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Half of the spending will go toward E&P activities as the country aims to increase domestic oil and gas production.
The state-owned explorer faces challenges to produce gas from its UD-1 discovery in the Bay of Bengal.
The country aims to increase domestic oil and gas exploration, development and production, while reducing its reliance on imports, to meet growing demand.
The country is offering 67 discovered small fields in 46 contract areas, including 26 onshore, 18 shallow-water and two deepwater areas.
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.
Surbana Jurong Myanmar and MOSB Ltd. have signed an agreement to design an Offshore Supply Base in Mon State, the companies said on Jan. 25.
Shearwater GeoServices said on Jan. 18 it has been awarded a 3861 sq mile (10,000 sq km) marine seismic acquisition services contract by Total (NYSE: TOT) and Eni (NYSE: E).
Eight-figure sum is most financially significant deal in company’s history.
Petra Energy affiliate, Petra Resources, said on Nov. 14 it was awarded a provision of maintenance, construction and modification (MCM) services contract for offshore Sabah by Petronas Gas Bhd.
Italian energy firm Eni (NYSE: E) signed a deal on Nov. 14 to explore an area off the southern coast of Oman for oil and gas and inked an agreement for Qatar Petroleum to take a stake in the block.
Reuters reported six people died and more than 20 were injured when a crane collapsed onto a section of the platform at a Samsung Heavy Industries shipyard, South Korea's Yonhap News Agency reported.
Chinese manufacturers are unable to make equipment such as semisubmersible drilling platforms used in waters deeper than 1,000 feet and robots used in waters deeper than 500 meters, Reuters reported.
The $1-billion rig, which was at the center of a fierce diplomatic stand-off between the countries in 2014, had moved into an area of the Gulf of Tonkin over which, Vietnam said, the two countries were still “executing delineation discussions.”
Both orders are part of PetroChina's furnace procurement program that BHD bid on. Aggregate order value under the program now totals about US$0.8 million, or more than 5.3 million renminbi.
The barge carrying the Alba B3 topside, jacket and pile sleeves will meet Heerema Marine Contractors’ crane vessel Thialf early next year at its final offshore destination in the Gulf of Guinea.
The helicopter, identified as a Dauphin AS 365 N3 twin-engine helicopter, was en route to a production platform complex in Bombay High. The complex is about 93 km offshore.
Noble said the lower return on the sale that closed on Jan. 12 was “primarily due to operating losses of NAC from Oct. 1 2017, to the closing date.”
The 100,000 barrels-per-day field operated by Eni, the senior partner in the license, has been shut since Norway’s Petroleum Safety Authority (PSA) ordered its closure in early October, citing safety concerns.
Oil major Royal Dutch Shell Plc (NYSE: RDS.A) has agreed to exit the Majnoon oilfield and hand over its operation to the state-run Basra Oil Co. by the end of June 2018.
Production started at the Sofiya gas field Oct. 27.
Christina Verchere will replace Mariana Gheorghe, who will leave after 12 years at OMV Petrom and before her contract was due to end in April next year.
China-based Greka Drilling Ltd. has been awarded two new drilling contracts worth up to US$9.1 million.
Kelvin Tang will replace interim CEO Jeffrey S. MacDonald, who is resigning from the CEO and board executive director roles effective Aug. 31.
After July 24, Joyner will be replaced by John Li as interim CFO until a replacement is appointed, the company also said.
The company did not give a reason for the changes, which come ten months after Yang Hua was promoted to CEO and Yuan Guangyu was named president, Reuters said.
Indonesia’s Pertamina said on Aug. 16 that tax issues related to importing crude oil into the Southeast Asian country could scupper plans by the state oil firm to take stakes in two energy blocks controlled by Russia’s Rosneft.
Chairman Manuel Pangilinan told reporters he was looking to discuss plans to resume PXP’s stalled Reed Bank project in the hotly contested waterway with the Philippine government.
Drilling for oil and natural gas on the Reed Bank in the South China Sea may resume before the end of the year, a Philippine energy official said July 12, as the government prepares to offer new blocks to investors in bidding in December.
The country’s oil and gas output has been stagnant for years while the nation’s fuel demand is rising with its economic expansion, hitting federal finances with an import bill worth billions of dollars.
Earlier treaties that established a joint petroleum development area with revenue split 90% to East Timor and 10% to Australia, which govern production from the Bayu-Undan Field run by ConocoPhillips, will remain in place, Reuters reported.