Asia Oil and Gas Drilling News

Daily Asia Oil News. Southeast asia Offshore Oil and gas projects in major oilfields


Asia Drilling Rig Count
Nov -2012
Land
Offshore
AUSTRALIA
BANGLA DESH
BRUNEI
CHINA
INDIA
INDONESIA
JAPAN
MALAYSIA
MYANMAR
NEW ZEALAND
PAPUA N GUINEA
PHILLIPPINES
THAILAND
VIETNAM

10
1
1
0
82
32
1
0
0
6
3
1
4
0

10
1
0
18
34
9
1
14
1
0
0
0
12
5

Asia Oil / Gas Rig Count ( Nov - 2012)
Oil
Gas
AUSTRALIA
BANGLA DESH
BRUNEI
CHINA
INDIA
INDONESIA
JAPAN
MALAYSIA
MYANMAR
NEW ZEALAND
PAPUA N GUINEA
PHILLIPPINES
THAILAND
VIETNAM
10
0
0
3
105
26
0
8
1
2
2
0
3
4
0
0
0
0
10
11
0
5
0
1
1
0
13
0

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Brunei - Brunei's claim to the South China Sea is limited to its EEZ, which extends to one of the southern reefs of the Spratly Islands. However, Brunei has not made any formal claims to the reef nor to any of the Spratlys. Brunei makes no claims towards any of the Paracel Islands.

Cambodia - Cambodia claims portions of the Gulf of Thailand based upon its EEZ and the continental shelf principle, as well as its history in the Gulf. In 1982, Cambodia signed The Agreement on Historic Waters with Vietnam, setting the stage for later cooperation between the two countries.

In 2006, Cambodia and Vietnam announced their intention to share the oil resources of the Gulf of Thailand. Cambodia has no such agreements with either Thailand or Malaysia.

China - China claims almost all of the South China Sea. China claims all of the Spratly Islands (Nansha Islands in Chinese), and occupies several of the islands with its military. In 1974, China seized the Paracel Islands from Vietnam and continues to maintain sovereignty over the islands.

Additionally, China claims the Pratas Islands. China's claims to the South China Sea are based on the EEZ and continental shelf principle as well as historical records of the Han (110 AD) and Ming (1403-1433 AD) Dynasties.

Indonesia - Indonesia's claim to the South China Sea is limited to the boundaries of the EEZ and continental shelf. Indonesia claims neither the Spratly nor the Paracel Islands.

Malaysia - Malaysia's claim to the South China Sea is limited to the boundaries of the EEZ and continental shelf. Malaysia claims three islands of the Spratlys, having built a hotel on one and bringing soil from the mainland to raise the level of another.

Malaysia makes no claim to the Paracel Islands. Malaysia also claims portions of the Gulf of Thailand, based upon its EEZ and the continental shelf principle. Malaysia signed a cooperative agreement for exploration and development with Thailand in 1979. In 1992, Malaysia and Vietnam signed a Joint Development Areas agreement. Malaysia has no such agreement with Cambodia.

Philippines - The Philippines claim a sizeable portion of the South China Sea. The Philippines occupy eight of the Spratly Islands (Kalayaan in Filipino). The Philippines do not claim the Paracel Islands. Filipino claims are based upon the EEZ and continental shelf principle, as well as a 1956 Filipino explorer's expedition.

Taiwan - Taiwan claims almost all of the South China Sea. Taiwan claims all of the Spratly Islands (Nansha Islands in Chinese) and has announced its intention to build an airstrip on Taiping. Taiwan claims all of the Paracel Islands. Additionally, Taiwan occupies the Pratas Islands. Taiwan's claims are based on principles similar to those of China.

Thailand - Thailand claims the Gulf of Thailand based upon its EEZ and the continental shelf principle. Thailand signed a cooperative agreement for exploration and development with Malaysia in 1979. In 1997, Thailand and Vietnam signed an agreement setting the delimitation of their respective sea boundaries. Thailand has no agreements with Cambodia.

