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?
A number of the oil and gas industry’s biggest players have joined forces to speed up the decarbonisation of industry and power.
Increased funding from the EU and national governments have boosted the prospects for carbon capture technologies in Europe. Three projects in the Netherlands, Norway and UK could be operational by 2024.
Adnoc is considering how best to meet the world’s changing energy needs, although oil and gas will “remain at the heart” of the company’s business model, said Sultan Al Jaber.
The Covid-19 pandemic has had a vast impact on people’s lives, as well as on companies around the world.
The clock is now ticking to reach the target of Net Zero by 2050 in the UK (2045 in Scotland). The oil and gas industry is a critical part of this transition to net zero and has the potential to be the leader in developing the solutions which will unlock a new, low carbon economy. This pivotal role of the oil and gas industry was clearly recognised recently by the Scottish Government with the £62 million Energy Transition Fund to support net zero projects.
It is no accident that those traditional oil and gas companies which shifted investment and skills towards the renewable energy market are the same firms now celebrating big offshore wind contracts.
Don’t know about you but my patience with certain politicians, the oil and gas industry and indeed a few entire countries is running just a tad thin nowadays. Why? Because I am not seeing the progress in dealing with climate change that I should be seeing.
Oil and Gas UK (OGUK) is "developing a detailed action plan" for North Sea emissions reduction, the representative body's top boss has revealed.
The North Sea oil industry has been in transition for some years following the collapse of oil prices in late 2014. Large cost reductions have been painfully achieved. Production has increased due to a combination of new fields coming on stream plus a substantial increase in production efficiency to around 75%. But new field investment expenditure has fallen dramatically since 2015 and exploration remains at a relatively low level reflecting principally the maturity of the province as well as oil and gas prices far below their pre-2015 levels.
Scottish researchers working in the Carbon Capture Usage and Storage (CCUS) sector have scooped more than £12 million from a European Union funding pot.
A “ground-breaking” agreement on carbon capture, usage and storage (CCUS) has been reached today between a group North Sea oil industry backers and the Scottish Government.
The all-party parliamentary group (APPG) has called for evidence on the "enormous potential" of carbon capture and storage (CCS).