Latest news with #gasproduction
Yahoo
4 days ago
- Business
- Yahoo
PTTEP acquires full control of MTJDA Block A-18, enhancing Thailand's energy security
Thailand's oil and gas giant PTT Exploration and Production (PTTEP) has secured complete ownership of the Block A-18 offshore gas block in the Malaysia–Thailand Joint Development Area (MTJDA) by acquiring a 50% participating interest. This move will bolster Thailand's energy security and support PTTEP's growth trajectory. Block A-18 of the MTJDA is crucial for electricity generation in Thailand's southern region. The interest has been acquired by PTTEP's subsidiary, PTTEP Joint Development SG from Hess International Oil Corporation, which holds a 50% interest in Block A-18 of the MTJDA through its subsidiaries under a sale and purchase agreement (SPA). The acquisition, with a base consideration of $450m subject to standard adjustments, follows the merger between Chevron and Hess, with both sellers, Hess (Bahamas) Limited and Hess Asia Holdings, being wholly owned subsidiaries of Chevron. The transaction, now completed, immediately increases PTTEP's gas production volume and petroleum reserves, and doubles the company's investment in the MTJDA, adding to its existing 50% interest in Block B-17-01. Block A-18 is currently producing 600 million standard cubic feet of natural gas per day (mscf/d), with half of this volume supplied to Thailand, representing 6% of the nation's domestic gas demand. The company will also carry out the development of additional production wells, wellhead platforms and the construction of gas pipelines, ensuring a stable and reliable gas supply. PTTEP CEO Montri Rawanchaikul said: 'PTTEP is pleased to further expand our operations in the MTJDA, which is recognised for its petroleum potential and strategic significance to Thailand's energy security. The acquisition also contributes to the company's growth. 'Apart from the existing producing fields, Block A-18 includes several discovered gas fields awaiting development to unlock their full potential. Participation in Block A-18 also fosters operational synergy with Block B-17-01, enhancing efficiency to ensure continuous and accelerated energy supply for both countries.' The MTJDA, located in the southern part of the Gulf of Thailand, spans approximately 7,250km² and is a vital source of natural gas and condensate for both Thailand and Malaysia. Block A-18 encompasses the Cakerawala, Bumi, Suriya, Bulan and Bulan South fields, which commenced production in 2005. Block B-17-01, which includes the Amarit, Andalas, Jengka, Melati, Muda, Tapi and Tanjung fields, began production in 2010 and currently contributes approximately 300mcf/d of natural gas to Thailand and Malaysia. "PTTEP acquires full control of MTJDA Block A-18, enhancing Thailand's energy security" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
24-07-2025
- Business
- Yahoo
Libya's Mellitah to work with Hill on two gas projects
Mellitah Oil and Gas has entered into an agreement with US-based Hill International to oversee a significant project aimed at enhancing Libya's gas production. Mellitah Oil and Gas is a joint venture between Libya's National Oil Corporation (NOC) and Italian energy company Eni. The signing of the agreement took place during a visit to the Libyan capital Tripoli by US President Donald Trump's senior adviser for Africa, Massad Boulos. The project, known as Structures A&E, is set to elevate local gas output and ensure exports to Europe. It will see the development of two gas fields in contractual area D, offshore Libya. With production due to commence next year, the fields are expected to yield up to 750 million cubic feet of gas per day. The development will be supported by two main platforms, which will be integrated into the existing treatment facilities at the Mellitah complex. In addition to boosting gas production, the project includes the construction of a carbon capture and storage (CCS) facility at Mellitah. This facility aligns with Eni's decarbonisation strategy and aims to significantly reduce the overall carbon footprint. The estimated investment for the project stands at $8bn (Ld43.23bn), with a substantial impact anticipated for the industry and its supply chain, thereby contributing notably to the economy of Libya. During the discussions, NOC presented Libya's strategy to increase oil production to two million barrels per day by 2030. Massad Boulos also engaged with Libya Prime Minister Abdulhamid Dbeibah, as reported by Reuters, citing a statement from the prime minister's office. Prime Minister Dbeibah expressed his government's commitment to forging economic collaborations with Washington, which would pave the way for US companies to engage in development and investment projects in Libya. The prime minister's team showcased a range of strategic economic partnership projects, valued at around $70bn. These projects span various sectors including minerals, energy and electricity, and are ready for investment. "Libya's Mellitah to work with Hill on two gas projects" was originally created and published by Offshore Technology, a GlobalData owned brand.
Zawya
24-07-2025
- Business
- Zawya
Dana Gas recompletes Balsam-3 well in Egypt's onshore Nile Delta
Abu Dhabi – Dana Gas commenced the recompletion works at the Balsam-3 well in Egypt's onshore Nile Delta within the framework of the company's $100 million investment program. The initiative aims to support domestic gas production, expand reserves, and meet growing energy demand, according to a press release. The successful recompletion of Balsam-3 is anticipated to reduce the risk associated with drilling exploration wells in the area and further enhance output. Dana Gas announced the successful initial results from the Begonia-2 appraisal well, the first appraisal well within the Begonia development area and the first of eleven appraisal and exploration wells planned under the program. Drilling and logging results indicate that the well contains 9 billion cubic feet (bcf) of gas as an initial estimate, which is subject to increase. Located in the New El-Manzala concession and operated by El-Wastani Patrolmen Company (Wasco), Begonia-2 will produce an additional 5 million cubic feet daily. The $ investment program is expected to boost Dana Gas's long-term production in Egypt and add around 80 bcf in recoverable gas reserves over the two-year plan. Drilling is being carried out using the EDC-54 rig, and the next well is expected to spud in August. The ADX-listed company posted higher earnings in the first quarter (Q1) of 2025, driven by stronger gas pricing in Egypt following the Consolidation Concession Agreement.
Wall Street Journal
23-07-2025
- Business
- Wall Street Journal
Equinor Launches $1.265 Billion Buyback; Earnings Boosted by U.S. Gas Prices
Equinor EQNR -0.23%decrease; red down pointing triangle said it would buy back up to $1.265 billion in shares after its second-quarter results were boosted by increased U.S onshore gas production and higher prices. The Norwegian energy major on Wednesday launched the third tranche of its buyback and said it would deliver a quarterly dividend of $0.37 a share. It didn't propose an extraordinary dividend. A year earlier, Equinor proposed a quarterly dividend of $0.35 and an extraordinary dividend of $0.35.
Bloomberg
22-07-2025
- Business
- Bloomberg
Global LNG Supply to Surge Most Since 2019 Next Year, IEA Says
By and Elena Mazneva Save Global supply of liquefied natural gas is set to surge the most since 2019 next year, primarily driven by production additions in North America, the International Energy Agency said. The increase in supply will accelerate to 7%, or 40 billion cubic meters a year in 2026, following a 5.5% expansion this year, the IEA said in its quarterly gas market report. A project in Qatar will also add to the growth.
