Month: May 2017

Husky Energy expands South China Sea portfolio | Offshore Energy Today

Husky Energy expands South China Sea portfolioChinese oil company CNOOC has signed a production sharing contract with Canada’s Husky Energy for a block in the South China Sea.The Block 16/25 is located in the Pearl River Mouth Basin about 150 kilometers southeast of the Hong Kong Special Administrative Region. The block covers a total area of 44 square kilometers with a water depth of 100 meters.According to the terms of the PSC, Husky will act as the operator during the exploration period and conduct exploration activities in the block mentioned above, in which all expenditures incurred will be borne by Husky.

Source: Husky Energy expands South China Sea portfolio | Offshore Energy Today

China invites bids for 22 offshore blocks | Offshore Energy Today

China invites bids for 22 offshore blocksChina has invited international oil companies to bid for offshore blocks in the South China Sea this year.According to a statement by China National Offshore Oil Company (CNOOC), in 2017, 22 open blocks covering an area of 47,270 square kilometers are available for cooperation between CNOOC and the foreign companies.CNOOC said the data room for the interested companies which are willing to purchase data on the offered blocks will be opened until June 15, 2017.The foreign companies which would cooperate with CNOOC for the first time, are required before accessing to the data room, to provide relevant qualification review documents such as certificate of incorporation, company organization framework, financial statements and proof of upstream exploitation experience.The tender closes on September 15, 2017.

Source: China invites bids for 22 offshore blocks | Offshore Energy Today

Lebanon gives more time to oil companies to pre-qualify for offshore licensing round | Offshore Energy Today

Lebanon gives more time to oil companies to pre-qualify for offshore licensing roundLebanese government has extended a deadline to announce the results of the country’s second pre-qualification round related to its first offshore licensing round, which was re-launched earlier this year. According to a Wednesday announcement by the Lebanese Petroleum Administration (LPA), a regulatory body in charge of managing the petroleum sector in Lebanon, the deadline was pushed from April 13 to April 28, 2017.

Source: Lebanon gives more time to oil companies to pre-qualify for offshore licensing round | Offshore Energy Today

OPEC over-delivers on oil cuts, but sees rivals’ output rising | Offshore Energy Today

OPEC over-delivers on oil cuts, but sees rivals’ output risingFILE PHOTO: A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC’s headquarters in Vienna, Austria December 10, 2016. REUTERS/Heinz-Peter Bader/File PhotoBy Alex LawlerLONDON (Reuters) – OPEC cut oil output in March by more than pledged under a supply reduction deal and said oil inventories had fallen in February, suggesting that its effort to clear a supply glut that has weighed on world oil prices is succeeding.But the Organization of the Petroleum Exporting Countries also raised its forecast for supplies from non-member countries in 2017 as higher oil prices encourage U.S. shale drillers to pump more, reducing demand for OPEC’s oil this year.OPEC is curbing its output by about 1.2 million barrels per day (bpd) from Jan. 1 for six months, the first reduction in eight years, to get rid of a supply glut. Russia and 10 other non-OPEC producers agreed to cut half as much.

Source: OPEC over-delivers on oil cuts, but sees rivals’ output rising | Offshore Energy Today

Moody’s changes Petrobras outlook to positive | Offshore Energy Today

Moody’s changes Petrobras outlook to positiveThe rating agency Moody’s upgraded corporate debt rating for the Brazilian oil giant Petrobras from B2 to B1 and changed the outlook from stable to positive. According to Petrobras, Moody’s highlighted the continuous improvement of the company’s liquidity profile and financial metrics over the last quarters on its report, due to greater cost efficiency and the new fuel pricing policy, among other factors.Those factors have also helped the company to maintain access to capital markets and refinance part of its debt; so far in 2017 the company has tendered approximately $6 billion in notes and issued $4 billion in new notes, which allowed it to reduce debt and extend its debt maturity profile.

