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    IEA Critical Minerals and Clean Energy Summit delivers six key actions for secure, sustainable and responsible supply chains

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    Proman, Mitsubishi sign MoU to develop world-scale ultra low-carbon ammonia plant in Lake Charles, USA

    Proman, Mitsubishi sign MoU to develop world-scale ultra low-carbon ammonia plant in Lake Charles, USA

    Bumi Armada unveils new FLNG concept in response to rising gas demand

    Bumi Armada unveils new FLNG concept in response to rising gas demand

    Eni receives approval for the Abay subsoil use right

    Var Energi revamps oil spill detection technology on assets off Norway

    OERA & ONHYM Reach Agreement to Enhance Offshore Energy Research & Development

    Marathon Oil and Glencore ink LNG sales agreement in Equatorial Guinea

    Oil, Gas Infra Repair Can Get Faster Courtesy New Software

    Tourmaline to increase natural gas production with $1.1 billion Bonavista acquisition

    Equinor capitalizes shares

    Equinor and OMV agree new long-term gas sales agreement

    Europe's largest green hydrogen plant showcased at Dubai Expo on Spain Day

    Exxon, Amazon awarded slice of $7 billion federal funding for U.S. hydrogen projects

    Sweden's Tethys Oil signs exploration and production agreement for Omani block

    NG Energy expects eight-fold increase in Colombian natural gas production in 2024

  • Projects
    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    bp's Archaea Energy achieves major milestone, brings online first of its kind renewable natural gas plant

    bp’s Archaea Energy achieves major milestone, brings online first of its kind renewable natural gas plant

    Eni and UK outline key terms for CO2 transport and storage at HyNet North West

    Eni and UK outline key terms for CO2 transport and storage at HyNet North West

    Wintershall Dea expands Algerian presence by increasing interest in major natural gas project

    Wintershall Dea expands Algerian presence by increasing interest in major natural gas project

    QatarEnergy signs long-term LNG supply deal with TotalEnergies

    QatarEnergy signs long-term LNG supply deal with TotalEnergies

    Europe's largest green hydrogen plant showcased at Dubai Expo on Spain Day

    Exxon, Amazon awarded slice of $7 billion federal funding for U.S. hydrogen projects

    Angolan exploration and production to drive Africa cumulative capital expenditure

    Kolibri wells in Oklahoma’s Tishomingo field producing over 600 boed

    Ducab Group secured 30 major contracts in oil and gas sector in 2023

    Ducab Group secured 30 major contracts in oil and gas sector in 2023

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Thai oil firm PTTEP may seek extension for Myanmar gas fields

    Eni boosts Indonesia exposure with big gas discovery

  • Market Reports
    Saudi Aramco to acquire Shell’s share of the SASREF refining joint venture

    Aramco to enter global LNG business by acquiring stake in MidOcean Energy

    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

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Asia-Pacific Oil And Gas Sector Faces Fundraising Hurdles

venkat by venkat
June 29, 2023
in News, Upstream
0
Angolan exploration and production to drive Africa cumulative capital expenditure

The oil and gas industry in the Asia-Pacific region faces challenges in raising funds for capacity expansion, according to the Institute for Energy Economics & Financial Analysis (IEEFA). Industry financing depends on financiers, underwriters, and advisors, but there is a growing number of financial institutions joining a global alliance, the Glasgow Financial Alliance for Net Zero (GFANZ), which aims to reduce funding for fossil fuel operations. To align with net-zero commitments and national targets, lenders and investors need to change their policies significantly. This could make it harder to secure capital support for the oil and gas sector, particularly for expansion plans, in the future.

GFANZ, formed during the 2021 UN Climate Change Conference, has attracted 550+ organizations, including oil and gas capital providers. They recognize the need to limit fossil fuel financing by 2050 and meet intermediate targets by 2030. As GFANZ grows and net-zero targets strengthen, raising capital for new oil and gas production may become more difficult.

Oil and gas companies in the Asia-Pacific region, particularly in APAC, lag behind global peers. They heavily rely on fossil fuel revenue and have limited exposure to non-carbon assets. The top twenty regional producers, despite net-zero commitments, generate 96% of their revenue from oil and gas activities. Many of these companies are hesitant to invest in new energy sources, causing them to fall behind.

APAC oil and gas companies depend more on equity financing, with an average debt-to-total capital ratio of 32% among 259 companies. Additionally, the region has significant state-owned producers, and the oil and gas sector plays a crucial role in the national GDP. Government-owned or state-controlled companies contribute 77% of APAC’s oil and gas production. Their heavy reliance on oil and gas revenue explains the slower transition to alternative energy sources compared to other markets.

As per insights, shareholder requirements, rather than lenders’ policies, may be more effective in driving changes in attitudes toward environmental, social, and governance matters among APAC oil and gas companies. It identifies six regional companies with high outstanding borrowings and significant investment plans for oil and gas production growth: India’s Oil & Natural Gas Corporation, Australia’s Santos and Woodside Energy, and China’s state-owned China National Offshore Oil Corporation and PetroChina. These companies rely heavily on bonds for debt capital, with 91% of their total borrowing being in bonds and 9% in bank loans.

There is potential for regional leadership within GFANZ. Currently, the alliance’s APAC membership lacks representation from China and India, which are major players in the oil and gas industry with existing operations and significant expansion plans in the region. Given the size, scale, and profile of these economies, active participation in the global transition away from fossil fuels is deemed necessary.

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