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upstream

Asia

Amid wall of cash Asian governments must do more to support upstream, says Woodmac

Surging oil and gas prices will see the upstream industry generate a wall of cash, which in the past led to rising upstream spend. But the energy transition has upset the outlook for oil and gas producers, changing the rules of the game for not only international oil companies (IOCs), but also national operators and host governments, according to Wood Mackenzie.

Asia

US firm wins Sri Lanka LNG deal

New Fortress Energy has finalised a contract with the government of Sri Lanka that gives it the rights to develop a new liquefied natural gas (LNG) import terminal off the coast of Colombo that is expected to start up in 2023.

Oil & Gas

Oil price could hit $200 without new investments says Omani minister

Oil prices could hit $200 per barrel if no new investments are made in the upstream oil and gas sector in the short-term, Oman's energy and minerals minister said yesterday in reply to the International Energy Agency's (IEAs) assessment for reaching net-zero emissions by 2050, reported S&P Global Platts.

Asia

Bleak outlook for Philippines upstream as Malampaya disappoints

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.

Asia

Indonesia’s upstream output to falter amid high risks

Indonesia's crude oil and natural gas production growth outlook continues to be downbeat. Total oil and gas output have seen broad declines since 2010 and the long-observed trend is not expected to be reversed any time soon, reports Fitch Solutions.

Asia

BP bags approval for $2bn Tangguh LNG expansion project

Indonesian upstream regulator SKK Migas has approved BP’s $2.04 billion plan to develop new gas fields in West Papua that will supply its Tangguh liquefied natural gas (LNG) export project. However, the UK supermajor will likely need Indonesia to finalise regulations around carbon capture, utilisation and storage (CCUS) before any expansion can take place.

Asia

PTTEP has ‘no clarity’ on clash with Chevron for access to Erawan

Thailand’s PTT Exploration & Production (PTTEP) said yesterday that there is still “no clarity” around access to the Chevron-operated Erawan gas field off Thailand ahead of a transition next year. PTTEP wants access before next April’s handover to ensure a smooth transition and stem a production decline at the field, which is key to Thai energy security.

Asia

High stakes, frontier exploration, Australia’s Bight had it all

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.

Asia

Indonesia opens upstream bidding with improved terms

Indonesia is offering six upstream blocks as part of its first licensing round in 2021 with improved terms to help attract new investment. Significantly, investors will have the option to choose between the newer gross-split production-sharing contract (PSC) and the traditional cost-recovery PSC, which the government tried to phase out in recent years.