Vietnam - Vietnam claims a significant portion of the South China Sea based upon its EEZ and the continental shelf principle. Vietnam claims all of the Spratly Islands (Truong Sa in Vietnamese), and has occupied twenty of them.

Vietnam claims all of the Paracel Islands (Hoang Sa in Vietnamese) despite being forcibly ejected by China in 1974. Vietnam also claims the Gulf of Thailand based upon its EEZ and the continental shelf principle. In 1982, Vietnam signed The Agreement on Historic Waters with Cambodia, setting the stage for later cooperation between the two countries.

In 2006, Vietnam and Cambodia announced their intention to share the oil resources of the Gulf of Thailand. In 1992, Vietnam and Malaysia signed a Joint Development Areas agreement. In 1997, Vietnam and Thailand signed an agreement setting the delimitation of their respective sea boundaries.

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Daily Asia Oil News. Southeast asia Offshore Oil and gas projects in major oilfields

Asia anEuropean and US tensions with Iran will not affect China’s crude oil supplies in the short term as China diversifies its oil sources and expands its oil reserves to offset its declining purchases of Iranian oil. The most likely sources of replacement oil are countries such as Saudi Arabia, Angola and Russia

Southeast Asia Offshore Oil Discoveries

Daily Asia Oil News. Southeast asia Offshore Oil and gas projects.

Malaysia

Discovery of the ultra deep Malaysian Gumusut and Kakap fields

The Gumusut field was discovered by the Gumusut-1B well, drilled in 2003 in Block J. The well was drilled by a semisubmersible rig, Atwood Falcon. The Kakap field was discovered by Murphy Oil in 2004 in Block K.

The fields were appraised by four wells - Gumusut-2, Gumusut-3, Kakap-1 and Kakap-2. The wells were drilled between 2003 and 2004.

The recoverable reserves of Gumusut-Kakap project are estimated at 300 to 500 million barrels of oil equivalent.

The Gumusut-Kakap project includes the joint development of two ultra deep water discoveries - Gumusut and Kakap. The fields are located within Blocks J and K, about 120km offshore from Sabah, Malaysia. Water depth is in the region is 1,200m (3,937ft).

Sabah Shell was the operator of Gumusut and Murphy Oil, the operator of the Kakap field. Development of the two fields was combined under an unitisation agreement signed by the partners in 2006.

Deepwater projects, such as Gumusut-Kakap, are critical to Malaysia. Crude oil output from maturing fields is on the decline and is expected to last only for the next 20 years. Undiscovered resources in Malaysia are estimated to amount to ten billion barrels of oil, of which 65% are deepwater discoveries.

Focus on deepwater projects is therefore increasing. The only deepwater project to have been brought on stream to date in Malaysia is the Kikeh project in 2007.

Indonesia

Wortel gas field is located within the Sampang Production Sharing Contract (PSC) near Madura Island, approximately 43 miles from Surabaya, the second largest city of Indonesia. It was put into production in January 2012.

The Oyong field and the Jeruk field are the other two discoveries which lie within the Sampang PSC. The Wortel offshore gas field has been developed as a tie-back to Oyong oil and gas field.

Government approval for the development of shallow-water Wortel offshore gas field was given in December 2009.

Santos Sampang, a wholly-owned subsidiary of Australian energy company Santos, is the operator of the Sampang PSC. Its share in the PSC is 45%.

Singapore Petroleum Company (SPC) and Cue Energy Resources are the other two partners holding 40% and 15% interest respectively.

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Indonesia

China

The Beibu Gulf Project consists of three oil fields in block 22/12, which is located about 60km from the southern coast of China and northwest of Hainan Island. The oil resources are located at depths of about 25m to 40m.

