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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.
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.
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Purchases of the Shell and ConocoPhillips holdings would give East Timor a majority stake in the project, along with remaining partners including Australia's Woodside Petroleum and Japan's Osaka Gas.
The Rokan Block occupies 6,000 sq km (2,300 sq miles) on the Indonesian island of Sumatra.
Ophir Energy rejected Indonesian oil and gas group Medco Energi's potential takeover offer, saying it "undervalues" the British oil and gas company.
Medco said shareholders of Ophir, an upstream oil and gas exploration and production company focused on Asia and Africa, would receive 48.5 pence in cash for each Ophir share.
Energy-hungry India will allow state-owned explorers to rope in the private sector to raise production from old fields as the world’s third biggest oil importer strives to better exploit its hydrocarbon resources and cut dependence on foreign oil.
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.
Husky Energy is having success with the drillbit, recently making two discoveries—one in the Atlantic region offshore Newfoundland, Canada, and another in the South China Sea.
The well was safely drilled to 2,725 m (8,940 ft), reaching high-quality, hydrocarbon-bearing reservoirs in the Toro and Digimu sandstones, consistent with pre-drilling expectations. The well confirms the southeast extension of the field.
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.