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IEA says Indonesia needs to invest $8bn per year on energy transition

To hit its 2060 net zero pledge, Indonesia will need to almost triple energy investment by 2030, the International Energy Agency (IEA) said in its latest report. That means an extra $8 billion in investment a year by the end of this decade compared with a business-as-usual pathway.


Boost for Indonesia as BP signs deep-water PSCs

In a boost for Indonesia, BP (LON:BP) has today signed the 30-year production sharing contracts (PSC) for Agung l and Agung ll deep-water oil and gas exploration blocks with the government of Indonesia. The areas are underexplored with significant potential for natural gas resources, close to expanding gas demand markets.

Oil & Gas

India’s ONGC pledges to boost exploration investment by 150% to $4bn

India’s Oil & Natural Gas Corporation (ONGC) said it targets to boost exploration investments by 1.5 times in the next three years to $4 billion. Significantly, ONGC is heading the South Asian nation’s oil and gas hunt in unexplored areas and is seeking international partners to bring challenging fields to production to make up for the falling output from its ageing fields.

Renewables/Energy Transition

Indonesia needs $25bn for green hydrogen

The Indonesian government estimates that Southeast Asia’s largest economy will need investments of up to $25.2 billion to develop green hydrogen from 2031 to 2060. Significantly, state-backed Pertamina is looking to invest some $11 billion to help accelerate the clean energy transition, including hydrogen developments, over the next five years.


China oil giant plans record $31bn spend on energy security push

Sinopec will spend record amounts this year to increase oil and gas drilling as China aims to bolster its energy security and insulate itself from volatile global commodity markets. Significantly, the news comes as the Chinese giant pauses new investment in Russia projects over sanctions risk.


Bigger Faster Better #1: Industrial clusters key in race to cut emissions

The first episode of the Bigger Faster Better series from Energy Voice, in association with Womble Bond Dickinson, starts a journey of exploration to uncover which countries are developing the most innovative and scalable energy solutions. Over the course of the series, we examine how the UK stacks up in its race to cut emissions and move towards Net Zero, against other nations across the globe.

Renewables/Energy Transition

Global nuclear investments on the rise: $91 billion to be spent in next two years

Nuclear power can be a polarising energy source, but as countries seek cleaner, low-carbon alternatives to fossil fuels, investments in nuclear are projected to soar in the coming years, particularly in China, India and Russia, the latest research from Rystad Energy shows. The consultancy estimates $91 billion will be invested in the global nuclear sector by the end of next year.


Southeast Asia to dominate global deepwater gas activity with $25bn spend

Southeast Asia will lead other regions in having the largest share of new deepwater gas and condensate developments taking a final investment decision (FID) between 2022 and 2025, research from Rystad Energy shows. Significantly, around $25 billion is expected to be spent on greenfield deepwater developments in the region from 2021-2025, up from $2 billion over the prior five-year term.


Southeast Asia’s oil and gas output at lowest level since 1998

The Covid-19 pandemic has marked the end of an era for Southeast Asia’s combined oil and gas production, pushing the region’s output in 2021 to below 5 million barrels of oil equivalent per day (boepd) for the first time since 1998. Significantly, this threshold is not likely to be exceeded again in the future, despite new project start-ups in coming years, the latest analysis from Rystad Energy shows.


Indonesia seeks $187bn in upstream oil and gas investment

The Indonesian government estimates that $187 billion needs to be invested in its upstream sector to meet its 2030 oil and gas production targets of 1 million barrels per day of oil and 12 billion cubic feet per day of gas. However, this target seems ambitious with major investors seeking to exit Indonesia's oil and gas sector, unless the government can attract local conglomerates.