Saipem’s Post

♈️♻️ [ The Akia PSC covers an area of 8,394 square kilometers and contains the Aster and Tulip oil and gas discoveries. The water depth at the Tulip discovery is 800m and Bumi Armada would provide and operate an FPSO and an FLNG or gas pipeline for the development. This leverages Bumi Armada’s core expertise of providing and operating floating production systems. ] ♻️🔱 Malaysian floating production contractor #BumiArmada has finalised its debut in the #upstream oil and gas sector by signing a production sharing contract for the Akia offshore exploration block in Kalimantan, #Indonesia. It is unusual for an oil and gas services company to participate in the high-risk, high-cost exploration and production segment, but Bumi signalled its intent last month when the Indonesian authorities announced it was a successful applicant in the country's first 2023 licensing round. Bumi did not provide any additional rationale for moving into the upstream sector. The company has a 51% operator interest in the Akia licence and its joint venture partner is private company Pexco (49%), which already has upstream interests in Indonesia. Market sources informed that Bumi is also finalising a second upstream permit in Indonesia.

♈️♻️ [ The investment and operational costs of the project were expected to total about $34.74 billion, including $1.08 billion for the CCS component ~ Indonesia Minister of Energy & Mineral Resources ] ♻️🔆 #Inpex and its new joint-venture partners #Petronas and #Pertamina have taken a significant step forward in realising the development of the giant Abadi liquefied natural gas project in Indonesia by starting the process of securing major services contractors. Abadi has been through a few development iterations, including floating #LNG, and several delays during its lifetime since being discovered by Inpex in December 2000. However, there is now a revised plan of development including a carbon capture and storage (CCS) scheme, which the Indonesian government approved earlier this month, and a committed joint venture following #Shell’s recent sale of its 35% interest to Petronas and Pertamina. The development concept for Abadi begins with a very large floating production, storage and offloading vessel; a significant outlay of subsea production equipment; a 180-kilometre offshore gas export pipeline; and a two-train onshore liquefaction plant with capacity to produce 9.5 million tonnes per annum of LNG. Market sources informed that Inpex has started the process of securing contractors for the #FEED work for the FPSO and the onshore LNG terminal. Similar exercises are planned to start this or next month for the gas export pipeline and the subsea production equipment. Local content rules in Indonesia mean that any contractors wanting a slice of the action need to have a local business licence. There are few, if any, local contractors in Indonesia with the capability for the Abadi FPSO, but there are international contractors including #McDermott, #Saipem and #Seatrium that have Indonesian licences and fabrication yards in the republic (potential job opening soon???) 😁 The Indonesian government has made no bones about wanting the project to come into operation this decade, and local media Katadata in November reported the revised PoD as stating the now-intended start of commercial operations being 2029.

𝗖𝗡𝗙 𝗙𝗼𝗿𝘂𝗺 𝟮𝟬𝟮𝟯 – 𝗡𝗲𝘄 𝗦𝗽𝗲𝗮𝗸𝗲𝗿𝘀 & 𝗩𝗲𝗻𝘂𝗲 𝗖𝗼𝗻𝗳𝗶𝗿𝗺𝗲𝗱 𝗢𝗿𝗴𝗮𝗻𝗶𝘀𝗲𝗱 𝗯𝘆 𝗖𝗼𝗻𝗳𝗲𝗿𝗲𝗻𝗰𝗲 𝗖𝗼𝗻𝗻𝗲𝗰𝘁𝗶𝗼𝗻 𝟯𝟭 𝗢𝗰𝘁𝗼𝗯𝗲𝗿 𝘁𝗼 𝟭 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟯 𝗮𝘁 𝗟𝗮𝗴𝘂𝗻𝗮 𝗟𝘂𝘅𝘂𝗿𝘆 𝗖𝗼𝗹𝗹𝗲𝗰𝘁𝗶𝗼𝗻 𝗥𝗲𝘀𝗼𝗿𝘁 & 𝗦𝗽𝗮, 𝗕𝗮𝗹𝗶, 𝗜𝗻𝗱𝗼𝗻𝗲𝘀𝗶𝗮 - 𝗥𝗲𝗴𝗶𝘀𝘁𝗿𝗮𝘁𝗶𝗼𝗻 𝗡𝗼𝘄 𝗢𝗽𝗲𝗻 Join esteemed top management and energy experts representing leading condensate producers, buyers, and sellers in-person at the Bali conference this year. Engage in candid discussions about the industry's opportunities and challenges, amidst the ongoing impacts of the global pandemic, demand recovery, and geopolitical conflicts. Embrace the necessity for continuous adaptations and the formulation of innovative strategies to thrive in this ever-evolving landscape. 𝐍𝐞𝐰 𝐒𝐩𝐞𝐚𝐤𝐞𝐫𝐬 𝐂𝐨𝐧𝐟𝐢𝐫𝐦𝐞𝐝:- • Mr Aris Mulya Azof, SVP Downstream Business, Pertamina & Chairman, Indonesian Gas Society • Dr Widhyawan Prawiraatmadja (widhyawan prawiraatmadja), Board Advisor, Pertamina Energy Institute, Indonesia • Mr Richard Matthews (Richard Matthews), Director, Consultancy & Research, E.A. Gibson Shipbrokers Ltd • Mr Sultan Al Maliki, Commercial Director, Basrah Gas Company, Iraq For more information, visit www.condensateforum.com #Condensate #CNFForum #Naphtha #Petrochemicals #Bio-naphtha #CarbonTrading #CondensateSplitters #Crude&Condensate #Feedstocks #Aromatics #CondensateExports #Net-ZeroTrading