Companies involved in the Beibu Gulf development are China National Offshore Oil (CNOOC) (51%), Roc Oil (19.6%), Horizon Oil (Beibu) (14.7%), Petsec Petroleum (12.25%) and Oil Australia (Majuko Corp) (2.45%).

Block 22/12 has estimated potential gross reserves of 100MMbbl. The reserves lie in eight prospective undrilled sites.

The Wei 6-12, Wei 6-12S and Wei 12-8 oil fields were declared commercially viable in September 2008. The feasibility studies were completed in the second quarter of 2009.

Asia Oil & Gas Forecast - Asia Oil Drilling industry

Asia-Pacific

Malaysia’s oil supply is forecast to experience a minor decline of 10 tb/d in 2012 to average 0.63 mb/d, flat from the previous MOMR. The anticipated drop is projected on the back of declines at mature producing areas and limited new developments. The start-up of the Sepat offshore oil field, with a capacity of 20 tb/d, will provide support to the country’s output, in addition to the completion of maintenance at the Sabah project.

Indonesia’s oil supply is expected to average 0.91 mb/d in 2012, a minor decline of 10 tb/d, representing a minor upward revision of 10 tb/d from the previous MOMR. The upward revision occurred on the back of reports that Indonesia’s major producer will drill 380 new wells and rework 211 existing wells, which will add around 15 tb/d in 2012. Furthermore, the decree by the Indonesian President to authorities to take steps to boost output to 1.01 mb/d by 2014 further supported the revision.

'Approximately $88 billion was spent over the last five years on offshore drilling in Asia-Pacific.

Spending surged in 2006 and this continued into 2007. Spending then declined in 2008 and sharply declined in 2009.

The forecast is for slow growth through to 2013, finally reaching $108 billion over the five-year period. '

China is set to account for 42% of the region's total primary energy demand in 2035, down slightly from 44% in 2008, while India's share is seen rising to 18% from 11%, according to the presentation materials obtained by Platts.

Although the study does not reflect the implications of the earthquake which struck Japan March 11, oil and gas demand in the country is only likely to rise as it is forced to make up the shortfall in nuclear generation by increasing the use of hydrocarbon fuels in the short- to mid-term, according to a Platts analysis.

Of the total energy demand, Asia's oil demand will rise to 2.6 billion mtoe in 2035, up 85.7% from 1.4 billion mtoe in 2008, with gas demand in the region rising to 1.9 billion mtoe in 2035, up nearly three times from 0.7 billion mtoe in 2008.

In China, oil consumption is forecast to nearly triple to 907 million mtoe in 2035, from 367 million mtoe in 2008, and its transport sector will account for 56% of oil demand in 2035, the study shows.

Oil consumption in India will also be 2.6 times higher at 377 million mtoe in 2035 compared with 145 million mtoe in 2008.

Asia's net oil import volumes will more than double to 33.9 million b/d in 2035 from 14.3 million b/d in 2008 because of the expected steep rise of demand and stagnating oil production within the region, while import dependency for oil supply will rise to 81% in 2035, up from 64% in 2008, according to the study.

The study also notes that "timely investment" is needed to increase energy supply for overall supply chain" to meet robust energy demand in Asia, but the region, in particular the Middle East, has "sufficient energy resource potential" to meet the energy demand growth in the future.

On the supply side, oil production from OPEC is forecast to rise to 50.7 million b/d, up 46.1% from its output level of around 34.7 million b/d in 2008 based on an assumption that Iraq will contribute "strong growth" in its production after 2020, it said.

Non-OPEC production from the the Middle East region, however, is expected to hover at around 1.6 million b/d towards 2035, virtually unchanged from the output level in 2008, it said.

Oil production in Asia is forecast to increase to 8.7 million b/d by around 2020, from 8.1 million b/d in 2008, but gradually decrease to 8.1 million b/d in 2035, it added.

Asia Oil and Gas Drilling News

Daily Asia Oil News. Southeast asia Offshore Oil and gas projects in major oilfields

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