Exclusives

R&D efforts improve efficiency and construction execution.

Chevron, Bangka, offshore, Indonesia, gas

Indonesia’s upstream sector, after a decade of production decline and several years of investor uncertainty, is finally upping its game.

India, oil, gas, fields, bid, round, small, developed, KPMG, companies

The country is offering 67 discovered small fields in 46 contract areas, including 26 onshore, 18 shallow-water and two deepwater areas.

Mayer Brown, Korea, Japan, China, M&A, oil, gas, LNG, assets, E&P, Korea National Oil Corp.

Oil supplies are stable, low prices are expected to continue in 2016 and ‘there are no plans to purchase E&P assets,’ a Korean oil executive says.

Azerbaijan, offshore, BP, oil

Known as the ‘Land of Fire,’ Azerbaijan has an oil and gas pedigree that is second to none, but with production declining, its offshore sector needs to heat up.

Deepwater International

Otto Energy subsidiary Otto Energy Philippines has entered into a letter of intent with Maersk Drilling for one of its ultra-deepwater drillships to drill a frontier wildcat offshore south-west Palawan.

Talisman Energy and its partners are looking to complete a base development plan for a combined FPSO and TLWP project offshore Vietnam by mid-2015.

Otto Energy, the former operator of the Galoc field in the Philippines, has sold off its remaining stake in the producing project to fellow Aussie independent Nido Petroleum for US $106 million.

Japan’s Inpex is selling 10% of its stake in a deepwater block offshore eastern Malaysia to Australian player Santos, although no sale price is being revealed.

Noble Energy and its partners in the ultradeepwater Leviathan Field offshore Israel are still waiting for an update on the situation that has seen the country’s Anti-Trust Authority essentially try to pull the rug from under their feet on one of the world’s biggest gas finds of recent times.

Exploration

Chevron sells its entire output from these fields to state oil company Petrobangla under a production-sharing contract. Under the terms of the contract, Bangladesh's government has the right of first refusal in any asset sale, Reuters said. 

"This exercise aims to create a major integrated offshore service provider with diversified earnings through exposure in the upstream and downstream segment of the oil and gas industry," said Rohaizad Darus, UMW-OG's president.

Earlier treaties that established a joint petroleum development area with revenue split 90% to East Timor and 10% to Australia, which govern production from the Bayu-Undan Field run by ConocoPhillips, will remain in place, Reuters reported.

ExxonMobil said it has a 42.5% stake in the project, while the rest of the interest is owned by operator Oil Search Ltd., and Santos Ltd., Reuters reported.

Iranian President Hassan Rouhani officially launched the first phases of the Yadavaran and North Azadegan fields, as well as the North Yaran Field, in November, Reuters reported.

Production

Blue Whale is Vietnam's biggest natural gas project, with an estimated 150 billion cubic meters of reserves, Reuters reported.

Inpex in 2010 was forced to give up a stake in the Azadegan oil field due to Western sanctions on Iran over its nuclear program, Reuters reported.

Malikai, located in water depths of up to 500 m, is expected to have a peak production of 60,000 barrels per day, Shell said in a news release.

The Malikai oil field is expected to keep the country’s overall crude output steady at 700,000 bbl/d in 2017 from 2016 as it will replace declining output at mature fields such as former flagship field Tapis, the sources said.

The field off of Kazakhstan's Caspian Sea coast has cost about $55 billion to develop, according to analyst estimates. It first started production in 2013, Reuters reported.

Technology

Excluding provisions for impairment and one-off items, Keppel's quarterly net profit would have come in at SG$300 million, steady vs. one year ago, Reuters reported.

Liao Yongyuan was the most senior of two vice chairmen at PetroChina, China's top oil and gas producer, making him the company's second-highest-ranking official, Reuters reported.

Chinese manufacturers are unable to make equipment such as semisubmersible drilling platforms used in waters deeper than 1,000 feet and robots used in waters deeper than 500 meters, Reuters reported.

RHB Investment Bank, Affin Hwang Investment Bank, AmInvestment Bank and Kenanga Investment Bank are bankers for the IPO, Reuters reported.

Daqing's investment in drilling and ground engineering projects will be reduced by 20%, PetroChina said in a statement on its website, Reuters reported.