Oil prices rose on Nov. 12, reversing early losses on hopes that President Donald Trump may signal progress on trade talks with China in a speech later in the day.
The contract will extend by 20 years the current contract with the same companies that will expire in late 2023.
Last year, BHP ended a massive loss-making seven-year foray into shale by selling most of its U.S. onshore shale oil and gas assets to BP for $10.5 billion.
Southeast Asia could become a net importer of fossil fuels in the next few years, raising the financial burden on governments and increasing carbon emissions in the region, the International Energy Agency (IEA) warned in a report.
The company has a 62% participating interest in the IDD-II project, which covers development of the oil- and gas-rich Gendalo and Gehem fields.
In an attempt to diversify its business, the company has taken a 23% stake in U.S.-based Principle Power, a developer of floating wind power technology, and is involved in floating wind power projects in the United States and South Korea.
The CEO of Houston energy-focused investment bank Tudor, Pickering, Holt & Co. says it’s not time to panic as investors flee the oil and gas space, but structural change is inevitable to adapt to the new marketplace.