Smaller companies dominate Southeast Asia E&P expansion

High local demand and big profits drive a flurry of new activity.

Jeff Moore, Contributing Editor

Like China and India, Southeast Asian countries have increased their exploration and production for oil and gas, partly because of energy needs and partly because of the lure of big profits. World Oil researched the latest oil E&P activities in the region and summarized the big trends. Here’s a look.

VIETNAM

Vietnam is increasing E&P to raise national revenues, to offset heavy gasoline imports, and to reverse an 8.3% decline in oil production that began in 2007. And as World Oil reported in January 2008, Hanoi is headed into deep water to raise production, but in 2007 and ’08, the energy majors and scores of small to mid-sized companies flocked to Vietnam to begin squeezing all they can from its shallows and river deltas.^1-3

Says John Vautrain of energy consultants Purvin & Gertz in Singapore, “The majors have pretty much pulled out of Southeast Asia. Sure, they’re still there and producing and doing some E&P, but it’s much more ‘little guy territory’ now.”

“But Vietnam,” he continues, “is not so thoroughly explored and picked over. It’s still got some ‘big boy’ territory.”⁴

The Ministry of Industry and Trade in 2007 and ’08 opened blocks in several basins, resulting in more than 35 joint exploration contracts.⁵ These include blocks in the Cuu Long and Song Hong Basins. The government believes the Song Hong has 5 billion boe of oil and gas in place.^6,7

In the Cuu Long, Hanoi opened an untapped part of Block 15-1’s Su Tu Den Field offshore Vung Tau under 150 ft of water. Petrovietnam has been tight-lipped about a short list of contractors to develop the site, but is trying to produce oil by December 2009.⁸ ConocoPhillips has been involved in other parts of Block 15-1 since 2001, and Hanoi might tap it as a lead contractor.⁹

Vietnam has already launched significant E&P in the Cuu Long via the Cuu Long Joint Operating Co., a joint venture of Petrovietnam, ConocoPhillips, Korea National Oil Co., SK Corp. and Geopetrol. The consortium expects 100,000 bpd in third-quarter 2008.¹⁰

Aside from these majors, at least five small and mid-sized energy companies entered the Vietnam fray in mid-2007: Talisman, Soco International, Salamander, Premier and Santos. Talisman’s three main 2007 discoveries will keep it busy in 2008 and beyond. Working with Petrovietnam via the Thang Long Joint Operating Co., Talisman expects these projects to be key producers.¹¹

Talisman’s first discovery was Block 46/02’s Song Doc Field in the Malay Basin, believed to contain 25 million bbl of oil. Talisman and Petronas each control a 30% stake; Petrovietnam, 40%.12 Talisman completed its pre-drilling program in January 2008, and second-phase drilling was scheduled to begin in May, with first oil planned by late 2008.¹³ The company’s second discovery was Hai Su Tu Den Field in Block 15-2/01 in the Cuu Long Basin. Smaller than the first, it promises 13,450 bopd and 6.87 MMcfgd, according to Talisman. The company is analyzing its third discovery, Hai Su Tu Trang, for reserve capacity.¹⁴

London-based Soco, another small company, expects Ca Ngu Vang Field in Block 9-2 to produce 20,000 bopd in mid-2008.¹⁵ Moreover, it has high hopes for Te Giac Den 1X on Prospect E, Block 16-1, known within the company as “TGD.”¹⁶ President and Chief Executive Ed Story says if these fields are successful, they may “totally transform [the] company.”¹⁷ Says Dr. Michael R. Smith, chief executive of forecasting company Energyfiles, “Since the TGD discovery lies close to the largest oil field in Vietnam in the Cuu Long Basin, it may be a substantial find. Soco is a relatively small organization, and one large field would be a company maker.”¹⁸

UK-based Salamander Energy will begin seismic shooting in the Cuu Long River Delta of the Mekong River Basin in 2008 based on promising aeromagnetic data it collected in 2007. Exploratory drilling in Block 1 will begin in first-half 2009. Salamander’s area of operations covers 3,200 sq mi of Bac Lieu, Tra Vinh and Soc Trang provinces.¹⁹

In May 2008, Premier Oil struck oil and gas in the Nam Con Son Basin in Block 12W, at its Chim Sao North well, formerly known as Blackbird. Premier and Santos each have a 37.5% interest, and Delek Energy Systems has 25%. Initial estimates place reserves at 80 million boe. Block 12W is close to Indonesia’s gas and oil fields in the West Natuna Sea, which have proven prosperous.²⁰ Two zones were tested, the first producing a sustained 1,650 bopd and associated gas, and the second a sustained 2,680 bopd and associated gas. Premier is moving the jackup rig Wilboss to the site to get production underway and expects first oil by 2012.²¹

