AsianOil - Asia Oil & Gas
After several years of confining China’s independent refiners to selling on the domestic fuel market, 2020 appears to be the year the central government is ready to loosen its grip on the export market.
Australian junior Lakes Oil has revealed that while its Nangwarry-1 exploration well in South Australia had intersected natural gas intervals at its primary target, it had come up empty at the secondary objective.
China’s privately run Hengyi Industries has begun operating its new refinery in Brunei at close to full capacity, Reuters quoted a company official as saying on January 2.
Malaysia’s state-owned Petronas completed the acquisition late last month of a 50% stake in two deepwater fields in Brazil’s Campos Basin.
Indonesia’s state-owned Pertamina has said it wants to drill at least 20 wells at the Rokan oil block this year, as it gears up to assume operatorship of the acreage in 2021.
State-run Pakistan Petroleum Ltd (PPL) announced late last month that it had discovered crude oil and natural gas reserves in Balochistan and Sindh Provinces.
Pakistan’s Energas is planning to start up an LNG import terminal in 2021 that would be the country’s largest, pending approval to begin construction.
China’s CNOOC Gas and Power and Phoenix Petroleum Philippines have asked for plans to build the $2bn Tanglawan LNG hub project in the Philippines to be put on hold.
China’s push for greater natural gas consumption continues to speed up, even as the year winds down, with imports and production rising and as well as new supply lines opening up.
Malaysia’s state-owned Petronas has said in its latest activity forecast that while it expects to step up operations over the next three years, the short-term outlook remains challenging.
Australian junior Triangle Energy has brought the CH-13 well back into production at the Cliff Head oilfield offshore Western Australian after technical issues took the well out of commission nine months.
Thailand’s state-owned PTT Exploration and Production (PTTEP) intends to increase its investment budget for 2020 as well as for the next five years.
Indian conglomerate Reliance Industries Ltd (RIL) and UK super-major BP have agreed to create a new retail fuel joint venture that aims to operate a network of retail fuel and aviation fuel stations across India.
State-run Indian Oil has said it intends to finish the construction of its delayed liquefied petroleum gas (LPG) import terminal project at the port of Kochi in Kerala State within the next 18 months.
Singapore’s imports of LNG are forecast to more than triple by 2028, according to a new report.
Australian Federal Resources Minister Matt Canavan said last week that the government was ready to implement a national gas reservation scheme in order to lower prices on the east coast.
India’s efforts to expand the use of natural gas within the country’s primary energy mix continued this week with the opening of the country’s first liquefied natural gas dispensing station.
The Malaysian government may give oil-producing states such as Sarawak and Sabah a direct interest in state-owned Petronas, Prime Minister Mahathir Mohamad told Reuters on December 10.
Australian independent Senex Energy has expanded its natural gas sales agreement with Queensland-based Orora, agreeing to supply the manufacturer with 13.2 petajoules (343.84mn cubic metres) of gas from Project Atlas.
Indonesia has begun courting foreign upstream investors following the government’s announcement last week that it was considering the creation of a two-contract licensing model.
Bruce Phillips, the chairman of Australia’s Karoon Energy, said last week that his company was taking steps to shift its focus to development projects in South America.
ExxonMobil said this week that it was abandoning plans to build a liquefied natural gas import terminal in Australia’s south-eastern state of Victoria.
Asian LNG spot prices – already depressed this year – fell further this week, amid warnings that buyers of the fuel could pay considerably more if they purchase it under long-term contracts.
Australian developer Santos has upped its production outlook for 2025 as it settles into the final phase of a strategy first outlined in 2016 as a means of escaping its heavy debt load.
Norwegian oil and gas developer Equinor has resubmitted its deepwater drilling plan for the Great Australian Bight to offshore regulator National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA).
Indonesia may allow upstream developers to choose between the country’s current licensing model and the one it replaced in 2017, Energy Minister Arifin Tasrif said on December 2.
