The country is offering 67 discovered small fields in 46 contract areas, including 26 onshore, 18 shallow-water and two deepwater areas.
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.
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.
Even though oil prices remain in the low US $30 range, Australasian countries continue the push for natural gas resources.
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.
The Erawan and the Bongkot gas fields have combined production of 2.2 billion cubic feet per day, or 76% of output in the Gulf of Thailand, Reuters reported.
Bharat Petroleum was India's first state-owned refiner to venture into the upstream oil business when it bought minority stakes in Brazilian blocks in 2007, Reuters reported.
Indonesia holds proven oil reserves of 3.7 Bbbl and is ranked in the top 20 oil producers globally, Reuters reported.
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.
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.
It will be the biggest pipeline project in the country and had won government approval in 2007 but could not move forward.
Crude oil output from ExxonMobil Corp.'s Cepu Block in Indonesia is targeted to reach 200,000 barrels per day in 2017, up from 2016's target, Reuters reported.
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.
Arun Kumar will take over from D.D. Jalan, who retired on Sept. 30, Vedanta Resources said. Jalan joined the company in 2001, Reuters reported.
The PSC covers about 1,000 square kilometers at Rong Chang Bei in the Sichuan Basin.
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.
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.