Unlike most governments in the economically developed Western world, Indonesia’s leaders are crying out for more upstream oil and gas investment. However, even as demand is projected to rise up to four times by 2050, Southeast Asia’s biggest economy is struggling to convince energy investors to come.
Santos has been ordered to stop drilling at its $3.6 billion Barossa gas project off northern Australia by a Federal Court following a successful challenge from an indigenous group against environmental approvals for drilling and completion activities.
UK-based Harbour Energy (LON:HBR) is aiming to develop more fields in its Natuna Sea A Block, that is a major gas supplier to Singapore. Harbour is seeing demand surge from the city state for piped supplies from its Indonesia block as global liquefied natural gas (LNG) spot prices remain elevated.
Chevron (NYSE:CVX) confirmed that its wholly owned subsidiary, Chevron New Ventures, has entered into a memorandum of understanding (MOU) with India’s Oil and Natural Gas Corporation (ONGC) to assess the exploration potential across a number of basins in India, the company told Energy Voice.
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.
Indonesia-focused oil and gas company Conrad Asia Energy is preparing an initial public offering (IPO) on the Australia Stock Exchange to raise some A$45 million (US$30.3 million) as it seeks to develop its Indonesia upstream business.
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).
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.
Malaysia’s national oil company Petronas is considering acquiring further upstream acreage offshore Indonesia’s Aceh province as it seeks to develop more gas projects in the Southeast Asian nation. Significantly, more incentives are expected to be offered to encourage exploration investment.
Australia says it’s doing what it can to ensure supplies of liquefied natural gas (LNG) to Asian customers will remain reliable, in response to concerns producers could be forced to redirect to relieve domestic shortfalls.
Gazprom PJSC said it will shift its contract to supply gas to China to rubles and yuan from euros, as the Kremlin steps up efforts to move trade out of currencies it considers “unfriendly” amid US and European sanctions.
Malaysia’s Petronas reported on Tuesday that first-half net profits more than doubled on the back of higher oil and gas prices, but the state-backed energy company sees higher prices reversing next year as global supplies stabilise.
Australia’s Woodside Energy Group (ASX:WDS) has a range of capital expenditure options that cover a US$9 billion projected spend on oil and gas projects out to 2024 and another US$5 billion pencilled in for new energy projects by 2030.
UK-listed Harbour Energy (LON:HBR) has cautioned that “permeability was on the low side of expectations” at its play-opening deepwater Timpan-1 exploration well offshore Indonesia in the North Sumatra basin.
Australian east coast energy prices skyrocketed earlier this year as a winter cold snap sent gas, coal, and electricity to record-highs, triggering price caps at A$40/Gigajoule (US$27/Million British Thermal Units), around 400% above the normal A$8-10/GJ price range.
PetroChina posted its best-ever first-half earnings as the nation’s top oil and gas driller benefited from soaring global energy prices, and said that government stimulus is starting to lift Chinese oil demand.