Malaysia’s national oil company Petronas is considering acquiring further upstream acreage offshore Indonesia’s Aceh province as it seeks to develop more gas projects in the Southeast Asian nation. Significantly, more incentives are expected to be offered to encourage exploration investment.
Indonesian upstream regulator SKK Migas has confirmed that Repsol’s (BME:REP) Kali Berau Dalam (KBD) gas discovery, initially thought to be the country’s biggest find in 18 years, is significantly smaller than expected, putting the mega project in doubt.
Spain’s Repsol has started drilling the much-anticipated Rencong-1X wildcat in the frontier deepwaters of Indonesia’s North Sumatra basin in the Andaman III Block.
Italy’s Eni (BIT:ENI) is offering to sell its Krueng Mane Block offshore Aceh in Indonesia to London-listed Harbour Energy (LON:HBR), reported Indonesian upstream regulator SKK Migas. Significantly, the potential acquisition seems logical given that Harbour’s recent exploration success could trigger a new development area in the region.
UK-listed Harbour Energy (LON:HBR) has announced initial success at its play-opening deepwater Timpan-1 exploration well offshore Indonesia in the North Sumatra basin. Significantly, the initial result bodes well for the frontier area and could open up more petroleum plays, which are thought to be gas prone.
Carbon storage sites in Asia are expected to be among the cheapest globally and this could give the region a big advantage in the expanding market as the world races to decarbonise.
Repsol finished its 3D seismic shoot in Indonesia’s South East Jambi block onshore Southern Sumatra in December 2021 and is currently evaluating the data.
Harbour Energy (LON:HBR) is on track to start high impact exploration drilling in its Andaman II PSC offshore Indonesia in the second quarter this year. The news adds to the excitement in Indonesia as other companies, including BP (LON:BP), look set to probe the archipelago’s deep waters, following recent fiscal and regulatory enhancements.
Energy and chemicals giant Repsol (BME:REP) has reported profits of €2.49 billion (£2.1bn) across its activities last year, in a return to pre-pandemic form.
Hibiscus Petroleum (KLSE: HIBISCS) has completed its acquisition of Repsol’s upstream assets in Malaysia and Vietnam that will increase the Malaysian-listed company’s oil and gas production almost threefold.
Malaysia’s Hibiscus Petroleum has received the joint approval from Petronas and PetroVietnam to take control of Repsol’s interests in the Block PM3 CAA production sharing contract (PSC) and unitisation agreement of the East Bunga Kekwa – Cai Nuoc field under Block 46 PSC.
North Sea operator Repsol Sinopec Resources UK (RSRUK) is expected to put a major decommissioning contract for its Fulmar field out to tender next week.
Spain’s Repsol (BME:REP) is again delaying the drilling of the much anticipated Rencong-1X deep-water wildcat exploration well in the Andaman III Block in the North Sumatra basin offshore Indonesia.
ConocoPhillips (NYSE:COP) will exit Indonesia after agreeing to sell its assets in the country to local independent Medco Energi (IDX:MEDC) for $1.355 billion. The move could be a blow to Indonesia’s image in the longer run as the nation tries to attract foreign investment, but analysts generally see the deal as positive.