Page 15 - AsianOil Week 26

AsianOil
NEWS IN BRIEF
AsianOil
SOUTH ASIA
LTHE awarded twin contracts from ONGC
L&T Hydrocarbon Engineering (LTHE), a wholly owned subsidiary of Larsen & Toubro, has won twin orders from Oil & Natural Gas Corporation (ONGC).
e Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) contracts awarded are for: -
(i) Development of Heera Panna Block of Western O shore basin which is located about 70 km of South West of Mumbai High. Project includes two (02 Nos.) well head platforms, ~49km subsea rigid pipelines, 10 nos. of
riser installation and modi cation work at seven existing platforms and Heera Process Complex.
(ii) Development of Mumbai High South eld of Western O shore basin which is located about 210 km to the West of Mumbai city. Project includes one (01 No.) Water Injection Process platforms bridge connected to existing WIS platform,100 men Living Quarter, modi cation and interconnection of all the utilities with existing WIS, BHS, SLQ platforms.
Above contracts have been awarded through international competitive bidding on a Lump Sum Turn Key (LSTK) basis.
L&T HYDROCARBON ENGINEERING, June 27, 2019
SOUTHEAST ASIA
PNOC, Lloyds sign LNG deal
State-run Philippine National Oil Co. (PNOC) and Lloyds Energy have signed a non-binding MoU for the planned development of LNG and oil depot projects.
PNOC has an existing MoU with Phoenix Petroleum Philippines for another LNG venture. PNOC president Reuben S. Lista said: “Both [deals] are exploratory and without exclusivity clauses and one does not a ect the other.”
Lista said details of the deal with Lloyds Energy were “still under wraps” because negotiations on proposed project implementations were ongoing.
“ ese steps will encourage the private sector to consider these directions, just like what we did with the LNG hub,” Lista stressed.
EAST ASIA
China develops diesel pollution treatment
Chinese scientists have developed an environmentally friendly hydrophobic nanosponge that can remove diesel from contaminated water and soil, Xinhua reported on June 29. e nanosponge can control diesel migration before removing it.
China cuts fuel prices
China reduced the retail prices of gasoline and diesel on June 26. e National Development and Reform Commission (NDRC) said gasoline and diesel prices would be reduced by 120 yuan ($17.43) and 115 yuan ($16.7) per tonne respectively.
e NDRC also directed CNPC, Sinopec and CNOOC to ensure stable supply and implement the national pricing policy.
G3 Exploration outlines dividend plans
G3 Exploration, an independent specialist
in the exploration and development of coal bed methane gas (CBM) with roots in China and a focus on international expansion, re- con rms details of a Dividend in Specie for its production assets.
G3 Exploration shareholders on the register as of the e ective date 29 March
2019 will receive a direct interest in Green Dragon Gas (“GDG”), the Company’s 100% owned subsidiary which holds its producing assets. e allotment will be on a 1 to 1 ratio, whereby one new GDG share will be allotted to each G3E share held as at the Record date of 29 March 2019. e Dividend in Specie will represent 100% of the commercial producing assets and G3 Exploration will retain all its exploration and development assets.
e structure will enable qualifying G3E shareholders to potentially bene t from the free cash ow generated by the producing assets whether via a trade sale or an IPO and separate listing.
All G3E shareholders on 29 March 2019, the E ective Date, will shortly be noti ed of their allocation for such dividend issuance conditional upon approval of a public listing of GDG which is being pursued in Hong Kong.
As announced on 30 January, the Company engaged Citigroup and Credit Suisse to explore possible monetisation options for GDG prior to 30 June 2019. While such e orts continue, the Board has directed that the listing of GDG on the Hong Kong Stock Exchange be pursued concurrently.
e producing assets include the GCZ and GSS Blocks. GCZ has a 1P NPV10 of US$72 million and a 2P NPV10 of US$157 million as at the year-end 2018. e GCZ block has an approved Overall Development Plan
in current execution with partner CNPC- PetroChina. e GSS block has a 1P NPV10 of US$ 580 million and a 2P NPV10 of US$1.6 billion as at the year-end 2018.
G3 EXPLORATION, June 28, 2019
Week 26 03•July•2019
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