell (LSE:RDSA) to stop production at its Prelude floating liquefied natural gas (FLNG) unit until the energy major can demonstrate the giant floater’s ability to recover power and services safely.
Shelf Drilling books contract extensions with Chevron in Thailand
Shelf Drilling has secured contract extensions for two jack-up rigs in the Gulf of Thailand with Chevron Thailand Exploration and Production.
Gas giant in Korea accused by activists of greenwashing over Australian LNG
South Korea’s largest private gas provider SK E&S is facing legal action from a climate activist group alleging that it falsely advertised the green credentials of the Santos-led (ASX:STO) Barossa liquefied natural gas (LNG) project in Australia.
Jadestone Energy CFO heads for the exit
Jadestone Energy, an oil and gas production company focused on the Asia Pacific region said yesterday that its chief financial officer (CFO) Dan Young, had decided to leave the UK-listed company.
Southeast Asia’s oil and gas output at lowest level since 1998
The Covid-19 pandemic has marked the end of an era for Southeast Asia’s combined oil and gas production, pushing the region’s output in 2021 to below 5 million barrels of oil equivalent per day (boepd) for the first time since 1998. Significantly, this threshold is not likely to be exceeded again in the future, despite new project start-ups in coming years, the latest analysis from Rystad Energy shows.
Hunting announces new joint venture in India
London-headquartered energy services firm Hunting Plc (LON:HTG) has set up a new joint venture to take advantage of work in India.
Rig arriving for big exploration well offshore East Timor
The Valaris JU-107 jack-up drilling rig is mobilising to drill the highly anticipated Buffalo-10 well offshore East Timor that if successful could unlock more than 30 million barrels of oil. Operator Carnarvon Energy said yesterday that drilling will start within a week and is expected to take 35 days to complete.
Pertamina hands out FEED deals for $4bn petchem complex in Indonesia
Hyundai Engineering & Construction and partner Saipem will provide front-end engineering and design (FEED) services for Pertamina’s TPPI Olefin Complex project in Indonesia. Samsung Engineering and partner Technip have also signed a FEED contract for the same project.
Malaysia’s Yinson wins Brazil FPSO deal
Malaysia’s Yinson, an energy infrastructure and technology company, will provide a floating storage and offloading (FPSO) vessel to Enauta Energia for use at the Atlanta field in the Santos basin offshore Brazil in a deal worth at least $505 million.
Malaysia’s Petronas awards six upstream exploration blocks
Malaysia’s Petronas has awarded six of the 13 offshore exploration blocks offered in the recently concluded Malaysia Bid Round (MBR) 2021.
Indonesia seeks $187bn in upstream oil and gas investment
The Indonesian government estimates that $187 billion needs to be invested in its upstream sector to meet its 2030 oil and gas production targets of 1 million barrels per day of oil and 12 billion cubic feet per day of gas. However, this target seems ambitious with major investors seeking to exit Indonesia's oil and gas sector, unless the government can attract local conglomerates.
India offers eight upstream blocks in new bid round
The government of India is offering eight upstream blocks in its latest licensing round as it seeks to boost domestic production and reduce its reliance on imports.
Timor Resources hits oil and gas onshore East Timor
Australian company Timor Resources has completed the first of three exploration wells onshore East Timor. The company said it hit oil and gas in its contract area, although it remains to be seen if the discovery is commercial.
China’s CNOOC signs maiden US LNG deals with Venture Global
US-based Venture Global LNG has signed a pair of liquefied natural gas (LNG) supply deals with China National Offshore Oil Corporation (CNOOC). Significantly, the move underscores China’s increasing appetite for US LNG and it marks the first LNG supply agreement signed by a US exporter with CNOOC, China's largest importer of LNG.
BP’s Tangguh LNG Train 3 start-up delayed again, says SKK Migas
The start-up of BP’s (LON:BP) Tangguh liquefied natural gas (LNG) Train 3 project, which is under construction, has again been delayed due to the pandemic. It is now expected to start up at the end of 2022, reported Indonesian upstream regulator SKK Migas.