Exclusives

Korean vessel makers are racking up debt and could show billions of dollars in losses when they report earnings.

“Russia is increasingly looking east and the various deals made between Rosneft and China are likely to see more Russian crude head to China permanently,” an analyst told Bloomberg.

EIA figures show production grew to about 584 Bcf in 2014 from about 475 Bcf in 2013.

Some Asian companies are probably discouraged by lower oil and gas prices, but others are motivated, according to a partner at Mayer Brown.

Natural gas demand is forecast to increase 94% within six years, according to a recently released report. Demand for oil and coal are also predicted to rise, but not nearly as much.

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

The survey will begin in September 2015 and cover blocks IV and V in central Mongolia, Bell Geospace said in a news release.

ConocoPhillips holds a 40% interest in South Natuna Sea Block B, and other companies with participating interests are Chevron, with 25% and Japan's Inpex, which holds 35%, Reuters said.

China and Japan should start joint development of resources with the precondition that activities won’t violate laws of the two countries, China's foreign ministry said. 

Oil and natural gas exploration platforms are going up on Chinese side of median line delineating exclusive economic zones of China and Japan, according to a Japanese official, Reuters said. 

Russia struggles to speed up oil and gas exploration in resource-rich offshore Arctic areas due to Western sanctions restricting foreign companies from helping it tap the deposits, Reuters said. 

Production

Production, which started Aug. 15, is expected to reach a peak rate of about 10,000 barrels of oil per day by year-end, KrisEnergy said in the release.

ONGC's block in the Krishna-Godavari Basin offshore India should produce 77Mbbl/d of oil and 17MMcm/d of natural gas at peak rate, reporters were told, Reuters said. 

The H5-WHP is TGT’s third platform to be brought on production, SOCO said in a news release.

Sinopec Group is expected to start producing at the Yadavaran Oil Field in Iran at 85Mbbl/d under phase-one development, two company sources said, Reuters reported.

Under the agreement, InterOil will continue to provide certain technical services for Total until the end of 2015, a news release said. 

Technology

The contracts are for Talisman Energy's Ca Rong Do Field offshore Vietnam. The field is estimated to contain about 67 million barrels of oil equivalent, Wood Group said in a news release.

Daewoo Shipbuilding said it would sell the company headquarters in Seoul and wind down or sell units that are unrelated to its core shipbuilding or offshore plant businesses such as wind power subsidiary DeWind Co. and local golf course operator FLC Ltd.

The contract covers the procurement and installation of a 3.2-km flexible flowline between the existing KAKG-A central processing platform in Kanowit Field to the PFLNG1 riser, according to the release. It also includes modification and tie-in works at KAKG-A.

ConocoPhillips and PetroChina Co. ended shale gas development talks after two-year study. China holds world’s largest shale gas reserves, but faces difficult geology, infrastructure lack and limited exploration rights, Bloomberg said.

Starla, operated by Iran’s NITC tanker group, heads to Asia after being used for floating storage in Iranian waters, Reuters said. The ship is fully loaded with crude oil.