Latest news with #INPEX
Yahoo
6 days ago
- Business
- Yahoo
Oil companies change tune after realizing potential of hidden underground energy source: 'Now eyeing'
For years, Indonesia's vast geothermal reserves have simmered below the surface, overlooked by major energy players. Now, some of the world's biggest fossil fuel companies — including Chevron and INPEX — are lining up to invest, reported Indonesia Business Post. Indonesia's Ministry of Energy and Mineral Resources (ESDM) confirmed that global firms are showing growing interest in the country's geothermal sector, with 10 new project sites expected to be auctioned off between July and September. The planned expansion is part of the nation's ambitious target to install 5.15 gigawatts of geothermal energy by 2030, a 50% increase from 3.35 GW in the previous plan. "They need 'green' initiatives to qualify for green investments. That's why foreign fossil energy players are now eyeing geothermal development in Indonesia," said Eniya Listiani Dewi, director general of New, Renewable Energy, and Energy Conservation at ESDM. Geothermal energy harnesses the Earth's natural heat to generate electricity without needing to rely on the sun or wind. For countries like Indonesia, which sits on a volcanic ring, that makes geothermal a stable, homegrown alternative to imported dirty energy sources like oil or gas. For oil companies, it presents an easier transition: The drilling methods are similar, and the optics are greener. Chevron, long criticized for its record on climate and greenwashing, is reportedly seeking to expand its geothermal footprint and has already partnered with PT Pertamina Geothermal Energy on a new 55-megawatt plant in Wai Ratai, per Indonesia Business Post. The company also plans to bid on additional zones once the auction window opens later this year. Before that can happen, Indonesia is moving to slash red tape that's long stalled geothermal investment. A revision to Government Regulation No. 7/2017 is in the works, aiming to make projects more financially viable by improving the internal rate of return to around 10% to 11% — a key threshold for investors. "Some WKPs [geothermal working areas] are ready for auction, but we're still awaiting the minister's decision," Eniya said. "Some of the burdens on geothermal projects are embedded in the current regulation. These need to be removed to enhance project viability." Expanding geothermal energy in Indonesia isn't just about cleaner power; it also has the potential to lower electricity costs, improve air quality, and ease the country's reliance on dirty energy. If successful, it could serve as a blueprint for other countries with geothermal resources to build more resilient, affordable energy systems. Should the government provide incentives to buy EVs? Absolutely Depends on the incentives Depends on if it's federal or states Absolutely not Click your choice to see results and speak your mind. Join our free newsletter for weekly updates on the latest innovations improving our lives and shaping our future, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
06-08-2025
- Business
- Yahoo
Abadi LNG project advances with FEED work
The Abadi LNG project, operated by INPEX Masela, has initiated front-end engineering and design (FEED) work at its onshore liquefied natural gas (OLNG) plant in Masela Block, Indonesia, marking the completion of all four FEED package awards. This development has now progressed with an OLNG contract package award. The project, which extends until 15 November 2055 under a production sharing contract (PSC), covers an area of around 2,500km² at water depths ranging from 400–800m. Located 170–180km south-west of the Tanimbar Islands Regency, the Abadi LNG project is expected to produce a total natural gas output of 10.5 million tonnes per annum (mtpa). The FEED work is crucial for detailing the OLNG specifications. It employs a "dual FEED" approach with two separate contractor consortiums to foster competition. PT JGC Indonesia and PT Technip Engineering Indonesia form one consortium, while PT KBR Indonesia, Samsung E&A and PT Adhi Karya (Persero) make up the other. The consortium that provides superior FEED services is set to win the FEED and subsequent engineering, procurement and construction work. The OLNG contract package includes provisions for carbon capture and storage, aiming to produce 9.5mtpa of LNG. This volume equates to more than 10% of Japan's yearly LNG imports. The project is expected to enhance energy security for Indonesia, Japan and other Asian nations, offering a stable supply of low-carbon energy. INPEX has outlined that the FEED work aligns with its Vision 2035 plan, announced in February 2025, aimed at expanding its natural gas and LNG business and reducing greenhouse gas emissions. Moreover, the project is poised to impact the economic development of eastern Indonesia and support the country's ambition to achieve net-zero CO₂ emissions by 2060. INPEX remains focused on strengthening its Indonesian operations and actively contributing to the regional economy. In March 2024, Inpex Masela awarded a marine survey contract to Fugro for the project. "Abadi LNG project advances with FEED work" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Business Insider
29-06-2025
- Business
- Business Insider
Bank of America Securities Sticks to Its Hold Rating for INPEX (IPXHF)
In a report released yesterday, Takashi Enomoto from Bank of America Securities maintained a Hold rating on INPEX (IPXHF – Research Report), with a price target of Yen2,160.00. The company's shares closed last Tuesday at $13.49. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter According to TipRanks, Enomoto is an analyst with an average return of -4.4% and a 33.33% success rate. INPEX has an analyst consensus of Hold, with a price target consensus of $13.55, implying a 0.48% upside from current levels. In a report released on June 24, Bernstein also maintained a Hold rating on the stock with a Yen1,870.00 price target.
