Exclusives

R&D efforts improve efficiency and construction execution.

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.

Implementation of two downhole deployment valves enables UBD and logging operations, enhances safety and eliminates formation damage in fractured carbonate reservoirs.

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

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.

Block 4 was awarded to a joint venture of the company's wholly owned subsidiary PC Carigali Mexico Operations (Petronas Mexico) and Sierra Oil & Gas, Petronas said in a statement.

Chevron's Thai unit holds concessions to operate the Erawan gas field. PTTEP operates the Bongkot gas field. Contracts for the two offshore fields are due to expire in 2022 and 2023, respectively, Reuters reported.

The blocks were offered in May under a revenue-sharing model with eased tax rules, offering pricing and marketing freedom to the operators, Reuters reported.

Production

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.

InterOil holds a 36.5375% interest in the well. Total E&P PNG has a 40.1275% interest; Oil Search has 22.8350%; and the remaining 0.5000% is held by minority parties.

This would be the second time Japan's Inpex and Shell have proposed to increase output from the deepsea field offshore eastern Indonesia. The field was initially expected to produce 2.5 mpta of LNG, Reuters reported.

Technology

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

​Jadestone Energy Inc. has named Dan Young as its CFO, effective Jan. 18, according to a news release. He is filling the position that will be vacated by Will Mathers, who is stepping down from the CFO role.

Harvest Operations said Jeff Tooth, formerly the company’s COO, was appointed as president and CEO. He also will become an executive director. Tooth will continue to be COO for the near term.

China will set up its first deepsea oil spill emergency center in the southern city of Shenzhen, China's state asset supervisor said on its website.

Energy Minister Ignasius Jonan said on Dec. 19 that the government plans to issue a new regulation in January so that such costs would be reflected by a more flexible split in revenue from production.