Exclusives

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Malaysia Petroleum Management realized that some 50% of the country’s well inventory was idle, resulting in a locked-in potential of some 80,000 barrels of oil per day. So it set out to arrest Malaysia’s production decline rate.

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The two nations plan to draw up a joint strategy for sourcing crude oil from the international market.

An ONGC Ltd.-led consortium is chasing hydrocarbon leads in the shallow waters of the MB-OSN-2005/1 Block, located in the Mumbai Offshore Basin near Saurashtra, after two exploration wells hit oil and gas.

Reliance Industries, BP, KG-D6 Block, India oil and gas

The companies plan to invest about US$4 billion to develop natural gas discoveries in the Bay of Bengal’s KG-D6 Block.

An infill drilling program will kick off the plan’s launch in second-half 2018 followed by installation of a 12-well slot platform in first-half 2019.

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

Taking ConocoPhillips' 30% stake would help East Timor position itself to push for the development of Greater Sunrise, discovered in 1974 but development long delayed.

The decision to sell some U.S. GoM assets came as the state-controlled Chinese oil firm finalizes an internal restructuring that combines its Beijing-headquartered E&P team with Calgary-based Nexen Petroleum.

PTTEP submitted a solo bid for the Bongkot (G2/61) concession to compete with a Chevron and Mitsui's joint bid.

While the company sold assets in Thailand and Indonesia a few years ago, Hess COO Greg Hill says Southeast Asia still plays a key role in its portfolio.

U.S. energy giant ConocoPhillips has asked Indonesia's energy ministry to extend its operations in the Corridor natural gas block after its contract ends in December 2023, a ministry official said.

Production

Turkey and Italy are the last buyers of Iranian crude outside China, India and the Middle East, according to tanker data and an industry source, the latest sign that shipments are taking a major hit from looming U.S. sanctions.

The project brings together leading subsea equipment and services from BHGE, McDermott and LTHE to provide ONGC with end-to-end project delivery.

Block 29/11 is located in Pearl River Mouth Basin of the South China Sea. The block covers a total area of 1,808 sq km (698 sq miles) with a water depth of 300 m to 600 m (984 ft to 1,968 ft).

Analysts warn that the combination of high oil costs and weakening currencies could cause a global economic slowdown.

Malaysian oil and gas company Hibiscus Petroleum is aiming to double its oil output in the U.K. North Sea and in Malaysia to 20,000 barrels per day by 2021.

Technology

Japan's Kyushu Electric Power Co said on Oct. 15 it restricted third-party solar power supplies over the weekend, marking the first time a Japanese utility has curbed the use of renewable energy to avoid a sudden blackout.

Guyana has put planned oil auctions on hold as the impoverished South American country works to establish a Department of Energy to oversee the energy boom, Minister of State Joseph Harmon said on Sept. 24.

Saudi's Aramco Trading Company (ATC) expects to increase its oil trading volume to 6 million barrels per day (MMbbl/d) in 2020, 50% higher than current levels, the company's top official said on Sept. 24.

United Energy Group said on Sept. 24 it would buy Kuwait Energy for up to $651 million as the Hong Kong-listed upstream oil and gas company aims to enter the Middle East and North Africa markets.

Israel’s Ratio Oil Exploration signed a long-awaited deal on Sept. 4 to search for oil and gas in the Philippines, a spokesman for Philippines President Rodrigo Duterte said.