South Asia, which includes India, Pakistan, Sri Lanka, and Bangladesh, is slowly following the rest of the world in the transition towards cleaner energy systems. The subtle shift opens potentially large market opportunities for energy service suppliers.
Santos chief executive Kevin Gallagher warned oil and gas industry leaders that achieving net zero emissions will be crucial for the natural gas industry to avoid coal’s fate of being shunned by equity investors and lenders.
The Indonesian Ministry of Finance has announced plans to introduce carbon pricing in an effort to help finance clean energy projects and boost tax revenues, as well as cut emissions, in Southeast Asia’s largest economy.
Proposed new regulations signal that the Indonesian government appears to have recognised the importance of supporting carbon capture and storage (CCS) schemes. Such regulations will be crucial to encourage major companies, such as BP and Repsol, to invest in significant new upstream production in Indonesia.
The UK and Indonesia have announced the creation of a new joint trade dialogue that will open green energy opportunities for UK companies in Southeast Asia’s largest economy.
Australia’s Santos plans to take a final investment decision (FID) on its proposed Moomba carbon capture and storage (CCS) project that it said would be among the largest in the world.
Repsol is studying the potential of a giant geological carbon capture and storage project in Sakakemang in Indonesia.
Abu Dhabi-based Masdar and Malaysia’s Petronas will work together to pursue renewable energy and green hydrogen projects across Asia and the Middle East.
Sinopec aims to massively expand its hydrogen refuelling network as the state-owned oil giant, which has the potential to become one of the world’s largest hydrogen producers, attempts to carve out a role in China’s transition to cleaner energy.
Malaysia’s Petronas is almost doubling its yearly capital investment spend on new energy initiatives this year as it eyes a slow measured diversification away from the traditional oil and gas business.
The floating offshore wind power market in Asia Pacific could offer investment opportunities worth up to $58 billion as a significant market for the technology is emerging, latest research from Wood Mackenzie shows.
Coal-fired power generation is projected to surge in India as the expanding wave of renewable energy capacity cannot keep up with electrification growth in the South Asian country, home to the world’s second biggest population.
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.
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.
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 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.