The Iranian war has prompted LNG buyers and suppliers to seek greater diversity in their supply.
As the US-Israeli war against Iran reduces Gulf shipments, LNG buyers are looking for 'alternatives' to the fuel. These suppliers range from West Africa to Indonesia. During last week's Gastech Conference, industry executives and officials said that while Asian governments are looking to lock in LNG sellers who have access to different sources…
When the Mideast War ends, LNG demand is expected to increase in China and India
Industry executives predict that China's and India's LNG imports will rebound from their multi-year lows when the Middle East supply crisis ends and if prices ease. This is expected to reverse a resurgence in the use of coal and oil to generate electricity?due to the U.S. - Iran war. Qatar and the United Arab Emirates are no longer able to export most of their LNG through the Strait of Hormuz.
How China's oil giants helped Beijing prepare an energy crisis
China's oil companies are at the forefront of Beijing prioritising energy security in the last decade. They have made investments that have helped to soften the impact of the closing of the Strait o'Hormuz. Sinopec PetroChina and CNOOC Ltd. have spent hundreds billions of dollars on drilling in China, while building and filling oil storage tanks for Beijing's energy security mandates. Since the U.S.
PetroChina's H1 net profit increases by 22% as fuel sales and oil prices spike.
PetroChina, China's largest gas and oil company, reported a 22% increase in its?first-half?net profit on Sunday, thanks to higher oil prices, and stronger fuel sales. A filing at the Hong Kong Stock Exchange showed that net profit attributable shareholders was 103.94 billion Yuan ($14.65?billion), up from 84?billion Yuan a year ago, and revenue rose?5.3%, to 1.5 trillion Yuan.
China's CNOOC records record profit in the first half of this year on higher oil prices and output
CNOOC Ltd, a Chinese offshore oil-and-gas major, posted a record net profit for the first half of 2012 on Wednesday. Higher oil prices resulting from the Iran War?and increased production helped to boost earnings. According to a filing at the Hong Kong Stock Exchange, net?profits attributable to investors?rose by 23.4% from 69.5 billion to 85.8 billion ($12.9 billion).
Shell invests in the next phase of Arrow Energy’s Surat Gas Project
Shell announced on Wednesday that it will invest in the next phase of the Surat Gas Project, an Australian joint venture between Shell and PetroChina, being developed by Arrow Energy. Shell stated in a press release that the project will produce 79 million standard cubic feet of gas per day at its peak and supply Queensland Curtis (QCLNG), an export facility for liquefied natural gas.
Prices for Iranian Oil Stranded at Sea Surge
Iranian oil supplies at sea are rising after Tehran ramped up exports during the interim peace deal with the United States, but sales have been slow as China's independent refiners have turned to cheaper crude from Iraq, the UAE and Qatar.The return of U.S. sanctions this week risks leaving Tehran with more cargoes searching for buyers just as shipments arrive in Asia.In recent weeks…
China taps deep shale deposits in Sichuan to boost its gas production
Sinopec experts and industry consultants say that China is increasing gas drilling in deeper, more ancient shale deposits of the Sichuan Basin, which could increase domestic production by over a third before 2035. State oil giants, whose shale-gas output is below government targets, and only 10% of China's gas production, are working to stop the slowdown by drilling 5,000 meters (16,400 feet) deep.
Woodside Energy in Australia says that it has no knowledge of any Exxon Mobil proposal.
Woodside Energy, Australia's energy company, said on Monday that it was not aware of any?proposal by Exxon Mobil in the United States and had not been involved in discussions about a possible transaction. This is in response to recent media speculation. Woodside's share price fell by 2.7% on the Australian Stock Exchange in the early trading on Monday. Oil prices dropped 4%, to their lowest level since March.
Western Australia opposes a possible Exxon acquisition of Woodside Energy
Roger Cook, Premier of the State, said that on Sunday, the West Australian government would try to prevent a takeover by Woodside Energy which involved moving its headquarters. Woodside has led the development of Australia's Liquefied Natural Gas industry since 1990. Bloomberg News, citing sources familiar with the situation, reported that ExxonMobil, a U.S.
