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

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.

The project is due to commence in first-quarter 2017 and will run for about six weeks.

The operator of Block A Aceh, PT Medco E&P Malaka, has acquired 26.6666% of KrisEnergy’s working interest and increased its holding to 85%, KrisEnergy said in a news release.

The assets on offer are one shale gas block in East Kalimantan, with potential resources of 7 trillion cubic feet of gas and 21 million barrels of oil, as well as two coalbed methane blocks in South Sumatra, Reuters reported.

Chevron, the second-largest U.S.-based oil producer, said in October last year that it plans to sell about $10 billion of assets by 2017 amid a prolonged slump in energy prices.

Production

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.

The field started test pumping in September and its output is expected to reach about 75 Mbbl/d by late October, Reuters reported.

The Kazakh Energy Ministry mistakenly announced earlier Sept. 29 that production had started. It withdrew the statement, saying initial output would begin in late September or early October, Reuters reported.

Technology

Malaysian state-owned oil firm Petroliam Nasional Bhd said on Nov. 17 it achieved first gas this week for its first floating LNG facility in offshore Sarawak, east of the country.

The Norwegian major has an office in Beijing and cooperation agreements with Chinese oil companies. The research center was set up in 2011 to use local resources for upstream technology research.

KrisEnergy is among a growing list of Singapore-based firms struggling to meet debt commitments due to tumbling global oil prices, Reuters reported.

Petrofac extended its relationship with Mubadala Petroleum through the award of new and modified contracts relating to the FPF-003 FPSO located in the Jasmine/Ban Yen Field in the Gulf of Thailand.

Sembcorp Marine's net order stood at SG$8.4 billion. Excluding the orders for drillships from rig leaser Sete Brasil, which has filed for bankruptcy protection, the order book was worth SG$5.2 billion, Reuters reported.