Utilities - Natural Gas
Lundin Petroleum AB's Lundin Malaysia BV Signs Production Sharing Contract with PETRONAS Gas Berhads' PETRONAS Carigali Sdn Bhd Covering Block PM319
Lundin Petroleum AB announced that its wholly owned subsidiary, Lundin Malaysia BV, has signed a new production sharing contract (PSC) with PETRONAS Gas Berhad's PETRONAS Carigali Sdn Bhd, covering block PM319, offshore Peninsular Malaysia. Block PM319 covers an area of approximately 8,400 square kilometers and is located west of Block PM307 where Lundin Petroleum and PETRONAS Carigali have achieved success during 2012 with the appraisal of the Bertam oil field and the discovery of gas with the Tembakau-1 well. The area has limited 3D coverage and work commitments include a full tensor gravity survey, 550 square kilometers of 3D seismic and one wildcat exploration well. A number of leads have been identified on 2D seismic data. Lundin Petroleum operates a total of seven Blocks in Malaysia focused in two core areas. The Peninsula Malaysia core area consists of PM307, PM308A, PM308B and PM319 which are contiguous. The Sabah core area consists of SB303, SB307 and SB308 which are also contiguous blocks. Lundin Petroleum holds an 85%-interest in PM319 through its subsidiary Lundin Malaysia BV. Lundin Malaysia BV's partner is PETRONAS Carigali Sdn Bhd with a 15%-interest.
Lundin Petroleum AB Commences Tembaku Well in PM307 Shared with PETRONAS Gas Berhad's PETRONAS Carigali Sdn Bhd
Lundin Petroleum AB announced that it has commenced the fourth well in its 2012 Malaysian drilling campaign with the spud of Tembakau-1 exploration well in PM307 Block, offshore east coast Peninsula Malaysia, shared with PETRONAS Gas Berhad's PETRONAS Carigali Sdn Bhd. The well will target hydrocarbons in Oligocene and Miocene aged sands in a low-relief structure 50 kilometers to the northwest of the Bertam-2 oil discovery made by Lundin Petroleum in 2011.Tembakau-1 is a vertical well to be drilled by the jackup rig West Courageous to a depth of 1,650 meters in approximately 80 meters water depth. The drilling of the well is expected to take two to three weeks. Lundin Petroleum holds 75%-interest in PM307 through its subsidiary Lundin Malaysia BV. Lundin Malaysia BV's partner is PETRONAS Carigali Sdn Bhd with 25%-interest. Lundin Malaysia BV operates six blocks in Malaysia, namely PM307, PM308A, PM308B, SB303, SB307 & SB308.
Korea Gas Corporation to Invest KRW 588,600 Million in New Facilities
Korea Gas Corporation announced that it will invest KRW 588,600 million in natural gas providing pipe, during the period of September 1, 2012 to December 31, 2016, to construct urban gas providing facilities.
Korea Gas Corporation to Invest in New Facilities
Korea Gas Corporation announced that it will invest KRW 553,700 million in gas supply facilities to expand the natural gas storage facilities, during the period from July 26, 2012 to May 31, 2017.
Korea Gas Corporation Amends Amount of Investment in New Facilities
Korea Gas Corporation announced that it has made an amendment to the investment in new facilities, initially announced on January 20, 2011. Now, the total investment amount has been amended to KRW 640.1 billion.
GAIL (India) Limited Eyes $1 Billion Shale Gas Investments-Reuters
Reuters reported that GAIL (India) Limited aims to invest $1 billion in shale gas assets globally in one year's time. GAIL had agreed to buy a 20% stake in one of Carrizo Oil & Gas Inc's shale gas assets in the United States.
Jingan Government Grants 30 Years Exclusive Pipeline Gas Operating Right To China Oil And Gas Group Limited's CCNG
China Oil And Gas Group Limited announced that on July 26, 2011, China City Natural Gas Co. Limited (CCNG), a 51% subsidiary of the Company, entered into the Investment Agreement with Jingan Government, pursuant to which Jingan Government has agreed to grant an exclusive pipeline gas operating right to CCNG for a term of 30 years (with the same investment conditions, CCNG may request Jingan Government to extend the duration of the exclusive operating right) in the entire administrative regions of Jingan County. Jingan Government has agreed CCNG to invest and implement the construction of natural gas pipeline and to construct natural gas regulator station or temporary station for cylinders within the administrative regions of Jingan County. Pursuant to the Investment Agreement, CCNG will incorporate Jingan COG, in responsible for the implementation of Jingan pipeline gas project.
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