China’s COVID Pivot Boosts Oil, Gas, LNG Demand
An abrupt policy change by China’s President Xi Jinping regarding his zero-COVID policy could see the Asian giant adding 600,000 bbl/d to global oil demand growth in 2023 in addition to the country’s greater need for gas and LNG.
China Demand Optimism Sets Oil on Track for Strong Weekly Gain
As of the morning of Jan. 13, Brent crude futures rose to $84.56/bbl, while WTI crude futures rose to $78.94/bbl.
Global Markets: Yen Jumps as Markets Test BOJ, Inflation Retreat Lifts Stocks
Yen rose as benchmark 10-year Japanese government bond yields briefly shattered the Bank of Japan's 0.5% ceiling on Jan. 13.
India Sets Targets for Green Hydrogen Use by Some Industries
India approved a plan of incentives worth more than $2 billion last week to develop a green hydrogen production capacity of 5 million tonnes a year by 2030.
Financing Agreement Signed Between MCG, SMI to Develop Ijen Geothermal Power Plant
Medco Cahaya Geothermal and Sarana Multi Infrastruktur support the development of the first geothermal power plant in the East Java province.
Bangchak to Buy Exxon Mobil's Esso Thailand Stake for About $603 Million
Bangchak Corp. will buy Esso Thailand shares at an indicative price of 8.84 baht per share, putting the firm's enterprise value, which also includes debt and cash, at 55.5 billion baht based on its third quarter earnings.
Inpex CEO Plans to Accelerate Expansion of LNG Production, Sales
Inpex Corp, Japan's biggest oil and natural gas explorer, aims to accelerate its expansion of production and sales of LNG on the premise that LNG market will remain tight in the mid-term, its CEO said on Jan. 12.
Qcells Lines Up $2.5 Billion for US Solar Supply Chain Buildout
South Korea’s Qcells plans to start building a new solar parts manufacturing facility in Georgia during first-quarter 2023 with commercial production set to begin late 2024.
Philippines Top Court Voids Old South China Sea Energy Deal
For decades, China and the Philippines have butted heads over sovereignty and natural resources in the South China Sea.
E&P Highlights: Jan. 9, 2023
Here’s a roundup of the latest E&P headlines from the past week in the upstream oil and gas industry, which include ONGC bringing stranded assets online to its “lucky mascot” and Aker Solutions winning the conversion contract for the Petrojarl Knarr FPSO.