Asian-based AziPac has farmed into a deepwater exploration block off Indonesia, subject to government approval, in partnership with Mitra Energy.
AziPac, which has backing from specialist energy investor Seacrest Capital Group, and which is focusing on opportunities in both the Asia Pacific region and the Bay of Bengal, is due to take 40% in the Bone Production Sharing Contract area, which lies in Bone Bay off the coast of southern Sulawesi. The?license block extends from shore out into water depths of more than 2,000 m (6,560 ft) and extends across 7,516 sq km (2,900 sq miles), equivalent in size to 327 Gulf of Mexico blocks (or 31 in the UK North Sea).
AziPac director David Sturt stated that the Bone PSC area has a “very prospective” petroleum system, and benefits from a good geographical position within regional markets.
Recommended Reading
AI Poised to Break Out of its Oilfield Niche
2024-04-11 - At the AI in Oil & Gas Conference in Houston, experts talked up the benefits artificial intelligence can provide to the downstream, midstream and upstream sectors, while assuring the audience humans will still run the show.
AI in Oil: Revolution’s Coming, but Tech Adoption Remains Tentative
2024-04-05 - CERAWeek experts say AI will disrupt oil and gas jobs while new opportunities will emerge as the industry braces for an AI-driven workflow transformation.
CERAWeek: Large Language Models Fuel Industry-wide Productivity
2024-03-21 - AI experts promote the generative advantage of using AI to handle busywork while people focus on innovations.
Dragos: IP Theft, Targeted OT Attacks on the Rise
2024-02-20 - Dragos’ annual cybersecurity review reveals three new threat groups, and the company’s CEO urges focus on specific vulnerabilities.
2023-2025 Subsea Tieback Round-Up
2024-02-06 - Here's a look at subsea tieback projects across the globe. The first in a two-part series, this report highlights some of the subsea tiebacks scheduled to be online by 2025.