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Asia

Study forecasts a boost in Asia Pacific oil and gas investments

CONFIDENCE in the outlook for Asia Pacific’s oil and gas industry has more than doubled in the past two years, according to new research published by DNV GL. The study found that 76% of senior oil and gas professionals in Asia Pacific are optimistic about the industry’s growth in 2019, compared with 58% in 2018 and 30% in 2017. The proportion of industry leaders who are confident in their own

Study claims 32% of offshore vessels laid up globally

A STUDY by international marine movement specialists VesselValue has assessed that almost 40% of the world’s offshore vessels are currently laid up. VesselsValue’s head of Offshore Robert Day says that it is no secret that the Offshore sector is suffering. “Estimating the number of vessels in layup is an imperfect science, however, using a big data approach VesselsValue can provide a valid estimation using the following methodology,” Mr Day said.

Australia set to assume title of world’s biggest exporter of LNG

AUSTRALIAN is on the cusp of taking out another globally significant title – this time as the world’s biggest exporter of Liquefied Natural Gas (LNG). With the milestone visit to Darwin tomorrow by Japanese Prime Minister, Shinzo Abe, for the official opening of the US$40 billion Ichthys LNG project, it is that Inpex-operated project that is set to drive Australia to the premier LNG export position. According to the latest

Australia’s Bass Oil acquires North Madura PSC to expand its Indonesian portfolio

AUSTRALIAN-based Indonesian oil producer Bass Oil has entered into a heads of agreement to acquire a 100% participating interest in the North Madura Production Sharing Contract (PSC) which covers an area in coastal shallow waters north of the eastern quarters of the Indonesian island of Java. The PSC area is adjacent to numerous producing oil and gas fields and existing export infrastructure. 
The PSC requires the drilling of one well

Timor-Leste to acquire interest in Greater Sunrise Fields from ConocoPhillips

THE Government of Timor-Leste and ConocoPhillips have reached agreement on terms for the sale of ConocoPhillips’ 30% interest in the Greater Sunrise Fields. The Prime Minister of Timor-Leste congratulated the Parties on successfully reaching an agreement, which benefits both Parties and is expected to allow Timor-Leste to proceed with discussions with the other Greater Sunrise Joint Venture members on future development of the Greater Sunrise resources. Timor-Leste’s Special Representative, Xanana

Philippine President starts new Cebu onshore oil and gas field

PHILIPPINE President Rodrigo Duterte was on hand to turn the valves for the official start-up of production at the Alegria Oilfield in southern Cebu island. The President was joined by the Secretary of the Department of Energy (DOE) Alfonso Cusi at the inauguration ceremony which signaled the start of the commercial production of oil and gas in the oilfield, which is currently being operated by China International Mining Petroleum Limited

ONGC drills 503 wells in FY’18 – Highest in 27 years

Oil and Natural Gas Corporation Ltd (ONGC) has drilled 503 wells in 2017-18, which is the highest number of wells drilled in last 27 years. Among the 503 wells, 119 exploratory and 384 development wells were drilled. In order to assess the prospectivity of existing acreages in a time-bound manner and add to the company’s reserve base, more focus was laid on exploratory drilling. During FY’18, ONGC’s planned capex outlay

Hamilton on hand to steer PETRONAS’ Australian Syntium launch

FOUR-time Formula One champion racing driver Lewis Hamilton was centre stage when Malaysian oil and giant PETRONAS launched a new product into the Australian market this week. Hamilton and a team of senior PETRONAS exectives used the upcoming Melbourne round of the Formula One championships to  Lubricants International (PLI) to their premium motor oil lubricant, PETRONAS Syntium with CoolTech, in Australia. Highlighting the fact that the same lubricant will be used

Philippine government declares onshore Cebu field commercial

PHILIPPINE Department of Energy (DOE) Secretary Alfonso Cusi has declared the Alegria Oil Field in Southern Cebu to have commercial quantities of natural gas and oil resources. The announcement was made after the ceremonial signing of the Joint Declaration of Commerciality (JDC) between the DOE and the service contractor China International Mining Petroleum Company Limited (CIMP Co. Ltd.) CIMP Co. Ltd. holds Petroleum Service Contract (SC) No.49, which covers the

Sino gains US$100M Macquarie backing for Chinese projects

ASX-listed Sino Gas & Energy Holdings Limited has secured a five-year, US$100 million debt facility with Macquarie Bank to fund the developments and an acquisition in China. The company said the debut facility. along with cash on hand and anticipated cash flow from operations, will fully fund its share of the Linxing and Sanjiaobei projects and the exercise of an option over the Linxing project upon Overall Development Plan (ODP)