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Petronas short lists bidders on Sarawak Kasawari Expansion project

Petronas plans Malaysia Block SK 316 second platform The Malaysia national oil company (NOC) Petronas is qualifying the engineering companies and contractors to be invited to bid (ITB) for a second platform to be installed on the Block SK 316 to develop the Kasawari gas field offshore the Sarawak Province in Malaysia. Since 2011, Petronas accumulated …

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Recoverable Reserves

Definition Recoverable reserves are defined as the proportion of resources, here oil and gas, that can be technically, economically and legally possible to extract. The recoverable reserves may also be called proven reserves. Comments The recoverable reserves may be far different from the total resources called total Petroleum Initially-In-Place (PIIP). This Petroleum Initially-In-Place (PIIP) is an estimation resulting from exploration campaign …

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GDF Suez awards $2.2 billion Cygnus detailed design to AMEC

GDF Suez, Centrica and Bayerngas sanction Cygnus development  GDF Suez and its partners Centrica and Bayerngas  awarded the detailed design contract to AMEC for the development of the Cygnus natural gas field in the UK continental shelf in the southern North Sea. Cygnus was discovered in 1988 in the blocks 44/12a and 44/11a. Then several appraisal …

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Proven reserves

Definition Proven reserves is an industry term that means oil or gas that has been discovered and could be produced with today’s technology. Comments The world consumes about 89 million barrels of oil per day, or 32.5 billion barrels per year. The industry describes a field as giant if it has more 500 million barrels of …

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