Hess & PETRONAS to Develop Offshore Malaysia

Press Release
Friday, June 22, 2012

Hess and PETRONAS sign partnership agreements to develop North Malay Basin

Hess Corporation announces that it has signed agreements with PETRONAS to develop the North Malay Basin, located offshore peninsular Malaysia.

“The North Malay Basin Integrated Gas Development Project is consistent with our strategy to invest in long life, low risk reserves with attractive returns and exploration upside. It also builds upon our strategic partnership with PETRONAS”

The agreements creating the North Malay Basin Integrated Gas Development Project include amendments to the existing Production Sharing Contract for Block PM302, which is operated by Hess. The amendments enlarge the contract area to include nine discovered fields in the North Malay Basin for production of natural gas.

PETRONAS has also awarded Blocks PM325 and PM326B to Hess and PETRONAS Carigali that will be explored, appraised and developed.

Hess will have a 50 percent working interest and become operator of the project, which is expected to add discovered net resources of 80 million to 100 million barrels of oil equivalent to Hess’ portfolio.

First production is forecast to commence in 2013 at a net rate of approximately 40 million cubic feet of natural gas per day and increase in 2015 to an estimated 125 million cubic feet per day.

The project will require a net investment for Hess of approximately $250 million in 2012 and an estimated $400 million per year between 2013 and 2015.

Hess Corporation, with headquarters in New York, is a global integrated energy company engaged in the exploration, production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products.

 




Offshore

US Offshore Lease Sale Yields $18 Mln in High Bids

Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced

Canada May Ask Far-offshore Drillers to Pay Extra

Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore,

MISC Enters Thai Offshore O&G Market

Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time.

Finance

China COSCO Falls to H1 Net Loss

China COSCO Holdings Co Ltd fell to a first-half loss hurt by a persistent slump in the global container market, the world's fourth largest container shipper said on Thursday.

Weak Freight Rates push Grindrod to H1 loss

Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects

Cosco Eyes Spanish port of Algeciras

Algeciras Bay Port Authority in southern Spain has put up a tender for its third container terminal, and China's Cosco Shipping Ports is already being mentioned as a fore runner candidate,

LNG

Wärtsilä Re-gasification system for Norwegian Ship Conversion

Wärtsilä has been contracted to supply the re-gasification system for an FSRU (Floating, Storage, Re-gasification Unit) conversion project that Höegh LNG plans to carry out on a modern LNG vessel.

Höegh LNG Speeds up FSRU Conversion

Höegh LNG Holdings Ltd. today announced that it has signed agreements with Wärtsila Oil and Gas (EPCIC regas) and Moss Maritime (engineering) for its first FSRU conversion project,

China Receives First American LNG Cargo

The first cargo of US liquefied natural gas (LNG) to target the world’s largest energy consumer arrived Monday at the Chinese port of Yantian in Shenzhen near Hong Kong.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0853 sec (12 req/sec)