December 17, 2020
Dateline 2020-11-30, Upstream:
The Chinese Coast Guard (CCG) and Royal Malaysian Navy have been involved in yet another standoff over oil and gas drilling in the South China Sea as tensions mount between regional powers over resources in the strategic sea area.
The CCG vessel 5402 in mid-November approached the Borr Drilling-owned jack-up Gunnlod, which is working for Thailand’s national upstream company PTTEP on Block SK 410B off Sarawak, East Malaysia, according to the Asia Maritime Transparency Initiative (AMTI) of the Center for Strategic & International Studies (CSIS).
December 6, 2020
Dateline 2020-11-09, Energy Voice:
The Petronas-operated Bintulu LNG export complex, in the eastern Malaysian state of Sarawak, desperately needs new gas supplies to maintain its exports in the near-to-medium term, as legacy fields mature.
Moreover, recent news that the fast-track schedule for PTTEP’s giant Lang Lebah field development appears to be slipping, does not bode well for the 29.3 million tonne per year LNG export facility, which is one of the world’s largest.
Thai upstream player PTTEP said on 5 November that it only expects to take a final investment decision (FID) for its proposed giant sour gas field in 2022. Initially, FID was targeted by 2021, after the field was discovered in 2019. Further slippage is possible.
August 24, 2019
Dateline 2019-07-10, Business Wire:
Murphy Oil Corporation (MUR) (“Murphy”) announced its subsidiary closed the sale to divest the fully issued share capital of the entities primarily conducting Murphy’s operations in Malaysia to a subsidiary of PTT Exploration and Production Public Company Limited (“PTTEP”). The transaction was previously announced on March 21, 2019, with an effective economic valuation date of January 1, 2019. After closing adjustments, Murphy will receive proceeds of approximately US$2.035 billion, and expects to report a gain on the sale of approximately $1.0 billion. Murphy does not anticipate tax liabilities related to the transaction.
“We would like to congratulate PTTEP on the purchase of their new asset. As our talented and committed Malaysia team transitions to their new owner, I am confident they will diligently work to ensure continued success in the country. Also, I would like to thank our long-term partners PETRONAS, PETRONAS Carigali and Pertamina. They too have diligently worked to ensure our long-term success in the region,” stated Roger W. Jenkins, President and Chief Executive Officer.
August 10, 2019
Was this the acreage they bought from Murphy?
Dateline 2019-06-28, Bangkok Post:
SET-listed oil and gas explorer PTT Exploration and Production Plc has made a gas discovery off the shore of Sarawak in Malaysia, marking PTTEP’s biggest find ever.
Through wholly owned subsidiary PTTEP HK Offshore Ltd (PTTEP HKO), the company found the gas at Lang Lebah-1RDR2, the first exploratory well in the Sarawak SK410B project.
The subsidiary commenced drilling in March to a total depth of 3,810 metres in Lang Lebah-1RDR2. The well encountered 252 metres of net gas pay, indicating a multi-trillion-cubic-feet discovery, and was tested in a carbonate main target reservoir with a completion-constrained rate of 41.3 million standard cubic feet per day (MMSCFD) and 246 barrels of condensate per day (BCPD).
August 6, 2019
Dateline 2019-06-27, Reuters:
Kuwait Foreign Petroleum Exploration Company (KUFPEC) said on Thursday it had made a significant gas discovery in block SK-410B in Malaysia.
The block is located in shallow waters, nearly 90 km (56 miles) off the coast of Sarawak, it said in a statement.
The discovery was made by KUFPEC Malaysia, a wholly-owned subsidiary of the Kuwaiti firm, which holds a 42.5% working interest under a production sharing contract with PETRONAS Carigali Sdn. Bhd. and PTTEP HK Offshore Ltd.
May 6, 2019
Dateline 2019-03-27, Seeking Alpha (Not Susan):
Murphy Oil Corp. (MUR) decided to exit Malaysia by selling its assets to PTT Exploration and Production (OTCPK:PEXNY) for $2.13B, which represents a full monetization of its 2P (Proved and Probable) reserves. Although the deal is positive because it materializes the firm’s geographic strategy to focus on US opportunities, we believe the true impact of the transaction in the long term will be determined by the way management will reinvest the money.
At stake are $750M, which MUR determined to be destined to fund potential acquisitions and fund both deep-water projects (probably Gulf of Mexico) and U.S. onshore opportunities (Eagle Ford).
At the moment, Norwegian Equinor (EQNR) and Pioneer Natural Resources (PXD) are marketing their respective acreage in the Eagle Ford, which could spark MUR’s interest considering the company’s plans on increasing activity at Karnes, Tilden, and Catarina.
April 30, 2019
Dateline 2019-03-21, Reuters:
Murphy Oil Corp is nearing a deal to sell its Malaysian oil and gas assets to Thailand’s PTTEP PCL, people familiar with the matter said, in the latest energy M&A transaction in the Southeast Asian nation.
The independent U.S. oil and gas exploration and production company could announce a deal, valued at just over $2 billion (1.52 billion pounds), with the Thai energy company as early as Thursday, said one source, who declined to be identified as the news is not public.
Reuters reported in November, citing sources, that Murphy Oil was in talks to sell the assets after an unsolicited bid that could fetch between $2 billion to $3 billion.
August 28, 2016
Same topic as yesterday, a different slant on reporting, and an optimistic note.
Dateline 2016-07-22, Nikkei Asia Review:
Malaysia’s national oil company Petroliam Nasional, or Petronas, has awarded its first production sharing contract for 2016 to three oil companies to explore a hydrocarbon block off the Sarawak state.
Thailand’s PTT Exploration & Production will operate the SK410B oil field with joint venture partner Kuwait Foreign Petroleum Exploration Company, Petronas said in a statement. PTT and the state-run KUFPEC will each hold a 42.5% stake in the block while Petronas will own the remainder 15% through a wholly owned unit.
“[The] signing not only marks Petronas’ first PSC award in 2016, but also welcomes PTT for their first operatorship in Malaysia,” said Petronas’ executive vice president for upstream Mohd Anuar Taib. “We are also pleased to collaborate with our long term partners, KUFPEC once again.”
August 26, 2016
Dateline 2016-07-21, Bangkok Post:
PTT Exploration and Production (PTTEP) has won the rights for exploration of an offshore petroleum resource block in Malaysia’s Sarawak state, according to the company’s chief executive Somporn Vongvuthipornchai.
He said the seismic survey and one exploration well would be conducted for the three-year exploration period.
PTTEP HK Offshore Ltd, a subsidiary of PTTEP; KUFPEC Malaysia and Petronas Carigali signed a production sharing contract with Petroliam Nasional Berhad (Petronas) for the exploration of the Block SK410B.
April 3, 2010
While lookinf for information on PTTEPI, I found a site showing Thailand’s petroleum concessions. To bad the site doesn’t tell me who I need to see to shake and make deals. Anyone out there have info?
Taken from the Nation, dateline 2010-03-23:
PTTEP has started natural gas production at B17 Block in the Thai-Malaysia joint development area, with initial capacity of 135 million cubic feet per day.
The condensate production is about 4,900 barrels a day.
The gas capacity should be raised to 335 million cubic feet per day within the fourth quarter of 2010.
The project is operated by Carligari-PTTEPI Operating Company, a 50:50 joint venture of PTTEP International and PC JDA.
The project is part of securing overseas energy for the national security. All the gas output is supplied to Thailand’s PTT.