Exxon withdraws from talks with Guyana about shallow water oil blocks, says the government
Exxon Mobil, a U.S. oil company and its partners pulled out of negotiations on Thursday with Guyana’s government over terms for exploring and developing an oil block in shallow water. Exxon, Hess of the United States and CNOOC from China won the offshore block S8 during a bid round that was launched by President Irfaan Ali in late 2022 to diversify Guyana’s energy industry. Exxon officials and Exxon had stated…
Report: Senior aide of Argentina's Milei claims Shell is eyeing LNG investment
According to the newspaper La Nacion, the cabinet chief of Argentine president Javier Milei cited Shell as a possible investor in a future liquefied gas (LNG), project that will be managed by YPF, Argentina's state-owned oil company. La Nacion reported that Guillermo Francos, the Cabinet Chief, said during an event the major energy company had shown "strong interest" for a possible LNG investment in the nation.
Report: Senior aide of Argentina's Milei claims Shell is eyeing LNG investment
According to the newspaper La Nacion, the cabinet chief of Argentine president Javier Milei cited Shell as a possible investor in a future liquefied gas (LNG), project that will be managed by YPF, Argentina's state-owned oil company. La Nacion reported that Guillermo Francos, the Cabinet Chief, said during an event the major energy company had shown "strong interest" for a possible LNG investment in the nation.
Petronas Indonesia plans major expansion, says country head
Petronas, the Malaysian state-owned energy company, plans to expand "aggressively" in Indonesia. It will create a hub in East Java for its operations and invest in exploration of Indonesia's remote eastern regions. The new government of Indonesian President Prabowo Subito, which came into office in this month, pledged to boost energy development and reverse a decade-long decline by the former OPEC country. Yuzaini Md Yusof is the head of Petronas Indonesia.
Drill, baby, drill in Argentina's Vaca Muerta shale lands!
Argentina's new, market-friendly government, and concerns about oil supplies from the Middle East, and elsewhere, are driving a boom in drilling and production in the Patagonian South, which is home to the giant Vaca Muerta shale, Spanish for "Dead Cow". In the flat, arid terrain, the production of shale oil and gas is surging. Fracking wells have been drilled in record numbers, and pipelines have been built to transport gas to the capital Buenos Aires – and beyond once LNG plants are operational.
Malaysia's natural gas and crude oil production will decline by 2025
KUALA LUMPUR - Malaysia's government announced on Friday that it expects a lower crude oil and natural gas output in 2025 as a result of planned maintenance shutdowns and a softer demand for some export markets. In a report that was released along with its budget for 2025, the government stated that natural gas production would decline in 2025 as a result of the planned closures in the state of Sarawak due to maintenance. The government did not identify the two facilities.
Malaysian PM: Petronas exploration in South China Sea to continue
Anwar Ibrahim, Malaysia's prime minister, reiterated on Tuesday that the state-owned energy company Petronas would continue to conduct oil exploration in Malaysia's Exclusive Economic Zone (EEZ) of the South China Sea despite China's objections. He told the parliament that this includes exploration activities for Petronas Kasawari Gas Development off Sarawak State on Borneo. Anwar stated, "We will continue to discuss with all countries.
Canadian Natural Gas Companies eager to capitalize on the LNG boom flood the market with excess supply
Analysts said that a huge LNG Canada terminal, led by Shell, could struggle to raise Canadian natural-gas prices dramatically when it begins operating next year, because of a glut of supply waiting to be released. Storage was full, and the price of a million British thermal unit (mmBtu), which had been at a high for two years, dropped to 5 Canadian cents in late September. The slump hurts producers who increased…
Mitsubishi increases stake in Malaysia LNG
The Japanese trading house Mitsubishi announced on Friday that it will expand its ownership of a major project in Malaysia involving liquefied gas. It has acquired 10% stakes in both the Dua and Tiga unit of the Malaysia LNG Plant. Malaysia LNG, operated by Malaysian energy giant Petronas, is one of the largest LNG facilities in the world. It has a total capacity of 29,3 million metric tonnes from four production units: Satu, Dua Tiga, Train 9.
Malaysia won't stop South China Sea exploration, despite China protests says PM
Anwar Ibrahim, Malaysia's Prime Minister, said that the country would not stop oil and gas exploration on the South China Sea in spite of Beijing's claims that Malaysia had infringed on its territory. Anwar, who is currently in Russia on an official visit, stated that Malaysia's exploration was within its own territory, and it wasn't meant to be provocative towards China. Anwar stated in a Vladivostok televised…
Meet ZEUS, a Proposed Zero-emission Power Station
Aker Solutions, PETRONAS Carigali Sdn. Bhd., MISC Bhd and Clean Energy System Inc, signed a Memorandum of Understanding (MOU), effectively commencing the Zero Emission Power Station (ZEUS) pilot project, an energy solution that uses oxyfuel combustion with immediate CO2 capture and storage.The ZEUS technology employs advanced oxyfuel combustion to convert high CO2 natural gas into dispatchable power while capturing 100% of the CO2 emissions.
