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Its new well, known as Luiperd-1X, lies along the which could be a potential backfill for Darwin
same sequence as Brulpadda-1X, where large LNG. In addition to its bid for Eni’s assets, which
hydrocarbon reserves were discovered last year. are estimated to be worth AUD1bn ($739.9bn),
Other international majors are taking a The Australian reported that Medco is “circling”
different course, however. Equinor (Norway) ExxonMobil’s $2.5bn sale of its Gippsland Basin
revealed last week that it had decided to exit assets in the Bass Strait.
South Africa’s offshore zone, where it has stakes Reports of Medco’s interest in upstream assets
in four licence areas. The US giant ExxonMobil, in Australia come after the announcement of a
which is a shareholder in three of these blocks, is net loss in the first quarter. Medco said on August
also said to be looking to quit. 26 that it had recorded a $20mn net loss, as defi-
In other news, Nigerian lawmakers have cits from copper and gold mining subsidiary
ordered an investigation into allegations of Amman Mineral Nusa Tenggara (AMNT) off- Operators may
financial wrongdoing by Nigeria LNG (NLNG), set profits from its oil, gas and power divisions.
a consortium that includes three international Earnings before interest, tax, depreciation struggle to find
majors as well as Nigerian National Petroleum and amortisation (EBITDA) climbed 13% year
Corp. (NNPC). NLNG has been accused of on year in the quarter to $181mn, on the back semi-submersible
making $18bn in unauthorised withdrawals of Medco’s acquisition of Ophir Energy in June rigs for the work
from an account used to cover dividend pay- 2019. The Indonesian developer said Ophir’s
ments to NNPC, its largest shareholder. acquisition “more than offset the 15% drop in they plan in
realised oil prices”, which fell from $60.7 per bar-
If you’d like to read more about the key events shaping rel in the first quarter of 2019 to $51.3 per barrel 2021, according
Asia’s oil and gas sector then please click here for in the same period of this year.
NewsBase’s AfrOil Monitor. Medco produced 101,000 barrels of oil equiv- to Bassoe
alent per day (boepd) in the quarter, up 10% y/y.
Asia: MedcoEnergi eyes Australian assets The company said it had brought its Meliwis gas
Indonesia’s MedcoEnergi is reportedly pursuing development project in the Madura Offshore
a clutch of upstream assets in Australia, despite production-sharing contract (PSC) on stream
having swung into the red in the first quarter. in July using an unmanned wellhead platform.
Medco is understood to have progressed Medco added that it had secured approvals
to the second round of bids for Italian major from both project partners and upstream reg-
Eni’s energy projects, local daily The Australian ulator SKK Migas to use a similar approach in
reported on August 30. The Indonesian devel- the development of the Paus Biru gas field in the
oper is facing off against partners Macquarie and Sampang PSC.
Neptune Energy, though other contenders may
still reach the second round, which is being run If you’d like to read more about the key events shaping
by Citi. Asia’s oil and gas sector then please click here for
Eni’s assets include a 10.99% stake in Darwin NewsBase’s AsianOil Monitor.
LNG and the plant’s feedstock field Bayu-Un-
dan, as well as a 100% stake in the producing DMEA: Mozambican security concerns
Blacktip natural gas field and attached Yelcherr France’s Total has formed a security pact with
processing plant. The Italian major also owns Mozambique’s government to help protect its
stakes in four exploration licences, including the $20bn Mozambique LNG venture, weeks after a
Joint Petroleum Development Area in the Timor key port near the project was captured by Islamic
Sea and the undeveloped Evans Shoal gas field, militants.

Week 35 03•September•2020 www. NEWSBASE .com P7