1 June 2021 18:12 GMT Updated 1 June 2021 18:38 GMT in London
Spanish operator Repsol has agreed to sell its upstream assets in Malaysia and in Block 46 CN offshore Vietnam to Kuala Lumpur-based Hibiscus Petroleum.
The transaction – financial terms of which were not disclosed – includes a 35% interest in the PM3 CAA production sharing contract, 60% in the 2012 Kinabalu Oil PSC, 60% in the PM 305 PSC, 60 % in the PM 314 PSC, and 70% in Block 46 CN in Vietnam, a tie-back asset to the PM3 CAA production facilities.
These assets represent approximately 2% of Repsol’s global current net output.
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A record number of FPSO vessel licenses are set to expire in 2022, according to Westwood Global Energy Group.
A record number of floating production, storage, and offloading (FPSO) vessel licenses are set to expire in 2022, according to a new analysis from Westwood Global Energy Group.
The market research and consultancy firm’s recent Global Floating Production Systems (FPS) report finds that as many as 30 FPSO units could become available by the end of 2022 as their leases expire – a potential tenfold increase compared to the average of approximately three expirations since 2015. Westwood noted that its FPS report finds that 14 additional units would become available next year under a scenario where no contract extensions are taken on current leased FPSOs.
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Westwood: Record number of FPSO licenses set to expire in 2022 Submitted by Anonymous on Wed, 2021-05-19 13:04
19th May 2021
New analysis from Westwood Global Energy Group reveals the number of FPSO leases set to expire in 2022 is significantly higher than the yearly average of ~3 since 2015
New analysis from Westwood Global Energy Group (Westwood), the specialist energy market research and consultancy firm, reveals the number of FPSO leases set to expire in 2022 is significantly higher than the yearly average of ~3 since 2015, with the potential of 30 units becoming available by end of 2022.
Westwood’s Global Floating Production Systems (FPS) report notes under a scenario where no contract extensions are taken on current leased FPSOs, 14 additional units would become available in 2022. Alternatively, if all available extension options were taken, nine units would come off-contract adding to the 16 units currently awaiting upgrade or redeployment. Of t