Russell: ADNOC must offer more than just money to make the Santos deal work.
Abu Dhabi National Oil Company's (ADNOC) $18.7billion bid for Australian liquefied gas producer Santos faces a much higher hurdle than the money offered. The politics surrounding the deal, which would represent Australia's biggest-ever cash takeover in history, are becoming increasingly difficult to overcome. ADNOC, Australia's second largest oil and gas company launched its bid in June, and a preliminary due diligence was to be completed no later than August. The deal was delayed from August 19 to September 19, despite the fact that no major problems were found with the transaction.
Russell: ADNOC must offer more than just money to make the Santos deal work.
Abu Dhabi National Oil Company's (ADNOC) $18,7 billion bid for Australian liquefied gas producer Santos faces a much higher hurdle than the money offered. The politics surrounding the deal, which would represent Australia's biggest-ever cash takeover in history, are becoming increasingly difficult to overcome. ADNOC began its bid in June for Santos, Australia’s second largest oil and gas company. A due diligence initial was to be completed before August. The deal was postponed from August to September 19, despite the fact that no major problems were found.
Asian Spot LNG Prices Decline, Weak Demand Amidst Sanctions
Asian spot liquefied natural gas (LNG) prices declined this week due to weak demand and as markets awaited further clarity on U.S. Russian energy sanctions or secondary tariffs.The average LNG price for September delivery into north-east Asia LNG-AS was at $11.90 per million British thermal units (mmBtu), down from $12.10/mmBtu last week, industry sources estimated.Spot global gas prices have been relatively rangebound since the start of summer gas season in April, with a brief spike during the Iran strikes in June, said Alex Froley, senior LNG analyst at ICIS…
Asian Spot LNG Prices Fall to Ten-Week Low
Asian spot liquefied natural gas (LNG) prices slipped for a second consecutive week to a ten-week low, weighed down by tepid demand and increasing supply from new projects.The average LNG price for September delivery into north-east Asia LNG-AS was at $11.90 per million British thermal units (mmBtu), industry sources estimated. This is down from $12.30/mmBtu last week and its lowest since May 16."Prices fell this week in part because of persistent weak Asian demand, with limited additional spot demand in northeast Asia during a heatwave because much of the additional cooling demand is being met by cheaper coal-fired generation…
Halliburton profits slump on weak drilling demand in North America and the Middle East
Halliburton announced a 33% drop in profits for the second quarter Tuesday due to weak demand in North America, Saudi Arabia, and Kuwait. The company warned of a negative impact on earnings in the second quarter due to President Donald Trump’s tariffs, and lower oilfield activities in North America. This was because producers analyzed drilling and completions with low oil prices. Halliburton CEO Jeff Miller stated in a press release that the oilfield services market would be weaker than he had anticipated over the short-to-medium term. North America's quarterly revenue dropped 9%, to $2.26 Billion.
Industry body: China is on track to surpass 2030 pumped-storage hydro target by 8 percent
The International Hydropower Association (IHA), which represents the hydropower industry, said that China will surpass its 2030 target for pumped-storage hydropower by more than 8 percent and could reach 130 gigawatts by the end decade. In a press release, the IHA stated that in 2024, the world's second largest economy will add 7.75 GW to its installed pumped-hydro capacity, bringing it up to 58.69GW. It added that more than 200 GW worth of these projects are currently under construction. This represents a third the total number of projects of this type under development worldwide. China has called for more investment in energy storage.
Mitsui OSK To Asses EU Sanction Impact On Its LNG Vessels
Japan's second-largest shipping company Mitsui O.S.K. Lines (MOL) said it is carefully assessing the impact on three of its liquefied natural gas vessels of new sanctions imposed by the European Union against Russia."We will continue to fully cooperate with the relevant authorities, including the European Union and the Japanese government, and remain committed to complying with all applicable laws, regulations, and international rules," said a company spokesperson on Wednesday."We will take appropriate measures as necessary, in accordance with our rights and obligations."On Tuesday…
Indonesia awarded five oil and gas blocks as it seeks energy security
Indonesia has awarded five oil blocks and gas blocks to various companies, the energy ministry announced on Wednesday. The country is trying to increase its oil reserves and energy security. In the next few years, the government will offer more than 60 oil and natural gas blocks in an effort to reverse the decade-long decline of production. In an online broadcast of Wednesday's awards, Tri Winarno said that the government hoped these auction winners would be able contribute to Indonesian energy security in the future. Indonesia awarded the Gaea II and Gaea I blocks in West Papua…
Indonesia makes trade concessions to the US before talks
Indonesia made a series of concessions to the U.S. on Tuesday. These included reducing taxes on steel and electronic goods, in advance of negotiations with Washington regarding President Donald Trump's tariffs. Next week, the largest economy in South East Asia will send a delegation of high-level officials to the United States to seek a deal that would ease the impact on Wednesday's 32% tariff. Airlangga Hartarto will lead Indonesia's delegation to the U.S. and said that Indonesia intends to purchase liquefied gas, liquefied gas natural, and soybeans as part of its negotiations.
Alaska Governor briefs Trump on Asia Gas Push as Tariffs Bite
Alaska's Governor said that he would brief U.S. president Donald Trump's Administration after returning from Japan in the next week about progress made to secure Asian support for a project to develop natural gas, which has been part of a larger discussion on tariffs and trade. Governor Mike Dunleavy and the leaders of the state-run Alaska Gasline Development Corporation and Glenfarne Group visited Taiwan, Thailand and Japan to seek investors and long-term purchasers for a Trump-inspired project. The visit of the Alaskan delegation coincided with a renewed pressure on trade from Washington.
