East Asia ///
In a recent report, Indonesia’s expiring PSCs: $10 billion of potential upstream value, Wood Mackenzie valued Indonesia's expiring oil and gas production licenses or production sharing contracts (PSCs) at close to $10 billion.
Petronas’ first floating liquefied natural gas (FLNG) facility, PFLNG SATU, achieved the first gas milestone from Kanowit gas field, offshore Sarawak, on Nov. 14.
The 10th International Petroleum Technology Conference (IPTC) came to a close in Bangkok today with an attendance of over 3,700 industry professionals from 51 countries.
Vallourec has announced that it has closed on the acquisition of a majority stake (50.61%) in the Chinese company, Anhui Tianda Oil Pipe Company Limited (TOP) and thereby increased its total stake to 70.07%.
Indonesia has a new oil and gas strategy
China’s oil output slump shows no signs of abating as the country’s state-run energy giants hold back spending to cope with the crash in prices.
Cnooc Ltd., China’s biggest offshore oil and gas producer, posted a 15% fall in third-quarter sales as output declined with capital spending.
Saudi Arabia, which is marshaling a potential deal with global crude producers to limit output, is said to have lifted sales to the world’s second biggest oil consumer after cutting the pricing for its supply.
Trelleborg’s engineered products operation has successfully completed its supply of floatover equipment for the PETRONAS NC3 gas field, located in Block SK316, 200 km North of Bintulu, Sarawak in Malaysia.
Technip has been awarded a subsea contract by PETRONAS Carigali Sdn Bhd, (wholly owned subsidiary of PETRONAS), for the Samarang Redevelopment Project Phase 2 EOR, in Malaysia.
China’s crude imports rose to a record as a new strategic reserve site became operational and refineries prepare to process more oil. Net oil product exports also rose near a record.
Chevron Corp., the U.S. oil producer divesting assets to counter an energy-price slump, is seeking about $2 billion from a sale of natural gas assets in Bangladesh, according to people familiar with the matter.
Oil may need to rally further before China’s producers make enough money to reverse a drop in output to the lowest in more than six years.
Lamprell (LAM), a provider of fabrication, engineering and contracting services to the energy industry, has announced the completion of construction of the Shelf Chaopraya jackup drilling rig, and its delivery to Shelf Drilling Ltd. The rig will sail within the next few days for deployment by Shelf Drilling at its drilling location, offshore Thailand.
CNOOC’s Enping 18-1 oil field, which lies in the Pearl River Mouth basin of the South China Sea and has an average water depth of approximately 90 m, has commenced production.
Mubadala Petroleum, Operator of the Manora Oil Development joint venture, has advised that drilling of the MNA-17 well, in the Northern Gulf of Thailand, has now been completed.
GE Oil & Gas has been awarded a contract to supply gas turbine-driven compressors for a third natural gas liquefaction train for the Tangguh expansion having provided the original equipment for Trains 1 and 2 when the plant was first established.
Ophir Energy, a UK-based independent, has commenced commercial production from Kerendan field in Indonesia.
CNOOC’s Weizhou 6-9/6-10 comprehensive adjustment project has commenced production, the company said Monday.
OPEC’s biggest producers are playing second fiddle to smaller suppliers in a coveted corner of the oil market.