Southeast Asia will lead other regions in having the largest share of new deepwater gas and condensate developments taking a final investment decision (FID) between 2022 and 2025, research from Rystad Energy shows. Significantly, around $25 billion is expected to be spent on greenfield deepwater developments in the region from 2021-2025, up from $2 billion over the prior five-year term.
ExxonMobil (NYSE:XOM) is reportedly discussing acquiring stakes in some deepwater fields from state-backed India’s Oil and Natural Gas Corporation (ONGC).
Indian state-backed Oil & Natural Gas Corporation (ONGC) has pumped first gas from its deep-water U1B well off India’s eastern coast.
Aquadrill Offshore’s ultra-deep water drill ship West Capella is favoured to win the single-well contract for Repsol’s much-anticipated Rencong-1X wildcat in the North Sumatra basin offshore Indonesia.
Murphy Oil has decided not to sell its stake in Block CA-1 offshore Brunei following a deepwater discovery by the block’s operator Shell.
New export markets in renewables are on the cards for Balmoral Group, typically known for its oil and gas buoyancy tech, as its product offering “evolves”.
Deep-water drilling activities are bouncing back in Southeast Asia following a lacklustre 2020 with overall spending expected to rise 51% this year to $504 million and almost back to 2019 levels, estimates from Rystad Energy show.
Deepwater upstream projects are increasingly important for Southeast Asia, where new investment in production is critical to meet rising demand for oil and gas, as economies continue to expand.
UK-listed Harbour Energy said it is on track to probe the deep waters of Indonesia’s North Sumatra basin in its Andaman II production-sharing contract (PSC).
China’s CNOOC Ltd today said that the country’s “first offshore large-sized independent deep-water gas field” named Lingshui 17-2 has started production. The development, which CNOOC claims includes the world’s first 100,000 ton semi-submersible platform, underscores the advancement of China’s deep-water technical knowhow.
TechnipFMC will carry out the engineering, procurement, construction, installation and commissioning contract for the subsea production system, umbilical, riser and flowline (SURF) at Petronas’ Limbayong deep-water development offshore Malaysia.
BP and India’s Reliance Industries have started production from a second ultra-deepwater gas field in the Krishan Godavari (KG) basin off India’s east coast.
CNOOC, China’s third largest oil company, is expected to start production at Lingshui 17-2, a large deep-water natural gas field in the South China Sea, during the first half of 2021.
Petronas Carigali is aiming to take a final investment decision (FID) on its Bestari deep-water oilfield development offshore Sabah in East Malaysia this year.
Petronas MPM reckons there is at least 6 billion barrels of oil equivalent (boe) waiting to be discovered in Malaysia’s deep waters.
Analysts at IHS Market report that Repsol’s highly anticipated Rencong-1X wildcat in the frontier deep waters of Indonesia’s North Sumatra basin is targeting prospective gas resources of 4 trillion cubic feet (cf).
UK-based engineering giant TechnipFMC has won a deal worth between $250 million and $500 million for a key contact at the Petronas-operated Limbayong deep-water development offshore Malaysia.
Malaysia will offer 13 offshore exploration blocks, including discovered fields and deep-water opportunities, as part of its Malaysia Bid Round (MBR) 2021 due to launch on 26 February.
News that Thailand’s PTT Exploration & Production (PTTEP) and Petronas have started first deep-water gas production from Block H bodes well for Malaysia’s vision to attract further investment in its deeper waters.
BHP Group on Tuesday said it sees a clear opportunity in oil and gas to enjoy strong returns over the medium term and is ready to seek counter-cyclical deals in a world where many energy companies have cut back on exploration and new projects.
Repsol and Petronas are on track to drill the much-anticipated Rencong-1X wildcat in the frontier deep waters of Indonesia’s North Sumatra basin.
Petronas MPM hopes to lure investors to Malaysia’s shallow-water and late-life assets after revealing new fiscal terms as part of an ongoing effort to revive its domestic upstream sector. The move could help Malaysia steal a march on neighboring countries.
The former boss of Malaysian national oil company (NOC) Petronas, Tan Sri Wan Zulkiflee, has joined ExxonMobil’s board of directors, in a move that has surprised some industry watchers.
New research has named ExxonMobil as the least "resilient" supermajor to weather the current oil downturn.
Royal Dutch Shell Plc is pushing ahead on its massive deep-water drilling plan in Mexico, even as it doesn’t foresee production starting under the current government.