Russia’s Gazprom flagship Power of Siberia gas pipeline mega-project that connects Russia’s Siberian gas fields with China came online on December 2, after the investment of billions of dollars that will earn the company billions more
Papua New Guinea (PNG) Minister for Petroleum and Energy Kerenga Kua has said he is disappointed with ExxonMobil’s rejection of the government’s terms for the proposed P’nyang natural gas project.
Australia’s oil and gas royalty and tax system needs to be overhauled to ensure that upstream companies are paying their fair share, according to the Institute for Energy Economics and Financial Analysis (IEEFA).
China’s gasoline exports climbed more than 166% year on year in October to 1.73mn tonnes, according to General Administration of Customs (GAC) data.
More than a decade in the making, the Power of Siberia natural gas pipeline will finally start operations next week.
Malaysia’s state-owned Petronas has downplayed a recent report that its integrated downstream complex in southern Malaysia is running behind schedule.
Indonesia’s state-owned Pertamina intends to invest $7.8bn in 2020, with the majority of that earmarked for the upstream sector.
India’s hopes of replicating the US’ shale gas revolution received a heavy blow this week after state-run Oil and Natural Gas Corp. (ONGC) reportedly ended its shale exploration programme early.
India’s state-owned Oil and Natural Gas Corp. (ONGC) is reportedly preparing to sell a portion of its controlling stake in refiner Hindustan Petroleum Corporation Ltd (HPCL).
Oversupply in the global market has led Singapore’s Pavilion Energy to cancel the loading of a US LNG cargo, and more such moves could follow.
India’s state-run Oil and Natural Gas Corp. (ONGC) has revised down its production guidance for the ultra-deepwater KG-DWN-98/2 (KG-D5) block by up to 20%.
Australian-listed junior Elixir Energy has said it kicked off the second well in a two-well drilling programme on its coal-bed methane (CBM) block in Mongolia.
The government of Papua New Guinea is set to start talks with ExxonMobil in an attempt to negotiate better terms for the P’Nyang gas project.
Australia is at a crossroads as it decides its energy future. The country is a major natural gas producer, output of which has boomed over the past years to meet ever-increasing demand from buyers across Asia.
Singaporean developer KrisEnergy has agreed to sell its 30% stake in the Andaman II production-sharing contract (PSC) offshore Indonesia to super-major BP.
Indonesia’s state-owned Pertamina has said an offshore oil spill, originally thought to have been contained at the end of September, is leaking once more.
India’s crude oil imports slipped 3.3% year on year in October to 4.56mn barrels per day, according to government data published on November 14.
The Indian government is reportedly considering reducing its direct stake in the country’s largest refiner, Indian Oil Corp. (IOC), to below 51%.
Exporters of US LNG are poised to send more gas to Asia, taking advantage of new transit slots at the Panama Canal.
Japan’s largest refiner has cast some serious doubt over whether Saudi Aramco’s long-awaited initial public offering (IPO) will able to attract Japanese investment.
Australia junior Comet Ridge has begun work to secure environmental authority (EA) for a coal-bed methane block in Queensland, the company said on November 12.
Australian independent Strike Energy has said its block in the Perth Basin could hold one of the country’s largest ever conventional onshore gas discoveries.
Thailand’s state-owned PTT saw its third-quarter net profit decline by 33% year on year to THB20.25bn ($669.7mn) on the back of weaker downstream and international trading performances.
The Indonesian government has extended the production-sharing contract (PSC) for the Corridor Block in South Sumatra Province by 20 years until 2043.
State-run Indian Oil Corp. (IOC) has completed the country’s first bunker sales of very low-sulphur fuel oil (VLSFO) ahead of the introduction of new international maritime fuel standards.
The Indian government has extended Cairn Oil & Gas’ production-sharing contract (PSC) for the Ravva block in Andhra Pradesh State by 10 years until 2029, the company said on November 6.
Australian Industrial Energy’s Port Kembla LNG import plan is being hit by delays as it struggles to lock in buyers for its gas.
A Papua New Guinea (PNG) government commission set up to investigate a A$1.2bn ($827.3mn) loan from UBS that the former administration used to buy into Oil Search has once again delayed its inquiry.
