Despite the above-surface challenges, Indonesia's subsurface oil and gas potential remains attractive. More upstream M&A is on the cards as majors, independents and NOCs reshuffle their portfolios.
Will 2023 see the majors, including ExxonMobil, Chevron, Shell, BP, ConocoPhillips, TotalEnergies, and Eni, divest upstream oil and gas assets in Southeast Asia?
Australia’s Beach Energy (ASX:BPT) has significantly cut estimated gas reserves at its LNG export project near Perth, Western Australia, by 11% following the Waitsia Stage 2 drilling campaign. BP (LON:BP) has an agreement to offtake the liquefied natural gas (LNG) volumes, which could be in doubt if the geology does not stack up as expected.
China’s Coast Guard maintained near-daily patrols at key features across the disputed South China Sea last year, ramping up its presence as tensions over the waterway with Southeast Asian neighbours remain high, new tracking data shows.
The Philippines has approved a plan to build a small-scale liquefied natural gas (LNG) terminal, adding to six ongoing projects that are expected to boost domestic supply from imports as the Southeast Asian nation’s sole gas field dries up in three years.
Thailand’s state-backed energy company PTT Exploration & Production (PTTEP) has decided to delay the development of its integrated gas-to-power project, that would use resources from the M3 Block, to generate electricity in Myanmar, according to a report in the Bangkok Post.
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.
US natural gas futures extended losses below $3 amid mild winter weather that helped spark the worst selloff among the country’s commodities.
Chevron plans to buy back $75 billion of shares and increase dividend payouts after a year of record profits that evoked angry denunciations from politicians around the world as soaring energy prices squeezed consumers.
Bangladesh is set to increase its coal-based power generation capacity to ensure supply security at a time when many other countries are focussing on cutting dependency on thermal coal power to achieve climate goals.
Woodside Energy (ASX:WDS) produced record volumes of oil and gas in 2022, the Australian LNG exporter announced today as it released its fourth quarter financials. Woodside is also getting ready for numerous final investment decisions (FIDs) on various projects in 2023.
Honeywell has been selected as the carbon capture technology provider for PTT Exploration & Production (PTTEP) at the Arthit carbon capture and storage (CCS) project for the Arthit gas field in the Gulf of Thailand.
Southeast Asia-focused Jadestone Energy has signed a deal with Indonesia’s Medco Energi Internasional to acquire stakes in the Sinphuhorm gas field and Dong Mun gas discovery onshore Thailand for $32.5 million.
South Korea will boost nuclear power generation and downgrade its plans for renewable energy as the nation overhauls its electricity mix to meet emissions reduction targets.
Dutch company Fugro said Wednesday it had received a "sizeable" contract from Malaysia’s Petronas Carigali, for the Kelidang Cluster gas field development project offshore Brunei.
Carbon capture and storage (CCS) will form a key plank in INPEX’s (TYO:1605) efforts to progressively decarbonise its Ichthys liquefied natural gas (LNG) operations in Australia’s Northern Territory. It will also help Japan’s biggest energy company establish the foundations for the next generation of clean fuels.
Petronas has awarded Ping Petroleum two production sharing contracts (PSCs) for discovered oil and gas resources in Malaysia marking the company’s debut in its home country.
Sri Lanka is preparing to issue two-year oil and gas exploration licenses for as many as 900 offshore blocks for foreign companies to explore for energy resources and bring vital investments to the crisis-hit country, a top official told Reuters.
Indonesia has deployed a warship to its North Natuna Sea to monitor a Chinese coast guard vessel that has been active in the gas-rich maritime area, the country’s naval chief said on Saturday of an area that both countries claim as their own.
Harbour Energy plans to start more frontier oil and gas exploration drilling offshore Indonesia’s Aceh province in September of this year, according to local reports.
Spending on low-carbon projects will increase by $60 billion this year, 10% higher than 2022, led by wind developments, but helped by a significant rise in funding for hydrogen and carbon capture, utilisation and storage (CCUS) infrastructure, Rystad Energy research shows.
Philippine oil and gas drillers tumbled Wednesday after the top court voided the nation’s 2005 deal with China and Vietnam to jointly explore for oil and gas in the South China Sea, less than a week after President Ferdinand Marcos Jr. agreed to revive similar talks with Beijing.
China National Offshore Oil Corp. pledged higher spending this year as Beijing looks to raise production to safeguard energy security and fuel a rebound in economic growth.
Petronas and its Petroleum Arrangement Contractors (PACs) recorded a total of 10 hydrocarbon discoveries in Malaysia in 2022, following the increase of exploration activities in the country.
The risk to future investment from the Australian Government’s radical intervention in the gas market has been demonstrated, with Senex Energy pausing a A$1 billion (US$674 million) domestic gas supply expansion, involving hundreds of new jobs and millions of dollars of investment in regional communities, according to APPEA.