Exclusives

R&D efforts improve efficiency and construction execution.

Chevron, Bangka, offshore, Indonesia, gas

Indonesia’s upstream sector, after a decade of production decline and several years of investor uncertainty, is finally upping its game.

India, oil, gas, fields, bid, round, small, developed, KPMG, companies

The country is offering 67 discovered small fields in 46 contract areas, including 26 onshore, 18 shallow-water and two deepwater areas.

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.

Azerbaijan, offshore, BP, oil

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.

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

Vietnam, which is slowly opening up its domestic market to considerable investment interest, has completed several major share sales and listings in recent months, Reuters reported.

The South Asian nation's previous licensing rounds saw a lukewarm response from global oil giants because of tax issues and doubts about the quality of the blocks on offer, Reuters reported.

The country invited companies to undertake appraisal and development of gas discoveries and prospects in a 2,924 sq km (1,129 sq miles) offshore block in the basin, Petroleum Resource Development Secretariat (PRDS) said on its website on Feb. 13.

Chevron sells its entire output from these fields to state oil company Petrobangla under a production-sharing contract. Under the terms of the contract, Bangladesh's government has the right of first refusal in any asset sale, Reuters said. 

"This exercise aims to create a major integrated offshore service provider with diversified earnings through exposure in the upstream and downstream segment of the oil and gas industry," said Rohaizad Darus, UMW-OG's president.

Production

Most of this investment would go into developing the R-Series fields off of India's west coast that can produce 8.39 million tonnes of oil and 1.696 Bcm of gas, Reuters reported.

The production test recorded the Merakes reservoir's gas deliverability. Merakes could have 2 trillion cubic feet of gas in place.

Blue Whale is Vietnam's biggest natural gas project, with an estimated 150 billion cubic meters of reserves, Reuters reported.

Inpex in 2010 was forced to give up a stake in the Azadegan oil field due to Western sanctions on Iran over its nuclear program, Reuters reported.

Malikai, located in water depths of up to 500 m, is expected to have a peak production of 60,000 barrels per day, Shell said in a news release.

Technology

The state firm, which has a virtual monopoly on petroleum imports, leads the country in retail oil sales and owns and operates the country's main refineries, Reuters reported.

The contract includes supplying a three-well subsea control system, which includes Proserv’s Artemis 2G subsea electronics module, tied back to two the Naga and Pelikan platforms, Proserv said.

The Fuling project is China's largest commercial shale gas discovery now under production, with annual output estimated at about 5 billion cubic meters last year, Reuters reported.

SembMarine, majority-owned by conglomerate Sembcorp Industries Ltd., posted S$34 million (US$24 million) in profit for the three months through December, vs. a S$537 million loss a year prior. Revenue fell 38% to $830 million.

The subsea development, located offshore India, involves completion of 11 oil and gas wells that are either at an infield location or an extension of existing fields, including marginal pools which will be connected to the nearest host facility, in water depths up to 100 m (328 ft), JDR said Feb. 15.