Japan’s Inpex (TYO:1605) has filed a claim for $975 million against South Korean yard Daewoo Shipbuilding & Marine Engineering (DSME) relating to the construction of a floating production storage & offloading (FPSO) vessel for its Ichthys LNG project in Australia.
Liquefied natural gas (LNG) buyers in Asia are already busy securing cargoes for winter, indicating that competition in a tight market may lead to a further jump in prices.
In recent years the debate around carbon capture utilisation and storage (CCUS) has gained traction in Southeast Asia. However, the establishment of CCUS in the region is likely to be limited to gas processing and some industrial applications, reckons the Institute for Energy Economics and Financial Analysis (IEEFA).
South Korea’s SK Group will invest $100 million in a joint venture with 8 Rivers Capital that will focus on the decarbonisation of Korean and key Asian markets. Significantly, this marks one of the largest single private investments in a carbon capture solutions provider to date, said 8 Rivers Capital.
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) reported that it has won a contract worth 656.1 billion KRW ($553.4 million) from Chevron to build an offshore facility for the Jansz-Io gas field development offshore Australia.
South Korea’s Posco International has officially been awarded a production-sharing contract (PSC) for Block PM524 in Peninsular Malaysia.
Korean firm Samin MTS is teaming up with Pertamina offshoot Elnusa (IDX:ELSA) to tap Indonesia’s giant offshore decommissioning wave.
As national carbon-neutral targets come into focus, Asia Pacific solar photovoltaic (PV) capacity could triple by 2030 to 1500 gigawatts (GW), with Indonesia potentially the fastest expanding market by the end of the decade, according to new research from Wood Mackenzie.
Santos chief executive Kevin Gallagher warned oil and gas industry leaders that achieving net zero emissions will be crucial for the natural gas industry to avoid coal’s fate of being shunned by equity investors and lenders.
Maersk Drilling has won a contract worth $34million (£24.6m) with Shell Malaysia.
News that South Korea aims to build the world’s largest offshore wind farm by 2030 follows moves by major exploration and production companies to establish a foothold in the nascent market.
Maersk Drilling has won a £10.5million contract with Korea National Oil Corporation (KNOC).
Brexit is threatening to spoil the appeal of the UK’s crude in the world’s biggest regional oil market.
The United Arab Emirates, with help from Korea Electric Power Corp., finished building the Arab world’s first commercial nuclear reactor, a milestone in the oil-rich U.A.E.’s effort to curb its reliance on fossil fuels and develop cleaner sources of energy.
Daewoo Shipbuilding & Marine Engineering in South Korea is set to sell non-core assets and will shut down or exit its non-essential units as part of restructuring after a being hit with losses in the second quarter.