State-controlled PTT will follow the government policy on buying domestic oil and gas assets to secure the country's long-term energy supply but will avoid building a monopoly in the sector, Tevin told reporters after a board meeting.

The people said state-owned Qatar Petroleum would award the contract for the oil field, which is off Qatar's coast and currently produces around 300,000 barrels per day, in the second half of the year.

PTTEP, which is also interested in buying a stake in Bongkot offshore gas field from BG Group, has cash of $3.7 billion, enough for acquisitions, Pannalin said.

The commissioner of Papua New Guinea's ICCC said he was concerned the parties were not coming to the ICCC for regulatory approvals. The merger would assemble a LNG powerhouse in the country.

Under the farm-out, UJO will acquire a 7.5% working interest in PEDL143 from Europa, paying 15% of the costs to drill the exploration well at Holmwood.

InterOil is coveted for its stake in the Elk-Antelope fields, which could hold at least 6.2 trillion cubic feet of gas, more than enough to fill one LNG processing train. Drilling of one more well this year could prove it holds much more.

J. Thomas Wilson, Magellan’s president and CEO, said Mereenie’s current estimated production is less than 1 Mboe/d, and noted that the Mereenie bonus was not recorded in condensed consolidated financial statements.

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.

Norway is hoping the new areas will help boost a sector that has been shedding projects, costs and jobs due to a 57 percent decline in crude prices since mid-2014.

Marlim, Brazil's fifth-most productive field in March, produces about 150,000 barrels of oil a day and about 2 million cubic meters per day (70.8 million cubic feet per day), Reuters reported.

Mazarine will seek low cost, low-risk investments in onshore fields in Romania and North Africa, chairman and founder Edward van Kersbergen told Reuters. CIEP acquired Romanian assets in March 2015.

Statoil will have a 50% interest in the Banarli licenses, while the operator Valeura Energy Inc., a Canadian exploration company, will keep the remaining 50%. The shallow formations above 2,500 meters will be 100% retained by Valeura, Statoil said.