A unique aspect of how the oil and gas industry operates is the concept of the mutual hold harmless indemnity – this is a legal tool for risk allocation by which each party to a contract agrees to take the risk of injury to its own personnel or damage to its property even if caused by the other party.
Let’s face it, 2021 was a terrible year.
Carbon capture, utilisation, and storage (CCUS) is set to play a vital role in the UK’s green industrial revolution to reduce carbon dioxide emissions and enable a net-zero economy by 2050.
Indonesian independent Medco Energi is carrying out a study to assess the potential of applying carbon capture, utilisation and storage (CCUS) technology at its operating assets.
BP (LON: BP) today signed a memorandum of understanding (MoU) with upstream regulator SKK Migas for Indonesia’s first enhanced gas recovery (EGR) and carbon capture utilisation and storage (CCUS) development. The EGR and CCUS scheme will be implemented at BP’s Tangguh liquefied natural gas (LNG) project.
State-backed Malaysian energy company Petronas has signed a pact with Baker Hughes to collaborate on technological developments supporting the energy transition.
The UK Government has launched the next step in its bid to deliver carbon capture utilisation and storage (CCUS) at two industrial clusters by the mid-2020s.
Scotland’s First Minister has questioned the decision not to award government funding to the Acorn CCS project.
Indonesian upstream regulator SKK Migas expects operations at BP’s (LON:BP) Tangguh liquefied natural gas (LNG) Train 3 project, which is under construction, to start in Q2 2022.
Boris Johnson has insisted the north-east’s Scottish Cluster carbon capture bid “still has strong potential” despite the UK Government choosing to reject the project.
UK business secretary Kwasi Kwarteng has been grilled over the decision to reject the Scottish Cluster from the first round of a £1billion government carbon capture utilisation and storage (CCUS) competition.
The UK Government has announced its choice of the East Coast Cluster and HyNet North West to develop as the UK’s first Carbon Capture, Usage and Storage (CCUS) clusters by the mid-2020s. The Scottish Cluster has been named as a reserve project.
Amid disappointment for the Scottish cluster, two other projects have been successful in their bids to become the first two carbon capture utilisation and storage (CCUS) developments in the UK.
Scottish business leaders have joined forces with billionaire Sir Ian Wood to demand the North-east is made the centre of plans to decarbonise the UK energy system.
Prime Minister Boris Johnson has hinted that the Acorn carbon capture, utilisation and storage (CCUS) project in Aberdeenshire could be set to benefit from government investment.
State-backed Thai player PTT Exploration & Production’s (PTTEP’s) new chief executive, Montri Rawanchaikul, intends to strengthen the firm’s core upstream business in Southeast Asia, while preparing for new energy opportunities.
Petrochemical giant Ineos has said it is “reasonably confident” that the Acorn project in Aberdeenshire will be selected as part of the UK government’s first two CCUS clusters.
Tengku Muhammad Taufik, chief executive of Malaysian national energy company Petronas, today told the Asia Future Energy conference, that the pathway to a sustainable energy system is not yet clear. Moreover, there will be many different paths to achieving a net-zero emissions energy system, he said.
Indonesian upstream regulator SKK Migas has approved BP’s $2.04 billion plan to develop new gas fields in West Papua that will supply its Tangguh liquefied natural gas (LNG) export project. However, the UK supermajor will likely need Indonesia to finalise regulations around carbon capture, utilisation and storage (CCUS) before any expansion can take place.
Indonesian national oil company (NOC) Pertamina is doggedly pursuing US major ExxonMobil to help it develop oil resources at the giant East Natuna field in the disputed waters of the South China Sea. Development of the field faces huge technical, economic and geopolitical challenges, but Pertamina believes a gradual phased development, starting with oil could offer a solution.
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.
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.
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.
Former BP CEO Bob Dudley has said investors “need to have a little patience with the oil and gas industry” as it adjusts for the energy transition.
It’s fair to say 2020 has been an unprecedented year. Imagine how unlikely it would have seemed this time last year if someone had said wearing masks in a shop would now be essential, handshakes a distant memory and that we would need to brave the October chill outside the Chester Hotel and Dutch Mill to enjoy a drink?