1. Total announces withdrawal from a Russian natural gas project
Total energy, a French energy giant, said it would transfer the shares of terneftegaz, a natural gas project located in Russia, to novatech, a Russian joint venture partner. The transaction is expected to be completed in September 2022.
Terneftegaz company was jointly established by novatek, a large-scale natural gas producer, and total to jointly develop a natural gas field in Siberia. The onshore gas field has about 47 billion cubic meters of natural gas and about 10 million tons of condensate reserves. Novatek and total hold 51% and 49% respectively.
Since the beginning of this year, many large energy companies, including shell and BP, have withdrawn from investing in Russia. Total has become the only western energy giant that has not yet left Russia, which has also attracted criticism from all walks of life in the West.
2. Santos makes final investment decision (FID) on DPD project
Australian energy giant Santos has made the final investment decision (FID) for the Darwin pipeline duplication (DPD) project located in the northern waters of Australia. The project will extend the Barossa gas export pipeline to the Darwin LNG facility operated by Santos and allow the reuse of the existing Bayu undan Darwin pipeline to facilitate carbon capture and storage options.
It is estimated that Santos’ capital expenditure share in Barossa project will increase by about USD 311 million after joining DPD project.
3. Indian oil company plans to achieve net zero emissions by 2046
S.M. Vaidya, chairman of the Indian Petroleum Corporation (IOC), announced at the annual general meeting that the company would invest more than 2 trillion rupees (about US $25 billion) to increase renewable energy production capacity and vigorously develop the green hydrogen industry, so as to achieve net zero emissions of its business by 2046.
4. Neptune energy confirms new oil found off the coast of Norway
Neptune energy and its partners announced the discovery of new commercial oil in the Ofelia exploration well (PL 929) near the GJ ø a oilfield in Norway, part of the North Sea. The preliminary estimated recoverable reserves are 2.5-6.2 million standard cubic meters (msm3) or 16-39 million barrels of oil equivalent (mmboe).
Post time: Sep-05-2022