Outlook improves for Indonesia’s Saka Energi
The prospects for Indonesia’s Saka Energi appear to have improved based on the latest analysis from Moody’s Investors Service, which revised the troubled upstream player’s outlook from negative to stable.
upstream
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.
Petronas upstream investment approvals to accelerate
Malaysian national energy company Petronas is expected to accelerate final investment decisions (FIDs) for upstream oil and gas projects between 2022 and 2023 following a sharp decline over 2020-21, according to the latest research from Rystad Energy.
Thailand’s PTTEP gets new boss, eyes energy transition
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.
Taleveras remains bullish on LNG demand growth
As global markets consolidate recovery from the Covid-19 pandemic, LNG markets globally are tightening, with demand growth led by anticipated surge in Asian and Latin America demand.
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 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.
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.
Indonesia tweaks upstream divestment rules for Pertamina
The Indonesian government will allow Pertamina to divest more than 51% of its participating interest in legacy upstream blocks that it has acquired from former operators.
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.
LNG remains crucial in Thailand’s energy transition says PTT
Natural gas and liquefied natural gas (LNG) will remain highly important to Thailand’s power sector and as a bridging fuel during the Southeast Asian nation’s energy transition, Auttapol Rerkpiboon, chief executive of state-backed Thai energy company PTT, told the Future Energy Asia conference today.
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.
PTTEP pressing on in Myanmar despite delays
Thailand’s PTT Exploration & Production (PTTEP) is managing to maintain its upstream oil and gas production obligations in Myanmar despite recent turbulence in the country that has delayed some activities.
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.
Indonesia eyes giant offshore decommissioning wave
Indonesian upstream regulator SKK Migas is preparing a strategic plan covering the decommissioning of more than 100 upstream oil and gas platforms in Southeast Asia’s largest producer of hydrocarbons.
Malaysia to lead global new-build offshore gas projects
Malaysia is expected to contribute about 12% or 3.1 billion cubic feet (bcf) of global natural gas production in 2025 from key offshore planned and announced projects that are projected to start operations between 2021 and 2025, according to research from GlobalData.
Southeast Asia deepwater spend set to double in 2021
Deep-water drilling activities are bouncing back in Southeast Asia following a lacklustre 2020 with overall spending expected to rise 51% this year to $504 million and almost back to 2019 levels, estimates from Rystad Energy show.
Shell wins Malaysia offshore exploration block
Shell has snapped up new exploration acreage in Malaysia offshore the state of Sarawak in a move that underscores the supermajor’s commitment to country’s upstream sector.
Deepwater activities in Southeast Asia set to boom
Deepwater upstream projects are increasingly important for Southeast Asia, where new investment in production is critical to meet rising demand for oil and gas, as economies continue to expand.
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.
Transocean rig could keep drilling off Myanmar for POSCO
Transocean’s Deepwater Nautilus semi-submersible unit looks set to keep drilling offshore Myanmar for South Korea’s POSCO after the Swiss-based driller announced a contract extension.
Shell puts Malaysian upstream assets on sale
Shell has officially launched the sale of its shares in oil and gas fields it does not operate offshore Malaysia, according to a document seen by Reuters.
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.
Eni teams up with SKKMigas for Indonesia exploration
Eni will work with Indonesian upstream regulator SKKMigas to process and interpret seismic data owned by Indonesia using the Italian major’s proprietary technologies and facilities.
PTTEP hits more gas with Malaysian wildcat
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.