“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.
Companies are planning to spend billions of dollars on offshore projects, while also tapping technology for onshore fields as demand grows.
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.
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.
Blocks IV and V are in central Mongolia near Gobi-Altai Basin and Central Gobi Basin. Petro Matad received about US$2.7 million from BG Group. BG received 78% working interest.
Joint-venture partners and the government of Vietnam approved PetroVietnam’s acquisition of the shares of Chevron subsidiaries working offshore Vietnam. Blocks B, 48/95 and 52/97 have been explored since 1996.
The survey is being undertaken by PTSC CGGV Geophysical Survey Co. utilizing the 3-D seismic survey vessel Amadeus, a news release said.
The Luda 10-1 oil field is located in Liaodong Bay of Bohai with an average water depth of about 30 m, CNOOC said in a news release.
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.
The Nong Yao development will comprise up to 23 wells, a wellhead processing platform and a minimum facility wellhead platform with the export of crude via a floating storage and offloading vessel, according to a news release.
The scope of work will include concept select studies and definition engineering on subsea heating options, preventing hydrates, for the 30-km gas pipeline which runs from the KME Field in 750 m of water to the Kebabangan platform.
The field is located in Yinggehai Basin of Beibu Gulf in the South China Sea with an average water depth of about 70 m.
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.
Scheduled for delivery in fourth-quarter 2018, the vessel is designed for the installation and decommissioning of major offshore facilities worldwide, Sembcorp Marine said in a news release.
A government oil and gas researcher said the blocks totaled 15Msqkm and have had very limited exploration work, Reuters said. As part of a trial, six blocks will be offered.
Starting July 1, Sembcorp Marine will be one brand focusing on four key capabilities: rigs and floaters; repairs and upgrades; offshore platforms; and specialized shipbuilding, a news release said.
Under the agreement, MEO will provide technical assistance and opportunity evaluation assistance to Brooke. In return Brooke will fund the evaluation activities and the exploration component of joint bids for successfully screened opportunities that meet the collective criteria of the partners, according to the release.