Asia/Pacific

EU to Tighten Hydrogen Funding Rules Amid Cheap Chinese Imports

The European Commission is working on tighter rules to ensure EU funding for hydrogen projects benefits European companies, after local industries raised concerns over cheap Chinese imports, the EU's head of climate change policy said on Monday.

India's ONGC Seeks U.S. License to Operate Venezuela Oil Projects

India's ONGC Videsh Ltd. is seeking U.S. approval to operate two projects in sanction-hit Venezuela to boost output.

OPEC+ Set to Move Forward with October Output Hike Despite Demand Woes, Sources Say

OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand, six sources from the producer group told Reuters.

Mexico Pacific Signs 20-Year LNG Deal with POSCO International

Mexico Pacific has finalized a 20-year sales and purchase agreement with POSCO International, a leading energy trading company from Korea.

Nigeria's NNPC Expands LNG Shipments to China and Japan

State-owned Nigerian oil company NNPC has expanded shipments of liquefied natural gas (LNG) cargoes to a port in China after its first delivery to Japan in June, it said on Monday.

China's Hygreen Energy to Invest $2.2 Billion in Spanish Green Hydrogen Plant

The investment is part of a broader set of agreements, which include a deal with Spanish firm Coxabengoa to manufacture and develop green hydrogen technology in the Spanish region.

Enbridge Predicts Rising Oil Demand Through 2050 as U.S. Supply Grows

Enbridge CEO Greg Ebel predicts global oil demand could surpass 110 million barrels per day by 2050, prompting significant investments in U.S. supply and LNG expansion.

Inpex Plans October Restart for Ichthys LNG's Train 2 Following Repairs

The production train at the plant in Darwin, Australia, was halted on Aug. 20 and is the plant's second train outage in the past month.

CNPC Eyes Global Expansion, Aims to Revive Bold Dealmaking

CNPC, Asia's top oil producer, is reviewing its global strategy as it looks to revive dealmaking, eyeing gas liquefaction and deepsea drilling as well as building on its record of producing more from aging wells, the head of its research arm said.

New Zealand to Reverse Oil and Gas Exploration Ban, Ease LNG Import Rules

New Zealand said on Monday it would pass laws by the end of this year to reverse a ban on offshore oil and gas exploration and take urgent steps to remove regulatory hurdles to import LNG amid energy shortages.

Morgan Stanley Cuts 2024 Oil Demand Forecast on China's LNG Truck Growth, Economic Slowdown

Morgan Stanley has lowered its global oil demand growth forecast for 2024, mainly due to China's slower economic growth, increased electric vehicle usage there, and a rise in the number of trucks in China powered by LNG.

Vietnam's Newest LNG Terminal Prepares for Commissioning with October Cargo

Vietnam's Cai Mep LNG terminal is seeking a cargo to initiate commissioning tests, two industry sources said, putting it on track to become the country's second terminal to bring in the fuel.

Philippines' Top Oil Storage Firm Seeks Strategic Investor, Valuation Could Reach $500 Million

Owners of Philippine Tank Storage International are seeking to bring a strategic investor into the company that runs the biggest petroleum products import storage facility in the country, sources told Reuters.

Global News August 2024

Latest industry developments from around the world!

U.S. Oil Export Growth Slows as Output and Global Demand Wane

U.S. crude oil export gains should plateau in 2024 after years of strong growth, with domestic output expected to increase by the smallest amount since the pandemic at a time when global oil demand remains sluggish.

EnerMech Secures Two Pipeline Pre-Commissioning Contracts in Malaysia

EnerMech has been awarded two pipeline pre-commissioning contracts in offshore East Malaysia. These contracts involve pre-commissioning work in both deep and shallow water environments.

Petronas Teams Up with ADNOC, Storegga to Develop Carbon Capture in Malaysia

Malaysia' Petronas will collaborate with ADNOC and U.K.-based Storegga to evaluate carbon dioxide emissions storage in Malaysia, the companies said on Tuesday.

India's Petronet Signs 5-Year LNG Supply Deal with Sri Lanka's LTL Holdings

Indian state-run firm Petronet LNG said on Tuesday it signed a deal to supply liquefied natural gas to Sri Lankan engineering firm LTL Holdings' power plants in Colombo.

Goldman Sachs Predicts Brent to Fall Amid Soft China Demand

Goldman Sachs on Tuesday said it expected Brent crude prices to fall to $68 per barrel by late 2025 if China oil demand remains flat through end of next year.

Swan Energy to Sell $399 Million Stake in LNG Terminal to Turkish Firm

Indian oil and gas firm Swan Energy plans to sell a stake in one of its LNG terminals to Turkish state energy company BOTAS in a deal worth $399 million, it said in an exchange filing on Wednesday.

Iran Pushes Oil Exports to New Destinations, Including Bangladesh and Oman

Iran has sent small shipments of crude oil to new destinations such as Bangladesh and Oman, according to shipping sources and data, the latest sign of Tehran pushing to sustain output at close to its highest in five years.

Malaysia's Petronas Requests LNG Cargo Deferments, Sources Say

Malaysia's Petronas has requested buyers defer some loadings of LNG from its Bintulu complex due to operational issues at one production train, two industry sources said on Thursday.

Osaka Gas Targets Steady LNG Volume of 11.5 Million Tons by 2030

Japanese city gas provider Osaka Gas aims to maintain annual handling volume of liquefied natural gas at 11.5 million metric tons in the fiscal 2030 year, an executive said on Thursday.

Osaka Gas, ADNOC Sign Landmark Agreement for Long-Term LNG Supply

Osaka Gas has signed a long-term deal with UAE's ADNOC for the delivery of up to 0.8 million metric tons per annum of liquefied natural gas to secure stable supplies.

J-Power Teams Up with Australian Firms on Carbon Capture

Through the partnership, the three companies aim to commercialize a project to capture carbon dioxide (CO2) emitted in Japan, Australia and the surrounding region and store it in Australia, they said in a statement.

Analysis: China's Weak Diesel Consumption Squeezes Outlook for Oil Demand

China's slumping consumption of diesel, as use of LNG-powered trucks grows, is weighing on domestic fuel demand, with forecasters warning of further risks from a sluggish economy hobbled by a prolonged crisis in the property sector.

U.S. Dominates Global Natural Gas Production and LNG Exports

The U.S. has reinforced its position as the leading global producer of natural gas and LNG exporter, with notable increases in LNG supply and significant reductions in European and Russian gas imports.

Oil Prices Rebound After Hamas Leader's Death, Gains Capped by China Concerns

Oil prices rose nearly 3% on Wednesday, rebounding from seven-week lows after the killing of a Hamas leader in Iran ratcheted up tensions in the Middle East and a sharp drawdown in U.S. crude stockpiles.

India's HPCL Seeks LNG Deals, Eyes December Start for New Terminal

India's Hindustan Petroleum is scouting for LNG import deals as it expects to start its 5 million ton per year LNG terminal in western India by end of this year, its head of finance said on Tuesday.

CF Energy to Build Natural Gas Pipeline for Xinhui Daze Project

The pipeline will supply natural gas to the Xinhui Daze gas thermal power project in Daze, Xinhui, Jiangmen, Guangdong.