First Gas Flows from Southeast Asian Deepwater Project as Tenaris Wins Cyprus Contract

· Oil & Gas

A nearly $1-billion deepwater development in Southeast Asia has produced its first gas, unlocking new reserves intended to boost energy security and stabilize power costs. The project brings new deepwater supply online in a region where buyers are eager for additional volumes. Separately, Luxembourg-headquartered Tenaris has secured contracts to supply oil country tubular goods, line pipe and coating services for Cyprus's first commercial gas project, signaling that Eastern Mediterranean gas development is moving into its construction and procurement phase. Together the two developments show deepwater and frontier gas projects advancing despite volatile prices and a global fuel crisis, with equipment suppliers now booking orders tied to the next wave of production.

Why it matters：It marks new deepwater and Eastern Mediterranean gas moving from planning to production and procurement, a signal that frontier supply is advancing even in a volatile price environment.

Key points

  • The Southeast Asian project is a nearly $1-billion deepwater development.
  • Tenaris will supply OCTG, line pipe and coating for Cyprus's first commercial gas project.
  • The Cyprus work covers equipment procurement ahead of production.

Sources (original reporting)

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