Page 16 - AsianOil Week 17 2022

AsianOil NEWS IN BRIEF AsianOil

SOUTH ASIA The MoU is valid for two years under During the period, the company made
which both companies have agreed to work 4 new discoveries and drilled 13 successful
ONGC inks MoU with together in the areas identified. appraisal wells. Among them, Bozhong 26-6
and Bozhong 19-2 in offshore China have
OIL AND NATURAL GAS CORP., April 27, 2022
Norway’s Equinor to made major breakthroughs and are expected
to become large and medium-sized oilfields.
collaborate on E&P, clean EAST ASIA In Guyana, 2 new discoveries of Fangtooth
and Lau Lau were made in the Stabroek Block
energy CNOOC Ltd announced the and the total recoverable resources would
be further expanded, which already reached
Oil and Natural Gas Corp. (ONGC) has first quarter results of 2022 approximately 11bn boe at present.
signed a memorandum of understanding For the first quarter of 2022, the company’s
(MoU) with Equinor, the Norwegian state- after A-share listing and average realised oil price increased by 65.01%
owned multinational energy company. The y/y to US$97.47 per barrel, which was in line
MoU was inked on April 26, 2022 in Indian declare special dividend with the trend of international oil prices; the
capital New Delhi for collaboration and average realised gas price was US$8.35 per
partnership in areas of upstream exploration CNOOC Ltd announced its results for the first thousand cubic feet, representing an increase
and production, midstream, downstream quarter of 2022. of 24.44% y/y, primarily because of the higher
and clean energy options, including carbon For the first quarter of 2022, the company prices in a tight market. The unaudited oil and
capture utilisation and sequestration seized the opportunity of oil price recovery gas sales revenue of the Company reached
(CCUS). Equinor is the leading operator on to continue to increase its reserves and approximately RMB 82.38bn, representing
the Norwegian continental shelf, present in production, and actively promoted the green an increase of 70.44% y/y, mainly due to the
around 30 countries worldwide. energy transition. Measures to reduce costs higher international oil prices and increased
The MoU was signed during the visit of and expand margin were maintained, and sales volume. Net profit attributable to equity
a high-level delegation of Norway to India. satisfactory operating results were achieved. shareholders of the Company amounted to
Union Minister of Petroleum and Natural For the first quarter, the total net RMB34.30bn, representing an increase of
Gas Hardeep Singh Puri, Norwegian Foreign production was 151.0mn barrels of oil 131.67% y/y. All-in cost of the company was
Minister Anniken Huitfeldt, ONGC CMD Dr equivalent (boe), representing an increase $30.59/boe.
Alka Mittal and executive vice president of of 9.64% year over year (y/y). Among them, During the period, the company’s capital
Equinor Irene Rummelhoff were present on the net production from China increased by expenditure amounted to approximately
the occasion. 15.4% y/y to 109.3mn boe, benefiting from RMB16.93bn, increased by 5.58% YoY
As per the agreement, both ONGC the contribution of new projects including as a result of the year-on-year increase in
and Equinor will collaborate with each Caofeidian 6-4, Liuhua 21-2 and Shenhai-1. workloads.
other in the field of upstream oil and gas, For the new projects planned to commence CNOOC LTD, April 28, 2022
midstream, marketing and trading, besides production during the year, Weizhou 12-8E
exploring further options in low carbon fuel, oilfield development project and Liza Phase JERA and EGCO conclude an
renewables, carbon capture storage (CCS) II in Guyana have been brought on-stream
as well as carbon capture utilisation and successfully, and the remaining projects have MoU related to co-operation
sequestration (CCUS) opportunities in India. been progressing smoothly.
in the energy transition

field

JERA has concluded a memorandum of
understanding (MoU) with Electricity
Generating Public Co. (EGCO), a major
power generation company in Thailand, to
cooperate in the energy transition field.
In Asia, there is demand both for
decarbonization and for a stable energy supply
that supports economic growth. Gas-fired
power generation – which emits less CO2
than power generation using other fossil fuels
– can be a flexible supplement to intermittent
renewable energy and, as an energy source
indispensable to moving the energy transition
forward, demand is expected to continue to
grow.
Hydrogen and ammonia – which do
not emit CO2 during combustion – are
considered to have great potential as next-
generation fuels that will contribute to the
decarbonization of thermal power generation.

P16 www. NEWSBASE .com Week 17 29•April•2022