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.
The company is looking to push ahead with a FLNG solution for the Pandora gas field in PRL 38 offshore PNG.
Talisman Energy is due to go out to tender this week for what is believed to be Asia’s first tension leg wellhead platform (tlwp) for its upcoming Ca Rong Do development, offshore Vietnam.
Exploration work is also moving along at a steady pace, with appraisal drilling and seismic shoots ongoing.
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.
Singapore-based InterOil Corp. began flow testing at the Elk-Antelope gas field in Papua New Guinea for field appraisal. The field, in Gulf province, contains the Antelope-5 wellsite.
Japan’s state-backed E&P Inpex Corp. joined Total SA in developing the main onshore oil deposits in United Arab Emirates, Bloomberg said.
Abu Dhabi holds about 6% of global oil reserves.
Wireline logging is underway to evaluate openhole section of the Manusela Formation limestone primary objective. The well hit hydrocarbons in Seram (Non Bula) production sharing contract area in eastern Indonesia.
Block R’s surface area is about 672 sq km, and it is in about 100 m to 1,400 m of water. JX Nippon is increased its presence in Malaysia.
Pertamina plans to invest around $2 billion annually into Mahakam, if given control. Target output is 1.2 Bcf/d to 1.5 Bcf/d of gas, Reuters said.
The revenue slump was expected as the explorer based its annual plan on a price of $60/bbl, CFO Zhong Hua said April 24 in a conference call.
The Kenli 10-1 oil field, offshore China in the south of Bohai, began production. Its main production facilities include one central processing platform, two wellhead platforms and 70 producing wells.
The Bertam Field has been developed with a wellhead platform adjacent to a spread-moored FPSO in a water depth of 75 m (246 ft).
Woodside now holds interests in six different permits covering a combined area of 46,000 sq km, and is now the largest acreage holder in the emerging Rakhine Basin.
KrisEnergy Ltd. contracted Key Gibraltar for six months for its Thai drilling program, which includes the Rossukon-2 well and 15 development wells in the Wassana oil field.
Changes to the top executives at China National Petroleum Corp., Sinopec Group and China National Offshore Oil Corp. could accelerate market-driven reform of the oil and gas industry, Bloomberg said.
China’s end-of-decade shale gas production target was reduced to around 30 Bcm, about one-third the original goal. There is difficult geology, lack of infrastructure and limited exploration rights, Bloomberg said.
China’s oil and gas E&P activity grows. The South China Sea alone could hold between 700 MMbbl and 125 Bbbl of oil. Exploiting these reserves would require skilled, competent workers.
Project support, inspection, maintenance and repair, subsea removal of pipelines and structures, installation of buoys and lifting of structures and mattresses and a pre-FEED study are included in the scope.
Parent of refiner Sinopec Corp. will provide integrated oilfield services worldwide this year, chairman Jiao Fangzheng said. It also seeks an overseas acquisition for technologies, he said, according to Reuters.