Subsea opportunities will be plentiful in Asia Pacific over the coming years as international oil companies (IOCs) and national oil companies (NOCs) advance a backlog of projects, while offshore wind developers accelerate activity across the region.
PTT Exploration & Production
Petronas and Hess have agreed amendments to an existing upstream gas sales agreement for fields offshore Malaysia that cements the value of the US-based company’s North Malay Basin assets. This makes any potential divestment process easier as Hess focuses on its prolific acreage offshore Guyana.
There are increasing signals that the long-stalled multi-billion dollar Block B gas project offshore Vietnam could finally start making progress again this year.
Malaysian national oil company (NOC) Petronas has declared force majeure on its Yetagun field off Myanmar, which is on the brink of civil war, due to the depletion of gas production.
Thailand’s PTT Exploration & Production (PTTEP) has struck a significant shallow-water oil and gas discovery in Block SK405B off the Malaysian state of Sarawak.
The bloodless military coup in Myanmar has triggered some upstream companies to assess whether they should activate force majeure clauses in their production-sharing contracts (PSCs) with the government.
Chevron is seeking contractors for a major retirement campaign across the Gulf of Thailand as the Southeast Asian nation braces for a huge wave of decommissioning.