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The Indian federal government intends to change the definition of petroleum in guidelines to include this resource.
The country seeks to attract US$40 billion investment in its E&P sector over next five years.
Global oil discoveries fell to a record low in 2016 as companies continued to cut spending; however, ONGC continued to spend to help achieve India’s targeted reduction on imports.
Diverse players provide a wide range of services.
The country aims to increase domestic oil and gas exploration, development and production, while reducing its reliance on imports, to meet growing demand.
The auction process is expected to take seven months, and winners will be announced in the middle of 2018, said Veerasak Pungrassamee, director-general of the mineral fuels department.
The countries have long been at loggerheads over the strategic waterway, through which more than $3 trillion in cargo passes every year, with Vietnam having emerged as the most vocal opponent of China’s claims to the majority of the regional sea.
The company had said in April it would sell to China’s Himalaya Energy Co., the wholly owned subsidiaries that operate three gas fields, which together account for 58% of Bangladesh’s gas production.
Royal Dutch Shell subsidiary BG Asia Pacific Holdings Pte Ltd. and KUFPEC Thailand Holdings Pte Ltd. have mutually agreed to cancel the sale and purchase agreement for the share sale of Shell Integrated Gas Thailand Pte. Ltd. (SIGT) and Thai Energy Co. Ltd. (TEC), Shell said in a news release.
Oil and Natural Gas Corp. Ltd. (ONGC), India’s top explorer, said on Aug. 4 it has bought an 80% participating interest and operatorship in one of Gujarat State Petroleum Corp.’s (GSPC) blocks in the Krishna Godavari Basin offshore.
Although the oil is not in commercial quantities, the Sri Trang-1 discovery has validated the hydrocarbon prospectivity of the Northern Kra Basin, Tap Oil said in the release.
The joint venture partners are discussing an additional appraisal well, and the decision whether to drill it will follow evaluation of Antelope-6 and flow test results from Antelope-5.
Roxi Petroleum’s Well 143 at its flagship asset BNG in Kazakhstan has flowed oil strongly since the start of 2016 and continues to flow well, the company said in a news release Jan. 13.
Wei-4 well, southwest of China's coastal city of Beihai, tested a daily output of 1,264 tonnes of crude and 71,800 cm of natural gas at a first layer, Reuters said.
The PRL 15 joint venture intends to begin drilling Antelope-6 in December as part of the appraisal program to define the resource for the Papua LNG project, InterOil said in a news release.
The company said its South Baghjan-2 well, located in the Baghjan Petroleum Mining Lease, encountered multiple sands in Narpuh and Lakadong+Therria formations.
The Yuedong 30-1-1 well hit mostly gas. The well was drilled to a depth of 4,235 m (13,894 ft). The formation has a temperature of nearly 200 degrees C (392 degrees F).
SapuraKencana Petroleum Bhd, Malaysia's biggest oil and gas services company by market value, on May 31 announced two natural gas discoveries offshore East Malaysia.
The Thalin-1A exploration well in the Rakhine Basin has intersected a gross gas column of about 64 m (210 ft), Woodside said in a news release.
The Shwe Yee Htun-1 exploration well in Block A-6 in the Rakhine Basin offshore area of Myanmar has hit a gross gas column of about 129 m (423 ft), Woodside said in a news release.