Oil and gas groups under pressure to plug leaks

SINGAPORE: The global energy transition is gaining pace. This transition will open new opportunities in emerging growth industries in Singapore and trigger transformation for many sectors. Value pools will shift, creating economic opportunities for the nation. As an example, the transition from internal combustion engines to electric vehicles (EV) and battery manufacturing is an obvious opportunity. Positive steps can already be seen in Hyundai’s recently announced US$400million investment to build an EV manufacturing facility in Singapore, capable of manufacturing 30,000 electric vehicles a year when completed at the end of 2022. Singapore’s Keppel Corporation, the world’s largest rig-builder, also recently announced that it will be pivoting from its rig business to clean energy. READ: Commentary: Keppel’s exit of rig business may have bigger implications for Singapore's offshore and marine sector CAN OIL AND GAS TRANSFORM? However, the oil and gas industry ... » Learn More about Commentary: Singapore’s oil and gas sector should embrace transition to a green future with confidence

Activists hold pictures of Myanmar's military coup victims during a protest in front of Total headquarters in La Defense business district near Paris on March 25, 2021. (Reuters photo) PARIS: French oil and gas group Total said it would not stop producing gas on its Yadana fields in Myanmar as long as operations remained safe, in part to protect employees there who might otherwise risk repercussions from the military junta. Total has come under pressure from rights groups and Myanmar's parallel civilian government to review its operations amid allegations its payments on taxes were funding the military-controlled state. In a newspaper column due to be published in France's Journal du Dimanche on Sunday, and released online, Total Chief Executive Patrick Pouyanne said the group had several reasons to keep its offshore Yadana site going. It was concerned staff there could be exposed to forced labour under the junta if it did decide to stop production in protest at violence in ... » Learn More about Total says abandoning Myanmar gas field would hurt workers, cities

PETALING JAYA: Rising oil prices will help boost the prospects of Hibiscus Petroleum Bhd and lift investor sentiment towards its shares. According to AmInvestment Bank Research, the oil and gas company is currently trading at a compelling valuation amid the prevailing oil price momentum, while the group’s environmental, social and governance (ESG) quality will enhance the attractiveness of the stock. The brokerage maintained its “buy” recommendation on Hibicus, with an unchanged sum-of-parts-based fair value of 79 sen per share. This implied an enterprise value/proven and probable reserves valuation of US$6.10 per barrel. This presented a discount of 35% to the valuation of its closest peer, UK-listed EnQuest, of US$9 per barrel and 48% to regional average of US$11.80 per barrel. “This is compelling given the more optimistic crude oil price environment. “Additionally, Hibiscus is listed on the FTSE4Good Bursa Malaysia Index with the highest four-star ESG rating, which ... » Learn More about Hibiscus Petroleum to ride on oil price momentum

PARIS: French energy giant Total has shut its operations and withdrawn all staff from a site in northern Mozambique following last week’s deadly jihadist attack in the area, security sources said on Friday (Saturday in Manila). “Total has gone,” a security source in Maputo told Agence France-Presse, adding that “it will be hard to persuade them to return” this year. And a military source added, “all the facilities are abandoned.” “Total made a decision to evacuate all of its staff,” after drone surveillance showed insurgents were in areas “very close” to the gas plant in Afungi. Another source confirmed the reports that insurgents were not far from the site. Afungi peninsula is only 10 kilometers from the town of Palma, which came under attack more than a week ago, resulting in the death of dozens of people, including at least two expatriate workers. The brazen assault on March 24 was the latest in a string of more than 830 organized raids by the Islamist militants over the ... » Learn More about Oil giant closes $20-B facility in Mozambique

NEW YORK (REUTERS) - Oil rose more than 4% on Wednesday (March 24) after a ship ran aground in the Suez Canal, and worries that the incident could tie up crude shipments gave prices a boost after a slide over the last week. The crude benchmarks, US crude and London-based Brent, added to gains after US inventory figures showed a further rebound in refining activity, suggesting US refiners are mostly recovered from the cold snap that slammed Texas in February. Brent crude gained $2.17, or 3.6%, to $62.96 a barrel by 10.45am EDT (1445 GMT), after tumbling 5.9% the previous day. West Texas Intermediate (WTI) climbed $2.12, or 3.7%, to $59.88, having lost 6.2% on Tuesday. The gains appeared to stabilise the market that had slumped after early this month, when oil prices hit their highest levels this year earlier on expectations for demand recovery that have since been dashed as European nations re-entered lockdowns to halt another wave of the pandemic. Oil has recovered from ... » Learn More about Oil prices up as Suez Canal ship runs aground, stemming market’s recent weakness