Six US LNG cargoes diverted to Europe by LNG traders
Analysts and shipping data indicate that traders diverted six cargoes of LNG bound for Asia into Europe in the first half of this month due to higher European prices, and weaker Asian demand. Weather forecasts indicate lower temperatures for northwest Europe. Data from analytics firm Kpler revealed that the vessels were loaded in America and initially headed for China, South Korea Thailand and Singapore. Between Jan. 8-14, the vessels changed course in the Atlantic Ocean and were destined for Europe. The diversions occur because Asian prices don't keep a sufficient premium over European prices to attract the cargoes…
China's carbon power will rise in 2024, surpassing expectations that coal would peak
Official data released on Friday showed that China's thermal power generation, which is mainly coal-powered, increased by 1.5% between 2024 and 2025. This was contrary to expectations, as coal generation had been expected to peak. However, growth has slowed down, reaching its lowest level in nine years, excluding years during the COVID-19 epidemic. The data revealed the difficulties in eliminating coal-fired energy while still meeting China's growing demand for electricity to power its energy-hungry industry and electrify its economy. The decarbonisation of China is largely attributed to the power sector, which has been a major contributor to its electrification.
Singapore's ChemOne delays Pengerang complex's start to 2028
ChemOne Group, a Singapore-based company, has announced that it will delay the start of construction of its Pengerang Energy Complex to the fourth quarter 2028. Construction is expected to begin in mid-2025. This comes after the group secured more funding for the project. The company announced that the project had secured an agreement for funding of $3.5 billion. Alwyn Bowden said that the PEC project will be a major driver for the demand for high-quality aromatics on a medium to long-term basis, as the petrochemicals sector is expected to grow exponentially along with rapid economic growth in East Asia and Southeast Asia.
Mooreast Appoints Ellingsen as CEO
Mooreast Holdings Ltd. announced today it will appoint Mr Eirik Ellingsen, a Norwegian with deep experience in the offshore and marine sector, as Chief Executive Officer (“CEO”) amid growing adoption of floating wind energy projects worldwide.Mr Ellingsen will assume the role of CEO at Mooreast on 1 January 2025. He will be taking over from Mr Sim Koon Lam, the founder, who will continue to serve as Executive Director and Deputy Chairman of the Group.Mooreast is a total mooring solutions specialist and an ultra-high power anchor manufacturer primarily serving the offshore renewable energy, offshore oil & gas and marine industries.
Spot prices fall on increasing wind and solar volumes
The European power price fell on Thursday as a result of the expectation that wind and solar energy will be more available in the days ahead. This overshadowed the effect of the rising demand due to the cooling temperatures. At 0820 GMT, the price of German baseload electricity for Friday had fallen by 71.1% to 17.0 euros per Megawatt Hour (MWh). The French equivalent contract was 21.0 euros/MWh down 16.8%. LSEG data indicated that the German wind power production was expected to be 41.1 gigawatts on Friday compared to 30.5 GW Thursday. In Germany and France, solar output is expected to increase by 2.7 GW per day to reach 11.2 GW.
Greenpeace reports that China has reduced new coal power plant approvals by almost 80%.
A report by an environmental group shows that China, the largest coal-fired power station builder in the world, has cut the number permits for new plants almost 80% during the first half 2024. The report says time will tell if this is a turning point. Based on data from new project approvals, the Greenpeace East Asia Report also found that China's combined solar and wind capacity of 11.8 Terawatts (TW), exceeded coal capacity (11.7TW), for the first in the first half. This capacity accounted for 84.2% all new grid-connected power. The report released on Tuesday shows that China also commissioned 14 coal power plants, with a total of 10.3 gigawatts of capacity.
Pick your Poison: NOAA Study Finds Less Air Pollution brings more Hurricanes
A new study from NOAA finds that reducing air pollution in North America & Europe brings more hurricanes; increased pollution in Asia reduces tropical cyclonesA NOAA study published in the journal Science Advances about four decades of tropical cyclones reveals the surprising result that reducing particulate air pollution in Europe and North America has contributed to an increase in the number of tropical cyclones in the North Atlantic basin and a decrease in the number of these storms in the Southern Hemisphere. The study also found that…
What to Expect from the US Offshore Wind Market This Year
After many false starts, the U.S. offshore wind market is building strong roots for a solid future. But as the market develops from its current northeast and mid-Atlantic niche new opportunities and challenges arise.The U.S. offshore wind market has long been seen as not delivering on its significant potential. With an offshore wind technical potential of more than double that of the country’s total annual electricity sales, the U.S. has long been seen as having the potential to be a major player in the global offshore wind market. However…
Floating Solar: DNV Advises on Indonesian Floating Solar Photovoltaic Project
Floating solar photovoltaic (PV), initially considered a niche technology, is now the fastest-growing solar PV category, alongside ground-mounted utility-scale solar and rooftop PV. As of August 2020, more than 60 countries have actively pursued the deployment of floating PV, with more than 35 installing an estimated 350 operational floating PV systems, equal to a total 2.6 GW of installed capacity. DNV acted as the Lender’s Technical Advisor, during the development phase, for Indonesia’s first-ever floating solar photovoltaic (PV) project at Cirata Reservoir in West Java. The project owner, PT.
Wave Energy Developer Plots Strong Growth Plan in '22, IPO in '23
South Korean wave energy developer INGINE revealed ambitious growth plans for 2022,its10th anniversary.Today the company is approaching a landmark fifth year of wave energy operation in North East Asia, via the Jeju Bukchon Wave Power Plant built in 2015. Additional international projects will see expansion across four continents throughout 2022 and beyond.This includes a Vietnamese and Korean initiative in Quang Ngai province - through a five-party MoU involving Quang Ngai People’s Committee, INGINE, SK Innovation, Doosan Vina and VinGroup…