1. ADNOC granted offshore exploration rights to Pakistan Consortium for the first time
The Abu Dhabi National Oil Company (ADNOC) awarded the exploitation right of offshore block 5 to a consortium composed of four Pakistani companies. The winning consortium includes Pakistan Petroleum Company Limited (PPL), Mali Petroleum Company (MPCL), oil and gas development company (ogdcl) and Pakistan state government holding private Company Limited (ghpl). This means that Pakistani companies will explore for oil and gas in the Abu Dhabi concession area for the first time.
According to the terms of the agreement, the consortium will hold 100% shares in the exploration stage and invest up to US $304.7 million for exploration and evaluation drilling, including participation fees, to explore and evaluate oil and gas opportunities in the block. The block is located 100km northeast of Abu Dhabi, covering an area of 6223 square kilometers.
2. Norway’s giant Troll gas field starts the third stage of production
Norwegian operator equinor said on Monday that Norway began the third phase of natural gas production at the troll gas field last Friday.
The recoverable reserves of troll phase III are estimated to be up to 347 billion cubic meters. The project includes 8 wells in two base plates, new pipelines and umbilical cables connecting the base plate and Troll a, and new natural gas processing modules on the platform.
3. Hess completes the sale of Danish oil assets
Hess petroleum has completed the sale of its subsidiary Hess Denmark APS to Ineos for a total consideration of US $150 million. The acquisition includes a 61.5% stake in Syd Arne oilfield operated by Hess.
4. Lukoil plans to increase the production of xigurna-2 oilfield to 480000 barrels / day in 2022
Lukoil, Russia’s second-largest crude oil producer, said on a conference call last week that it hoped to increase the oil production of Iraq’s West gurna-2 project to 480000 barrels / day next year.
Due to the current investment environment, Lukoil had previously considered withdrawing from its projects in the country, but the Iraqi authorities rejected its request to sell part of its equity.
5. ONGC’s second Indian oil drilling platform will be put into operation in kalol in the near future
After India’s first oil drilling platform equipped with cutting-edge technology is put into operation in kalol oilfield, ONGC will put the second oil drilling platform into operation within 20 days.
Five years ago, ONGC decided to replace its aging rigs with 47 new rigs, including 27 for drilling and 20 for workover. Megha Engineering & Infrastructure Ltd (meil), an Indian equipment manufacturer, was selected as its supplier. It is said that ONGC plans to add another 65 drilling rigs and more than 60 workover rigs in the next 7 to 10 years.
6. Australia announced increased oversight of its offshore oil and gas industry
The Australian parliament recently passed legislation to strengthen Australia’s offshore oil and gas regulatory framework.
The new act strengthens the Australian authorities’ supervision and review of a series of corporate transactions to ensure that entities wishing to operate in the oil and gas industry are appropriate and should have financial resources and technical capacity for safe operation and retirement.
7. The oil crisis has made the asset write down of the largest oil company in the United States reach the highest level since 2015
Consulting firm ey said in a recent new report that due to the sharp decline in oil and gas prices last year, the 50 largest listed exploration and production companies in the United States recorded impairment expenses of US $66.6 billion, more than three times the highest level before 2015-2020 and the highest level since 2015
Post time: Sep-01-2021