Indonesia’s Ministry of Energy and Mineral Resources has said that the progress of construction at the BP-led Tangguh Train 3 LNG project in Indonesia’s West Papua province has reached more than 90%.
More merger and acquisition (M&A) opportunities are expected to hit the market in Asia Pacific, as international oil companies (IOCs) continue to rationalise their portfolios, and ESG concerns trigger further divestments. This will help to unlock the deal flow in APAC, but potential acquirers could struggle to secure necessary finance without a strong ESG narrative.
Southeast Asia is emerging as a hotspot for global solar investment with over $10 billion invested just last year. In 2020, the region represented 12% of the global solar market and installed capacity has more than doubled every year since 2018, Rishab Shrestha, analyst at Wood Mackenzie told the APAC power and renewables summit today.
Andrew McConville, chief Executive of the Australian Petroleum Production & Exploration Association (APPEA), told delegates at the opening of the APPEA 2021 conference in Perth today that natural gas will play a vital role in reducing Australia’s and Asia’s emissions.
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.
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.
Scottish firm Sulmara Subsea is making an expansion drive into the Asia-Pacific (APAC) with a new office in Singapore.