ExxonMobil (NYSE:XOM), which set up a low-carbon solutions division in February, is focusing on building a carbon capture and storage (CCS) business in Asia. Significantly, ExxonMobil believes there is over 300 billion tonnes of storage capacity in Southeast Asia alone, Tracy Lothian, vice president marketing, finance & commercial development, low carbon solutions, at the US giant, said today.
First Subsea is to expand its north-east operations after securing a number of major offshore wind contracts.
Aberdeen-headquartered EnerMech has appointed its first Asia director to support its increasing operations in the region.
Investments in Asia Pacific wind and solar power could double to $1.3 trillion over the current decade to 2030 compared with the period 2011-20, predicts Wood Mackenzie. However, in most Asian markets, subsidy-free renewable power will not be able to compete with coal power until 2025 or later, cautioned the energy research company.
The offshore wind market in Asia is expected to experience massive expansion over the next five to 10 years, particularly in the more advanced economies of Taiwan, Japan and South Korea, as governments face increasing pressure to focus on climate change and hit their net-zero emissions targets.
Asia Pacific has been driving global upstream sanctioning activity over recent months with multiple projects approved in Malaysia and Australia.
Renewables now make up 37% of all power generation projects under construction in Asia, representing a 4% increase in share from the previous quarter, according to the latest IHS Markit Renewable Additions Index (RAI) for Asia Pacific. Although coal power projects remain strong despite climate pressure.
Asia remains the world’s largest and fastest expanding energy demand centre. Significantly, regional investments in the transition towards a cleaner energy system have maintained pace during the coronavirus pandemic.
Global energy consultancy Xodus Group has appointed a new late life and decommissioning lead in Asia-Pacific following a significant increase in activity in the region.
More than A$50 billion ($40.5 billion) of necessary decommissioning work needs to be carried out on Australia’s offshore oil and gas infrastructure, over half of which must be started within the next ten years.
Goldman Sachs Group is exploring a sale of its majority stake in Japan Renewable Energy Corp. that could raise about $2.5 billion, according to people familiar with the matter.
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.
Simec Atlantis Energy (SAE) has successfully installed its Scottish built tidal turbine and generation equipment in Japan.
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.
Scottish firm Sulmara Subsea is making an expansion drive into the Asia-Pacific (APAC) with a new office in Singapore.
Wind engineering advisers Offshore Wind Consultants (OWC) has appointed Tom Whittle to its newly created role of Asia Pacific regional director.
A growing number of borrowers in Asia Pacific are getting loans whose interest rates are linked to meeting sustainability goals, in one of the few bright spots for a corporate lending market depressed by the pandemic.
Ørsted has outlined its intention to develop offshore wind projects in Asia Pacific with a potential capacity of up to 1.6 gigawatts (GW).
Fugro has become the latest company to try and gain a foothold in Japan’s “burgeoning” offshore wind industry.
“Remote operations” is more than just a buzzword for Xocean’s chief executive, and he’s got the boats to prove it.
More assets are expected to hit the market across Asia Pacific this year following the sustained drop in global oil prices and the COVID-19 pandemic, which has destroyed energy demand growth as economic activity contracts.
Seismic provider Polarcus has noted another project cancellation, this time in West Africa.
Subsea engineering group Tekmar has been forced to rollback its hopes of “record” revenues in 2020 due to the effects of the coronavirus.