Page 8 - AsianOil Week 41 2022

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Australia’s TMK Energy completes

coal seam gas drilling campaign in

South Gobi

PROJECTS & ASX-LISTED TMK Energy of Australia has fin- The Gurvantes Project is wholly owned by
COMPANIES ished its initial exploration drilling programme TMK. Australian energy company Talon Energy
at the Gurvantes XXXV Coal Seam Gas (CSG) is taking a 33%-working interest in the project
TMK has completed its Project in the South Gobi Basin in Mongolia, the through a two-stage farm-out agreement. ™
fifth and final well at company said in a filing with the stock exchange.
the Mongolian site. Snow Leopard - 05R (SL-05R), the fifth and
final exploration well, encountered 69 metres of
coal in total, TMK said. Five wells were initially
drilled by TMK, with a fifth added later.
TMK added that early results from desorp-
tion samples showed that all coal mined to a
depth of more than 200 metres showed a mod-
erate to high amount of gas.
The company said that the drilling and testing
for the 2022 exploration program were now com-
plete. The drilling contractors had left the site.
The advancement of the pilot well programme
and the meticulous planning and logistics nec-
essary to deliver the project's proof-of-concept
stage, which will be to produce the first gas to the
surface, would now take centre-stage, said TMK.

NEWS IN BRIEF

Trafigura’s Puma Energy to exit and storage business to Impala Terminals Saudi Aramco has told at least five
customers in North Asia they will receive
Group .
Myanmar business efforts to simplify and reinvigorate its full contract volumes of crude oil in
The sale forms part of Puma Energy’s
November, several sources with knowledge
Puma Energy, a Swiss mid- and downstream core business, focus on high potential of the matter said on Monday.
oil company majority-owned by Trafigura, downstream markets, and reduce debt. The full supply allocation comes
has agreed to divest its Myanmar business Puma Energy’s downstream business despite a decision by the Organization of
to a local private company. segments include fuels, lubricants, aviation, the Petroleum Exporting Countries and
The deal follows a decision made by and bitumen, while its infrastructure allies including Russia, known as OPEC+,
Puma Energy’s board to fully exit Myanmar business comprises a network of storage to lower their output target by 2 million
earlier this year. Financial terms of the deal terminals with a capacity of 6.7 million barrels per day.
were not disclosed. cubic metres. Saudi Energy Minister Abdulaziz bin
Under the deal, Puma Energy will sell its Earlier this year, Trafigura divested its Salman had said the real supply cut would
stake in Puma Energy Asia Sun (PEAS) and 10% stake in Russia’s Vostok Oil to Hong be about 1 million to 1.1 million bpd.
a minority stake in National Energy Puma Kong-based independent trader Nord Axis. Analysts expect Saudi Arabia, the United
Aviation Services (NEPAS). The sale included Trafigura ’s 10% non- Arab Emirates and Kuwait to shoulder
PEAS, which is a joint venture between operational and passive shareholding in much of the production cuts because other
Puma Energy and local company Asia Vostok Oil , a massive Arctic oil project in OPEC+ members are falling behind output
Sun Energy (ASE ), owns the petroleum Russia, and the associated non-recourse targets.
products terminal at the Thilawa port, bank debt.
southeast of Yangon.
Following the military coup in February DORIS, MMCOG form oil and gas-
2021, Puma initially suspended its Saudi Aramco to keep full
operations in the Asian country. Despite focused JV in Malaysia
this, the firm resumed distribution to meet oil supplies to N. Asia in Nov
the civilians’ needs. DORIS Engineering and MMCOG have
In March 2022, Puma Energy agreed to despite OPEC+ cuts established a joint venture (JV) in Malaysia,
divest a significant part of its infrastructure DORIS MMC, offering engineering services

P8 www. NEWSBASE .com Week 41 18•October•2022