In response to a G7 proposal to cap Russian oil prices, the Kremlin has promised to re-route supplies to countries that do not support the idea, with both China and India increasing oil purchases from Moscow.
Freeport LNG is expected to resume partial operation in December and reach about 80% of operations in early January.
Here’s a roundup of the latest E&P headlines including a new find in the Sichuan Basin and a flaring investigation in the U.K. North Sea from the past week in the upstream oil and gas industry.
Operated by BP Plc, the Tangguh LNG plant is in Indonesia's West Papua province and began production in 2009. Its output capacity is 7.6 million tonnes of LNG per annum (mtpa) from two existing trains.
CNOOC has hired JPMorgan to advise it on a potential exit from its interests in U.S. shale gas assets, which could raise around $2 billion, the sources familiar with the matter said.
The four blocks offered in the second round of bidding this year have combined estimated resources of 3,730 million barrels of oil and 300 Bcf gas, Indonesia’s energy ministry data showed.
Despite recent moves by Beijing to dial back some COVID restrictions, analysts see China’s reopening process as taking one step forward, and two steps back—fuel demand in the world's No. 2 oil consumer is seen unlikely to recover until after March 2023.
Here’s a roundup of the latest E&P headlines including new gas fields going online in Indonesia and elsewhere plus contract announcements for new projects from the past week in the upstream oil and gas industry.
The 27-year to supply China’s Sinopec with LNG is the LNG sector’s largest single sales and purchase agreement on record, according to QatarEnergy chief Saad al-Kaabi.
"Investors had been steadily accumulating bullish long positions in petroleum, especially crude, expecting OPEC+ output cuts and the price cap to reduce supplies more than the economic slowdown reduces demand," columnist Joh Kemp shared.