There's a $16bn project pipeline predicted for 2023 in Asia-Pac, but nearly a third are at high-risk of delay.
PTT Exploration & Production (PTTEP)
Multi-billion-dollar oil and gas projects remain delayed in Vietnam and undermine the Southeast Asian nation’s ambitions to expand its gas production capabilities as it seeks to move away from coal-fired power.
Thailand’s PTT Exploration & Production (PTTEP) has raised its capital spending plan for upstream oil and gas to $16.5 billion over the next five years. PTTEP (BKK:PTTEP) will also spend an additional $4.4 billion developing its new energy business, which includes hydrogen, wind and solar, through to 2026.
State-backed Thai player PTT Exploration & Production’s (PTTEP’s) new chief executive, Montri Rawanchaikul, intends to strengthen the firm’s core upstream business in Southeast Asia, while preparing for new energy opportunities.
Jakarta is preparing to bolster its maritime security defences in the Natuna Sea, which is rich in fisheries and natural gas, after increasing incursions by Chinese vessels within Indonesia’s exclusive economic zone (EEZ). The news should provide some comfort to upstream oil and gas investors operating in the Natuna Sea.
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.
Shell has failed to generate any significant interest in the sales process for its share of the giant Abadi LNG project one year after the Indonesian government announced the Anglo-Dutch supermajor’s intention to divest.
Thailand’s PTT Exploration & Production (PTTEP) is having difficulty accessing the Chevron-operated Erawan gas field to install production facilities as planned, ahead of a transition next year. PTTEP is now reportedly “losing hope” of gaining access before next April’s handover due to an unresolved legal battle with Chevron.
French energy giant TotalEnergies has said it has done everything within its power for now to limit revenues going to the military junta in Myanmar while staying within a legal framework and maintaining crucial power supplies.
Thailand’s PTT Exploration & Production (PTTEP) and Malaysia’s Petronas have made a second gas discovery in the shallow waters of Balingian province off the Malaysian state of Sarawak.
Thailand’s PTT Exploration & Production (PTTEP) is seeking a moored floating drilling rig for an appraisal drilling campaign off Myanmar.
Chevron’s recently-appointed president Chatit Huayhongtong has pledged to ensure a smooth transfer of its Erawan gas field, now facing a legal dispute, to Thai upstream company PTT Exploration and Production (PTTEP), reported the Bangkok Post.
Thai upstream player PTT Exploration and Production (PTTEP) plans to keep acquiring new production assets in the Middle East and Southeast Asia to boost reserves and bolster sales.
Santos is seeking buyers for a 20-30% stake in its large Dorado oil project and Bedout exploration portfolio offshore western Australia estimated to be worth up to $200 million. Significantly, there is expected to be global interest in the sales process, which could be particularly appealing for Asian national oil companies (NOCs).