Thailand this month launched its first carbon credit exchange, marking a major step toward the country’s goal to achieve carbon neutrality by 2050 and combat climate change.
Malaysia’s Petronas has signed a memorandum of cooperation (MoC) with the Ministry of Economy, Trade and Industry of Japan (METI), as well as a memorandum of understanding (MoU) with Japan Bank for International Cooperation (JBIC), to collaboratively pursue mutual sustainability goals of achieving carbon neutrality by 2050.
US giant Chevron (NYSE:CVX) has confirmed that it has been granted stakes in three permits to potentially access carbon storage offshore Australia.
Ageing coal-fired power is increasingly replaced by renewable energy generation in the US and Europe. However, transitioning away from thermal coal will be complex and slow for Asian nations, particularly India and China, which make up 70% of global coal demand and face a steep rise in power demand.
India is planning to start a carbon trading market for major emitters in the energy, steel and cement industries, as part of its efforts to hasten the transition to cleaner fuels.
Malaysian national oil company Petronas has signed a memorandum of understanding with Japan’s Mitsui for the conceptual and feasibility studies on the carbon capture and storage (CCS) value chain, including the evaluation of carbon dioxide (CO2) storage sites in Malaysia. Significantly, Mitsui is a shareholder in UK-based carbon management business Storegga, that is developing the Acorn CCS project.
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.
In recent years the debate around carbon capture utilisation and storage (CCUS) has gained traction in Southeast Asia. However, the establishment of CCUS in the region is likely to be limited to gas processing and some industrial applications, reckons the Institute for Energy Economics and Financial Analysis (IEEFA).
Developing carbon capture and storage (CCS) projects in Southeast Asia is considerably cheaper than developing similar projects in more developed economies, such as Australia.
Genesis, a wholly owned TechnipEnergies company, have signed a Master Service Agreement (MSA) with PZE Limited (PZE) to provide decarbonisation and advisory services for various projects in Australia.
Chevron (NYSE:CVX) and Pertamina will together explore potential business opportunities in geothermal, carbon capture utilisation and storage (CCUS), as well as hydrogen, in Indonesia, after signing an agreement in Washington.
Australian oil and gas company Woodside is planning to build a pilot carbon capture and utilisation plant in Western Australia. The Eastern Metropolitan Regional Council (EMRC) and Woodside are collaborating on a carbon-to-products pilot project that proposes to recycle greenhouse gases into useful products.
Widespread adoption of carbon capture, utilisation and storage (CCUS) technologies in Southeast Asia remains highly unlikely, according to the latest findings from the Institute for Energy Economics and Financial Analysis (IEEFA).
Australia’s Woodside (ASX:WPL) and US-based technology developers ReCarbon and LanzaTech have launched a collaborative studies campaign aimed at converting carbon emissions into useful products.
Malaysian state energy company Petronas and South Korea’s POSCO International will jointly explore opportunities in carbon capture and storage (CCS) technologies, as well as carbon dioxide (CO2) storage solutions in Malaysia. Significantly, Petronas wants to establish Malaysia as the leading hub for CCS in the Asia region.
Singapore LNG (SLNG) and Linde have signed a memorandum of understanding to collaboratively explore the feasibility and development of a carbon dioxide (CO2) liquefaction and storage facility in what could be a first in Asia.
Solar power holds the key to meeting renewable energy targets for Indonesia, but the fast-growing Southeast Asian economy needs significant reforms to steer it away from an over-reliance on coal, according to a report.
Thailand’s PTT Exploration & Production (PTTEP) is working with Netherlands-based TechnologyCatalogue.com to find novel and proven technologies to reduce its carbon (CO2) footprint.
Inpex will delay a final investment decision (FID) for its proposed Abadi liquefied natural gas (LNG) development in the Masela Block offshore Indonesia as survey work has been disrupted by the Covid-19 pandemic and design adjustments may be needed due to climate change.
It might seem contradictory to invest in carbon-emitting polluters while pledging to be an eco-trailblazer, but that’s exactly what Singapore state investor Temasek Holdings, which owns shares in two of the world’s largest rig builders, is attempting to do.
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.
Malaysia’s Petronas, which has yet to make a firm carbon-neutral pledge, will deploy solar energy at the group's assets across Malaysia to boost efficiency and cut carbon emissions as part of its sustainability agenda and “aspiration” of Net Zero Carbon Emissions by 2050 (NZCE 2050).
China’s Sinopec has started building the country’s first large-scale carbon capture utilisation and storage (CCUS) project as part of its target to be carbon-neutral by 2050.
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.
Carbon capture and storage (CCS) is seen as an essential requirement by the oil and gas industry for it to meet the targets of the Paris Agreement, however the only way it will become commercially viable is if companies collaborate to create shared-CCS hubs, according to Wood Mackenzie.