News

  • LNG remains top choice for lower-carbon shipping

    NEWS

    LNG remains top choice for lower-carbon shipping

    Liquefied natural gas (LNG) continues to be the fuel of choice for lower-carbon shipping, according to analysis by Rystad Energy, despite the rise in orders for vessels equipped with dual-fuel methanol and ammo... more

  • US reimposes Venezuela oil sanctions with door open for special licenses

    NEWS

    US reimposes Venezuela oil sanctions with door open for special licenses

    The Biden Administration has announced the reimposition of sanctions on the oil industry in Venezuela, maintaining its stance that without a fair election, there will be no extension of the relief. This move... more

  • Woodside reports successful reserves update as a result of merger with BHP

    NEWS

    Woodside’s Q1 2024 report highlights production and revenue challenges

    Woodside Energy recently released its financial report for the first quarter of 2024, revealing a 7 per cent decrease in quarterly production and a 12 per cent drop in revenue compared to the previous quarter. ... more

  • Woodside’s chairman encourages shareholder participation in 2024 AGM

    NEWS

    Woodside encourages shareholder participation in 2024 AGM

    Woodside Energy’s chairman Richard Goyder — in a letter to shareholders — has urged active participation in the upcoming 2024 Annual General Meeting (AGM) scheduled for 24 April 2024. The AGM, to be he... more

  • LNG remains top choice for lower-carbon shipping
  • US reimposes Venezuela oil sanctions with door open for special licenses
  • Woodside’s Q1 2024 report highlights production and revenue challenges
  • Woodside encourages shareholder participation in 2024 AGM

Uncertainty looms over Venezuela’s oil industry

Rystad Energy's Senior Vice President, Jorge León, stated that the future of Venezuela's oil industry remains uncertain as the deadline for US sanctions relief on Venezuela ends on April 18, 2024. The potential outcomes hinge on whether the US decides to reimpose sanctions or keep them lifted. If sanctions are not reimposed, Venezuela could see its oil production surpass one million barrels per day (bpd) as early as December this year — reaching 1.12 million bpd by the end of 2025. However, if sanctions are reinstated, production is expected to remain flat at around 890,000 bpd. The decision regarding sanctions…

Australian gas industry continues to deliver for domestic market

The Australian Competition and Consumer Commission (ACCC) has confirmed that Australia’s gas industry remains committed to supplying the domestic market. However, its Gas Inquiry March 2024 Interim Report has once again highlighted that southern states are relying on gas from the north to meet their energy needs. According to the report, the gas industry played a crucial role in providing reliable and affordable energy to Australian homes and businesses. The report, which examined the third quarter of 2024, estimated that east coast supplies would be in surplus by 6 petajoules (PJ). Despite this surplus, New South Wales and Victoria, which…

Mitsui & Co. to commence new CCS project in Malaysia

Mitsui & Co., Ltd. has announced the signing of memorandums of understanding (MOUs) with Mitsubishi UBE Cement Corporation (MUCC) and Resonac Corporation for joint studies aimed at establishing a carbon capture and storage (CCS) value chain. The project includes the capture, transportation, and storage of CO2 at an offshore site in Malaysia, developed jointly with Malaysia's state-owned oil company and a global multi-energy company. Under the MOUs, MUCC and Resonac will conduct studies on the separation, capture, liquefaction, and temporary storage of CO2 emitted at MUCC's Ube Cement Plant and Resonac's Oita Complex. Mitsui will study the transportation and storage…

WA’s domestic gas market in flux as supply sources mature

With gas demand slowly outstripping supply, Western Australia’s once well-supplied domestic gas market is now tight, and further volatility is expected until new volumes come online later in the decade, according to a new report from Wood Mackenzie. The Western Australia’s Domestic Gas Supply / Demand Balance 2024 report shows that gas and renewables will replace coal-fired generation in Western Australia during the 2030s. This shift is likely to raise the state’s demand for gas by approximately 10 per cent. “The region’s largest customers for gas are the mining and mineral processing industries, and they are on a decarbonisation journey.…

Latest data shows Australia’s LNG export earnings will decline

According to the latest Resources and Energy Quarterly, Australian resource and energy export earnings are forecast to be $417 billion in 2023–24, down from a record $466 billion in 2022–23 following a spike in energy prices. Australia’s LNG export revenues are expected to decline from $72 billion in 2023-24 to $65 billion in 2024-25, and then settle at $50-55 billion in the period from 2025-26 to 2028-29. Lower prices will drive the falls. Export volumes are expected to hold close to 80 Mt annually during this period but may decrease in the latter years as producing reserves start to deplete.…

Mikael Karlsson joins Equinor ASA Board of Directors

Mikael Karlsson has been elected as a new member of the board of directors of Equinor ASA — a major Norwegian energy company. The election took place during a meeting in the corporate assembly of Equinor ASA on 20 March 2024. Karlsson, a partner and Vice Chairman of Actis Capital, a leading global investment firm, brings a wealth of experience to Equinor's board. He served as Chief Investment Officer at Actis from 2021 to 2023, and before that, he held the role of Head of Energy and Infrastructure at the firm from 2015 to 2021. Before joining Actis, Karlsson served…

Blockchain to revolutionise operations in the oil and gas sector

Blockchain technology is gaining traction in the oil and gas sector — offering innovative solutions for service contracts, pricing reviews, and transaction life cycle support. It has the potential to reduce costs and improve process efficiencies. According to GlobalData Blockchain in Oil and Gas report, blockchain offers enhanced transparency, compliance, and data security in the industry. Major companies like ADNOC, BP, Eni, Equinor, Repsol, and Shell are actively developing blockchain to address industry challenges. GlobalData Oil and Gas Analyst Ravindra Puranik noted that blockchain has evolved beyond supply chain optimisation to support transaction processing with smart contracts. Consortiums have played a…