Exclusives

Institute continues to expand its offshore R&D capabilities.

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.

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

Located in Block 16/25 is located in the Pearl River Mouth Basin, the block covers a total area of 44 sq km (17 sq miles) with a water depth of 100 m (328 ft).

If successful, the deal could mark Petronas’ biggest upstream stake sale since oil prices started declining more than two years ago. Petronas is targeting lowering operating expenses, job cuts and project rollbacks to help it navigate through the low oil price environment.

The announcement was the first concrete action taken by Shell following its report in 2015 that it was reviewing its New Zealand business interests.

Empyrean Energy Plc entered a sale and purchase agreement (SPA) to conditionally acquire a shareholding of up to 20% in West Natuna Exploration Ltd. (WNEL) from Conrad Petroleum Pte Ltd., the owner of WNEL that holds full participating interest in the Duyung PSC, which includes the Mako shallow gas discovery offshore Indonesia, according to an April 4 press release.

Thailand will auction petroleum concessions for the Erawan and Bongkot gas fields in December, the country’s energy minister said March 31.

Production

The test is the first since Japan achieved the world’s first extraction of gas in 2013 from offshore deposits of methane hydrate, a frozen gas known as “flammable ice.”

ONGC depends on the Daman offshore project to increase its natural gas output, which has stagnated over the past decade. The project hit delays last year after contractor Swiber Holdings had financial difficulties, Reuters reported.

"We are setting up gas processing facilities ... we have dug four pilot wells and have got encouraging response," N. K. Verma, the company's managing director, said, according to Reuters.

Reuters reported that, according to a statement, Sinopec recently launched operations of three wells.

KrisEnergy hopes to begin initially producing about 8,000 barrels per day (Mbbl/d) of low-sulfur oil early next decade. But it first needs to find a partner to back the development, which is estimated at below $200 million, Reuters reported.

Technology

The two- to three-week pilot at Sinopec’s Fuling shale gas site in Chongqing in southwest China is intended to qualify OriginClear’s Electro Water Separation (EWS) technology for integration into a multistage process designed to process hydraulic fracturing and flowback water for on-site reuse, OriginClear said in the release.

Following completion of the disposal, Sembcorp will no longer have any interest in SGMET, which will cease being a subsidiary of Sembcorp.

Harry Brekelmans, Shell’s projects and technology director, said that the biggest challenge is the timely development and deployment of the best and affordable energy solutions as the world transitions to a low carbon energy system.

Keppel Corp. Ltd. said March 20 that Chow Yew Yuen will step down as CEO after 36 years with the Singapore-based company.

The scope of the contract, valued at $245 million, includes one new process platform with gas processing and compression facilities, three new wellhead platforms, a 32-km pipeline, clamp-on on three existing platforms and modification work on eight existing platforms in the Neelam Field offshore India, the release said.