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.
Earlier this month Murphy Oil joined a long list of explorers, which includes BP, Equinor, Chevron, Karoon Energy, Bight Petroleum, and their joint venture partners, that have now exited and passed over the opportunity to unlock the Great Australian Bight.
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.
Mubadala Petroleum has put its Southeast Asia portfolio up for sale for $2 billion. The Abu Dhabi-based company will be following in the footsteps of ExxonMobil, Chevron, Shell, Murphy Oil, Hess, Repsol and Eni, all of which are looking to sell assets in the Asia region.
More assets are expected to hit the market across Asia Pacific this year following the sustained drop in global oil prices and the COVID-19 pandemic, which has destroyed energy demand growth as economic activity contracts.
The US Gulf of Mexico is making a comeback this year.
Some of the top oil and gas companies received perfect scores in the new LGBT workplace equality rankings, but the energy sector still ranks at the bottom for inclusion standards out of all industries nationwide.
Aberdeen-based TEMS international has been awarded a £1million contract with US explorer Murphy Oil.
Murphy Oil has been hit with dry hole expense charges after being forced to plug and abandon a number of wells. The company said it would pay a $47million charge on the Urca well in Mississippi Canyon Block 697 and $23million for two wells in its Perth Basin drilling programme offshore Western Australia. Murphy Oil is continuing with the drilling of a third well at the Munia prospect in the Perth Basin which is expected to be finished in April.