A&D - Asian companies reportedly eye Exxon’s Caspian Sea assets - June 2020ExxonMobil has reportedly relaunched the effort to sell its stake in the BP-operated Azeri-Chirag-Gunashli field in the Caspian Sea offshore Azerbaijan, with the sales process led by Bank of America Merrill Lynch. Asian oil and gas companies, including CNOOC, ONGC and Indonesia’s Pertamina, have expressed interest, banking and industry sources told Reuters for a May 19 report. Exxon first attempted to divest its 6.8% WI in the field in 2018, when Chevron launched the sale of its 9.87%...
Jun 12, 2020
IS - Asian companies reportedly eye Exxon’s Caspian Sea assets - May 2020ExxonMobil has reportedly relaunched the effort to sell its stake in the BP-operated Azeri-Chirag-Gunashli field in the Caspian Sea offshore Azerbaijan, with the sales process led by Bank of America Merrill Lynch. Asian oil and gas companies, including CNOOC, ONGC and Indonesia’s Pertamina, have expressed interest, banking and industry sources told Reuters for a May 19 report.Exxon first attempted to divest its 6.8% WI in the field in 2018, when Chevron launched the sale of its 9.87% WI...
May 29, 2020
IS - M&P amends $800MM of term loans to reduce payments - March 2020Etablissements Maurel & Prom amended agreements covering two term loans— one for $600 million from a group of banks and one for $200 million from controlling shareholder Pertamina. Under amended terms, scheduled debt repayments for both loans were reduced for this year and next, giving the company room to maintain ample liquidity and adapt debt repayment to cash flow generation. A “significant” portion of the loan repayment was pushed back to 2024. A condition to the amendments...
Mar 24, 2020
IS - Pertamina sells $1.45B in 10- and 40-year senior notes - March 2020Indonesian NOC Pertamina sold $1.45 billion aggregate principal amount of debt in two tranches: one for $650 million of 3.1% senior unsecured notes due 2030 and one for $800 million of 4.15% senior unsecured notes due 2060. The new 10- and 40-year notes, each sold at 100, bring Pertamina’s total bonds outstanding to over $14 billion, but just temporarily as the company buys back some of its debt with the net proceeds. The 2060 bonds are Indonesia’s first-ever 40-year debt issuance. The sales...
Mar 03, 2020
OFS - Aker Solutions wins multi-year Equinor inspection contract - November 2019Aker Solutions will be the main supplier for inspection services at more than 15 Equinor facilities in Norway. A frame agreement with Equinor is expected to be signed shortly, Aker Solutions said, and will cover six years with options for two additional fouryear extensions. The agreement is valued at NOK1.2 billion ($130 million) for the six-year period. The agreement covers a wide range of inspection services, including conventional and advanced inspection as well as planning and...
Nov 19, 2019
IS - Lion brings in Taiwanese partner for East Seram seismic - October 2019Taiwan’s NOC CPC Corp. struck a farm-in deal with Australia-listed Lion Energy Ltd. to acquire a non-operated 40% WI in the East Seram production sharing contract in eastern Indonesia. Lion, which will retain an operated 60% WI, said the transaction supports its strategy to focus on the significant potential it sees in the proven, yet underexplored, Seram region. The 6,510-sq-km East Seram PSC contains the southeast extension of the 2 Tcf Lofin gas discovery and a potential offshore...
Oct 15, 2019
MI - Cheniere’s Corpus Christi Train 2 allowed to start service - September 6, 2019The Federal Energy Regulatory Commission gave Cheniere Energy’s Corpus Christi Liquefaction facility in Texas permission to begin commercial and export operations from its second 4.5 mtpa train. Train 2 completed its first commissioning cargo in July. Spain’s Iberdrola and Naturgy, Indonesia’s Pertamina, Australia’s Woodside energy and France’s EDF will be the primary recipients of the LNG, Platts reported. The addition means Cheniere and contractor Bechtel have placed into service...
Sep 06, 2019
IS - Government & note buyers have $5B-plus for Pertamina - June 2019The Indonesian government owes Pertamina $3.1 billion for selling premium
gasoline, solar diesel fuel and kerosene below market prices, according to the NOC’s
2018 annual report. The debt was recorded as the main source of Pertamina’s revenue
from “other activities,” which stood at $3.9 billion, up 300% from 2017’s $740
million in revenue.