*** Southeast Asia Upstream Development Outlook *** • A total proposed capex of $49 billion is expected to be spent in Southeast Asia on planned projects over the next 4 years • #Indonesia is expected to be the highest, with $18.7 billion, which equates to 38% of the budgeted total capex. Following closely is #Malaysia and #Vietnam with the proposed capex of $13.8 billion and $12.5 billion respectively • Malaysia is expected to have the highest recoverable reserves across a total of 17 planned projects, located in both #deepwater and #shallowwater terrains. This is followed by Indonesia with 23 projects and Vietnam with 8 • The highest count of 35 projects belongs to shallow water terrain, followed by the onshore with 12 projects. Deepwater and Ultra-deepwater terrain constitute 6 and 3 projects, respectively • Of all the planned projects 11 projects are expected to be developed with #wellhead platform, while seven would use fixed platform and 4 #FPSO • The chart below shows the number of upcoming projects declared by country broken down by individual terrain #hydrocarbons #oil #gas #oilgas

Indonesia M&A Alert! Two big deals were announced: PERTAMINA EP and PETRONAS will acquire Shell’s 35% in the Masela block for US$650 million, and Eni will acquire Chevron’s 62% stake in the Indonesia Deepwater Development (IDD) for an undisclosed amount.   The Masela PSC is operated by INPEX (65%) and contains the giant Abadi gas/condensate field, discovered in 2000. However, disagreements about its development have led to delays. The current plan calls for a 9.5 MMtpa integrated LNG project with CCS. First production is expected in the early 2030s.   The IDD project contains several discoveries across the Rapak and Ganal PSCs, operated by Chevron (62%). The fields were discovered in 1990-2000s, and their development has been limited to a smaller-scale Phase 1. Phase 2 has been waiting for FID for years. However, Eni’s entry could speed up progress, and Phase 2 could come online by 2027.

⚜️♻️ [ Good news for Malaysia Oil & Gas 😎🖖] 🔰🔱 Assuming the transfer does complete, #LongboatEnergy plans to direct the proceeds to fund its working capital requirements for its operations offshore #Malaysia as it looks to build a business in Southeast Asia. It claims that its growing portfolio in the region includes sought-after acreage and operatorship in one of the most promising basins. In the near-term, Longboat plans to focus on its activities offshore #Sarawak, including Block 2A, containing the giant Kertang prospect. A competent persons report will assess the potential size and risk associated with Kertang, which could be one of Malaysia’s largest undrilled structures. Read full article: https://lnkd.in/g_PNHiFi

"A Legacy" Indonesia's oil and gas sectors face challenges, mainly due to the ageing nature of oil and gas fields. This condition has concerned the sustainability of the country's oil production. According to SKK Migas' 2022 Annual report, the Cepu CA, managed by ExxonMobil Cepu Ltd. (EMCL), stands out as the primary source of oil in Indonesia. However, in 2021, this field started showing reduced production, marking its transition into the off-plateau phase. This shift resulted in a noticeable 7% drop in production in 2020, which deviates from the usual national decline trend. As EMCL's production decreases during its off-plateau phase, projections indicate that the overall national decline could escalate from 3-4% to a worrying 6-7%. Strategic actions have been put in place to combat the decline. Ramping up drilling activities, especially in critical areas managed by PSC Contractors like PHR, PT Pertamina EP, and PHM, and enhancing production methods, such as implementing high-rate tests at EMCL, hope to stabilize the national decline rate. The goal is to maintain it at a maximum of 7% in the coming years, ensuring a steady supply for the nation. As the sun sets on the age-old fields of Indonesia, its resilient heart beats more vital than ever, determined to leave behind a legacy not of depletion but of undying courage and triumph against the tides of time. _________ #Indonesia #OilGasChallenges #AgingFields #NoNewReserves #SustainabilityConcerns #CepuCA #ExxonMobilCepuLtd #EMCL #OffPlateauPhase #ProductionDrop #NationalDeclineTrend #StrategicPlan #RampingUpDrilling #PSCContractors #PHR #PTPertaminaEP #PHM #HighRateTests #StabilizeDecline #NationalSupply2022 #OilProduction #EnergySustainability #IndonesiaOil #OilReserves #GasExploration #CepuField #OilOutput #EMCLProduction #DrillingActivities #ProductionMethods #SupplyChallenges #IndonesianEnergy #ExxonMobilIndonesia #ProductionGoals #OilIndustryChallenges #EnergyStrategy #OilSupplyStability #NationalEnergyPlan #OilSectorTrends #IndonesiaEnergyFuture

Hopefully it is proven and will drive oil and gas based industrialization in Arun Lhokseumawe Special Economic Zone

Hopefully it is proven and will drive oil and gas based downstream industrialization in Arun Lhokseumawe Special Economic Zone

Decarbonising the global energy markets should not consider only the technical sides of the issue, but also from a comprehensive perspective that encompasses the economic, social, and political structures built on top of fossil fuels. Adaptation to climate change should go hand in hand with mitigation #climatechange #oilandgasindustry #naturalgas #decarbonisation