Premier was also one of four small to mid-sized companies that announced new Vietnam projects in 2008, several in the Song Hong Basin. Premier won a 50% interest in yet another shallow water prospect in the Song Hong, Block 104-109/05. Mitsui Oil Exploration Co. has the other 50%. Like Talisman, Premier aims to make its new prospect part of its core business. And in July 2008, Premier will begin seismic shooting in Block 07/03, also in the Song Hong.²²

India-based Essar bid on and won a 2,288-sq-mi shallow water block, also in the Song Hong. Essar has five years to explore via a minimum of 386 sq mi of 3D seismic data; it will also reinterpret previously collected 2D data.²³ According to company statistics, it is Essar’s first foray into Vietnam.²⁴

Origin Energy won Block 121 in the Song Hong, pending a negotiation of Production Sharing Contract (PSC) terms with Petrovietnam.²⁵

Serica Energy secured the Ocean General semisubmersible rig to drill for gas and oil in Block 06/94 in the Nam Con Son Basin. Serica owns 33% of the block, and Pearl Energy operates it. In May 2008, the companies planned to acquire 386 sq mi of 3D seismic data to better define their prospects.²⁶

Overall, Smith says that despite the increased complexity of new finds, Vietnam’s oil and gas production will rise, and oil production in particular “will increase from around 380,000 bpd to 500,000 bpd by 2012.”²⁷

Vautrain, of Purvin & Gertz, attributes Vietnam’s increased oil activity partly to a “waking up” process by the government. “Petrovietnam and the Vietnamese government are maturing a lot. Five to 10 years ago, they could not agree on E&P enough to do business. It was nearly impossible, in fact,” he says. “But consider that their first refinery has taken decades to build. The second refinery will be faster. They figured out that wrangling and red tape are not the way to do business. The same things are happening in the upstream, in E&P.”²⁸

THAILAND

Thailand had 290 million proven bbl of oil as of January 2007. But despite being a significant producer, it is the second-largest regional oil importer at 586,000 bpd.³⁰ In recent years, Thailand has been more of a gas play than an oil play, and its gas production is growing. But there are still ongoing oil E&P activities.

Trends in Thailand show some activity by the majors, but most, like in Vietnam, is by small to mid-sized companies exploring offshore in places the majors deem too small to be profitable. Another trend in Thailand is increased onshore drilling.

The Department of Mineral Fuels (DMF) says new investment in onshore prospecting increased by as much as $500 million in late 2007. This increase is expected to help push onshore oil production up to 30,000 bpd in two years.31 Of the 65 blocks put up for concession in the country’s 20th petroleum concession round, 56 were onshore and nine were offshore. Bidding ended in May 2008. There are 10 active onshore oil fields in Thailand.³²

One of the most active onshore prospectors is Carnarvon Petroleum, which reported in April 2008 that energy consulting firm Gaffney Cline & Associates had increased its assessment of Carnarvon’s onshore oil reserves 300% to 11.3 million bbl.

Carnarvon announced 20 additional wells in Thailand in 2008 along with partner Pan Orient. Carnarvon has four producing fields onshore Thailand in the Phetchabun Basin, about 220 mi north of Bangkok: Na Sanun East, Na Sanun, Wichian Buri and Si Thep.^33,34 One of its assets in the Phetchabun, onshore vertical appraisal well POE-9A, began producing 682 bopd in May 2008.^35,36 The DMF says the find has potential production of 5,000 bopd.³⁷

In January 2008, Carnarvon applied to explore for oil in the Surat-Khiensa Basin in a 50-50 venture with Pearl Energy. The area includes the underexplored onshore Blocks L52/50 and L53/50, covering 2,680 sq mi. It also won a concession to explore onshore Block L20/50 in the Phitsanulok Basin, a project in its infancy.³⁸

But offshore remains Thailand’s biggest oil-producing arena, teeming with small and mid-sized companies such as Pearl Oil.³⁹ Recently bought by Mubadala Development Company, Pearl continues to push its main Thai project, Jasmine Field, to the maximum. It has three production platforms in operation, it’s installing a water platform there in 2008, and it plans to put in two more platforms in the near future. Jasmine produces 20,000 bopd.⁴⁰

Vautrain says it’s fitting that second-tier companies are so active in the Gulf of Thailand (GOT) and similar areas of Southeast Asia. “Big boys like Exxon have giant overhead and associated costs, and it needs a find commensurate with Exxon; hundreds of thousands of barrels a day are ideal,” he says. “Pearl, on the other hand, which basically operates on a shoestring, will turn a smaller find into a profitable project.”⁴¹

Several other small to mid-sized companies continue to make oil finds offshore Thailand, and some are even purchasing each other. For example, GFI was well into its project in Bualuang Field in the GOT when Salamander purchased it.⁴² GFI had planned to develop about 15 million gross bbl of oil reserves in Bualuang, and estimated as much as 4 billion more in possible reserves there.⁴³ Salamander apparently agreed with GFI’s assessment and decided it would make a good addition to its Southeast Asian portfolio.

