Oceania
A CONSORTIUM of international oil and gas companies has launched legal proceedings against the PNG Government over the proposed cancellation of one of the country’s most high-profile petroleum licences. Discussions between PNG Petroleum Minister Dr Fabian Pok and members of the PDL-10 licensees including global Spanish energy company Repsol (Operator), PNG national oil company, Kumul Petroleum, Horizon Oil and Osaka Gas, have fallen through with regard to the Minister’s notices
TAG Oil Ltd has commenced its enhanced recovery waterflood project in its onshore Cheal field with the start of water injection at the Cheal-B3 well at a rate of 400 BW/d. The company said the water injection rate will be increased and the pressure response in the reservoir will be monitored. TAG estimates that it could take six to nine months to see a production response from water injection. TAG
NEW Zealand’s Energy and Resources Minister Simon Bridges has announced the start of the Block Offer 2017 process for awarding oil and gas exploration permits. Consultation with iwi begins now and with local authorities in the areas being proposed for onshore and offshore exploration. “This is an important first step in the Block Offer process. Feedback from iwi and local authorities ensures that any areas of sensitivity are identified and
NZ Oil & Gas (NZOG) reports that technical work has been completed on the potential second phase of development at Kupe. The company said a commercial review and approval by the joint venture parties is expected to be concluded prior to further updates on reserves, activities and timings as part of the annual report. NZOG sad Kupe gas production in the June quarter was up on both the previous quarter
NEW Zealand onshore specialist TAG Oil Ltd has successfully increased its production figures despite significantly reducing its capital expenditure allocation. Releasing its first quarter results for the Canadian fiscal year ending March 31, 2017, the company said it has continued to reduce its capital expenditures during the period and focused on field optimisation opportunities, prospect generation and capitalise on distressed asset acquisitions. However, even with the cut back on capital
PAPUA New Guinea oil and gas powerhouse Oil Search Ltd believes the recent decision by ExxonMobil to buy a stake in the Papua LNG project is a game changer for the country’s petroleum industry. The company said the recent decision by PNG LNG project operator ExxonMobil to take a major stake in the rival Papua LNG project’s gas assets may lead to billions in savings and the fast-tracking of the
