Petronas

The Malaysian firm has become the newest member of the organization of companies, which carries the mission of accelerating the transition to a sustainable world by making more sustainable companies successful. 

The Monument well represents the Norwegian operator’s first deepwater drilling project in US waters in 5 years.

The first interdisciplinary oil and gas conference to be held in Saudi Arabia, the 12th International Petroleum Technology Conference, was the largest in its history in attendance. This features highlights of the panel and technical sessions, and an interview with Saudi Aramco CEO Amin Nasser.

Developing an asset requires key investment decisions to be made early in the process, and as a result, some critical cost evaluations—such as abandonment—are often ballpark estimates. Adjusting the parameters for evaluating these costs can lead to more-accurate project valuations.

The round included a near-$1 billion signature bonus on a Campos Basin block awarded to a Total-led consortium.

The state-owned firm is looking within its home country, around Southeast Asia, and to the Americas—including shale—in an effort to maintain its forecast average yearly production of 1.7 million BOE/D over the next 5 years.

Malaysia’s Petronas, Shell Malaysia, and Thailand’s PTTEP are now in the midst of full-scale digital adoption. The companies are beginning to see results, but none is counting on a “big bang” in development of the technology soon.

The next big wave of decommissioning and abandonment projects is set to occur in the Asia-Pacific region, and APAC’s operators are now tasked with finding cost- and time-effective ways of unwinding their huge agglomeration of wells and facilities.

The field marks the first development in Malaysia for the Abu Dhabi-based operator, with first gas expected in 2021.

Petronas cancels plans for the development of the Pacific Northwest LNG project in British Columbia intended to take away natural gas from the Montney formation for shipping to Asian countries. Low LNG prices strike a blow to the feasibility of the project.