“In 2018, we got [a
government’s pledge for] compensation
for selling fuel below market price. However, the payment is still being...
Jun 06, 2019
MI - Cheniere takes over two trains and advances on pipeline - March 2019Bechtel declared commissioning complete on both Train 1 of the Corpus Christi LNG project in Texas and Train 5 of the Sabine Pass LNG facility in Louisiana, turning over care, custody and control of 9 mtpa of liquefaction capacity to Cheniere Energy. A Cheniere JV also issued a full notice to proceed on the Midship pipeline, a 200-mile project that will move up to 1.44 Bcf/d from the SCOOP/STACK, after securing $680 million in financing.The completion of 4.5 mtpa Corpus Christi Train 1 puts...
Mar 19, 2019
Pertamina and Petronas ink MOU for expansion into East AsiaIndonesia’s Pertamina and Malaysia’s Petronas have signed a memorandum of
understanding that will see the two companies collaborate on upstream and trading
activities in East Asia and use technology to develop blocks with high carbon dioxide
content. The companies will also work together to pursue renewable
energy projects. The two companies also agreed to exchange oil produced from Malaysia’s
Kimanis, Kikeh and Kidurong fields with production from Indonesia’s Ketapang and
Jabung...
Mar 06, 2019
Anadarko’s Mozambique LNG adds three more SPAsAnadarko Petroleum Corp.’s Mozambique LNGlanded three sales and purchase agreements, one running 20 years and two for 15 years. The 20-year SPA is for 1 mtpa with Indonesia state-owned Pertamina, while the 15-year SPAs are for 1.2 mtpa for Electricite de France and 1 mtpa for a subsidiary of India state-owned Bharat Petroleum Corp. Ltd., which owns 10% of the project. The SPAs give the proposed 12.88 mtpa project more than 9.5 mtpa of commitments. The Anadarko-operated Mozambique LNG...
Feb 26, 2019
Repsol finds 2 Tcf at Sakakemang onshore IndonesiaRepsol and partners Petronas and Mitsui Oil Exploration Co. have made the
largest gas find in Indonesia in 18 years, a find that is among the 10 largest worldwide over
the last year. The partnership issued a preliminary estimate that the Kali Berau Dalam-2
well discovered at least 2 Tcf of recoverable resources in the Sakakemang block onshore
South Sumatra. If confirmed, the field will be the largest in Indonesia since ExxonMobil’s
Cepu discovery in 2001.
The partners spudded
the KBD-2...
Feb 21, 2019
Maurel & Prom will invest €350MM in Venezuela by 2023Maurel & Prom has committed to invest €350 million ($400 million) through 2023 in Urdaneta West field in Lake Maracaibo, Venezuela. The Paris-based upstream operator, a subsidiary of Indonesia’s PT Pertamina, bought a 40% stake in the field from Shell in December for €47 million on closing and an additional €23 million payable next December. Production from the field in 2018 is estimated at 15,500 bo/d, but Maurel & Prom said there is potential for a swift ramp-up in production...
Jan 31, 2019
Pertamina nears signing of PSC for Rokan fieldPertamina is poised to sign a production sharing contract for the Rokan oil field by the end of January. In July, Indonesia’s oil ministry announced that the state-controlled company would take over operatorship of the asset from Chevron in 2021, when the latter’s contract expires.Indonesia’s second-largest oil field, Rokan encompasses 6,000 sq km on the island of Sumatra and holds 96 oil fields. Chevron failed to secure a contract extension beyond 2021 after its bid for the asset came...
Jan 23, 2019
IS - News Briefs - August 2019Brazil’s oil regulator aims to raise $3 billion in signature bonuses through its sixteenth licensing round on Oct. 16 and sixth pre-salt round on Nov. 7. The two events are offering acreage holding a total of 110 Bbo in place. With unrisked volumes of 29 Bbo in place, the Aram area, located west of the Equinor-operated Carcara discovery, is expected to elicit the strongest interest of the five total areas to be auctioned in the pre-salt round. In the Oct. 16 event, 36 blocks will be offered....
Aug 13, 2019