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.
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 Indonesiaโs second-largest oil producing block after taking over from previous operator Chevron in August 2021.
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.
Woodside Energyโs (ASX:WDS) latest production guidance for 2023 has fallen short given delays at new oil projects in West Africa and the US, as well as a maintenance shutdown at the Pluto LNG export complex in Australia.
Indonesian upstream player Saka Energi is planning to invest up to $1.5 billion between 2022 and 2028 to develop various assets in Indonesia and abroad as it seeks to boost oil and gas production.
Australiaโs largest oil and gas producer Woodside Energy (ASX:WDS) reported record output and sales in the third quarter on the back of stronger natural gas prices and the completion of its merger with BHPโs petroleum business.
Unlike most governments in the economically developed Western world, Indonesiaโs 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 Asiaโs biggest economy is struggling to convince energy investors to come.
Australiaโs Woodside Energy Group (ASX:WDS) today issued a clarification on full year 2022 production guidance after confusion reigned yesterday after it appeared that production guidance had been reduced by 4 million barrels of oil equivalent (boe) in yesterdayโs trading update.
Thailandโs upstream natural gas sector is struggling to reverse falling output due to bad planning and policy from the government, coupled with a seeming lack of innovation at PTT Exploration & Production (BKK:PTTEP), a state-backed company, that is taking increasing control of the countryโs gas resources.
The Covid-19 pandemic has marked the end of an era for Southeast Asiaโs combined oil and gas production, pushing the regionโs 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.
By Angus Rodger, director, Asia Pacific, at research company Wood Mackenzie
With domestic supply in decline, Asia urgently needs to address its growing gas and energy needs. In the past few months, multiple energy crunches across the globe highlights that a flexible and reliable supply of energy is critical to keep markets and prices stable. In Asia, a growing gap between booming gas demand and falling supply is cause for significant concern.
ExxonMobil (NYSE:XOM) is reportedly discussing acquiring stakes in some deepwater fields from state-backed Indiaโs Oil and Natural Gas Corporation (ONGC).
Production and reserves at ExxonMobilโs (NYSE:XOM) giant Cepu Block - rumoured to be a divestment candidate - have exceeded expectations, reported Indonesian upstream regulator SKK Migas.
Indonesian national energy company Pertmina plans to invest $3 billion in the giant Rokan Block over the next five years in an effort to maintain upstream production after taking over operatorship from Chevron. Crucially, Pertamina said it is also seeking for partners interested in jointly developing chemical enhanced oil recovery (EOR) technology after failing to acquire the knowhow from Chevron (NYSE:CVX).
Chinaโs national oil companies, CNPC, CNOOC, and Sinopec, are expected to spend over $120 billion on drilling and well services by 2025 to help meet rising domestic oil and gas demand. With 118,000 wells estimated to be drilled in China, analysts at Rystad Energy reckon there will be significant opportunities for innovative suppliers.
Indonesian upstream regulator SKK Migas has approved ExxonMobilโs plans to restart drilling at its giant Cepu Block in a bid to find new reserves and stem falling output at the countryโs largest oil producing block.
Brunei Shell Petroleum has rolled out measures in an attempt to ward off disruptions to oil and gas production in Brunei following a significant number of Covid-19 infections detected at offshore platforms in the Champion field, the countryโs biggest source of hydrocarbons.
Natural declines and underinvestment in new exploration has left Philippine oil and gas production in freefall posing significant risks to future energy security. The risk is particularly acute given how reliant the Southeast Asian nation is on oil and gas for power generation, industrial processes and transportation, warn analysts at Fitch Solutions. But interest from investors has been rekindled.
EnQuest took a hit to its production in the first half of 2021 after a series of unplanned issues at Magnus, as well as a drop in output from its flagship Kraken field.
While the current boom in domestic gas production will derail liquefied natural gas (LNG) demand growth in the short-term, the lack of significant pre-FID domestic supply and no discoveries of note in blocks awarded under the OALP rounds should ensure that beyond 2024 Indiaโs LNG demand roars back, writes Gavin Thompson, Wood Mackenzie Asia Pacific vice chair.
Santos, which operates the Bayu-Undan field offshore East Timor, said today that production from its Phase 3C infill drilling program has started with the first well producing a better than expected outcome.
Thailandโs PTT Exploration & Production (PTTEP) said it will need between one and two years to hit its contractual production target at the Erawan field offshore Thailand once it takes over from current operator Chevron.
Indonesia's first-quarter crude and natural gas production volumes missed their targets due to technical issues at wells and delays at BP's Tangguh liquefied natural gas (LNG) project, data from upstream oil and gas regulator SKK Migas showed.