Exclusives

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.

The treaty signing in New York on March 6 marked the first conciliation under the U.N. Convention on the Law of the Sea—a process UN Secretary-General António Guterres said could offer other countries a path toward resolving contentious maritime boundary disputes.

India oil and gas, oil and gas capex, Oil and Natural Gas Corp., ONGC, ONGC Videsh, Oil India Ltd.

Half of the spending will go toward E&P activities as the country aims to increase domestic oil and gas production.

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

ExxonMobil Corp. has resumed production at the Papua New Guinea LNG project two weeks ahead of schedule after it was shut down in the wake of a deadly earthquake in February, its Australian partners said on April 13.

The company recently received government approval for plans to drill additional wells in six fields (Sidingin, Hitam, Petapahan, Pematang, Ampuh and Sikladi) within the Rokan production-sharing contract this year.

Santos said April 3 it would "engage with" Harbour Energy after receiving a $10.4 billion takeover offer from the U.S. company, its fourth unsolicited bid since August 2017.

Royal Dutch Shell is selling its upstream assets in New Zealand to Austria's OMV AG for $578 million, the companies said on March 15.

Australia had sought a boundary aligned with its continental shelf, but East Timor argued the border should be half way between it and Australia—placing much of the Greater Sunrise Field under its control.

Production

The natural gas treatment plant project worth nearly US$600 million is of "great significance" to the development of oil and gas for Petrobras pre-salt, according to the company press release.

The Gorek, Larak and Bakong fields will be developed as three separate wellhead platforms tied back to the existing processing facility and to the MLNG complex, Sapura said in a news release.

India’s Oil and Natural Gas Corp. Ltd. (ONGC) and Reliance Industries Ltd. (RIL) have started discussions with buyers to sell natural gas from their fields in the Bay of Bengal that are expected to start production over the next three years.

Ghazeer development is expected to bring Khazzan production to an estimated 1.5 Bcf/d gas.

In February the two countries agreed to set up a special panel to work out how to jointly explore for offshore oil and gas in areas both sides claim, without needing to address the touchy issue of sovereignty.

Technology

The move would not affect the country’s 22 existing exploration permits, and any oil and gas discoveries from firms holding those licenses could still lead to mining permits of up to 40 years.

The $19 billion LNG facility, opened in 2014, has been closed since the powerful 7.5 magnitude earthquake.

IKM Subsea Singapore signed a contract with PTTEP for their appraisal campaign offshore in Myanmar, the company said on April 3.

Production has resumed at an initial rate of about 4,000 barrels of oil per day, the company said. Oil output from the array of Kutubu complex fields is expected to be restored gradually through April.

Petrofac said April 3 it has received a letter of award from Vedanta Ltd. for its Raageshwari deep gas field development project located in Barmer, Rajasthan, India.