As global experts in renewable energy and conventional energy, our consultants keep an eye on all the biggest developments in the market. These are some of the biggest energy stories from the Asia Pacific region that our experts have been following from the last month.
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LNG Japan Enters Scarborough Gas Project In Australia
LNG Japan entered the Scarborough gas project after acquiring a 10% stake from Woodside Energy Group at a cost of US$500 million.
The transaction is due for completion by early 2024. The Scarborough project is estimated to hold approximately 11.1 trillion cubic feet of gas with a composition of around 96% methane and is expected to start up in 2026.
Shell and Petronas announce first gas production at Timi Gas Field
The Timi field in Block SK318 200km off the coast of Sarawak, Malaysia has achieved its first gas production on 22nd August.
The block is operated by Sarawak Shell Berhad in partnership with Petronas Carigali and Brunei Energy Exploration. The wellhead fixed platform is Malaysia’s deepest fixed platform, in water depths of 143 metres.
Petronas Senior Vice President of Malaysia Petroleum Management (MPM), Mohamed Firous Asnan said in a press release: “We are pleased that Shell was able to optimise the development of Timi, a platform capable of producing up to 300 million standard cubic feet per day (MMscfd) using less than 5kW of continuous power generation.”
Shell signals further exploration in Malaysia
Shell plc has confirmed the company will remain active on its exploration front in Malaysia, according to statements in a virtual public briefing from upstream director Zoe Yujnovic:
“Malaysia has shown a strength in competitiveness, especially in the global integrated upstream business.
“We’ve had deepwater opportunities in Sabah, gas opportunities in Sarawak as well as a strong presence of non-operated ventures in the country, which are equally as important.”
Central Asia’s largest wind turbine to date installed in Uzbekistan
The largest wind turbine in Central Asia has now been installed at ACWA Power’s Bash project in Uzbekistan, with a capacity of 6.5MW.
China Energy Engineering Corporation (CEEC) was responsible for installation. It is one of 79 wind turbine generators to be installed at the site and will provide power to Uzbekistan’s national grid for the next 25 years.
Financing agreement closed for Yunlin offshore wind farm in Taiwan
An extended financing agreement has now been closed for the Yunlin Offshore Wind Project to be build between 8 and 17km off the west coast of Taiwan.
The 640MW plant is being developed by the Yunneng Wind Power partnership, led by Skyborn Renewables with partners TotalEnergies, Electricity Generating Public Company (EGCO) and a consortium of Japanese companies led by Sojitz.
The secured extended financial agreement will allow them to finalise construction works, estimated to be completed in 2024.
Rystad predicts huge growth in Southeast Asia’s renewable energy market
Rystad Energy’s latest market analysis predicts Southeast Asia’s national oil companies and upstream developers will continue to focus more on the renewable energy market with investments set to exceed $76 billion from 2023 to 2025, with a projected total outlay of $119 billion by the end of 2027.
This supports the increasingly large opportunity for renewable energy experts in the region, as well as those working in conventional energy who are able to transition their skills to the clean energy market. Coalesce Management Consulting works with both renewable and conventional expert consultants, ensuring we’re able to deliver the right professionals with the best experience for scalable, ambitious engineering projects in the market.
Wood Mackenzie claims exploration spending will recover in next five years
Exploration spending is currently at a historic low, but this is about to change, according to a new report from Wood Mackenzie.
The first claims that explorers are set to become bolder in coming years, with deepwater and ultra-deepwater regions set to provide the biggest growth opportunities, including in Argentina and Malaysia. Within five years, they predict a recovery to average US$22 billion/year.
APAC’s industrial gases to grow
A report by ResarchAndMarket.com suggests a significant growth in the Asia Pacific Industrial Gasses market from 2024 to 2028 driven by various factors including the escalating demand for green hydrogen. It also predicts increasing demand for production and distribution of gases like oxygen, nitrogen, hydrogen, and carbon dioxide from suppliers in China, Japan and South Korea.
ACEN to develop large-scale renewable energy projects in Indonesia
Ayala-led ACEN Corp. has partnered with the Indonesian-based PT Trisurya for a large-scale solar, battery energy storage system and green hydrogen development that will cover the Batam, Binan and Karmun islands as well as areas in the East Nusa Tenggara province.
The aim is to develop renewable energy technologies in Indonesia and export the power generated to Singapore through subsea cables.
Thailand’s PTTEP doubling Erawan gas production to avoid energy price crisis
Thailand’s state-controlled PTT Exploration & Production is planning to double the gas production at the Erawan field to 800 million cubic feet per day in early 2024.
A jump in last year’s domestic electricity bills is behind the reasoning, after production plummeted, forcing the country to import more expensive LNG from international markets. Thailand gets 60% of its power from natural gas, so the pressure is now on PTTEP to increase the domestic supply in order to bring energy prices down.
South Korea’s Anma Offshore Wind to increase local content
Anma Offshore Wind has signed an MoU with Siemens Gamesa Renewable Energy and Doosan Enerbility to jointly consider increasing the local content of its 532MW offshore wind farm.
Located in South Jeolla Province, the project selected Siemens Gamesa to collaborate exclusively on supply of offshore turbines. It’s not looking to establish localised content - the costs of which it believes will be offset through benefits in the upcoming RPS auction.
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