Oilfield services provider Baker Hughes, a GE company, (BHGE) is on the hunt for smaller oil and gas projects in Asia Pacific to replicate a project in Papua New Guinea where it is providing services and financing, a senior company executive said.
The company is seeing signs of renewed interest in oil and gas projects in the region, driven by smaller firms, Asia-Pacific President Visal Leng said on the sidelines of the OTC Asia conference.
BHGE offers resource assessment through to drilling and production. It wants to work with smaller companies looking to develop smaller fields and stranded resources in countries such as Indonesia, Philippines, Malaysia and Myanmar where there is also demand for natural gas to generate electricity.
The move to tackle such projects comes in the wake of the 2014 oil price crash, which devastated the region's oilfield services sector after producers sharply cut back spending on oil and gas exploration.
“We’re cautiously optimistic on the (Asia-Pacific) region because projects are slowly coming back. We also see some smaller projects in size, not by NOCs (national oil companies) or IOCs (international oil companies), but by smaller operators,” Leng said.
BHGE is currently working with private Australian company Twinza Oil which is developing the first offshore field for Papua New Guinea, providing fullstream services from assessing reserves to drilling and building the gas processing plant.
“We have taken more risks in development.... We have put some skin in the game with some financing,” he said.
Recommended Reading
Diamondback to Sell $2.2B in Shares Held by Endeavor Stockholders
2024-09-20 - Diamondback Energy, which closed its $26 billion merger with Endeavor Energy Resources on Sept. 13, said the gross proceeds from the share’s sale will be approximately $2.2 billion.
Optimizing Direct Air Capture Similar to Recovering Spilled Wine
2024-09-20 - Direct air capture technologies are technically and financially challenging, but efforts are underway to change that.
Analyst: Is Jerry Jones Making a Run to Take Comstock Private?
2024-09-20 - After buying more than 13.4 million Comstock shares in August, analysts wonder if Dallas Cowboys owner Jerry Jones might split the tackles and run downhill toward a go-private buyout of the Haynesville Shale gas producer.
Matador Offers $750 Million in Senior Notes Following Ameredev Deal
2024-09-20 - Matador Resources will offer $750 million in senior notes following the close of its $1.83 billion Ameredev II acquisition.
Aethon, Murphy Refinance Debt as Fed Slashes Interest Rates
2024-09-20 - The E&Ps expect to issue new notes toward redeeming a combined $1.6 billion of existing debt, while the debt-pricing guide—the Fed funds rate—was cut on Sept. 18 from 5.5% to 5%.