Source: Moody’s changes Petrobras outlook to positive | Offshore Energy Today

TGS starts multibeam project in Gulf of Mexico | Offshore Energy Today

TGS starts multibeam project in Gulf of MexicoTGS, a provider of multi-client geoscience data to oil and gas companies, has started the Otos multibeam and seep study project in the U.S Gulf of Mexico.Then company said on Thursday the acquisition of the multibeam survey is underway and is the first stage of a seep and geochemistry program covering the U.S Gulf of Mexico.The survey is designed to mirror the Gigante multibeam and seep study in the Mexican Gulf of Mexico, conducted in 2016. The new program will cover approximately 289,000 km2 and include 250 cores with advanced geochemistry analysis.

Source: TGS starts multibeam project in Gulf of Mexico | Offshore Energy Today

Shell sells Thai offshore acreage for $900 million | Offshore Energy Today

Shell sells Thai offshore acreage for $900 millionOil giant Shell has reached an agreement with Kuwait’s KUFPEC for the sale of a 22.222 percent equity stake in the Bongkot field and adjoining acreage offshore Thailand. Apart from the stake in the Bongkot field, the sale worth $900 million, Shell’s equity stake held in Blocks 15, 16 and 17 and Block G12/48.Shell’s partners in the Bongkot asset are the operator of the field, PTT Exploration & Production (PTTEP), with 44.445 percent equity, and French major Total with 33.333 percent equity.

Source: Shell sells Thai offshore acreage for $900 million | Offshore Energy Today

Report: Thailand’s PTT keen on buying Petronas stake in Sarawak block | Offshore Energy Today

Report: Thailand’s PTT keen on buying Petronas stake in Sarawak blockThailand’s oil and gas company PTT has reportedly shown interest in buying Petronas’ stake in the SK316 block offshore Sarawak. Earlier this week, Reuters reported that Malaysia’s Petronas was aiming to sell as much as 49 percent in the gas project off Sarawak for up to $1 billion. If undertaken, the move would be one of Petronas’ first major recent sales as the company is grappling with the lower oil price.On Wednesday, Reuters reported that Thailand’s PTT was interested in buying the stake from the Malaysian state-owned oil and gas company.“Petronas are interested in selling SK316 and we are interested because this is an upstream business,” Reuters quoted PTT Chief Executive, Thewin Wongwanich, as saying.The Thai-state-owned PTT is a parent company of PTT Exploration and Production (PTTEP).Offshore Energy Today Staff

Source: Report: Thailand’s PTT keen on buying Petronas stake in Sarawak block | Offshore Energy Today

Petronas seeks buyers for $1 billion offshore gas project stake – sources | Offshore Energy Today

Petronas seeks buyers for $1 billion offshore gas project stake – sourcesThe logo of a Petronas fuel station is seen with the Petronas Twin Towers in the background in Kuala Lumpur, Malaysia. Picture taken February 10, 2016. REUTERS/Olivia HarrisBy Anshuman Daga and Henning GloysteinSINGAPORE (Reuters) – Malaysia’s Petronas has pitched an estimated $1 billion stake in a prized upstream local gas project to potential bidders including Royal Dutch Shell , ExxonMobil Corp , Thailand’s PTT Exploration and Production and Japanese firms, sources familiar with the matter said.If successful, the deal could mark Petronas’ biggest upstream stake sale since oil prices started declining more than two years ago. Petronas is targeting lowering operating expenses, job cuts and project rollbacks to help it navigate through the low oil price environment.

Source: Petronas seeks buyers for $1 billion offshore gas project stake – sources | Offshore Energy Today

Polarcus bags 3D seismic deal in Asia Pacific region | Offshore Energy Today

Polarcus bags 3D seismic deal in Asia Pacific regionOne of Polarcus’ seismic vessels (For illustration purposes)Marine seismic acquisition company Polarcus has received a contract award for a broadband 3D marine seismic project in the Asia Pacific region.Polarcus announced the deal on Friday without revealing details regarding the client or any financial terms of the contract.The company did say that the project should start in the second quarter of 2017 and will run for approximately two months. Further information on the survey was also left undisclosed.Late last year the company also won a 3D seismic deal in the Asia Pacific region. That contract was expected to begin in the first quarter of 2017 and last for six weeks.Offshore Energy Today Staff

Source: Polarcus bags 3D seismic deal in Asia Pacific region | Offshore Energy Today