Exclusives

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.

Wheatstone, LNG, Australia, Asia, gas

Even though oil prices remain in the low US $30 range, Australasian countries continue the push for natural gas resources.

China, oil, demand, Yilin Wang, China National Petroleum Co., IHS CERAWeek

In 2015, China’s GDP rose 6.9%, the slowest growth rate since the late 1990s, yet its oil demand rose - even surpassing the 2012 growth rate.

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

CEFC has, over the past few years, lined up preliminary deals for equity oil production in Kazakhstan, Russia and Abu Dhabi, but the Chad acquisition was the first to be finalized, Reuters reported.

Russia's Gazprom invited China's CNOOC Ltd. to take part in oil exploration offshore Russia, Interfax news agency quoted Gazprom's CEO as saying on Sept. 6, Reuters reported.

Sembcorp Marine agreed to buy the 15% of PPL Shipyard that it did not already own for about $115 million from PPL Holdings and E-Interface Holdings, Reuters reported.

The U.S. oil major—the country's largest oil and gas producer, supplying more than one-third of its natural gas demand—operates several E&P blocks in the Gulf of Thailand.

Iran has been able to raise its crude oil output to about 3.6 MMbbl/d since international sanctions were lifted in January, Reuters reported. 

Production

Mubadala Petroleum, operator of the Manora oil development joint venture in the northern Gulf of Thailand, said Sept. 15 that drilling of the MNA-17 well is now completed, according to Tap Oil Ltd. 

CNOOC has 100% interest in the Weizhou 6-9/6-10 oil field and is the operator.

The PSC covers about 1,000 square kilometers at Rong Chang Bei in the Sichuan Basin.

The fire was under control and the company was working to restore the facility that carries natural gas from the southwestern province of Sichuan to eastern China, a spokesman for China Petroleum & Chemical Corp. (Sinopec) said.

China’s domestic crude oil production during the first six months of 2016 fell 4.6% from a year ago, official data showed July 15, to the lowest level since 2010, as producers cut back output on lower oil prices.

Technology

GE said the SG5 wellheads will be used for the operator’s shallow- and medium-water drilling campaign offshore India. The first wellhead will be supplied in fourth-quarter 2016.

Earlier this month, KNOC said it was in talks to pull out of an oil project in Kazakhstan after discovering less oil than expected, Reuters reported. 

PT Pertamina will be the holding company in oil and gas sector, and publicly-listed gas distributor PT Perusahaan Gas Negara will be one of its units, Reuters reported.

The onshore package will be deployed for the testing of exploratory and completed wells onshore at Rajahmundry. 

Work is scheduled to begin in July of this year and go through March 2017.