KUWAIT CITY: The OPEC+ grouping of oil producers will hold its third ministerial summit of the year via videoconference on Thursday to discuss output cuts in the face of fresh price volatility. “The expectation is that the group will hold production steady also in May given current physical oil market weakness,” according to Bjarne Schieldrop, analyst at SEB. However, he added that “Russia and Kazakhstan are likely to lift production yet another notch and the group in total is probably fine with that.” The Organization of the Petroleum Exporting Countries (OPEC) cartel’s largest producer is Saudi Arabia, but the OPEC+ grouping also includes Russia, which produces even more crude oil. Under its current agreement, the OPEC+ group is enforcing a drastic output cut, meaning 7 million barrels that could be shipped to markets every day are being left in the ground. The aim has been to avoid oversupplying a market suffering from a collapse in demand due to the coronavirus pandemic. ... » Learn More about OPEC to discuss oil output cuts

PHUKET MEDIA WATCH – Thailand news compiled by Gazette editors for Phuket’s international community Black day for Samet The Nation / Phuket Gazette PHUKET:Authorities yesterday feared the entire tourist island of Koh Samet in Rayong would be affected by Saturday’s oil spill. The island’s Ao Phrao (Phrao Bay) is being closed for three days to permit a cleanup of spilled crude oil that has washed ashore. Koh Samet was yesterday declared a marine disaster area, according to Rayong Governor Wichit Chatphaisit, who said action was being taken to prevent the leaked oil from spreading from Ao Phrao to other beaches on the island. “The spill is definitely having an impact on the environment, but we have not detected any deaths of marine animals yet,” he said. It is expected to take about 15 days to restore the polluted beach of Ao Phrao, according to Sumet Saithong, chief of the Laem Ya Samet Islands National Park. He said about 500 officials from the Pollution Control ... » Learn More about Phuket Gazette Thailand News: Oil spill update; Pension issues; Thaksin clip was foreigners; Emergency decree before amnesty bill

SINGAPORE - The electricity tariff for just over half of households in Singapore will rise by 8.6 per cent for the second quarter of this year, compared with the previous quarter, said SP group on Wednesday (March 31). This increase is mainly due to the higher cost of fuel for producing electricity by the power generation companies, it added. For the period between April 1 and June 30, the electricity tariff will increase from 20.76 cents per kilowatt hour (kwh) to 22.55 cents per kwh, excluding the goods and services tax (GST). Including GST, the rate for the second quarter is 24.13 cents per kwh. The average monthly electricity bill for families living in four-room Housing Board flats will increase by $5.62 before GST, said SP Group. The electricity tariff is calculated from four components, including energy costs that reflect the cost of imported natural gas. The national power grid operator reviews electricity tariffs every quarter, based on guidelines set by ... » Learn More about Electricity and gas tariffs for households in Singapore to increase for second quarter

The trade of at least US$400 million of crude oil as well as liquefied natural gas (LNG), refined fuels and containers full of goods have come to a standstill in one of the world’s key shipping routes, with millions of dollars more at risk after a massive container ship ran aground in the Suez Canal on Tuesday. Frantic efforts are under way to free the 400-metre long, 200,000-tonne Ever Given , one of world’s largest container ships, after it was blown off course by strong winds and blocked the canal at the 151km mark. The Suez Canal Authority (SCA) has deployed seven tug boats to try to refloat the vessel, but their work has been hampered by strong winds and been unsuccessful so far, according to Maritime services group GAC. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge , our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. At ... » Learn More about Egypt’s Suez Canal: blockage halts trade of at least 6.3 million barrels of crude oil worth US$400 million

PHUKET MEDIA WATCH – World news compiled by Gazette editors for Phuket’s international community Iran makes payments on old loans to World Bank Reuters / Phuket Gazette PHUKET: Iran resumed payments on old loans to the World Bank, the bank said on Friday, just as the country held the highest level conversation with the United States in more than three decades. The poverty-fighting World Bank, which did not provide a reason for the resumption of payments, announced in July that Iran had not made any payments for more than half a year, a possible sign of the strain on the sanctions-hit Iranian economy. At the time, Iran denied that it had failed to make payments on its loans, which now total US$616 million, and blamed Western sanctions for preventing an intermediary from forwarding funds to the global lender. All of the payments are for old loans, as Iran has not had a World Bank program since 2005. The Washington-based World Bank said it is in compliance with all UN ... » Learn More about Iran paying it back; Anti-coco mission crashes; Sudanese hit with tear gas; Global warming mankind’s fault