McDermott International has signed an agreement with Darwin Clean Fuels to provide engineering services for a proposed condensate refinery in northern Australia.
South Korea’s oil and gas demand is in decline, with the country re-embracing nuclear and coal in the power sector while introducing policy measures curbing demand for transportation fuels.
Malaysia’s Sarawak State government is preparing to take national oil company (NOC) Petronas to court over an unpaid tax bill.
Thai power producers B.Grimm Power and Gulf Energy Development have signed agreements with Vietnam to develop liquefied natural gas fuelled power projects in the South-East Asian country.
India’s fourth Open Acreage Licensing Policy (OALP) exploration bid round has attracted eight bids for the seven blocks that were offered.
State-run refiner Indian Oil Corp. (IOC) has reportedly completed the first phase of research into converting waste plastics into synthetic oil and is now planning to develop commercial processes.
The Queensland State government has awarded 3,450 square km of new exploration acreage to six companies, with two of parcels ringfenced for the domestic market.
A unit of state-run PetroChina aims to produce 25mn tonnes per year (500,000 barrels per day) of oil and 42bn cubic metres of natural gas from the Changqing field by 2020, Reuters cited local media reports from October 28 as saying.
Malaysian Prime Minister Mahathir Mohamad has said Turkmenistan will extend state-owned Petronas’ production-sharing contract (PSC) for offshore Block 1 in the Caspian Sea by 10 years until 2038.
Singapore’s financially troubled KrisEnergy has agreed to sell its 30% stake in the Andaman II production-sharing contract (PSC) in Indonesia’s Malacca Strait to an undisclosed international major.
The Indian government’s plan to privatise its 53.29% stake in Bharat Petroleum Corporation Ltd (BPCL) has attracted opposition from both state-level lawmakers as well as company unions.
Chinese natural gas demand is projected to slow this year amid a weakening economy and a government decision in 2018 to rein in its campaign to convert coal-fired heating systems to the cleaner burning fuel.
The Philippine government’s struggle to present a unified front over a possible exploration partnership with China in disputed waters of the South China Sea continued this week.
Sempra Energy has entered into a memorandum of understanding with Japan’s Mitsui & Co. that covers the latter's participation in two LNG project expansions.
Japan is making strides in its efforts to position itself as a new LNG bunkering hub as the shipping industry prepares for new fuel regulations.
The Philippine government last week welcomed a delegation sent by Russia’s state-run Rosneft to discuss the possibility of jointly exploring the waters offshore the Southeast Asian country.
Thailand’s state-owned PTT has announced plans to open its first retail fuel station in Myanmar and aims to do so early next year.
Oil Search’s third-quarter revenue slid 24% year on year on the back of production interruptions and lower international oil prices.
Some of the world’s biggest oil companies are reportedly interested in the Indian government’s plans to privatise its controlling stake in Bharat Petroleum Corporation Ltd (BPCL).
Activist investors have criticised Australian developer Origin Energy’s commitment to reducing its carbon footprint, saying the company is not doing enough to reduce this.
China’s downstream has set a new monthly oil processing record, on the back of rising privately owned refining capacity and expanding crude import quotas.
Australia’s Woodside Energy has delayed a final investment decision on its proposed Browse mega-project to the second half of 2021, but has also brought plans to approve its Scarborough gas project and Pluto LNG expansion forward.
The Philippine government has begun examining development options for a strategic petroleum reserve (SPR), following last month’s attacks on key Saudi Arabian oil infrastructure.
Malaysian offshore service provider Barakah Offshore Petroleum has agreed with Singapore’s Lecca Group to terminate a deal that would have lifted the former out of exit Practice Note 17 (PN17) status.
Both developed and developing countries in Asia are expected to drive up LNG demand, but the pace may slow in the nearer term and other obstacles remain.
China’s state-run Sinopec Gas has forecast that the country’s natural gas demand will expand by 10% this year to 307bn cubic metres.
Asia’s refiners are preparing for a bumpy final quarter of the year as higher supertanker rates – owing to US sanctions on several Chinese shippers – eat into gross refining margins (GRMs).