Even in the northern GOT, new projects are still popping up. Horizon Oil contracted with Pearl for a 20% stake in three E&P projects in March 2008: Blocks G1/48, G3/48 and G6/48. The deal calls for Horizon to pick up 40% of the seismic and drilling tab for the first three years. Pearl will retain 40% of the projects, with Northern Gulf Petroleum controlling the remaining 40%.⁴⁴

Some of the most recent small-company activity in Thailand comes from Coastal Energy, which in April 2008 signed contracts with Bangkok to drill three different types of wells in three different areas. In the GOT’s Ko Kra Basin, Coastal is drilling exploratory wells. Off Songkhla’s Bua Ban oil fields, it’s putting in five development wells. And in the Songkhla Basin, it’s drilling seven appraisal wells.⁴⁵

The company expects production from Bua Ban in second-quarter 2009. The Songkhla Basin should produce toward the end of 2008. And Coastal is further developing its Thailand portfolio by shooting 2D seismic surveys of Block G5/43 in the northern GOT this year.⁴⁶

Overall, however, Thailand’s oil is near being fully explored. Energyfiles’ Smith says, “There are now few areas in Thailand with potential for large finds, although many smaller marginal and satellite oil and gas developments probably remain in peripheral regions of the gulf. Energyfiles forecasts oil production, including NGLs, to peak in Thailand in 2011.”⁴⁷

MALAYSIA

As reported in the author’s January 2008 column in World Oil, Malaysia is headed into deep water to offset its 7% production declines of recent years and to further exploit its 3 billion bbl of oil reserves.⁴⁸ The most recent oil trends in Malaysia reflect activity by majors such as Shell, ExxonMobil and state-owned Petronas. And mid-sized Murphy Oil, an old Malaysia hand, is still successfully drilling there.

In January 2008, Sabah Shell Petroleum said it would deploy Southeast Asia’s first deepwater semisubmersible Floating Production System (FPS) in the deepwater Gumusut-Kakap Field offshore Sabah. Gumusut-Kakap’s Blocks J and K, which lie in 4,300 ft of water, are expected to produce 150,000 bopd.⁴⁹

The FPS will allow Shell (33%) and its partners-ConocoPhillips (33%), Petronas (20%) and Murphy (14%)-to pump oil from the seafloor. As of January 2008, Shell and partners were planning to pipe the oil from the FPS to a new terminal to be built in Kimanis, Sabah.⁵⁰

On March 26, 2008, Petronas and ExxonMobil announced they were extending their 1995 PSC on seven oil fields for 25 years at a combined cost of $2.1 billion. The PSC was supposed to end in 2012. Overall, ExxonMobil has 43 platforms operating in 17 Malaysian fields. The company’s total oil production in the country is 150,000 bpd. Malaysia expects the PSC with ExxonMobil to contribute to its oil export sector, especially with the addition of the up-and-coming Sabah Oil and Gas Terminal, which began construction in February 2007 and will be completed in 2010.⁵¹

Murphy reported that its Kikeh Field in Block K Malaysia increased the company’s crude oil volume in early 2008, a welcome development because Murphy experienced declines in West Patricia in Block SK 309 Malaysia and in other locales such as the Gulf of Mexico and Canada.⁵²

Map of the Philippines with provinces labeled.

Murphy is repeating in Malaysia what other second-tier companies are doing elsewhere in Southeast Asia: exploring areas “turned back” by the majors.

“The majors look for great big projects,” says Purvin & Gertz’s Vautrain. “If you look at what Murphy’s done in Malaysia, Shell originally had that block, and now Murphy’s found something there. These turned-back areas have smaller prospects, but they can be lucrative.”⁵³

Murphy anticipates that additional Kikeh wells will begin producing in 2008, and it says exploration drilling will begin in Block K in mid-2008. Kikeh could produce as much as 120,000 bopd. Murphy also shot multiple seismic surveys in Bock P offshore Malaysia in first-half 2008 to better exploit reservoirs there.⁵⁴

Like Vietnam, Malaysia still has some shallow water to work in, as demonstrated in April 2008 when the country granted three shallow blocks to Lundin Petroleum. Two of the blocks-PM308A and PM308B-are in depths up to 260 ft in the Penyu Basin offshore Peninsular Malaysia. PM308A covers 2,100 sq mi, and PM308B covers 3,300 sq mi. The third-Block SB303-covers 1,900 sq mi in 490 ft of water-barely under the 500-ft deepwater qualification-off the coast of Sabah.⁵⁵

