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.
Oil headed for a second weekly drop as optimism over a recovery in Chinese demand dimmed and US stockpiles kept rising.
Will 2023 see the majors, including ExxonMobil, Chevron, Shell, BP, ConocoPhillips, TotalEnergies, and Eni, divest upstream oil and gas assets in Southeast Asia?
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.
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.
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.
The US said it will increase pressure on China to stop buying Iranian oil, as the White House seeks to enforce sanctions aimed at curbing the Islamic Republic’s nuclear activities.
The price cap on Russian crude oil exports is starving President Vladimir Putin’s budget of income, though it likely won’t force him to ratchet down spending for years thanks to a $45 billion buffer of yuan reserves.
The Texas oil and natural gas industry paid a record $24.7 billion in taxes and royalties last year, far exceeding the previous annual high of $16 billion set in 2019, according to the Texas Oil and Gas Association.
One worker was killed in a work-related accident at the Rokan Block in Indonesia, operated by national oil company Pertamina. A subsidiary of the NOC, Pertamina Hulu Rokan (PHR), is aggressively trying to boost output at Indonesia’s second-largest oil producing block after taking over from previous operator Chevron in August 2021.
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.
ExxonMobil will sell its controlling stake in Esso (Thailand) Pcl, which runs a local refinery and retailing business, to rival Bangchak Corp. as the largest US oil company focuses on its home market and the production of lower-emission fuels.
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.
Singapore-listed Interra Resources reported that its joint venture entity, Goldpetrol Joint Operating Company, has started drilling development well CHK 1238 in the Chauk oil field onshore Myanmar.
The Taliban-led administration in Afghanistan signed its first international contract last Thursday to extract oil from the northern Amu Darya basin as the beleaguered group seeks to increase revenue.
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.
Posco International is one of the last foreign companies with a significant stake in Myanmar’s oil and gas sector, despite the industry’s ties to a military regime that has been widely condemned for violations of human rights.
Australia has only one committed hydrogen project out of a vast pipeline of proposals worth A$266 billion ($178 billion), showing the challenge in becoming a major exporter of the zero-carbon but still unproven fuel.
Oil demand in China is expected to pick up as the world’s largest crude importer pivots away from its strict Covid Zero policy, although analysts caution that it may take time for gains to kick in.
Petronas Carigali has entered into a heads of agreement with JX Nippon Oil & Gas Exploration Corporation (JX Nippon) to collaborate in developing a joint proposal to monetise the gas potential within the Bujang, Inas, Guling, Sepat and Tujoh (BIGST) fields, located offshore Kerteh, Terengganu, Malaysia.