Australian independent Santos has bought US super-major ConocoPhillips’ operated interests in the Darwin LNG project as well as the Bayu-Undan, Barossa and Poseidon offshore natural gas projects.
India has agreed to provide an additional $236mn of financing for a refinery project in southeastern Mongolia, Indian Minister of Petroleum and Natural Gas Dharmendra Pradhan said this week.
India’s state-owned Oil and Natural Gas Corp. (ONGC) has reportedly sought environmental approval from the central government to drill 24 exploration wells at one of its blocks in Tamil Nadu State.
Pakistan and the United Arab Emirates (UAE) are on the verge of launching construction of a new oil refinery in the South Asian country’s Balochistan Province, an official from the Middle Eastern oil producer has said.
Russia’s state-run oil company Rosneft is looking to make a foray into India’s petrochemicals market, after experiencing setbacks in the domestic sector.
Malaysia’s TNB Fuel Services (TNBF) has delivered its first shipment of liquefied natural gas (LNG) to parent company Tenaga Nasional (TNB), testing the country’s third-party access (TPA) rules in the process.
Santos has said an initial flow test at its third well on the Dorado field offshore Western Australia suggests the field is capable of producing oil at the upper end of pre-drill expectations.
Australian independent Senex Energy has announced first gas production from the Project Atlas acreage in Queensland State.
The Indonesian government has urged state-owned Pertamina to curb its sales of subsidised diesel as the government’s annual quota is set to run out before the end of the year.
Sinovensa, a joint venture between Venezuela’s national oil company (NOC) PdVSA and China National Petroleum Corp. (CNPC), has reportedly suspended work at its crude blending plants in the Orinoco region.
China is reportedly interested in expanding investments in South Sudan’s oil sector.
Engen, a petroleum refiner and retailer that operates in seven African countries, is reportedly gearing up for an initial public offering (IPO) of stock.
The Japanese government has pledged $10bn of both public and private funding for liquefied natural gas (LNG) projects around the world.
Santos and BP have been awarded a new permit offshore Western Australia that the Australian independent has described as being “on-trend with the Dorado discovery” in the adjacent permit.
State-run PetroChina has added more than 1bn tonnes (7.33bn barrels) of oil reserves in north-western China, the company said on September 29.
Sempra Energy’s MoU with a Chinese company over potential LNG supply co-operation suggests growing optimism that an end to the US-China trade war may be coming
Papua New Guinea (PNG) Petroleum Minister Kerenga Kua is once more on the war path over how much the government receives from the country’s natural gas developments.
Thailand’s state-owned PTT has teamed up with Gulf Energy Development to build a THB40.9bn ($1.33bn) liquefied natural gas (LNG) import terminal on the country’s east coast.
Malaysia’s state-owned Petronas has chartered a liquefied natural gas (LNG) carrier from the UK’s Avenir LNG to be used in bunkering operations offshore the Southeast Asian country.
The Indian government has reduced the price of locally produced natural gas for six months from October 1, the first such cut in more than two years.
State-run Indian major Oil and Natural Gas Corp. (ONGC) is reportedly seeking the Ministry of Environment’s approval to begin a 44-well onshore drilling campaign in the country’s south-east.
Singapore-based Pavilion Energy is targeting new markets in Europe as well as expanding in Asia as the gas importer and marketer aims to become a global trader of LNG.
Japanese developer Mitsui & Co. has said it is looking to sell its 40% stake in the BassGas project off the coast of Australia’s south-eastern state of Victoria.
State-owned Korea Gas has struck a deal to buy 1.58mn tonnes per year of US LNG from super-major BP.
A trader that worked at Mitsubishi’s Singaporean arm until last week has disputed the Japanese company’s version of events surrounding a $320mn loss on crude oil derivatives trades.
China’s National Energy Administration (NEA) has given its first official update on the country’s strategic oil inventories in almost two years.
Pakistan has taken a major step forward in tackling its chronic natural gas shortages, having shortlisted companies to build five liquefied natural gas (LNG) terminals in the country, either individually or in a consortium.
