Explorator KUFPEC looks for more oil and gas in Indonesia's Natuna Sea
Kuwait Foreign Petroleum Exploration Company's (KUFPEC's) country representative stated on Monday that the company is looking for more oil and natural gas in Indonesia's Natuna Sea. Indonesian President Prabowo Subito wants to increase his country's production. Prabowo who was elected in October aims to reduce dependence on imported fuel. He plans to offer investors dozens of new oil blocks and gas blocks in the coming years. KUFPEC has already started operations in the Natuna Sea. It holds a participation interest in Natuna Block B, which supplies natural gas to Singapore.
Petrobras wants to increase the output of Tupi oilfield to 1 million barrels per day by 2027
Petrobras, the state-owned firm in Brazil, plans to increase oil production from its Tupi oilfield to 1,000,000 barrels per day (bbls) by 2027. It plans new investments to be made into this asset. Tupi, located in deep water offshore, is Brazil's biggest oil field by production (832,600 bpd), although its output has declined over the last few years. Director Sylvia dos Anjos told in an interview that Petrobras wants to return Tupi production to 1,000,000 bpd. She added that Petrobras plans to increase production at the field by drilling more wells.
Prabowo wants to increase Indonesia's energy independence through biofuels and oil and gas reforms
Officials have stated that Indonesia's new Government aims to revitalize oil and gas production. They plan to reduce regulations, reactivate inactive wells, and increase output in producing assets to reverse a decades-long drop in output.The new president, Prabowo Subianto, took his oath on Sunday. He also plans to continue the efforts of the previous administration to exploit the massive gas finds in South Andaman, and to increase the use of biofuels.Indonesia, a former member of the Organization of the Petroleum Exporting Countries(OPEC)…
Romgaz, a Romanian gas company, raises 500 million euros through its debut Eurobond
IFR data show that Romanian state-owned Romgaz issued its first eurobond on Monday. The company sold 500 million euros (559.50 million dollars) of five-year papers to fund a project for deepwater gas in the Black Sea. Romgaz and OMV Petrom have partnered to develop Neptun Deep Black Sea Gas Project, one of Europe's largest natural gas reserves. The project is expected to cost four billion euros, to be divided equally between the two companies. The company intends to fund its portion of the project via a 1,5 billion euro Euro Medium Term Notes programme that was approved earlier this month.
BP, ADNOC meet Cyprus Officials to Explore Gas Investments
13 offshore blocks, or exploration locations, rimming the island. has found gas in five wells at 3 blocks. None has gone into industrial production yet.BP declined to comment.Previously this year, a $2 billion offer by ADNOC and BP to buy.
Offshore Accounts for 60% of Oil Discoveries
Offshore discoveries accounted for more than 60% of global discoveries in 2019, up significantly on previous years, according to a study by GlobalData.GlobalData report reveals that while Colombia and Norway saw the highest number of discoveries drilled in 2019, Guyana, Mauritania and Russia hosted the most significant finds.In Guyana, ExxonMobil drilled five discoveries in the deepwater Stabroek Block. Following the additional well drilled in January 2020 (Uaru-1), the company…
Oil And Gas Discoveries Hit 4-Year High
The global oil and gas explorers powered ahead and discovered 12.2 billion barrels of oil equivalent (boe) in 2019, the highest volume since 2015.According to Rystad Energy, last year recorded 26 discoveries of more than 100 million boe, with offshore regions dominating the list of new oil and gas deposits.Guyana’s success story from 2018 continued in 2019, with ExxonMobil adding four new discoveries within its offshore Stabroek block, while Tullow Oil’s Jethro and Joe exploration wells established the presence of a working petroleum system to the west of the Stabroek block.
