Page 16 - AsianOil Week 16

AsianOil
NEWS IN BRIEF
AsianOil
SOUTH ASIA
GAIL in readiness to quick
start project execution,
post lockdown
GAIL is in readiness to resume construction of various hydrocarbon infrastructure projects of national importance, post lifting of the COVID-19 led lockdown. In order to kick start the crucial infrastructure projects to enable expansion of the gas based economy, GAIL along with its Subsidiary and JV companies has chalked out catch-up plans for various locations and work fronts to ensure timely completion and avoid any slippages.
Graded measures in the short to medium term shall be rolled out starting from April 20, 2020 with the support of local administrative authorities across the States. The Company has in the meanwhile facilitated arrangements for continued stay of the migrant labourers working at various sites/camps during the lockdown period for ensuring safety of all concerned.
Detailed SOPs / protocols have also been devised for ensuring hygiene and social distancing norms, promoting use of masks at the project sites and work stations in compliance with the instructions/ guidelines issued by the Government of India.
In parallel, GAIL has also maintained safe and uninterrupted supplies of LPG to OMCs and Natural Gas to the crucial downstream utilities such as Fertilizer, Power, Refineries and
City Gas Distribution.
Management of the Company is in regular
communication with the nodal Ministry to seek guidance on issues requiring support
for resuming full-fledged activities, post the phase of lockdown. Key stake holders are also kept informed on the current developments
as well as the proposed line of action under GAIL’s complete readiness plan for returning to normalcy in the near term.
GAIL (INDIA), April 18, 2020
IndianOil resumes work on select projects, gears to ramp up operations post- lockdown
Indian Oil Corporation has commenced resumption of stalled activities on the projects front and is fully geared to ramp up operations towards normalcy for the post-lockdown scenario.
At the same time, the corporation is monitoring the situation on a continuous basis to ensure that the supply lines of essential petroleum products are maintained across the country, with all necessary safety protocols in place for its field force.
While global cues and the changing market scenario will guide its future strategy, the corporation has already built up stocks of finished products, including petrochemicals, at its upcountry locations for future-readiness
once the countrywide lockdown is lifted and the demand picks up again with resumption of economic activity. Its refineries continue
to operate at optimised capacity utilisation to cater to the needs of households and essential/ emergency services. IndianOil refineries and pipelines networks are in full readiness to ramp up production and transport with rise in demand.
All critical locations of the Corporation continued operating during the lockdown period. 420 of its 423 supply & distribution locations, including bulk storage terminals & depots, LPG bottling plants, aviation
fuel stations, lube blending plants, etc., are functioning with optimised manpower under the advisories of their respective State Governments & local administrations. INDIAN OIL CORP., April 21, 2020
OCEANIA
Cooper Energy provides quarterly update
Sales revenue for the 3 months to 31 March 2020 was $15.0 million, 9% lower than the prior quarter’s $16.4 million. Lower oil revenue was responsible for the reduction, albeit largely offset by higher revenue from gas.
Revenue from the sale of gas rose by
19% to $13.3 million. Gas sales volume increased 8% and revenues benefited from the commencement of a new supply contract from 1 January 2020. Revenue from the sale of crude oil for the quarter of $1.6 million was 69% lower than the prior quarter’s $5.2 million due to lower prices, which includes the impact of a $(1.9) million movement in fair value on receivables at 31 March 2020. Crude oil sales volumes of 48.1 kbbl were 3% higher than the prior quarter.
Year-to-date sales revenue of $54.1 million was 5% lower than the previous corresponding period of $56.8 million. A 32% reduction in oil revenue for the period was responsible for the lower revenue year-to-date. Gas revenue for the period of $41.8 million was 8% higher than the previous corresponding period comparative of $38.8 million.
Gas production of 1.41 PJ for the March quarter was 5% higher than the prior quarter due to the commencement of field production from Sole for second phase commissioning of the Orbost Gas Plant. Crude oil and condensate production of 49.85 kbbl was 2% higher than the prior quarter’s production of 48.75 kbbl.
Year-to-date production of 0.94 million boe is 5% lower than the FY19 comparative. The reduction in production year-to-date is the result of lower oil production from the Cooper
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Week 16 23•April•2020