Indonesia Mulls Production Contract Schemes
Indonesia considers allowing for production sharing oil and gas contracts optionsIndonesia is considering letting energy companies stick with the "cost recovery" system for oil and gas production sharing contracts, the energy minister said on Monday, after the government decided to adopt a new scheme in 2017.In 2017…
Brazil Sells Rights in Minor Oil Areas
Brazil auctioned off the exploration rights to 33 minor onshore and offshore oil and gas blocks on Tuesday, in what authorities framed as a bid to boost the industry outside of the nation's core, offshore pre-salt play.At an event in downtown Rio de Janeiro, firms ranging…
DTEK to Develop the Zinkivska Block
DTEK Oil&Gas and its subsidiaries have been selected as winners in a competition for the largest Product Sharing Agreement (PSA) in Ukrainian history. Subsequent to signing the PSA, the company will invest over $37 million into the development of Zinkivska block.DTEK Oil&Gas…
ADNOC Launches Bid for Five Blocks
Abu Dhabi National Oil Company (ADNOC) said that it has launched the second exploration bid round for five new oil and gas blocks.The bidding will be for both conventional and unconventional resources, and the successful bidders will enter into agreements granting them exploration rights…
India Plots Exploration Licensing Round
India will start auctioning for 14 oil and gas blocks in its second exploration licensing round on Monday, giving freedom to the companies to carve out areas they want to drill.The blocks together hold undiscovered reserves of about 14,995 million tonnes of oil equivalent, according to a tweet from Directorate General of Hydrocarbon,
Indonesia Grants New Oil Blocks Contracts
Indonesia has announced the winner of its third bidding round that will operate oil and gas blocks in three locations, Deputy Energy Minister Arcandra Tahar, said on Thursday.The winners are Pearloil (Theralite) Ltd. for South Andaman block, located at offshore Andaman Aceh; Talisman Java B. V. and Mitsui Oil Exploration Co. Ltd.
China Oil Majors Eyeing Arctic Onshore Blocks
China National Petroleum Corp (CNPC) and China National Offshore Oil Corp (CNOOC) have expressed interest in bidding for onshore oil and gas blocks in Greenland to be offered in 2021, officials from the island said on Tuesday.The Arctic island, a self-ruling part of Denmark…
Indonesia Awards Two Oil and Gas Blocks
Indonesia awarded two oil and gas blocks of six auctioned by the government, deputy energy minister Arcandra Tahar told reporters on Monday.Indonesia awarded South Jambi B gas block to Hong Kong Jindi Group Ltd and Banyumas exploration block to Indonesia's PT Minarak Brantas…
India Launches 2nd Auction of Small Discovered O&G Blocks
India launched its second auction of small discovered oil and gas blocks on Thursday, as the south Asian nation looks to quickly monetise its hydrocarbon resources.The bidding for 59 fields will begin in the first week of September and will close on Dec.
UAE's Adnoc Awards USD 1.6bln Contract to China’s CNPC
The Abu Dhabi National Oil Company (ADNOC) has awarded contracts worth AED 5.88bn (US $1.6bn) for the world’s largest continuous 3D onshore and offshore seismic survey, covering an area up to 53,000 square kilometres, as the company continues to identify and unlock new…
India Offers Incentives to State-owned Oil and Gas Firms
Oil and Natural Gas Corp Ltd and Oil India Ltd will pay royalty and cess tax only to the extent of their equity holding in oil and gas blocks given to them before 1999, Indian Oil Minister Dharmendra Pradhan said on Wednesday after a cabinet meeting.The companies had to…
Britain Launches North Sea Frontier Oil, Gas Licensing Round
Britain's Oil and Gas Authority on Tuesday launched a licensing round for 1,766 offshore oil and gas blocks in the North Sea to attract investment in under-explored areas of the mature basin which is enjoying a revival of investor interest.The blocks cover an area of 370…
Petronas Raises 2018 Spending for Upstream Work
Malaysian state energy firm Petroliam Nasional Berhad (Petronas) is increasing capital expenditure for upstream activities slightly in 2018 from last year, upstream chief executive Mohd Anuar Taib said on Wednesday. Petronas, like other oil majors, was hit by the plunge in oil prices from mid-2014 highs…
Venezuela's Output Running 1.5 mln bpd Short
Venezuela's oil production is running 1.5 million barrels per day (bpd) short of its historic output but it is something that the country must address itself, Ecuador oil minister Carlos Perez said on Monday. The United Arab Emirates oil minister said on Sunday that OPEC…
Long wait Ends for Big Oil as Mexico Auctions Prized Blocks
Mexico will on Wednesday offer foreign energy firms the right to drill beneath prized deep waters in the Gulf of Mexico that may contain billions of barrels of oil, the climax of an historic energy reform just five months before a presidential election. The auction of…
Mexico's Oil Reform a Boon for Hard-hit Oil Service, Seismic Firms
Oil service and mapping firms still emerging from an industry recession have received a boost from about $800 million of data sales to energy firms considering bidding for Mexican oil and gas blocks. Mexico will on Wednesday hold its most important auction since a 2013…
Iraq: 26 Firms Qualified for Oil & Gas Block Bids
The Iraqi oil ministry said on Friday 26 companies have qualified to bid for oil and gas blocks in border areas. Five companies qualified recently to take part in the bidding round, alongside 21 others already selected, the ministry said in a statement. In November Iraq…
Mexico Expects to Hold a Third O&G Auction in 2018
Mexico's oil regulator will likely add another oil auction in 2018 featuring conventional onshore oil and gas blocks, a senior official said on Thursday, potentially teeing up a third tender in an election year. The bid terms will be announced this year or in early 2018 while contracts will likely be awarded by the summer…
Mexico Auctions Two-thirds of Blocks in Shallow Water Oil Tender
Mexico on Monday auctioned two-thirds of the shallow water oil and gas blocks up for grabs in the latest round of its energy market opening, surpassing the cautious estimates of officials last week. Italy's Eni, Colombia's Ecopetrol and Capricorn Energy, a unit of Edinburgh-based Cairn Energy…
Indian Oil Corp Aims to Source a Tenth of Oil Needs From Own Assets
India's biggest refiner Indian Oil Corp wants to supply at least 10 percent of its expanding refining capacity from its own oil and gas assets in the medium term, the company said in its latest annual report. IOC aims to raise its refining capacity by about 89 percent…