Malaysia’s state-owned Petronas has posted a first-half net profit of MYR28.9bn ($6.92bn), up 9% on the same period of 2018.
Tellurian’s agreement with India’s Petronet brings the company a step closer to an FID on its Driftwood LNG project, and may be one of the largest ever LNG supply deals in US history.
State-run Indian Oil Corp. (IOC) has said it is willing to increase crude imports from the US once export bottlenecks have been resolved.
Asian LNG importers are seeking better contractual terms from their long-term suppliers in response to depressed prices on the spot market.
Australia-listed LNG Ltd has struck a deal to supply gas to a province in Vietnam from its Magnolia export terminal in Louisiana, on the US Gulf Coast.
Japanese developer Inpex has revealed that it is looking at ways to expand its $45bn Ichthys LNG project offshore north-western Australia as it approaches full capacity.
China’s crude oil production inched up 1% year on year in August to 16.18mn tonnes (3.83mn barrels per day), according to data from the National Bureau of Statistics (NBS).
The Philippine government has retreated from President Rodrigo Duterte’s comments that he is willing to set aside an international tribunal’s ruling on the South China Sea in order to explore the area jointly with China.
India’s state-run Oil and Natural Gas Corp. (ONGC) may buy out its partners in polymer manufacturer ONGC Petro Additions Ltd (OPaL) in order to list the company.
The Indian government is reportedly leaning towards selling its controlling stake in refiner Bharat Petroleum Corporation Ltd (BPCL) to either a private company or an international major.
Asia’s oil importers have been left nervously watching the US beat the war drum in response to attacks over the weekend that knocked out 5.7mn barrels per day of Saudi Arabian crude oil production.
Western Gas has appointed Goldman Sachs to help it find a partner for the Equus LNG project offshore Western Australia.
China’s continuing efforts to expand its influence throughout the Asia-Pacific region have unnerved India for many years, with New Delhi striving to counter Beijing’s influence wherever it can.
Buru Energy has welcomed Western Australia’s decision to lift its state-wide moratorium on hydraulic fracturing.
Japanese refiner Cosmo Oil has begun stockpiling low-sulphur fuel oil (LSFO) produced at its Chiba refinery ahead of a new global maritime fuel standard set to come into force in January.
Malaysia’s state-owned Petronas has agreed to buy natural gas produced from the offshore SK408 production-sharing contract (PSC), co-operator Sapura Energy has revealed.
Australian independent Strike Energy announced on September 6 that natural gas had been discovered in all of onshore Block EP 469’s three formations.
Indonesia’s state-owned Pertamina is looking for a strategic partner to help boost output from the Rokan oil block as it gears up to take over the licence in 2021.
Middle Eastern rivals Iran and Saudi Arabia have expressed their commitment to supplying India with oil and gas as they vie to deepen their relationships with the world’s third largest energy consumer.
Gunvor has reportedly emerged as the lowest bidder for most of the cargoes in Pakistan’s recent spot liquefied natural gas (LNG) supply tender.
Venezuela’s plans for expanding the production capacity of Sinovensa, a joint venture between the national oil company (NOC) PdVSA and China National Petroleum Corp. (CNPC), may be suffering a setback.
The Philippines’ Phoenix Petroleum, which is headed by businessman Dennis Uy, has denied reports that China National Offshore Oil Corp. may pull back from the two companies’ planned LNG joint venture.
The Papua New Guinea (PNG) government has said it will honour the terms of the Papua LNG gas agreement, after months of mixed messaging that had left the project’s future in doubt.
The Chinese government has released a new report calling for a ramp-up in natural gas production in order to boost national energy security.
US super-major ConocoPhillips has signed a new production-sharing contract (PSC) for East Timor’s Bayu Undan natural gas field.
Thailand’s state-run PTT is in talks with Middle Eastern oil and gas producers to help meet the Southeast Asian country’s growing energy demand, company CEO Chansin Treenuchagron has said.