Lundin will be prospecting for both gas and oil and will begin by collecting 830 sq mi of 3D data and 480 sq mi of 2D data. It will drill at least eight wells in the three blocks.⁵⁶ Lundin has 35% of PM308A and will share it with two Japanese concerns, Nippon Oil Exploration and Japan Energy Malaysia E&P-each with 20%. Petronas has the remaining 25%. Lundin will have a majority stake in Blocks PM308B and SB303 at 75%, with Petronas at 25%.⁵⁷

In another shallow water project, Petronas awarded two blocks-PM303 and PM324-to Total in May 2008. The blocks lie offshore Peninsular Malaysia in 260 ft of water in the Malay Basin. Total has 70% of the project; Petronas, 30%. The PSC requires 460 sq mi of 3D seismic data and at least two wells.⁵⁸

INDONESIA

The most recent significant trend in Indonesia was not oil or gas production, but the government’s decision to make foreign investment in its E&P sector easier. Luluk Sumiarso, director general of oil and gas in Indonesia’s Ministry of Energy, said as much at the Offshore Technology Conference (OTC) in Houston in May 2008. He announced the opening of 18 blocks for E&P-some in frontier areas Jakarta has yet to explore-adding to the 26 already opened since fall 2007.⁵⁹ Yet another round of bidding will occur in July 2008.⁶⁰

Energyfiles’ Dr. Michael Smith also reports that Jakarta has “reduced the share it takes of oil and gas revenue and regularly opens groups of blocks for tender.”⁶¹

Like Vietnam and Malaysia, Indonesia is trying to reverse production declines.⁶² In the 1990s, for example, oil production ran about 1.7 million bpd, but in April 2008, it was 860,000 bpd. Indonesia wants to achieve an average of 977,000 bpd for 2008.⁶³

Many factors have contributed to Indonesia’s decline. First, existing finds are old and maturing.⁶⁴ Second, several projects failed to produce in 2008, including Chevron-operated Sadewa Block in East Kalimantan and two fields operated by state firm Pertamina in Jambi province-Pulau Gading and Sungai Kenawang.⁶⁵

Third, there is innuendo that OPEC regulations may have kept Indonesia from producing more. Indonesia’s President Susilo Yudhoyono said a day before OTC that Jakarta was contemplating leaving OPEC, and the consortium said in May 2008 that it would not increase production, leaving the impression that there is room for more pumping in Indonesia but the cartel won’t allow it.⁶⁶ And Indonesia wants to increase production by over 100,000 bpd in 2008.

Fourth, Director General Lukuk said at OTC that Indonesia could be producing 1 million bpd if the country had “idle fields” up and running. Idle fields could be a result of OPEC production rules, government red tape, lack of capacity, or all three.

Fifth, the Indonesian government has a track record of sometimes interfering in oil E&P investment. This interference was evident in 2005 when state energy company Pertamina suffered non-production at its largest untapped oil field, Cepu, because it wanted either joint decision making with ExxonMobil in all operations or rotating ownership every five years. The government had its own plan; it wanted the two companies to rotate control every six months.⁶⁷

But that looks like it’s changing. Vautrain explains, “Indonesia is trying now to make Pertamina a for-profit company. So it has no reason not to partner with the majors. Overall it’s a good thing, but it’s having some growing pains.”⁶⁸

Of Indonesia’s oil and gas capacity, Smith says, “Although inadequate investment is often blamed for Indonesia’s dropping oil output, the truth is that nearly all its largest oil fields are in rapid and irreversible decline.”⁶⁹

Vautrain agrees, but says there might be room for more discoveries. “Indonesia has been pretty well picked over. There may be some more discoveries there, however,” he says. “They are finding new oil in Malaysia, and that’s been well picked over, too.”⁷⁰

And like in Vietnam and Thailand, smaller Asian energy tigers such as Pan Orient are getting in the game in Indonesia. In May 2008, Pan Orient Energy said it bought a 90% working interest in the 1,540-sq-mi Batu Gajah PSC and the same percentage of the Pamai Taluk Joint Study Area (JSA). Ranhill Berhad has the remaining 10%.

The Pamai Taluk JSA is 2,400 sq mi of onshore acreage in south-central Sumatra. As with Batu Gajah, Ranhill Berhad has the remaining 10%. The terms of the JSA agreement allow Pan Orient to match offers made on Pamai Taluk by competitors in the upcoming summer licensing round. Either has the potential for gas and/or oil.

