China rattles Japan with oil rig in maritime spat
China has installed a new oil and gas production platform near the median line with Japan in the East China Sea, reported the Asia Maritime Transparency Initiative (AMTI), sparking Tokyo’s anger.
oil
PNG offers Santos $1.4bn for 5% share of ExxonMobil-led PNG LNG
Santos (ASX:STO) has confirmed that it has received a US$1.4 billion offer from Papua New Guinea’s (PNG’s) national oil company Kumul Petroleum to acquire a 5% interest in the ExxonMobil-operated PNG LNG export complex from the Australian company. Crucially, the deal, if it goes through, will help Santos’ strategic about face towards oil in Alaska.
As demand surges Indonesia needs radical action and $200bn investment to revive upstream oil and gas
Unlike most governments in the economically developed Western world, Indonesia’s leaders are crying out for more upstream oil and gas investment. However, even as demand is projected to rise up to four times by 2050, Southeast Asia’s biggest economy is struggling to convince energy investors to come.
Chevron to assess exploration potential in India with ONGC
Chevron (NYSE:CVX) confirmed that its wholly owned subsidiary, Chevron New Ventures, has entered into a memorandum of understanding (MOU) with India’s Oil and Natural Gas Corporation (ONGC) to assess the exploration potential across a number of basins in India, the company told Energy Voice.
Oil rises as reopening of Chinese city offsets slowdown concerns
Oil advanced at the start of the week as the Chinese city of Chengdu ended a two-week lockdown, boosting the outlook for demand.
IEA sees biggest China oil demand drop in over three decades
China faces its biggest annual drop in oil demand in more than three decades as Covid-19 lockdowns and a property crisis weigh on growth in the world’s No. 2 consumer, the International Energy Agency said.
Structural integrity of Jadestone’s Montara FPSO questioned by Australia’s regulator after oil spills
Jadestone Energy (LON:JSE) has been slapped with two directives from Australia’s offshore energy regulator as worries rise about the structural integrity of the company’s Montara floating production storage and offloading (FPSO) vessel following two oil leaks.
Oil gets mauled again with demand concerns spurring weekly drop
Oil headed for a back-to-back weekly loss, burdened by demand concerns, rising stockpiles, and the possibility the Biden administration may make a fresh release from emergency reserves.
Oil plunges to lowest since January as demand concerns escalate
Oil fell to the lowest since January on concern a global slowdown will cut demand in Europe and the US, just as China’s Covid Zero strategy hurts consumption in the world’s biggest crude importer.
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.
Oil rallies with OPEC+ decision, G-7 cap plan dominating trading
Oil surged on the possibility that OPEC+ may decide to trim production, and as Europe’s energy crisis worsened after the Group-of-Seven nations endorsed a plan to try to cap the price of Russian crude.
Indonesia finally raised fuel prices. What comes next?
Indonesia is bracing for protests this week after the government raised fuel prices by more than 30% to curb soaring subsidies, as higher costs hit households and small businesses across the archipelago.
Petronas signs LNG export feasibility study with Argentina
Argentina is taking preliminary steps to tap its potential for exporting liquefied natural gas (LNG) with Malaysia’s Petronas, President Alberto Fernandez announced Thursday.
Philippines says open to resume oil exploration talks with China
The Philippines is open to new talks with China on oil and gas exploration, the Southeast Asian nation’s top diplomat said.
Malaysia’s Petronas sees energy price falls ahead as profits double
Malaysia’s Petronas reported on Tuesday that first-half net profits more than doubled on the back of higher oil and gas prices, but the state-backed energy company sees higher prices reversing next year as global supplies stabilise.
Woodside has choice of capex options worth US$14bn
Australia’s Woodside Energy Group (ASX:WDS) has a range of capital expenditure options that cover a US$9 billion projected spend on oil and gas projects out to 2024 and another US$5 billion pencilled in for new energy projects by 2030.
Oil holds biggest gain in six weeks with supply risks building
Oil held the biggest gain in more than a month as traders weighed supply concerns, including the possibility of an OPEC+ output cut.
Woodside profit surges fivefold on gas prices, BHP merger
Woodside Energy Group, Australia’s biggest oil and gas producer, said first-half profit soared more than fivefold on the back of higher prices and the takeover of BHP Group’s energy assets.
Iran may drain offshore crude oil cache if nuclear deal reached
Progress toward an Iranian nuclear deal has thrown the spotlight onto a sizeable cache of crude held by Tehran that could be swiftly dispatched to buyers in the event an agreement gets hammered out.
Sinopec posts record first-half profits on rising oil prices
Sinopec posted record first-half profits as higher global oil and gas prices outweighed a mixed market for fuel in China.
The Australian energy crisis highlights need for new gas supply
Australian east coast energy prices skyrocketed earlier this year as a winter cold snap sent gas, coal, and electricity to record-highs, triggering price caps at A$40/Gigajoule (US$27/Million British Thermal Units), around 400% above the normal A$8-10/GJ price range.
PetroChina’s profits climb to record on global energy rally
PetroChina posted its best-ever first-half earnings as the nation’s top oil and gas driller benefited from soaring global energy prices, and said that government stimulus is starting to lift Chinese oil demand.
Rumours swirl of ExxonMobil Indonesia exit
Rumours have surfaced again about ExxonMobil (NYSE:XOM) potentially seeking to divest its Indonesia assets. ExxonMobil operates the giant Cepu Block, which is Indonesia’s largest producing oil project.
Poorer nations face unrest as wealthy countries snap up fuel
Russia’s war in Ukraine has Europe bracing for a tough winter, but the costs are piling up higher in emerging nations as governments struggle to keep energy flowing to citizens hit by surging inflation.
Santos delays Dorado FID as inflation risk bites
Santos (ASX:STO) has put on hold plans for a final investment decision (FID) at its Dorado oil project offshore Western Australia as spiralling costs related to the construction of a floating production storage and offloading (FPSO) unit pose too much risk.