LNG

MidOcean Energy has secured an $120 million equity investment from The Arab Energy Fund (TAEF) as part of its ongoing capital raise, targeting up to $2 billion from new investors.

Australian oil giant Santos is targeting a roughly US$27 billion capital spend for its integrated Papua LNG–PNG LNG expansion hub in Papua New Guinea, with up to three-fifths to be covered by debt finance.

Santos has been jolted by a setback as Abu-Dhabi’s state-backed XRG walked away from $30 billion tie-up. The breakdown shatters Santos’ expectations to secure capital for expansion projects in Australia and Papua New Guinea.

T&T Group of Vietnam is tackling legal hurdles to get the Hai Lang LNG-to-power project built and commissioned by mid-2029. With revised capital costs of more than $2.3 billion, the project counts on backing from the Korean trio Hanwha Energy, KOGAS and KOSPO.

CAPEX intensity of oil & gas producers in Asia-Pacific stays high, driven by upstream spending and energy-transition initiatives which makes producers prioritize investment in natural gas and LNG. According to Fitch Ratings, oil prices will retreat to mid-cycle levels by 2026, while earnings are bolstered by up to 15% growth in production volumes.