Upstream M&A in Southeast Asia: will the oil and gas majors divest in 2023?
Will 2023 see the majors, including ExxonMobil, Chevron, Shell, BP, ConocoPhillips, TotalEnergies, and Eni, divest upstream oil and gas assets in Southeast Asia?
divestment
PTTEP seeking to divest Cash-Maple gas asset in Australia this year
Thailand’s state-backed energy company PTT Exploration and Production (PTTEP) expects to sell its Cash-Maple gas and condensate field in Australia in 2023, according to a report in the Bangkok Post.
Big banks told by investors to speed up fossil-fuel divestment
Six Wall Street banks are being pressed by a group of shareholders to move faster on reducing their financing of fossil fuels to meet global climate goals.
Petronas and ExxonMobil show interest in Shell’s Masela LNG divestment
Malaysia’s Petronas is the latest company tipped to be interested in acquiring a stake in the proposed Abadi liquefied natural gas (LNG) project in the Masela Block offshore Indonesia that is led by Japan’s Inpex (TYO:1605)
Shell completes Malampaya gas divestment in Philippines
Shell (LON:SHEL) has completed the sale of its Malampaya gas field in the Philippines to Prime Infrastructure Capital following regulatory approvals and consent from joint venture partners.
Origin sells promising shale gas patch in Australia as climate pressures rise
Origin Energy will sell its interests in Australia’s Northern Territory Beetaloo basin - where expectations are high that the area could be on par with shale gas plays in North America – in a A$60 million (US$40.3 million) deal with Tamboran (B1), a joint venture owned by Tamboran Resources (ASK:TBN) and US oil and gas billionaire Bryan Sheffield.
Medco interested in acquiring stake in Inpex-led Masela as Shell seeks divestment
Indonesia’s Medco Energi (IDX:MEDC) is open to the possibility of joining the Indonesian government consortium that is considering acquiring Shell's (LON:SHEL) 35% share in the Abadi liquefied natural gas (LNG) project in the Masela Block offshore Indonesia that is led by Japan’s Inpex (TYO:1605).
China’s ENN pulls plug on Santos shareholding
Santos (ASX:STO) today confirmed that China’s ENN has ceased to be a substantial shareholder in the Australian-listed oil and gas producer.
Indonesia may form consortium to buy Shell’s stake in Masela LNG project
Indonesia may form a consortium to buy Shell’s (LON:SHEL) 35% equity in the proposed Abadi liquefied natural gas (LNG) project in the Masela Block offshore Indonesia that is led by Japan’s Inpex (TYO:1605), the country’s investment minister said Thursday.
Woodside in talks to sell share in Scarborough gas field
Woodside Energy Group (ASX:WDS) is in talks with 'high quality' companies seeking to buy a share in its $5.7 billion Scarborough gas project that will supply an expansion of the Pluto LNG export complex in Australia. But the company will not sell unless it gets the right price, Chief Executive Meg O'Neill said on Tuesday.
ExxonMobil denies Indonesia exit plans
ExxonMobil (NYSE:XOM) has denied rumours about the US major seeking to divest its Indonesia assets.
Rumours swirl of ExxonMobil Indonesia exit
Rumours have surfaced again about ExxonMobil (NYSE:XOM) potentially seeking to divest its Indonesia assets. ExxonMobil operates the giant Cepu Block, which is Indonesia’s largest producing oil project.
$1.3bn price tag for CCS at Inpex and Shell’s Masela project
The cost to add carbon capture and storage (CCS) to the proposed Abadi liquefied natural gas (LNG) project in the Masela Block offshore Indonesia that is owned by Japan’s Inpex (TYO:1605) and Shell (LON:SHEL) is expected to cost over $1 billion.
Indonesia grumbles over Chevron IDD divestment process
Indonesian upstream regulator SKK Migas appears to be getting frustrated over the slow divestment process for Chevron’s (NYSE:CVX) share in the giant Indonesia Deepwater Development (IDD).
Japan offers loan to Indonesia to buy Shell’s Masela LNG stake
Japan has reportedly offered to give Indonesia a loan to buy Shell’s (LON:SHEL) 35% equity in the proposed Abadi liquefied natural gas (LNG) project in the Masela Block offshore Indonesia that is led by Japan’s Inpex (TYO:1605). The move is aimed at kickstarting the long delayed development.
PetroChina may sell Australian, Canadian assets to stem losses
PetroChina may exit natural gas projects in Australia and oil sands in Canada to stem losses and divert funds to more lucrative sites in the Middle East, Africa, and central Asia, reported Reuters, citing people with knowledge of the matter.
Petronas plans clean energy business unit in global shuffle
Malaysia’s national oil company Petronas is setting up a business unit focusing on clean energy solutions as part of a global operational shuffle.
BW Offshore books loss on Indonesian FPSO divestment
BW Offshore has signed a deal to sell its FPSO BW Joko Tole to a group of Indonesian companies that will free up cash to pursue other investments. However, the FPSO was sold at a loss.
Japan is backing oil and gas even after COP26 climate talks
It’s been less than a month since world leaders pledged to combat climate change at the COP26 summit in Glasgow, yet Japan is already showing signs of putting the brakes on divestment from fossil fuels.
Maersk Drilling ‘significantly bolstered’ by sale of Maersk Inspirer
Maersk Drilling (CPH: DRLCO) is enjoying a period of “strong operational performance”, bolstered by the sale of the Maersk Inspirer.
ExxonMobil’s giant Cepu Block exceeds expectations in Indonesia
Production and reserves at ExxonMobil’s (NYSE:XOM) giant Cepu Block - rumoured to be a divestment candidate - have exceeded expectations, reported Indonesian upstream regulator SKK Migas.
Aberdeen University decides to divest from fossil fuels
Aberdeen University, considered one of the UK’s top academic institutions for petroleum studies, has decided to divest from fossil fuels.
Indonesia approves ExxonMobil drilling plan at giant Cepu Block
Indonesian upstream regulator SKK Migas has approved ExxonMobil’s plans to restart drilling at its giant Cepu Block in a bid to find new reserves and stem falling output at the country’s largest oil producing block.
Medco raising cash with eye on ConocoPhillips’ Corridor Block
Medco Energi, an ambitious Indonesian independent oil and gas company, is preparing to raise capital that will help fund acquisitions. Significantly, Medco Energi is reportedly keen to bid for ConocoPhillips’ share of the giant onshore Corridor gas block in Indonesia estimated to be worth more than $1.5 billion.
Indonesia tweaks upstream divestment rules for Pertamina
The Indonesian government will allow Pertamina to divest more than 51% of its participating interest in legacy upstream blocks that it has acquired from former operators.