If agreed, the settlement would help to open the way for an expansion of the Kashagan oil development, including construction of new gas-processing plants needed by the government, the people said.
In September, it sold non-operated stakes in the Kaybob Duvernay and Placid Montney for $104 million. The plan is to invest some of the proceeds in international works.
Abu reached a peak of 15,000 barrels per day in 2008. The agreement should give Ping the ability to monetise the Abu Kecil and Abu SW Upthrown fields.
Geng North is thought to hold around 5 trillion cubic feet of gas and 400 million barrels of condensate. Eni sees the Kutei Basin becoming a “new world class gas hub”.
“I hope this marks the beginning of Sarawak’s very own venture into oil and gas production – by Sarawak, for Sarawak,” the premier said. He called for the companies to rename the field as the “Grand New Lady of Sarawak”.
Shell reduced the scope of the contract “for cause” in March this year, alleging breaches of contract by Sapura Offshore.
“We're both highly motivated to get the asset back up and operating again. They have a vessel they put capital into. They obviously want to be getting paid and making a return on that,” he said.
Jadestone CEO and president Paul Blakeley said Montara had been a “real problem”. The defect in July occurred in a tank that had already been inspected, he explained to Energy Voice.
The drilling could inform decisions on another 20 production wells. Expanding the Wassana facility would involve more wellhead and oil processing structures, it said.
The companies have agreed to aim to reach a definitive agreement by the end of December. If agreed, this would trigger a final investment decision (FID) on Mako.
This mismatch prevents “any accretive equity financing”. As a result, the proposed pricing of the offer and purchase are not “in the best interest of the company and its shareholders”.
Indonesia accounted for 0.1% of Chevron’s production in 2022. It lost the Rokan block in August 2021, which had contributed 130,000 bpd the previous year.
The company attributed its successes to a intensive exploration drilling campaign that began in 2022.
“That should see steady production growth. From 1,000 bpd in 2023 that should double in 2024 and then triple in 2025.”
Sapura Energy has also said its proposed restructuring would include a “white knight” investing 1.8 billion ringgits ($390mn) in the business.
“There is a short window of time when liquidity becomes a challenge,” the executive said, with this week’s fundraising to tide the company over.
Medco has said the Natuna development is one of its two core focuses for 2023, with planned capital expenditure of $250 million. The company also controls the West Natuna Transportation System, a 656 km link that runs into Singapore.
In April, the company reported work on Akatara was 28% complete. It is on track to reach first in the first half of 2024. Jadestone took final investment decision (FID) on the field in June 2022.
The SC 38 consortium must also provide a decommissioning plan and budget, covering wells and facilities. This must include timing and costs, within 30 days of the renewal agreement.
ONGC intends to unlock the “vast potential of India's hydrocarbon resources along with reserves accretion, strengthening the nation's energy security”.
The deal is the most significant since Velesto struck a deal with Hess in November 2022.
The company launched a well workover campaign on the area in June 2022, adding three horizontal wells to its portfolio.
Among the company’s plans, it sees gas as playing an important part. The company took final investment decision (FID) on the Akatara gas project in June 2022. It is 28% complete and should reach first gas in the first half of 2024.
Support for doing deals has been buoyed as a result of the European gas supply crisis, the CEO said. “There's an appreciation that we're going to need hydrocarbons and I think the money markets are seeing that as well,” he said, even while “trying to get an RBL from a bank is not going to happen”.
At the time, Petronas president and Group CEO Datuk Tengku Muhammad Taufik said the company shared Sabah’s “aspirations for mutual prosperity even as we both pursue sustainable development”.