EGPC Leads Oil, Gas Discoveries in Q3 2019
Egyptian General Petroleum Corporation (EGPC) led globally among companies in the third quarter (Q3) 2019 in terms of the highest number of oil and gas discoveries, said GlobalData.Of the total 38 discoveries made worldwide, EGPC had four, all being onshore discoveries. Of these, three were conventional oil discoveries while the remaining was a conventional gas discovery, said a report from GlobalData.Soorya Tejomoortula, Oil and Gas Analyst at GlobalData, explained: “Of the three conventional oil discoveries made by EGPC in Q3 2019…
38 Oil and Gas Discoveries Made in Q3
GlobalData revealed that a total of 38 oil and gas discoveries were made globally in Q3 2019.South America and Europe led globally with the highest number of oil and gas discoveries during the third quarter (Q3) of 2019, with eight discoveries each during the quarter, according to GlobalData.Out of eight discoveries in South America, six are conventional oil discoveries, one is a conventional gas discovery and the remaining is a heavy oil discovery, said the report.Europe had five conventional oil discoveries and three conventional gas discoveries in the quarter.Adithya Rekha…
Block Energy Acquires West Rustavi Asset
The oil and gas company in Georgia, Block Energy said its working interest in the West Rustavi licence, in Georgia, has increased to 100%.The increase, from 71.5% and originally from 25%, follows an agreement made with Georgian Oil & Gas Ltd in late February.With immediate effect, Block will benefit from a 100% economic interest in the contractor's share of oil revenue and have greater control over the development plan to realize West Rustavi's full potential.Block is implementing…
Leviathan Platform Starts Voyage to Israel
The gas platform for the Leviathan natural gas field is on its way to Israel from the Gulf of Mexico, the partners in the project said on Sunday.The first of four barges transporting the production structure units has left Texas and the other three will set sail in the coming weeks. In September, all the units will be installed on the jacket of the platform already in place 10 kilometers from Israel's shore.After connecting the units to the platform, Noble Energy, one of Leviathan's partners…
Deepwater Leads in Discovered Oil and Gas
Half of the 6.7 billion barrels of oil equivalent (boe) new conventional oil and gas discoveries in the first half of 2019 were deepwater finds, signalling a return for explorers to high-risk frontier deepwater plays, said analyst Rystad Energy.Year-to-date average monthly discovered volumes above 1.1 billion boe reflect an uptick of approximate 35% compared to the 827 million boe seen in 2018, according to Rystad's mid-year review. It said so far 2019 has been a year of gas discoveries…
Petrobras to Bid in Israeli Gas Tender
Israel's energy minister said on Sunday that Brazilian state-run oil firm Petrobras will take part in a tender to explore for oil and gas off Israel's shore, Reuters reports."It was agreed that Petrobras ... will take part in a process of oil and gas exploration in Israel," Energy Minister Yuval Steinitz told Army Radio as Brazilian President Jair Bolsonaro began a visit to Israel.A previous auction elicited bids from only two groups of companies, but prospects in the waters offshore…
Eni Continues High-speed Gulf Drive
In less than 12 months Eni CEO Claudio Descalzi has turned the Middle East from a sideshow to a strategic hub for the Italian energy major. And the shift is not over.Since last March the 63-year-old has clinched nine deals in the United Arab Emirates, gained a toehold in Bahrain and expanded in Oman to reshape the group's future.In the latest deal on Sunday, Eni pledged $3.3 billion to buy part of the world's fourth-biggest refinery in the UAE, increasing its own refining capacity…
FLNG Market Oversupplied
Floating liquefied natural gas (FLNG) projects may have peaked already amid intensifying competition in the LNG space, a review of the global FLNG sector released by global natural resources consultancy Wood Mackenzie has suggested.In a world requiring tight capital discipline, FLNG offers lower capital investment and manageable costs, particularly in frontier regions. But Wood Mackenzie indicated that future project opportunities are in short supply as FLNG competes for capital and buyers in a busy LNG market.
Eni in Talks to Grow Presence in the Gulf
Italian major Eni is in talks to grow its footprint in Oman and the United Arab Emirates as part of plans to build its asset base in the oil-rich Gulf and offset its reliance on Africa, a source close to the matter said.The international oil company has a limited presence in the Middle East, where some of the world's biggest oil and gas reserves lie, producing more than half its output in Africa."Eni is in talks with Oman for various opportunities," the source told Reuters, adding recent geopolitical tensions in the area had not curbed its interest.Last year Eni sealed its first deal in Oman…
Israel Exploring Eastern Mediterranean
Israel will tender off 19 new offshore blocks to oil and gas companies, its energy ministry said on Sunday, hoping to rebound from a disappointing bidding round a year ago.Israel discovered in 2009 that it had large reserves of natural gas off its Mediterranean coast.It will publish details of the tender by the end of the month and, about half a year later, choose the winning companies, said Udi Adiri, the ministry's director general.Last year's auction elicited bids from only two groups of companies…
Ghana Resurrects LNG Import Terminal with Chinese Deals
Ghana has chosen two Chinese companies to build the infrastructure it needs to import liquefied natural gas, resurrecting the $350 million Tema terminal project that would make the country the first in sub-Saharan Africa to buy LNG.Tema LNG, backed by Africa-focused private equity firm Helios Investment, signed deals with China Harbour Engineering Company to build onshore facilities and Jiangnan Shipyard for a floating storage and regasification unit (FSRU), the Ghanaian government said in a statement issued on Monday.It gave no further financial details of the deals but said $200 million of t
Tanzania Seeks Consultancy Service Provider for Delayed LNG Project
Tanzania has invited bids for consultancy services to help the government conclude negotiations with a group of international oil firms on a deal for the construction of a proposed liquefied natural gas (LNG) plant. Tanzania boasts estimated recoverable reserves of over 57 trillion cubic feet (tcf) of natural gas. Construction of an LNG export terminal has however been held up by regulatory delays. BG Group, which was acquired by Royal Dutch Shell in 2016, alongside Statoil, Exxon Mobil and Ophir Energy, plan to build a $30 billion onshore LNG export terminal.
Sapura Commences Production at B15 Gas Field
Sapura Exploration and Production (Sarawak) Inc., a wholly-owned subsidiary of Sapura Energy Berhad (SEB), informed that it has commenced production at the B15 field. The B15 gas field development is a maiden gas development project for Sapura E&P and the first gas milestone was achieved within two years of the sanction of its Field Development Plan (FDP). The B15 field was discovered in December 2010 and is located within the SK310 Production Sharing Contract (PSC) area, offshore Sarawak, East Malaysia.
