AsianOil - Asia Oil & Gas

Chinese links to Iran raise eyebrows on oil markets

Late May saw the authorities in China move to sign a number of new deals with Iran, seemingly ignoring US objections to Russia having done the same a week prior when Moscow signed 10 deals of its own related to Tehran’s oil and gas sectors.

ONGC plans $12bn investment in renewables, will go net-zero by 2038

Oil and Natural Gas Corporation (ONGC) of India has announced that it will invest more than $12bn in renewable energy by 2030 with the intention of reaching its own net-zero target by 2038.

Taiwan’s Yang Ming turns to Hyundai for five LNG-fuelled vessels

Leading Taiwanese shipping company Yang Ming has ordered five 15,500 tonne twenty-foot equivalent unit (TEU) LNG powered container ships from Hyundai Heavy Industries (HHI) in South Korea.

India’s LNG imports rise in May for third consecutive month

Imports of LNG in India have risen in May for a third straight month, marking a sharp shift from years of weak demand for the super-chilled fuel. May’s total imports climbed to 2.7bn cubic metres.

JX Nippon acquires 2% stake from TotalEnergies for Papua New Guinea project

JX Nippon Oil & Gas Exploration revealed on June 2 that it has agreed to purchase from TotalEnergies a 2.58% interest in the PRL15 licence in the Gulf Province onshore Papua New Guinea, Offshore Technology reports.

Australia tweaks taxation to secure more from LNG sector

The Australian government has implemented changes to the Petroleum Resource Rent Tax (PRRT) that limit the extent to which taxable profits can be offset by deductions based on initial capital expenditure, causing mixed reactions.

Chevron produces first gas from Gorgon LNG Stage Two in Australia

Chevron and its partners in the Gorgon LNG project revealed on June 6 that the production of first gas has occurred from the Gorgon Stage Two development off the coast of Western Australia, LNG Prime reports.

Indonesian Energy Minister: Pertamina to acquire Shell’s stake in Masela LNG

Indonesian state energy company Pertamina will take over Shell’s 35% stake in the Masela LNG project, Reuters reported on June 5 citing the country’s energy minister, Arifin Tasrif.

Indian, Chinese oil imports from Russia reach new height in May

Intake of Russian oil by China and India soared to a new height in May, as buyers continued to take advantage of discounted cargoes, while the two countries cut back on imports from the Middle East and Africa.

Saudi cuts deeper as OPEC+ extends deal

Saudi Arabia has announced that it will cut its oil output by 1mn barrels per day in July, with OPEC+ agreeing to extend its current deal until next year.

AsianOil: Russia stuck with $1bn of rupees per month on Indian trade

PANNIER: Precarious balancing act for ‘everybody’s friend’ Central Asia

West might talk tough on Russia sanctions enforcement, but it may have to settle for half-hearted promises from region.

Russia stuck with $1bn of rupees per month on Indian trade

Russia is accumulating up to $1bn per month in rupee assets stranded outside the country due to unresolved issues in the trade relationship with India, Bloomberg reports.

So long priced out of LNG markets, developing Asia is starting to make its mark

Few energy watchers in Asia would have predicted that just over a year later Sri Lanka would be just one of an ever increasing number of developing economies turning to LNG to guarantee energy security in the years ahead.

Demand for oil in China continues to climb, records broken afresh

Just weeks after China’s oil demand broke the 15mn barrel per day mark in March, it has now smashed through the 16mn bpd mark – an all-time high for the country and according to reports, around 387,000 bpd up on the same quarter last year.

Woodside: Gas release at Pluto LNG ‘not a major incident’

A release of gas from the flare tower at the Pluto LNG project in Western Australia on May 26 was not a major incident, according to Woodside Petroleum, the operator of the Pluto project, Upstream reports.

Philippines faces power price hikes as companies switch to LNG

Filipino consumers are expected to face rising electricity costs as power companies begin to switch from natural gas drawn from the Malampaya gas field to imported LNG, which will subject the country to the vagaries of the international market.

QatarEnergy to sign 15-year LNG supply agreement with Bangladesh

State-owned petroleum company QatarEnergy will sign a long-term deal to supply LNG to Bangladesh’s Petrobangla, Nath Sarker Petrobangla’s Chairman told Reuters on May 30.

Gorgon CCS operating at one-third capacity, says Chevron Australia

One of the world’s largest carbon capture and storage facilities, Chevron’s Gorgon CCS project on Barrow Island off the north-western coast of Western Australia, is falling far below the performance that was promised.

US, Korea reportedly in talks on unfreezing $7bn of Iranian funds

Kazakhstan looks to China to diversify oil export routes

Kazakhstan is continuing its push to diversify its oil export routes, with its national oil company KazMunayGas (KMG) entering into talks with China’s CNPC on expanding two oil pipelines linking the two countries.

Kazakhstan and China in talks on oil pipelines expansion

Oil output at Russia's Sakhalin-1 project restored close to pre-war level, says India's OVL

Crude oil production at the Sakhalin-1 project in the Russian Far East has been restored to its pre-war plateau level of 200,000 barrels per day, one of its shareholders, ONGC Videsh Ltd (OVL), has reported.

AsianOil: South China Sea tensions rise as Chinese vessels remain in Vietnam's EEZ

India, China among top destinations for dirty Russian oil products

The Asian market remains the main destination for Russian vacuum gasoil (VGO) and fuel oil, as Russian producers have diverted shipments away from Europe since the EU placed an embargo on Russian petroleum products.