Ranhill Berhad used to own both projects but sold most of its stakes to concentrate on proven finds. Pan Orient is willing to gamble, however, especially on Batu Gajah, because it lies next to PetroChina’s Jabung PSC-which produces 60,000 bpd via 13 oil and gas finds-and because Pan Orient believes the area is underexplored. The existing E&P infrastructure there, a multitude of targets and shallow drilling depths reinforce the company’s optimism.⁷¹

Aside from these early-stage projects, the government’s Executive Agency for Upstream Oil and Gas Activity (BPMIGAS) said 13 new fields will start oil and gas production in 2008. BPMIGAS supervises all upstream oil and gas projects, including domestic production policy, PSC provisions and attracting foreign investment.⁷²

The new fields-a mix of oil and gas projects-include ExxonMobil’s Cepu project in East Java and Total’s lead Mahakam project in East Kalimantan. The 13 fields are expected to produce 9,300 bopd.⁷³

THE PHILIPPINES

The Philippines has never been a major oil producer. It has 138 million bbl of proven oil reserves, and in 2006, it produced about 25,000 bpd. From 1996 to 2000, the Philippines produced no oil.⁷⁴ Still, that has not stopped several small and mid-sized companies from launching E&P projects there in recent months-a new trend in part spurred by the government’s new five-point energy plan and by its opening of blocks for bidding.

Manila’s five-point plan is designed to achieve energy independence by 2010. It includes schemes to enhance energy technology, improve energy conservation and efficiency, switch to alternative fuels where possible, pursue renewable energy and increase domestic E&P.⁷⁵

In February 2008, Manila said it would award seven contracts that include oil and gas E&P and service deals, totaling $76 million. By May, Manila had awarded five of those contracts, two of which were oil E&P projects-Area 5, Block 1 and Area 6, Block 2, both located southwest of Palawan Island in the Sulu Sea. These went to Burgundy Global, which will drill four wells in each block.⁷⁶

On the short list of candidates for the remaining contracts is small, Texas-based Pitkin Petroleum, which already has projects in Palawan and the Sulu Sea.

“Palawan is not that far from Indonesia,” Vautrain says. “And there’s been gas produced in Palawan for some time, developed by Shell. So it’s not surprising that there’s hydrocarbons around.”⁷⁷

Galoc Production Company’s (GPC) Galoc-3 and -4 wells were scheduled to begin production of 15,000 bopd in June, but two storms delayed the startup. Tropical Storm Cosme and Typhoon Fenshen, with their 50-mph winds and 26-ft waves, kept the FPSO Rubicon Intrepid from hooking up to the platforms and caused damage that has pushed first production back to August, pending repair parts from Singapore. GPC’s partners are Australia-based Nido Petroleum with 22%, Cape Energy, Team Oil and Vitol. Several Philippine companies each have stakes of less than 8% in the project. Galoc is 40 mi northwest of Palawan.⁷⁸

And Nido Petroleum might have a major find on its hands in northwest Palawan, perhaps “oil-in-place potential of 11.6 billion barrels,” according to company releases. Nido had seismic companies shoot 3,807 sq mi of 2D and 512 sq mi of 3D there during the past three years, and it hopes that drilling will confirm its hypothesis. A small energy company, Nido is looking for an oil major to help exploit its find and requested Expressions of Interest in May to explore the entire basin-some 11,820 sq mi. Nido reports that it has 40 prospects, the top 20 of which are slated for drilling within the next five years. These top 20 contain as much as 2,747 million bbl of oil and range from shallow water depths of 250 ft to deepwater depths of 4,600 ft.⁷⁹ Nido is the Philippines’ second-largest oil and gas investor behind the Philippine National Oil Company.⁸⁰ Nido will fund its Palawan development with money from Galoc’s production.⁸¹

Says Vautrain, “It’s been my perception that the Philippines has not been too friendly to foreign investors over the years. They have to have an investment scheme that’s fair to the majors in order for them to invest.”⁸²

“The Philippines favors smaller, local companies,” he says, “and they don’t have the horsepower to exploit potentially big finds.”⁸³

Finally, Australian-based Otto Energy, via its subsidiary NorAsian Energy, won a seven-year contract in Area 8, a highly prospective area of the eastern Visayan Basin. The 2,720-sq-mi offshore area lies between Cebu, Bohol and Leyte provinces. NorAsian’s partner is Trans-Asia Oil and Energy Development Corporation. Otto has yet to drill but believes its 56 sq mi of 3D and 1,200 sq mi of 2D seismic data demonstrates significant oil reserves.⁸⁴ 

