 |
Louisiana Light • 2 days | 84.25 | -2.54 | -2.93% | ||
|
Bonny Light • 19 hours | 84.86 | -0.57 | -0.67% | ||
|
Opec Basket • 2 days | 87.17 | -1.55 | -1.75% | ||
|
Mars US • 181 days | 77.26 | -1.51 | -1.92% | ||
|
Gasoline • 20 mins | 2.603 | +0.006 | +0.23% |
|
Bonny Light • 19 hours | 84.86 | -0.57 | -0.67% | ||
|
Girassol • 19 hours | 85.78 | -0.59 | -0.68% | ||
|
Opec Basket • 2 days | 87.17 | -1.55 | -1.75% |
|
Peace Sour • 18 hours | 72.20 | -2.93 | -3.90% | ||
|
Light Sour Blend • 18 hours | 75.25 | -2.93 | -3.75% | ||
|
Syncrude Sweet Premium • 18 hours | 82.20 | -2.93 | -3.44% | ||
|
Central Alberta • 18 hours | 72.60 | -2.93 | -3.88% |
|
Eagle Ford • 2 days | 75.48 | -2.93 | -3.74% | ||
|
Oklahoma Sweet • 2 days | 75.50 | -2.75 | -3.51% | ||
|
Kansas Common • 3 days | 72.25 | -0.75 | -1.03% | ||
|
Buena Vista • 4 days | 87.60 | -1.22 | -1.37% |
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UAE Firm Announces Major Natural Gas Discovery in Indonesia
UAE’s Mubadala Energy announced a natural gas discovery in an offshore block in Indonesia.
The discovery, analysts say, is the second-largest deepwater gas find this year, Reuters reported.
In a statement, the company said the discovery was made in the South Andaman area, around 100 km offshore of North Sumatra.
The exploration well Mubadala Energy had drilled produced 30 million cubic feet daily of “excellent gas quality”, the company said.
“With our strategy to expand our gas portfolio to support the energy transition, this development offers material commercial opportunities and adds momentum to our strategic growth story,” said the chief executive of the company, Mansoor Mohamed Al Hamed.
The reservoir that Emirati Mubadala Energy tapped may have some 3.3 trillion cubic feet in recoverable reserves, according to Wood Mackenzie estimates, Reuters noted in its report.
Indonesia said that the discovery would go towards its target of 12 billion cubic feet in daily natural gas production by 2030. That would be a twofold increase in its current gas production rate.
Italy’s Eni also made a significant discovery offshore Indonesia in October. The company said it had tapped a reservoir that contained an estimated 5 trillion cubic feet of natural gas and there could be another 5 trillion cubic feet in the surrounding area, off the coast of East Kalimantan.
Eni said it would fast-track the development of the Geng North deepwater gas field off the Indonesian coast, with first commercial production planned for 2027.
Indonesia has seen its natural gas production drop considerably over the past decade or so. From more than 8.4 billion cubic feet daily in 2011, production has to date declined to about 6 billion cubic feet. Once a major LNG exporter, Indonesia has lost its place among the leaders in this segment and is now looking to restore it.
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By Charles Kennedy for Oilprice.com
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