Analysts at IHS Market report that Repsol’s highly anticipated Rencong-1X wildcat in the frontier deep waters of Indonesia’s North Sumatra basin is targeting prospective gas resources of 4 trillion cubic feet (cf).
UK-based engineering giant TechnipFMC has won a deal worth between $250 million and $500 million for a key contact at the Petronas-operated Limbayong deep-water development offshore Malaysia.
Malaysia will offer 13 offshore exploration blocks, including discovered fields and deep-water opportunities, as part of its Malaysia Bid Round (MBR) 2021 due to launch on 26 February.
News that Thailand’s PTT Exploration & Production (PTTEP) and Petronas have started first deep-water gas production from Block H bodes well for Malaysia’s vision to attract further investment in its deeper waters.
BHP Group on Tuesday said it sees a clear opportunity in oil and gas to enjoy strong returns over the medium term and is ready to seek counter-cyclical deals in a world where many energy companies have cut back on exploration and new projects.
Repsol and Petronas are on track to drill the much-anticipated Rencong-1X wildcat in the frontier deep waters of Indonesia’s North Sumatra basin.
Petronas MPM hopes to lure investors to Malaysia’s shallow-water and late-life assets after revealing new fiscal terms as part of an ongoing effort to revive its domestic upstream sector. The move could help Malaysia steal a march on neighboring countries.
The former boss of Malaysian national oil company (NOC) Petronas, Tan Sri Wan Zulkiflee, has joined ExxonMobil’s board of directors, in a move that has surprised some industry watchers.
New research has named ExxonMobil as the least "resilient" supermajor to weather the current oil downturn.
Royal Dutch Shell Plc is pushing ahead on its massive deep-water drilling plan in Mexico, even as it doesn’t foresee production starting under the current government.
TGS and PetroData intend to carry out Nigeria’s first multibeam and seafloor sampling (MB&SS) study. Results will be available early in the second quarter of 2020.
A new bill increasing taxation on Nigeria’s oil industry would drive a decline in deepwater production of around 20% by 2023, industry group Oil Producer Trade Section (OPTS) has said.
ADES International has signed up to work on a second deepwater drilling campaign in Egypt.
Total’s investor presentation walked a fine line between commitments to new projects and steps to secure the confidence of investors.
A man who stole deepwater trade secrets on behalf of China was convicted in federal court, highlighting the fierce competition between the world’s economic superpowers for oil-drilling supremacy.
Deepwater and tight oil are two of the upstream sector’s great growth themes, but are often considered to be at opposite ends of the development spectrum.
Costs for deepwater projects will surge as investment heads for a global peak, according to a leading oil and gas consultancy.
The supermajors are signalling the oil industry's return to the Gulf of Mexico's deep waters.
India is to invest $20billion in gas fields in the next five to seven years, according to its oil minister Dharmendra Pradhan.
Oil major Chevron has revealed new footage of its largest deepwater offshore platform in the Gulf of Mexico.
Environmental activists have staged a protest outside the MCE Deepwater Development Event in the South of France.
Oil production in the US Gulf of Mexico is projected to reach a record high in 2017, even as oil prices remain low.
ConocoPhillips said the company will stop searching for oil and gas in deepwater fields by 2017 as well as selling offshore leases it doesn’t intend to drill. The company said the move will help free up $800million in capital, the same amount which has been estimated for exploration next year. Earlier this week Conoco revealed its capital budget for the year would be cut to $10.2billion, in response to continued low oil prices.
Wood Mackenzie said exploration and production companies in Africa will need to bring project costs down even further and find a "smarter" way of working. The company said Africa’s host government have a key role to play in ensuring that local content requirements are reasonable and fiscal terms are competitive in order to attract investors and unlock new project sanctions. Only one third of the continent’s pre-sanction projects have been estimated as economical at less than $50 per barrel.
Transocean has reached an agreement with the state of Alabama for a $20million settlement following the 2010 Deepwater Horizon disaster. The decision was announced earlier this month by Governor Robert Bentley who said the region had suffered “tremendous” losses since the spill five years ago. He said the agreement with Transocean was a “positive” step forward as the state continued to recover.