LITERATURE CITED

¹ U.S. Department of Energy, Vietnam, Natural Gas, http://www.eia.doe.gov/emeu/cabs/Vietnam/Oil.html.
² UPDATE 1-Vietnam Su Tu Den ‘08 output eases to 55,000 bpd, Reuters, 24 April 2008, http://uk.reuters.com/article/oilRpt/idUKHAN1767620080424.
³ Vietnam Oil Revenues Rise 71% In First Quarter, Deutsche Presse-Agentur, 4 April 08, http://www.rigzone.com/news/article.asp?a_id=59551.
⁴ Interview by author, John Vautrain, Purvin Gertz, Singapore, 1 July 2008, jhvautrain@purvingertz.com.
⁵ Vietnam Offers 7 Offshore Oil Blocks to Foreign Countries, Rigzone, 5 April 2007, http://www.rigzone.com/news/article.asp?a_id=43559.
⁶ http://www.eia.doe.gov/emeu/cabs/Vietnam/Oil.html.
⁷ http://www.petrovietnam.com.vn/SongHongBasin/Default.asp?Lang=Englis.
⁸ Gov’t okays $713m for gas project, Vietnam News Service, 13 October 07.
⁹ http://www.conocophillips.com/about/worldwide_ops/country/asia/vietnam.htm.
¹⁰ Golden Tuna oilfield set to start mid-2008, 2 March 2008, http://www.vinamaso.net/index.php?option=com_content&view=article&id=1515:golden-tuna-oilfield-set-to-start-mid-2008&catid=10:vietnam-offshore&Itemid=100255
¹¹ Talisman Discovers Oil/Gas in 2nd Well Offshore Vietnam, Talisman Energy, 15 January 08, http://www.rigzone.com/news/article.asp?a_id=55291.
¹² UPDATE 2-INTERVIEW-Talisman sees first Vietnam oil in May 2008, Reuters, 11 June 07.
¹³ Talisman’s Indonesian Gas Sales Yield Increase in Production for Q1. Talisman Energy, 30 April 08, http://www.rigzone.com/news/article.asp?a_id=61300, a UPDATE 2-INTERVIEW-Talisman sees first Vietnam oil in May 2008, Reuters, 11 June 07.
¹⁴ Talisman’s Indonesian Gas Sales Yield Increase in Production for Q1 Talisman Energy, 30 April 08, http://www.rigzone.com/news/article.asp?a_id=61300.
¹⁵ DOE, Vietnam, Natural gas, http://www.eia.doe.gov/emeu/cabs/Vietnam/Oil.html, and http://www.socointernational.co.uk/?id=vietnam.
¹⁶ SOCO International Vietnam Drilling Update, 31 October 2007, http://www.oilvoice.com/SOCO_International_Vietnam_Drilling_Update/11171.htm.
¹⁷ SOCO International Vietnam Drilling Update. Wednesday, October 31, 2007, http://www.oilvoice.com/SOCO_International_Vietnam_Drilling_Update/11171.htm
¹⁸ “Dr Michael R. Smith, Chief Executive of Energyfiles, the oil and gas forecasting company,” 21 November 07 interview by e-mail.
¹⁹ Salamander Energy press release, Salamander Energy and Petrovietnam Sign, Exploration Deal in Cuu Long River Delta, 2 July 07, and interview by author, Geoff Callow, head of corporate affairs, Salamander Energy, 9 June 2008.
²⁰ http://www.premieroil.com/render.aspx?siteID=1&navIDs=19,310,313,334.
²¹ Blackbird Sings for Premier Oil, Premier Oil, 20 May 2008, http://www.rigzone.com/news/article.asp?a_id=62095.
²² Premier Awarded New Production Sharing Contract in Vietnam. Premier Oil, 28 Feb 08, http://www.rigzone.com/news/article.asp?a_id=57563
²³ Essar Awarded Vietnamese Offshore Block, Essar Exploration & Production, 4 March 08, Limited http://www.rigzone.com/news/article.asp?a_id=57746.
²⁴ http://www.essar.com/oil&gas/divisions.htm.
²⁵ Origin Awarded Lease Block Offshore Vietnam, Origin Energy, 30 April 08.
²⁶ Serica Focuses on Field Development in Q1 2008, Serica Energy, 29 April 08, http://www.rigzone.com/news/article.asp?a_id=61186.
²⁷ 28 May 2008 e-mail correspondence with Dr. Michael R Smith of Energy Files; information came from “The World Offshore Oil and Gas Production and Spend Forecast 2008-2012” and “The World Offshore Drilling Spend Forecast 2008-2012.”
²⁸ Interview by author, John Vautrain, Purvin Gertz, Singapore, 1 July 2008, jhvautrain@purvingertz.com.
²⁹ U.S. Department of Energy. Other magazines and articles cite other statistics.
³⁰ http://www.eia.doe.gov/emeu/cabs/Thailand/Oil.html.
³¹ Supunnabul Suwannakij, Dow Jones Newswires, More Investment to Boost Thai Onshore Crude Output, 25 September 07.
