There were more near field exploration targets planned for 2024. These, it said, would support further expansion at the project. Valeura has raised the possibility of a Nong Yao D platform to follow Nong Yao C.
“This agreement streamlines our Energy portfolio and is in line with the OMV Strategy 2030 of reducing oil and gas production over time,” said OMV CEO Alfred Stern.
The Australian listed company said it had made progress on the project during the last few months, with total costs now estimated to be $325 million. Costs to reach first production are $250mn. Previously, it had forecast total costs to be $303mn.
"We hope that this exploration well will discover large oil and gas reserves, as we discovered through drilling the Layaran-1 well," Hudi said.
“This campaign focused on the area first developed at Nong Yao, and illustrates our team’s ability to add volumes through infill drilling and to extend the economic life of our legacy producing assets.”
“This development offers material commercial opportunities and adds momentum to our strategic growth story. This is not only a significant development for Mubadala Energy but a huge milestone for Indonesia’s and Southeast Asia’s energy security,” he said.
Sun sets on Perseverance rig's time in the North Sea, with Shelf Drilling announcing a 16 month contract with PetroVietnam.
“Malaysia holds a prominent position within our strategic investment areas and proves successful oil and gas discoveries in offshore areas continuously,” said PTTEP CEO Montri Rawanchaikul.
"The East Belumut drilling programme has proved to be very successful”, said Jadestone president and CEO Paul Blakeley.
If agreed, the settlement would help to open the way for an expansion of the Kashagan oil development, including construction of new gas-processing plants needed by the government, the people said.
In September, it sold non-operated stakes in the Kaybob Duvernay and Placid Montney for $104 million. The plan is to invest some of the proceeds in international works.
Abu reached a peak of 15,000 barrels per day in 2008. The agreement should give Ping the ability to monetise the Abu Kecil and Abu SW Upthrown fields.
Geng North is thought to hold around 5 trillion cubic feet of gas and 400 million barrels of condensate. Eni sees the Kutei Basin becoming a “new world class gas hub”.
“I hope this marks the beginning of Sarawak’s very own venture into oil and gas production – by Sarawak, for Sarawak,” the premier said. He called for the companies to rename the field as the “Grand New Lady of Sarawak”.
Shell reduced the scope of the contract “for cause” in March this year, alleging breaches of contract by Sapura Offshore.
“We're both highly motivated to get the asset back up and operating again. They have a vessel they put capital into. They obviously want to be getting paid and making a return on that,” he said.
Jadestone CEO and president Paul Blakeley said Montara had been a “real problem”. The defect in July occurred in a tank that had already been inspected, he explained to Energy Voice.
The drilling could inform decisions on another 20 production wells. Expanding the Wassana facility would involve more wellhead and oil processing structures, it said.
The companies have agreed to aim to reach a definitive agreement by the end of December. If agreed, this would trigger a final investment decision (FID) on Mako.
This mismatch prevents “any accretive equity financing”. As a result, the proposed pricing of the offer and purchase are not “in the best interest of the company and its shareholders”.
Indonesia accounted for 0.1% of Chevron’s production in 2022. It lost the Rokan block in August 2021, which had contributed 130,000 bpd the previous year.
The company attributed its successes to a intensive exploration drilling campaign that began in 2022.
“That should see steady production growth. From 1,000 bpd in 2023 that should double in 2024 and then triple in 2025.”
Sapura Energy has also said its proposed restructuring would include a “white knight” investing 1.8 billion ringgits ($390mn) in the business.
“There is a short window of time when liquidity becomes a challenge,” the executive said, with this week’s fundraising to tide the company over.