Woodside exercises pre-emptive rights to purchase 10.67% stake of Browse JV from PetroChina
Woodside Energy announced on Friday that it had exercised its pre-emptive rights to purchase PetroChina's 10.67% share in the Browse gas fields off 'the coast of Western Australia'. This blocked a deal with Japan's INPEX. Woodside has agreed to pay PetroChina $225 million in cash and reimbursement for all contributions made up until June 30, 2025.
BP sells 5% of the Australian Browse LNG Project to South Korea’s GS Energy
GS Energy, a South Korean company, has agreed to buy 5% of BP's stake in Browse - a liquefied gas project in Western Australia. The deal leaves BP with a stake of 39.33% in the Woodside project. This project is estimated to cost A$48.7billion ($34.96billion) and aims to develop Australia’s largest untapped 'gas resource. "BP and its Partners continue to?see long-term value??
Formentera: Asian gas buyers seek more Australian gas due to supply shortage
The energy-focused U.S. investment firm, 'Formentera Partners,' said Tuesday that many Asian buyers of?oil and gas?, including Japan, might look to purchase more gas from Australia, as they struggle with a global shortage caused by the Middle East conflict. At the Australian Energy Producers Conference in Adelaide, CEO Bryan Sheffield stated that this is the first time there has been a shortage within Asia.
Inpex, a Japanese company, will buy a stake in the Australian Browse gasfield from PetroChina
Inpex, a Japanese company, announced on Friday that it would buy PetroChina's 10% share in the Browse gas field offshore of Western Australia. This is the largest undeveloped gas resource for the country. The Japanese company did not reveal the price they paid for the Chinese giant’s 10,67% stake in Brecknock Calliance Torosa Gas Fields.
Deal between Trump and Xi could boost US energy exports in China
U.S. president Donald Trump is expected to arrive in Beijing on May 14-15 for a meeting with President Xi Jinping. U.S. officials'say that a deal could be considered for Beijing to purchase more U.S. Energy. Tariffs on U.S. LNG and oil imports from China have been halted. These imports were worth $8.4billion in 2024 - the year Trump entered his second term. Here's a brief summary of its major components.
Woodside Energy's delayed Browse Liquefied Natural Gas project is expected to cost 35 billion dollars
Woodside Energy has commissioned a report that estimates the cost of its long-delayed Browse project to be A$48.7billion ($35.2billion). The proposal to develop Australia's biggest?untapped gas resources was submitted to?regulators? in 2018. It was estimated at A$27.3billion in 2019 but in 2023, a major component of carbon capture and storing (CCS) was added to the plan.
PetroChina's profit for the first quarter is up due to increased gas and fuel sales
PetroChina, Asia's biggest oil and -gas producer, announced a 1.9% increase in its first-quarter profit on Wednesday. The company cited a rise in sales of refined fuel and natural gas, as well as improved margins within the chemical and refining sector. A filing at the Hong Kong Stock Exchange revealed that the Chinese state oil company's net profit was 48.33 billion Yuan ($7.07billion)…
PetroChina's net profit for 2025 drops 4.5% due to lower oil prices
PetroChina, Asia's biggest oil and gas producer said on Sunday that its 2025 net annual?profit fell 4.5% from the record set in 2024 as lower oil prices affected earnings. PetroChina reported in a filing with the Shanghai Stock Exchange that its net income was 157.3 billion yuan (22.76 billion dollars) in 2018, compared to 164.7 billion yuan (2024), while revenue fell 2.5% to 2,864.5 billion yuan.
China reduces fuel prices to cushion the impact of rising oil costs
China took measures to cushion the impact of fuel price increases on Monday, increasing the retail gas and diesel ceiling prices but keeping the increase to half the amount that would be charged under the government pricing mechanism. The price adjustments prompted by the U.S. and Israeli war against Iran are still the biggest ever.
Sources say that Bangladesh has secured diesel supplies amid major disruptions in energy supply
After the U.S. - Israel war 'on 'Iran, which disrupted shipments to garments and other industries, Bangladesh began receiving diesel from suppliers such as?China, India, officials said. The country has enough fuel for about a?month worth of demand. As the Middle East oil trade is severely disrupted by the war against Iran, South Asia…