³² Supunnabul Suwannakij, Dow Jones Newswires, More Investment to Boost Thai Onshore Crude Output, 25 September 07.
³³ http://www.carnarvon.com.au/docs/Reserves%20Update_150408.pdf, http://www.carnarvon.com.au/projects/?pg=1.
³⁴ http://www.thailandguidebook.com/phetchabun/, and http://www.carnarvon.com.au/docs/OperationsUpdate_220408.pdf.
³⁵ http://www.carnarvon.com.au/docs/OperationsReport070508.pdf
³⁶ http://www.thailandguidebook.com/phetchabun/, and http://www.carnarvon.com.au/docs/OperationsUpdate_220408.pdf.
³⁷ Land oil fields discovered in Phetchabun province, Thai News, 18 November 2007, http://thainews.prd.go.th/newsenglis...d=255011180009.
³⁸ Carnarvon JV Tries for 2 Onshore Thailand Blocks, Carnarvon Petroleum, 31 January 2008, http://www.rigzone.com/news/article.asp?a_id=56065.
³⁹ Supunnabul Suwannakij, Dow Jones Newswires, More Investment to Boost Thai Onshore Crude Output, 25 September 07.
⁴⁰ Aabar, 2007 Half Year Report, 8, 10, 2007.
⁴¹ Interview by author, John Vautrain, Purvin Gertz, Singapore, 1 July 2008, jhvautrain@purvingertz.com.
⁴² http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=209569.
⁴³ http://www.gfioil.com/.
⁴⁴ Horizon Oil Takes Stake in Three Licenses Offshore Thailand, Aabar Energy, 4 March 2008, http://www.rigzone.com/news/article.asp?a_id=57738.
⁴⁵ Coastal Energy 2007 Net Asset Value Upgrades 140%, Coastal Energy 29 April 2008, http://www.rigzone.com/news/article.asp?a_id=61183.
⁴⁶ Coastal Energy 2007 Net Asset Value Upgrades 140%, Coastal Energy 29 April 2008, http://www.rigzone.com/news/article.asp?a_id=61183.
⁴⁷ Dr Michael R. Smith, Chief Executive of Energyfiles, 21 November 07 interview by e-mail.
⁴⁸ http://www.eia.doe.gov/cabs/Malaysia/Oil.html.
⁴⁹ Shell Moves Forward with Joint Field Development for Gumusut-Kakap Shell, 30 January 2008, http://www.rigzone.com/news/article.asp?a_id=56015, http://www.fmctechnologies.com/Subsea/Projects/Asia/ShellGumusut.aspx.
⁵⁰ Shell Moves Forward with Joint Field Development for Gumusut-Kakap Shell, 30 January 2008, http://www.rigzone.com/news/article.asp?a_id=56015.
⁵¹ Kerry Laird, ExxonMobil Inks 25-Year PSC with Petronas, Rigzone, 26 March 2008, http://www.rigzone.com/news/article.asp?a_id=58773.
⁵² E&P Boosts Murphy Oil’s Earnings by $428 Million in Q1, Murphy Oil, 1 May 2008, http://www.rigzone.com/news/article.asp?a_id=61383, and Murphy Press release, http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20080430006465&newsLang=en.
⁵³ Interview by author, John Vautrain, Purvin Gertz, Singapore, 1 July 2008, jhvautrain@purvingertz.com.
⁵⁴ E&P Boosts Murphy Oil’s Earnings by $428 Million in Q1, Murphy Oil, 1 May 2008, http://www.rigzone.com/news/article.asp?a_id=61383, and Murphy Press release, http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20080430006465&newsLang=en.
⁵⁵ Petronas Awards Three Exploration Blocks to Lundin Petroleum-Led Partnerships, Media Relations Department,
Petrionas, 7 April 2008.
⁵⁶ Petronas Awards Three Exploration Blocks to Lundin Petroleum-Led Partnerships, Media Relations Department,
Petrionas, 7 April 2008.
⁵⁷ Petronas Awards Three Exploration Blocks to Lundin Petroleum-Led Partnerships, Media Relations Department,
Petrionas, 7 April 2008.
⁵⁸ Petronas Awards Two Blocks to Total and Petronas Carigali, Media Relations Department, Petronas, 22 May 2008.
⁵⁹ John M. Biers, Indonesia Vows to Work with Private Cos to Restore Oil Glory, Dow Jones Newswires, 8 May 2008.
⁶⁰ http://www.rigzone.com/news/article.asp?a_id=61658
⁶¹ Pan Orient Announces Indonesian Acquisitions, Pan Orient Energy, 12 May 2008, http://www.rigzone.com/news/article.asp?a_id=61777
⁶¹ 28 May 2008 e-mail correspondence with Dr. Michael R Smith of Energy Files; information came from “The World Offshore Oil and Gas Production and Spend Forecast 2008-2012” and “The World Offshore Drilling Spend Forecast 2008-2012.”
