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AsianOil NEWS IN BRIEF AsianOil

understands that there is a bilateral contract while stimulating economic growth. announced that the production of heavy crude
between Keppel Corporation Limited (“KCL”) CNPC, June 28, 2020 oil commenced today from the Takinoue
and DBS, pursuant to which the key economic Formation, which is located above the current
risk in the RCF is held by KCL. G3 receives liquidation producing reservoirs of the Yufutsu Oil and
KRISENERGY, June 30, 2020 Gas field at Tomakomai City, Hokkaido.
extension reservoir was confirmed by a production
The presence of crude oil in the shallow
EAST ASIA Further to the update on 15 June 2020, the testing in 2013, and since economic viability
Grand Court of the Cayman Islands has was secured by workover of existing wells and
issued its Order. The Court has confirmed that diversion of idle production facilities, we decided
CNPC and other OGCI the four-month extension of the provisional the development of the shallow reservoir in June
liquidation (granted on 12 June 2020)
2017. Subsequently, workover of the existing
members signed open letter constitutes the final adjournment of the winding wells, installation of production equipment for
wellheads and the processing facilities for heavy
up petition hearing. Any further hearing on this
On May 26, CNPC Chairman Dai Houliang matter could be re-listed for the first available oil were being conducted, and after completion
and CEOs of other OGCI member companies hearing date from 12 October, 2020 onwards. of production testing and commissioning in
signed an open letter addressing external In addition, following a hearing for further June 2020, commercial production of crude oil
concerns and reaffirming their pledge to act directions held on 23 June 2020, the Court has began today.
collectively in combating the climate challenge directed, inter alia, the following: The initial production rate of crude oil from
to support global economic recovery and - The JPLs are to be fully involved in and lead the shallow reservoir is approximately 200
promote the transition to a healthier and the refinancing of the Company’s debt. kiloliters per day. We will continue reservoir
lower-carbon future. - The JPLs are to provide written updates to evaluation based on the analysis of production
In the open letter, they stated that the the bondholders and the directors of relevant data and will examine the possibility of the
Covid-19 crisis has consolidated their efforts subsidiaries of the Company fortnightly with further development potential in the shallow
to act collectively in combating the climate respect to any material development with respect reservoir.
challenge and to accelerate the global response to to the progress of the refinancing. We will continue to place the highest priority
the risk of climate change even as they support The JPLs and the Company intend to utilise on safety in the production and operation of
economic growth. OGCI and its member this four-month period to pursue the proposed oil and gas fields in Japan and overseas, while
companies reiterated their continued efforts refinancing. Further, the JPLs and the Company maximizing the value of oil and gas resources
and pledge to: accelerate emission reduction will concurrently continue to assist the Receivers by maintaining and increasing production
efforts in their own companies; continue to in respect of the asset sale process. at existing fields and conducting exploration
support the development, implementation and G3 EXPLORATION, July 1, 2020 activities to discover new oil and gas fields.
scale-up of innovative low carbon solutions; The impact of this matter on the consolidated
advance opportunities that are commercially JAPEX produces oil at financial results for the fiscal year ending March
viable, environmentally responsible, and safe 31, 2021 has already been factored into the
carbon capture, use and storage; and continue Yufutsu field full-year earnings forecast disclosed on May 14,
to support governments as they design efficient 2020.
policies that can accelerate energy transitions Japan Petroleum Exploration (JAPEX) JAPEX, June 26, 2020

P18 www. NEWSBASE .com Week 26 02•July•2020