Exclusives

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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.

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.

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

State-owned energy company Pertamina will operate Rokan from Aug. 8, 2021, to 2041, under a gross split production-sharing contract, Tahar said.

The IDD project began production from the Bangka Field in late 2016, but the Makassar Strait block, one of three blocks in the project, is not in production.

Shell committed to the ambitious three-year sale plan following the decision to acquire BG Group in 2015 and the latest announcements bring its total asset sales to around $27 billion.

Royal Dutch Shell has introduced gas to its 490-meter long Prelude floating liquefied natural gas (FLNG) unit as part of the cooling process before start-up, a spokeswoman told Reuters on June 13.

U.S. private equity firm Lone Star is betting on two large unconventional gas projects in China that Austrailia's Sino Gas & Energy is developing.

Production

Malaysia has appointed Ahmad Nizam Salleh as the new chairman of state-owned oil company Petroliam Nasional Bhd (Petronas) effective immediately, the prime minister's office said on August 1.

Precision Drilling Corp. said July 9 it has been awarded one newbuild ST-3000 drilling rig in Kuwait under a five year take-or-pay contract with an optional one year extension.

The demand for LNG in the top three Asian buyers has been driven by policy as they move to the cleaner-burning energy source from coal-fired power plants.

Top Chinese oil and gas firm PetroChina (NYSE: PTR) struck high flow rates in a deep shale gas well in Chongqing in southwest China, the Xinhua News Agency reported on June 13.

Tap Oil Ltd. on June 4 provided an update on drilling of the Manora-8ST1 appraisal well at the Manora oil field in the G1/48 concession in the Northern Gulf of Thailand (Tap 30% interest).

Technology

China included LNG for the first time in its list of proposed tariffs on Aug. 3, the same day that its biggest U.S. crude oil buyer, Sinopec, suspended U.S. crude oil imports due to the dispute

The contract was awarded to CNPC subsidiary BGP Inc.

Posco Daewoo Corp. has awarded the McDermott International, and Baker Hughes, a GE company (BHGE), consortium a contract for phase two of the Shwe gas field development offshore Western Myanmar.

The contract is for the subsea umbilicals risers and flowlines (SURF) and gas export pipeline (GEP) facilities of the Abadi LNG project in Indonesia.

China has responded to $50 billion in tariffs imposed by U.S. President Donald Trump with additional tariffs on U.S. energy products, which analysts considered a surprise.