⁶² John M. Biers, Indonesia Vows to Work with Private Cos to Restore Oil Glory, Dow Jones Newswires, 8 May 2008, http://www.rigzone.com/news/article.asp?a_id=61658
⁶³ New oil, gas fields will add to Indonesia supply, UPI Energy Watch, 14 May 2008, http://www.upi.com/International_Security/Energy/Analysis/2008/05/14/upi_energy_watch/3778/.
⁶⁴ John M. Biers, Indonesia Vows to Work with Private Cos to Restore Oil Glory, Dow Jones Newswires, 8 May 2008. http://www.rigzone.com/news/article.asp?a_id=61658
⁶⁵ New oil, gas fields will add to Indonesia supply, UPI Energy Watch, 14 May 2008, http://www.upi.com/International_Security/Energy/Analysis/2008/05/14/upi_energy_watch/3778/.
⁶⁶ New oil, gas fields will add to Indonesia supply, UPI Energy Watch, 14 May 2008, http://www.upi.com/International_Security/Energy/Analysis/2008/05/14/upi_energy_watch/3778/.
⁶⁷ “Exxon faces Jakarta Offer,” The Standard, 29 November 2005.
⁶⁸ Interview by author, John Vautrain, Purvin Gertz, Singapore, 1 July 2008, jhvautrain@purvingertz.com.
⁶⁹ 28 May 2008 e-mail correspondence with Dr. Michael R Smith of Energy Files; information came from “The World Offshore Oil and Gas Production and Spend Forecast 2008-2012” and “The World Offshore Drilling Spend Forecast 2008-2012.”
⁷⁰ Interview by author, John Vautrain, Purvin Gertz, Singapore, 1 July 2008, jhvautrain@purvingertz.com.
⁷¹ Pan Orient Announces Indonesian Acquisitions, Pan Orient, Energy, 12 May 2008, http://www.rigzone.com/news/article.asp?a_id=61777
⁷² http://www.bpmigas.com/English/default.asp.
⁷³ New oil, gas fields will add to Indonesia supply, UPI Energy Watch, 14 May 2008, http://www.upi.com/International_Security/Energy/Analysis/2008/05/14/upi_energy_watch/3778/.
⁷⁴ http://www.eia.doe.gov/emeu/cabs/Philippines/Oil.html.
⁷⁵ Philippines Doe Pushes 5-Point Energy Sufficiency Program, Trading Markets.com, 30 April 2008, http://www.tradingmarkets.com/.site/news/Stock%20News/1474030/
⁷⁶ BDO Capital says at least two more firms bent on IPO,
CHARO LOGARTA
ABS-CBN News, 1 May 2008, http://www.abs-cbnnews.com/storypage.aspx?StoryId=116794, and Philippines to Award 7 Service Contracts Worth $76 Million, Kerry Laird, Rigzone, 26 February 2008, http://www.rigzone.com/news/article.asp?a_id=57395, and 4 RP firms obtain five exploration contracts, Manila Standard today, 8 May 2008, http://www.manilastandardtoday.com/?page=business3_may8_2008.
⁷⁷ Interview by author, John Vautrain, Purvin Gertz, Singapore, 1 July 2008, jhvautrain@purvingertz.com.
⁷⁸ Ho, A. L., “Galoc’s first oil set back to August due to typhoon damage,” Philippine Daily Inquirer, July 14, 2008.
⁷⁹ Hook up begins of Rubicon Intrepid on Galoc field, energy current, Houston, 22 May 2008, http://www.energycurrent.com/index.php?id=2&storyid=10709, and http://www.nido.com.au/web/assets-and-strategy/philippines/galoc-oil-field.php, Rubicon Intrepid remains offline, 27 June 2008, http://www.energycurrent.com/index.php?id=2&storyid=11484, Typhoon postpones Galoc oil production to early July, 23 June 2008, http://www.manilastandardtoday.com/?page=business5_june24_2008.
⁸⁰ Nido IDs 11.6 Billion Barrel Potential, Seeks Strategic Partner, Nido Petroleum, 7 May 2008, http://www.rigzone.com/news/article.asp?a_id=61618.
⁸¹ Nido Petroleum 2007 Annual Report, Chairman’s Letter, 4.
⁸² Nido Petroleum 2007 Annual Report, Managing director’s Report, 7.
⁸³ Interview by author, John Vautrain, Purvin Gertz, Singapore, 1 July 2008, jhvautrain@purvingertz.com.
⁸⁴ Interview by author, John Vautrain, Purvin Gertz, Singapore, 1 July 2008, jhvautrain@purvingertz.com.
⁸⁵ Otto Awarded Exploration Service Contract Offshore Philippines, Otto Energy, 8 May 2008, http://www.rigzone.com/news/article.asp?a_id=61693