Yahoo
28-06-2025
- Business
- Yahoo
Equinor to invest $2bn in Fram Sør subsea development in Norway
Equinor, alongside its Fram partners, has announced an investment of more than Nkr21bn ($2bn) in the new Fram Sør subsea development to enhance energy supply security from the Norwegian Continental Shelf (NCS) to Europe. The Fram partners are Equinor Energy (45%), Vår Energi (40%) and INPEX Idemitsu Norge (15%). The Fram Sør project will unite several discoveries, including Echino South and Blasto, to export oil and gas via the Troll C platform in the North Sea, with recoverable volumes estimated at 116 million barrels of oil equivalent. The development and operation plan for the project has been officially submitted to Norway's Minister of Energy, Terje Aasland. Production is set to commence at the end of 2029. Equinor Projects, Drilling & Procurement executive vice-president Geir Tungesvik said: "The development will put new oil and gas resources on stream by connecting new infrastructure to existing facilities that provide good and robust profitability. 'The project will generate activity for the Norwegian supply industry, with an estimated employment effect of 4,500 full-time equivalents (FTEs) during the development period." The Fram Sør field development includes a technological breakthrough on the NCS in the form of all-electric Christmas trees, which removes the necessity for hydraulic fluid from the platform and enhances the monitoring of subsea equipment, stated Equinor. The CO₂ intensity for this development is estimated at around 0.5kg of CO₂ per barrel of oil equivalent, significantly lower than the NCS average of 8kg and the industry average of around 16kg. Equinor Exploration & Production Norway executive vice-president Kjetil Hove said: 'We have a large portfolio of projects that will phase in discoveries to our producing fields. Equinor expects to put more than 50 such projects on stream by 2035." The investments in Fram Sør will not only support the Norwegian supply industry during the development phase but also throughout its operational life. Contracts valued at around Nkr18bn will be awarded, subject to regulatory approval. In related news, a new company named Adura has been formed by the joint venture between Equinor and Shell, which has been referred to as the 'UK North Sea's largest independent oil and gas producer'. In December 2024, Equinor and Shell announced they would merge their UK offshore oil and gas assets and expertise. Adura, headquartered in Aberdeen, is set to sustain domestic oil and gas production and ensure energy security in the UK and beyond. "Equinor to invest $2bn in Fram Sør subsea development in Norway" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-06-2025
- Business
- Yahoo
Equinor and Partners Approve $2 Billion Fram Sør Project
A new oil and gas project in the North Sea has been greenlit by Norwegian oil major Equinor and its Fram partners, which plan to invest NOK 21 billion or USD$2 billion. Equinor Energy owns 45 percent of the Fram Sør project, Vår Energi ASA holds 40 percent and INPEX Idemitsu Norge AS has 15 percent. The plan for development and operations was submitted on Thursday to Norway's Minister of Energy. The Fram Sør project is a combined development of several discoveries that will export oil and gas via Troll C. The Troll field contains about 40 percent of total gas reserves on the Norwegian Continental Shelf (NCS). The field consists of the main Troll East and Troll West structures. Troll is also one of the largest oil fields on the NCS. Oil from the Fram field is transported through Troll Oil Pipeline II to Mongstad, and gas is exported to Kollsnes via the Troll A platform. The Troll C platform. Source: Equinor Recoverable volumes at Fram Sør are estimated at 116 million barrels of oil equivalent, 75 percent of which is oil and 25 percent is gas. Production is scheduled to start at the end of 2029, reads a company press release. The field development is also technologically groundbreaking. Fram Sør will be the first project on the NCS to use all-electric 'Christmas trees' that eliminate the need for hydraulic fluid supplied from the platform and improve monitoring capabilities of the subsea equipment. The technology also reduces the risk of environmental impact. In the fall of 2019, Equinor and partners made a discovery of oil and gas in the Fram area of the North Sea. This discovery, called Echino South, supported the belief that more oil could be found, and contributed to nine discoveries made in the Troll-Fram area over a four-year period. In the spring of 2021, Equinor and partners made the Blasto discovery. Together with two smaller discoveries in previous years, Echino South and Blasto form the basis for Fram Sør. Water depth in the area is about 350 meters and the reservoir is between 1,800 and 2,800 meters deep. 'We have done a thorough job maturing the new resources discovered in the Fram and Troll area in recent years,' said Kjetil Hove, Equinor's executive vice president for exploration & production Norway. 'Fram Sør shows the importance of area solutions and close collaboration between partners and authorities in order to realize the resource values on a mature NCS. We have a large portfolio of projects that will phase in discoveries to our producing fields. Equinor expects to put more than 50 such projects on stream by 2035.' The Fram Sør announcement gels with Equinor's recent decision to pivot from renewables back to its core oil and gas competencies. Earlier this year the company said it is reducing its ambition for installed renewables capacity by 20 percent at the low end and 33 percent at the high end, from 12-16 gigawatts by 2030 to 10-12 GW. The higher target range was set in 2021. The firm also said it is scrapping a previous 2030 target to allocate 50 percent of gross capital expenditures to renewables. Equinor said in its press release reporting Q4 and full-year 2024 results that it plans to increase oil and gas production by 10 percent from 2024 to 2027. The company expects USD$23 billion in free cash flow for 2025-27 by reducing capital expenditures and addressing costs. Norway only produces about 2 percent of the world's oil supply, but it is the largest oil producer and exporter in Western Europe. Equinor is Norway's largest oil and gas company, outputting about 70 percent of its total production, or 2 million barrels of oil equivalent per day. By Andrew Topf for More Top Reads From this article on Sign in to access your portfolio
