Malaysian national oil company Petronas has signed a memorandum of understanding (MoU) with UK-based Storegga, a developer of carbon storage and clean fuels, to assess and determine the commercial, regulatory, and economic factors needed for the development of carbon capture and storage (CCS) hub and cluster projects in Malaysia.
Petronas has signed two key agreements with Petroleum Sarawak (PETROS) on collaboration opportunities under the Sarawak Gas Roadmap that will help accelerate both parties’ shared aspirations to sustainably grow the Malaysian state’s energy industry.
Malaysia’s 2023 budget announced on Friday introduces a raft of tax incentives for carbon capture and storage (CCS) as the country aims to become a regional hub for the nascent sector.
Studies suggest that many people in Asia see diversity, equality, and inclusion (DEI), as a Western concept, shaped by Western experiences and Western values, according to PwC.
Malaysia’s Petronas has signed a memorandum of cooperation (MoC) with the Ministry of Economy, Trade and Industry of Japan (METI), as well as a memorandum of understanding (MoU) with Japan Bank for International Cooperation (JBIC), to collaboratively pursue mutual sustainability goals of achieving carbon neutrality by 2050.
Malaysia and Indonesia were the first countries in Southeast Asia to announce that carbon capture and storage (CCS) would play a role in decarbonising their industrial sectors. BP (LON:BP) in Indonesia, and Petronas in Malaysia, announced landmark projects in the oil and gas industry. However, while Indonesia has started having the right conversations around CCS, neighbouring Malaysia, and possibly even Thailand, appear to be making more progress within the region.
Petronas today announced a gas discovery from its Cengkih-1 exploration well in Block SK 320 in the Central Luconia Province, about 220 kilometres off the coast of Bintulu, Sarawak, offshore Malaysia.
Ranhill Worley will provide front-end engineering and design (FEED) services for PTT Exploration & Production’s (PTTEP’s) Lang Lebah development offshore Malaysia in a deal worth MYR43 million (US$9.4 million).
Shell and Petronas have taken the final investment decision (FID) to develop the Rosmari-Marjoram gas project in Sarawak, Malaysia.
Malaysian state oil company Petroliam Nasional has started inviting bids for its upstream assets in Africa, which could fetch as much as $3 billion, people with knowledge of the matter said.
Petronas today signed a memorandum of understanding (MoU) with six South Korean companies to undertake conceptual and feasibility studies towards establishing a full value chain related to carbon dioxide (CO2) capture, transport and storage.
BP has signed an exclusive option with Yinson for an FSPO to work on the proposed PAJ project, in Angola’s Block 31.
Malaysia’s Petronas is expected to contribute to government coffers as much as 59 billion ringgit ($13.25 billion) this year, a cabinet minister said in a statement to parliament published Friday. This would be higher than last year on the back of record-high oil prices and its best ever quarterly profit in at least a decade.
A commercial diver has died while performing an adapter mating test on the hull of a floating production storage and offloading (FPSO) vessel offshore Malaysia, according to a HSE report from national oil company Petronas.
South Korea’s Samsung Engineering has won a $680 million engineering, procurement, construction and project management contract to build an onshore gas plant for Shell’s Rosmari Marjoram development in Sarawak, Malaysia.
Two Luxembourg subsidiaries of Malaysian state oil company Petronas have been seized by the descendants of a late sultan, lawyers said, in a dramatic escalation of a $15 billion legal dispute connected to an agreement signed 144 years ago, reported the Financial Times.
Malaysian national oil company Petronas has signed a memorandum of understanding with Japan’s Mitsui for the conceptual and feasibility studies on the carbon capture and storage (CCS) value chain, including the evaluation of carbon dioxide (CO2) storage sites in Malaysia. Significantly, Mitsui is a shareholder in UK-based carbon management business Storegga, that is developing the Acorn CCS project.
Indonesia’s Medco Energi (IDX:MEDC) is on the lookout for more merger and acquisition (M&A) opportunities in Southeast Asia after successfully buying ConocoPhillips Indonesian assets in a $1.355 billion deal struck last year.
Shell (LON:SHEL) is upbeat about the opportunities for carbon capture and storage (CCS) in Asia Pacific, as the supermajor explores various potential storage site options across its portfolio in the region, which includes Australia, Malaysia and Brunei.
Global and regional upstream activities, including in Southeast Asia, are rising, as more exploration and development projects are evaluated and approved. Yet, the drilling rig market in the region is not as exciting as it should be, especially with global oil prices ranging between $100 and $120 per barrel in recent months.
Abu Dhabi’s Mubadala Petroleum has reached 500,000 barrels of oil equivalent per day, for the first time in its history.
US liquefied natural gas (LNG) developer Venture Global will supply Malaysia’s Petronas with 1 million tonnes per year (t/y) of LNG for a 20-year term after the pair signed a new deal. Significantly, Asian LNG buyers, such as Petronas, are increasingly locking in new long-term supplies as more European buyers enter the race for LNG.
Upstream oil and gas projects with over 1.4 billion barrels of resources and $8.5 billion worth of greenfield investments are targeted for final investment decisions (FIDs) in Southeast Asia this year, based on operators’ plans, reported Rystad Energy. However, delays are likely with more activity expected to happen next year, noted the energy consultancy.
Japanese offshore drilling company Japan Drilling Co., Ltd. (JDC) will drill up to 10 wells for Petronas offshore Malaysia with its semi-submersible Hakuryu-5.
Petronas has awarded Block SK427 off the coast of Sarawak to SK earthon, a subsidiary of South Korea’s SK Innovation, and Petroleum Sarawak Exploration & Production (PSEP) in an area where several discoveries were made last year. Petronas and SK will also collaborate on carbon capture and storage (CCS) opportunities.