China’s national oil companies, including CNPC, CNOOC (HKEX:883), and Sinopec (HKEX:386), are expected to spend over $120 billion on drilling and well services by 2025 to help meet rising domestic oil and gas demand. With 118,000 wells estimated to be drilled in China, analysts at Rystad Energy reckon there will be significant opportunities for innovative suppliers.
Indonesian upstream regulator SKK Migas has approved ExxonMobil’s plans to restart drilling at its giant Cepu Block in a bid to find new reserves and stem falling output at the country’s largest oil producing block.
Brunei Shell Petroleum has rolled out measures in an attempt to ward off disruptions to oil and gas production in Brunei following a significant number of Covid-19 infections detected at offshore platforms in the Champion field, the country’s biggest source of hydrocarbons.
Natural declines and underinvestment in new exploration has left Philippine oil and gas production in freefall posing significant risks to future energy security. The risk is particularly acute given how reliant the Southeast Asian nation is on oil and gas for power generation, industrial processes and transportation, warn analysts at Fitch Solutions. But interest from investors has been rekindled.
EnQuest took a hit to its production in the first half of 2021 after a series of unplanned issues at Magnus, as well as a drop in output from its flagship Kraken field.
Oil and natural gas explorers in the US Gulf of Mexico and Louisiana refineries have shut production as Hurricane Ida crashed ashore.
While the current boom in domestic gas production will derail liquefied natural gas (LNG) demand growth in the short-term, the lack of significant pre-FID domestic supply and no discoveries of note in blocks awarded under the OALP rounds should ensure that beyond 2024 India’s LNG demand roars back, writes Gavin Thompson, Wood Mackenzie Asia Pacific vice chair.
Santos, which operates the Bayu-Undan field offshore East Timor, said today that production from its Phase 3C infill drilling program has started with the first well producing a better than expected outcome.
Thailand’s PTT Exploration & Production (PTTEP) said it will need between one and two years to hit its contractual production target at the Erawan field offshore Thailand once it takes over from current operator Chevron.
Indonesia's first-quarter crude and natural gas production volumes missed their targets due to technical issues at wells and delays at BP's Tangguh liquefied natural gas (LNG) project, data from upstream oil and gas regulator SKK Migas showed.
Energy Voice considers the prospect of an oil supercycle and its potential supply crunch, rising demand, and triple digit oil prices.
CNOOC, China’s third-largest oil company, confirmed it has extinguished a fire at a platform on its Penglai fields in northeast China. The fire is expected to cut crude output at the Penglai 19-3 field by around 600,000 barrels this year.
Indonesian national oil company (NOC) Pertamina has so far failed to agree a commercial deal with Chevron for a key chemical formula that is critical for enhanced oil recovery (EOR) efforts at the legacy Rokan Block.
Indonesian national oil company (NOC) Pertamina is seeking to farm-down stakes in some of its key domestic assets taken over from international oil companies (IOCs) exiting Indonesia.
The Indonesian government forecasts that 616 new development wells will be drilled across the archipelago this year following a strong rebound in global crude prices.
New upstream oil and gas projects worth about $15 billion will be sanctioned in Australasia this year, according to Rystad Energy’s forecast, marking a huge boost compared to the $1.2 billion committed to new projects in 2020.
CNOOC, China’s third-biggest oil company, aims to raise its capital spending this year to between 90 billion and 100 billion yuan ($15 billion), the highest level since 2014, bucking the industry trend.
The atmosphere in Myanmar remains volatile after the military seized power from the National League for Democracy (NLD) government and is creating logistical challenges for upstream companies, including Woodside Energy, that operate in the country.
Oil edged lower as the dollar strengthened, with the steam coming out of a rally that pushed crude to the highest level in 10 months.
Offshore drilling activity on the UK Continental Shelf (UKCS) is expected to recover in 2021 with a dozen potential exploration wells identified.
Oil edged lower in New York, with OPEC and its partners engaging in a diplomatic push to agree on output levels before a key meeting on Thursday.
Shell chief executive Ben van Beurden said yesterday the “high point” for the Anglo-Dutch supermajor’s oil production had likely passed.
Reframing the debate: why we should be talking about how to improve exploration and production
The Norwegian Petroleum Directorate (NPD) today confirmed a fall in production.
Operators in the Gulf of Mexico have shut down more than 378,633 b/d of oil output, 21.64% of total Gulf of Mexico production, and 0.827 Bcf/d of natural gas output, 25.71% of production, according to a US Bureau of Safety and Environmental Enforcement survey Sunday.