Survival of the fittest: petrochemical manufacturers battle global glut
The survival mode of petrochemical producers is on in Europe and Asia. Years of capacity building in China, the top market for petrochemicals, and high energy prices in Europe have pushed margins down two years in a row. The weakness of the sector is concerning for an oil industry that looks to petrochemicals as a way to maintain profits in future years when transportation fuel demand will fall with the energy shift.
Fratelli Cosulich Inks Charter Deal for LNG Bunkering Vessel
Italian shipowner Fratelli Cosulich and PETCO Trading Labuan Company Limited (PTLCL), a trading arm of Malaysian energy company Petronas, have signed a two-year charter agreement for Paolina Cosulich LNG bunker barge.Operating under PTLCL, a global energy solutions provider in key bunker hubs with network in Southeast Asia, Japan, Middle East and South Africa, Paolina Cosulich will cater to the increasing…
Petronas Clean Energy Arm Sees India, Australia as Key in Rapid Growth Plans
Gentari, the clean energy arm of Malaysia's state oil firm Petronas, sees India and Australia as its key markets for growth and expects to tap more financing to meet its ambitious targets, its chief executive told Reuters.Petronas launched Gentari as a separate entity in June, aiming to build renewable energy capacity of 30-40 gigawatts and produce up to 1.2 million tonnes per year of hydrogen by 2030 in Asia Pacific.It also plans to establish 25…
RENEWABLE ENERGY: Smart Power Buoy - Wave Power Expands Recharge at Sea Possibilities
From powering sensor systems to recharging autonomous vehicles to feeding the power grid, Resen Waves is making step changes in the renewable wave power market. Roland Boysen, CCO, discussed the technology and the potential with MTR.While generations of innovators have attempted, to varying degrees of success, to harness the tremendous renewable power potential of waves, the Danish company Resen Waves contends it is able to do just that…
Asian LNG Prices Steady on Ample Supply despite U.S. Cargo Cancellations
Asian spot liquefied natural gas (LNG) prices remained steady this week on a continued stream of spot supply even though traders continued to cancel cargoes loading from the United States due to poor economics. The average LNG price for August delivery into northeast Asia was estimated to be about $2.20 per million British thermal units (mmBtu), slightly lower than the previous week, trade sources said. Buyers…
Petronas Braces for Severe 2020 Hit. 1Q Profit Down 68%
Malaysian state oil firm Petronas posted a 68% slump in first-quarter profit on Friday and said it would cut capital expenditure and operating expenses as it braces for a big hit to its full-year performance due to the coronavirus pandemic.Petronas pointed to "unprecedented" market conditions resulting from a combination of severe demand destruction from the pandemic and a global oil market glut."The Board expects the overall financial year performance will be significantly affected by these factors," it
Petronas Farms Out Part of Suriname Offshore Block to Exxon
Malaysian oil and gas company Petronas has completed the farm-down of a 50% stake in an offshore Suriname block to a subsidiary of ExxonMobil.The offshore block, known as Block 52, is located north of the coast of Paramaribo, Suriname’s capital city, and is situated in the prospective Suriname-Guyana basin where several major hydrocarbon discoveries were made recently. Block 52 covers an area of 4,749 km² with water depths ranging from 50 to 1…
Virus Lockdowns Pummel Global Gas Demand, Force LNG Output Cuts
Lockdowns to slow the coronavirus pandemic are pummelling gas demand in the world's biggest buyers of liquefied natural gas (LNG), pushing Asia's spot prices to record lows and forcing some suppliers to start cutting output. Economies worldwide have ground to a halt as virus containment measures have taken their toll, slashing gas demand for power generation, heating, cooking, vehicles and chemical manufacture.
Malaysia in Shanghai LNG Supply Pact
Malaysian state-run giant Petroliam Nasional (Petronas) subsidiary Petronas LNG (PLL) has signed a 12-year liquefied natural gas (LNG) supply deal with China’s Shenergy Group. Under the terms of the 12-year heads of agreement (HOA), Petronas LNG will supply approximately 1.5 million tonnes per annum (MTPA) of LNG to Shenergy’s Wuhaogou receiving terminal.Additionally, the LNG supply agreement involves a shipping collaboration to construct and charter new mid-sized LNG vessels.
