Deepwater upstream projects are increasingly important for Southeast Asia, where new investment in production is critical to meet rising demand for oil and gas, as economies continue to expand.
BP’s latest review of energy use has been presented as positive developments in carbon reduction. However, the facts remain that fossil fuels continue to provide most of the world’s energy needs and that developing Asia is driving demand.
Royal Dutch Shell announced late last year it would slash capacity by half at its biggest oil refinery. For Singapore, where the plant has been a mainstay of the economy for six decades, it marked a turning point in one of the most successful bets on fossil fuels in history.
As national carbon-neutral targets come into focus, Asia Pacific solar photovoltaic (PV) capacity could triple by 2030 to 1500 gigawatts (GW), with Indonesia potentially the fastest expanding market by the end of the decade, according to new research from Wood Mackenzie.
The Chevron-led Gorgon LNG venture in Australia will proceed with a $4 billion investment for the Jansz-Io compression development that will keep customers in Asia supplied with gas for decades. Significantly, the subsea compression project, needed to move the gas from the deep seas to shore, will be the first of its kind outside of Norway.
The expected return of Iranian oil to the market as US sanctions are likely to be lifted over the next year will offer new opportunities for former buyers in Asia to reshuffle their oil import mixes. Significantly, the return of Iranian barrels will trigger a fierce battle among global suppliers for market share raising the risk of price drops, reported Fitch Solutions.
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.
Supplying liquefied natural gas (LNG) to the expanding Asian market has become more expensive for US producers this year, a Rystad Energy report reveals. Even so, US exporters are unlikely to repeat last year’s cost-related shut-ins as global demand has rebounded to strong levels. Instead, US LNG exports climbed to a record monthly high of 6.5 million tonnes in May and may keep rising to new peaks, according to the energy consultancy.
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.
Industry sources have told Energy Voice that liquidators for financially crippled Asia-focused upstream player KrisEnergy are accepting non-binding offers for the Singapore-based company’s assets.
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.
Asia is expected to dominate global new build and expansion of liquefied natural gas (LNG) regasification capacity additions. The region will contribute about 74% of total global capacity additions by 2025, according to GlobalData.
Asia’s need for future gas and liquefied natural gas (LNG) volumes, as well as associated infrastructure to meet rapidly expanding energy demand, is tremendous. Experts from energy research company Wood Mackenzie discussed the key drivers of Asia Pacific gas markets today at its Northeast Asia Gas Forum.
Asia’s uneven oil demand recovery has been headlined by China and India, but the Covid-19 comeback that’s swept through other key fuel-consuming nations is complicating a return to pre-pandemic levels.
Saudi Arabia increased oil prices for customers in its main market of Asia by more than expected after crude surged above $70 a barrel and OPEC forecast that global demand would heavily outstrip supply over the rest of the year.
Australia’s Woodside is exploring the supply of 50 MW of solar energy to its Pluto liquefied natural gas (LNG) export facility on Western Australia’s Burrup Peninsular as part of its effort to reach net zero emissions.
The Asian Development Bank (ADB) will no longer finance new coal-fired power capacity, as well as oil and gas exploration and production, it announced in a draft policy statement on Friday.
Thai upstream player PTT Exploration and Production (PTTEP) plans to keep acquiring new production assets in the Middle East and Southeast Asia to boost reserves and bolster sales.
Malaysian offshore service provider Tanjung Offshore, part of T7 Global, has received a $12.2 million contract from Petronas for the provision of plug and abandonment integrated services on the Pulai A field offshore Malaysia.
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.
Claxton, the lead brand of UK-based Acteon's drilling and decommissioning business segment, has signed a master services agreement with Thailand-based Beacon Offshore for the severance and recovery of more than 100 subsea wells in the Gulf of Thailand.
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.
Resilient demand, price recovery and 'green' liquefied natural gas (LNG) all being driven by Asian buyers, reckons Wood Mackenzie Asia Pacific Vice Chair Gavin Thompson.
The rise of China’s mega-refineries was always going to make life tougher for their competitors across Asia. But the fallout from Covid-19 is hastening the impact and accelerating consolidation across the region.
Analysts at Bernstein see tighter liquefied natural gas (LNG) markets ahead as limited supply growth meets strong demand, particularly from Asia, which could push prices higher.