Saturday, March 28, 2020

Oil drilling giants smell 500 million barrels or equivalent in Pakistan’s deepwater

Featured

Breaking: British Prime Minister Boris Johnson tested positive for Coronavirus

British Prime Minister Boris Johnson tested positive for the coronavirus after experiencing "mild symptoms". "After seeing mild symptoms yesterday (Thursday),...

3.3 million Americans applied for unemployment benefits after the Corona outbreak

The US Department of Labor announced a record increase in the application for unemployment benefits in the United States...

World Bank asks bilateral creditors to suspend debt payments from IDA countries

The World Bank Group and International Monetary Fund have issued the following joint statement to the G20 concerning debt...
Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

After a few fallow years, oil and gas drillers may be poised to unearth new reserves in the Asia-Pacific, according to energy consultant Wood Mackenzie Ltd.

 

Some of the world’s biggest explorers are drilling wildcat wells in places like Pakistan, Indonesia and Papua New Guinea this year, hoping to discover the massive deepwater finds that have largely been missing from the region since firms slashed spending following the 2014 oil price crash.

 

“Explorers are getting a little bit more ambitious in this part of the world,” Andrew Harwood, the consultancy’s Asia-Pacific upstream research director, said in an interview in Singapore. “These are huge companies with global portfolios; they’re not spending the money to drill unless they have a reason to be excited.”

 

Wood Mackenzie expects mergers and acquisition spending in the region to total about $8 billion in 2019 after growing 60 percent to $8.7 billion 2018. Activity will be focused around divestments in Southeast Asia by companies that want to focus spending on U.S. shale.

 

Wood Mackenzie established map of possible Oil exploration in Pakistan (500 million or equivalent near Kekra-1, in Indonesia near Recong-1X (350 million) and in Papua New Guinea near Mailu-1(500 million).

 

 

Here’s a closer look at the three Asia-Pacific prospects Wood Mackenzie is paying the most attention to:

 

Pakistan

 

A group including Eni SPA and Exxon Mobil Corp. have started drilling the Kekra-1 well January in deepwater south of Pakistan.

 

The country’s onshore natural gas production has been declining after years of under-investment, leading to the start of liquefied natural gas imports in recent years.

 

Growing demand for the fuel has made the drillers more confident that they’ll be able to sell any gas from a sizable development, Harwood said.

 

Indonesia

 

Repsol SA could start drilling its Rencong-1X well north of the coast of Sumatra in the third quarter.

 

The Spanish firm is seeking partners to invest and defray risks, Harwood said. Indonesia has leased out several blocks around Rencong, so a find could spur a ripple of activity. It’s also near the Arun LNG terminal, one of the world’s earliest liquefaction plants and now an import terminal to serve Aceh and Sumatra.

 

Papua New Guinea

 

Total SA could spud the Mailu-1 well in ultra-deep waters south of Papua New Guinea late this year.

 

The French company is looking for oil, Harwood says, but even if it turns out to be gas it could be tied into LNG export infrastructure that the company is already planning to build in the country.

 

Courtesy: Bloomberg

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

Latest News

Breaking: British Prime Minister Boris Johnson tested positive for Coronavirus

British Prime Minister Boris Johnson tested positive for the coronavirus after experiencing "mild symptoms". "After seeing mild symptoms yesterday (Thursday),...

3.3 million Americans applied for unemployment benefits after the Corona outbreak

The US Department of Labor announced a record increase in the application for unemployment benefits in the United States in the week that ended...

World Bank asks bilateral creditors to suspend debt payments from IDA countries

The World Bank Group and International Monetary Fund have issued the following joint statement to the G20 concerning debt relief for the poorest countries: The...

Turkish doctor: Turkey could have as many as 145,000 undiagnosed coronavirus cases

Dr. Muhammet Emin Akkoyunlu, a chest specialist at the Medipol University Hospital, revealed that the number of Coronavirus infections in Turkey could be around...

Time Square turns into Ghost Square after stores closes in New York, fearing Corona

Time Square is known as New York City's, USA, as one of the sleeping areas, which usually attracts more than 330,000 visitors daily, as...

Related News