Page 10 - AsianOil Week 14 2021

AsianOil NEWS IN BRIEF AsianOil

SOUTH ASIA across the Exploration & Production (E&P) The decision was made following
value chain. He joined ONGC in 1985 as a challenges in the wells deliverability that
GAIL to invest in start-ups Finance and Accounts Officer and served in resulted in the production rate dropping
different capacities. After growing up along
below the technical threshold of the offshore
In a bid to support the Start-Ups operating the hierarchy in ONGC, he had a long stint at gas processing plant. PCML has temporarily
in identified Focus Areas, GAIL (India) ONGC Videsh, the overseas arm of ONGC. ceased production at the Yetagun field until
Limited announced its plans to invest in such ONGC, April 1, 2021 further notice.
companies through its Start-Up initiative PCML Country Head, Liau Min Hoe
‘Pankh’. said: “Prior to the cessation of production,
GAIL has now opened a fresh Round SOUTHEAST ASIA Yetagun field was producing well below the
for Solicitation of Investment Proposals technical turndown rate of its facilities. There
from the Start-Ups operating in the Focus MISC takes delivery of sixth has been a drastic decline in production level
Areas, which mainly includes natural due to subsurface challenges in the field since
gas, petrochemicals, energy, project VLEC January 2021 and it has further deteriorated
management, bio-manure marketing, nano recently.
materials, IoT, data mining, environment, MISC Berhad (MISC) has taken delivery of “Continuing to produce at a low rate
health and social. The further details of its sixth Very Large Ethane Carrier (VLEC) – would impose significant risks to the
Focus Areas are available on GAIL website Seri Elbert, from Hyundai Heavy Industries integrity of our assets and the safety of
under GAIL PANKH Section. The Start- (HHI) shipyard in Ulsan, South Korea. Seri our people. As a responsible operator,
Ups that are interested in equity investment Elbert and her sister vessels - Seri Everest, we had to temporarily cease production
from GAIL can apply through link ‘GAIL Seri Erlang, Seri Emei, Seri Emory and Seri and declare force majeure. We have put
PANKH’ on GAIL’s website. The Solicitation Emperor are a series of second generation in place an intervention plan to mitigate
Round is open from March 30, 2021 to May VLECs – all of which were acquired by MISC the matter, and have informed the host
30, 2021. from Zhejiang Satellite Petrochemical Co. Ltd. authority, our partners and gas buyer of
GAIL (INDIA), April 5, 2021 (STL) in July 2020. our decision,” he added.
The 98,000 cbm Seri Elbert and her five PCML has been the operator of the
Subhash Kumar assumes sister vessels are on a long-term charter to Yetagun Gas Project since 2003, where it
STL. These six VLECs signify MISC’s entry
holds 40.9% participating interest together
additional charge of the into China and its position as the largest with its affiliate, while Myanma Oil and
operator of VLECs in the niche and growing
Gas Enterprise holds 20.5%, Nippon Oil
post of CMD, ONGC market of moving ethane globally. Exploration (Myanmar), Limited holds 19.3%
and PTTEP International Limited holds the
MISC, April 6, 2021
Director (Finance) Subhash Kumar has remaining 19.3%.
assumed the additional charge of the post of Petronas declares force PETRONAS, April 2, 2021
Chairman and Managing Director (CMD)
of Oil and Natural Gas Corporation Limited majeure on its Yetagun field
(ONGC) on 1 April 2021 at New Delhi vide OCEANIA
order dated 30 March 2021 issued by the PC Myanmar (Hong Kong) Limited (PCML),
Ministry of Petroleum & Natural Gas. Kumar a subsidiary of PETRONAS, has declared APPEA: Let’s get
assumed the said charge consequent upon Force Majeure (FM) on its Yetagun field on 1
the superannuation of Shashi Shanker on 31 April 2021 due to depletion of gas production decommissioning right
March 2021. at the field, located in the Andaman Sea,
Kumar is an industry veteran with over offshore Myanmar, in Blocks M12, M13 and The nation’s peak oil and gas industry
36 years of experience in diverse activities M14. body today said the release by the

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