Philippine power utility First Gen has awarded an engineering, procurement and construction (EPC) contract for the Batangas liquefied natural gas (LNG) project to Japanese engineering outfit JGC.
State-run PetroChina has recorded a 3.6% year-on-year increase in its first-half net profit to CNY28.42bn ($3.96bn) on the back of stronger oil and gas sales.
The Indian government is reportedly considering an INR54bn ($748mn) loan to fund a new natural gas pipeline that will connect several major cities in the country’s north-east.
India’s state-run ONGC Videsh Ltd (OVL) has reportedly sought a two-year extension to a block offshore Vietnam, which lies partly in waters claimed by China.
India’s state-owned Oil and Natural Gas Corp. (ONGC) has reportedly drawn up a four-year, $400mn development plan for blocks won in the country’s first three Open Acreage Licence Programme (OALP) bid rounds.
The Australian Taxation Office (ATO) has demanded that Royal Dutch Shell pay a A$755mn ($509.3mn) bill for unpaid taxes on its stake in the Browse natural gas project offshore Western Australia.
Testing of two new discoveries at one of Pakistan’s most prolific blocks has provided a much-needed boost to the country’s beleaguered upstream.
China’s state-run Sinopec Corp., Asia’s largest refiner, saw its first-half net profit shrink 24.7% year on year to CNY31.34bn yuan ($4.38bn) on the back of heightened domestic competition.
A consortium led by Italian major Eni has won an offshore exploration block in Indonesia’s second bid round of conventional fields for 2019.
The Indian government has offered seven new exploration acreages under the fourth Open Acreage Licensing Policy (OALP) bid round as it strives to boost a steady decline in national oil and gas production.
India’s Bharat Petroleum Corporation Ltd (BPCL) has unveiled plans to build an offshore LNG import terminal at Krishnapatnam in Andhra Pradesh.
India’s state-run Oil and Natural Gas Corp. (ONGC) intends to drill 46 exploration wells in 12 onshore blocks in Gujarat State.
India’s efforts to spur consumption of natural gas is helping to attract billions in investment, but a growing reliance on foreign supplies is driving the government to review its long-term import contracts.
Indonesia’s state-owned Pertamina saw its first-half net profit soar 112% year on year to US$660mn on the back of lower oil prices and reduced crude imports, finance director Pahala Mansury told reporters on August 26.
Royal Dutch Shell sold its remaining stake in Indian city gas distribution (CGD) company Mahanagar Gas Ltd (MGL) via a block deal on August 20.
India has touted natural gas and renewable energy as the answer to mounting urban air pollution, but structural inefficiencies within the power sector should help coal keep its pole position.
India’s state-run Oil and Natural Gas Corp. (ONGC) has unveiled plans to double its oil and gas production by 2040 while also tripling its revenue.
Indonesia-focused Conrad Petroleum has contracted a jack-up drilling rig for a two-well programme at its Duyung production-sharing contract (PSC) after securing government approvals for the development earlier this year.
Shenzhen Gas has said it will launch operations at its wholly owned liquefied natural gas (LNG) import terminal in southern China’s Shenzhen City this week.
South Korea and Japan’s ongoing trade dispute could lead Seoul to ban kerosene exports to its neighbour ahead of the winter heating season, driving up prices for Japanese buyers in the process.
After several months of mixed messaging from the Papua New Guinea (PNG) government, the future of the Papua LNG project is once more unclear.
Australian developer Oilex has filed a $23.3mn counterclaim against the Timor Leste government relating to an ongoing dispute over an offshore production-sharing contract (PSC).
Two CNPC subsidiaries have dropped plans to import several cargoes of Venezuelan oil in light of the US government’s new sanctions on Caracas.
Q2 profit significantly above market average expectation mainly thanks to hefty deferred tax gain recorded by oil refiner.
Japanese utilities are becoming more aggressive in their price reviews for long-term LNG contracts and seeking to buy more LNG on the spot market.
Papua New Guinea (PNG) Petroleum Minister Kerenga Kua has said the government will stand behind the natural gas agreement it signed in April, paving the way for the development of the Papua LNG project.