In a letter to the UN-backed Conciliation Commission tasked with resolving a long-running maritime boundary dispute between East Timor and Australia, East Timor’s leaders appear to misunderstand the importance of timing regarding the development of the Greater Sunrise oil and gas fields.
China is expected shortly to launch a crude oil futures contract priced in yuan and convertible into gold in what analysts say could be a game-changer for the industry.
Liquefied natural gas exporters will be excited by the prospects of state-backed Korea Gas returning to the buyers’ table following moves by newly elected South Korean President Moon Jae-in to shift the country’s power-generation mix away from coal to natural gas to cut pollution.
Increasing political volatility in countries such as Indonesia and Thailand will raise the risk profile for energy investors.
The Indonesian government will introduce new regulations governing the downstream gas sector next month that will help boost demand for gas by limiting distribution fees to make pricing more competitive, Wiratmaja Puja, the director general of oil and gas at the Ministry of Energy and Mineral Resources, told delegates at the IndoGAS conference on Wednesday.
The government of East Timor and international oil companies, including ConocoPhillips and Woodside Energy, are responsible for failing to progress the development of the Greater Sunrise gas fields, in the Timor Sea.
As if the U.S. majors, including ExxonMobil, Chevron and ConocoPhillips, operating in Indonesia’s notoriously tricky oil patch did not have enough to worry about. Now the oil companies have to contend with the potential ramifications of Donald Trump’s presidential victory in Indonesia, home to the world’s largest Muslim population.
Some $10 billion worth of potential upstream oil and gas output is at risk in Indonesia with 35 production-sharing contracts (PSCs) set to expire in the next decade.
Speculation is rife that former Indonesian Energy Minister, Arcandra Tahar, will soon be reappointed after handing back his U.S. passport and regaining Indonesian citizenship. But Arcandra’s ties to the U.S. could hamstring the likes of Chevron, Indonesia’s biggest oil producer, as well as ExxonMobil, ConocoPhillips and other U.S. based companies operating in Indonesia’s notoriously nationalistic oil patch.