Page 14 - AsianOil Week 07

AsianOil
NEWS IN BRIEF
AsianOil
recorded in the Heavy Engineering segment mainly from higher revenue coupled with lower unabsorbed overheads in the Marine sub-segment.
MISC, February 18, 2020
EAST ASIA
Japanese firms conclude LNG agreement
Hiroshima Gas, Tokyo Gas, and Tokyo LNG Tanker have signed an LNG transportation agreement today.
Under the agreement, some of the LNG procured by Hiroshima Gas and Tokyo Gas from Sakhalin, Russia will be transported at the same time on LNG carriers owned and managed by Tokyo LNG Tanker for a period of eight
years from FY2020 to FY2027. e agreement was made possible with the cooperation of Sakhalin Energy Investment, a long-term supplier of Hiroshima Gas and Tokyo Gas. is agreement enables Hiroshima Gas to enhance its e ciency of LNG transportation and reduce its transporting costs.
Tokyo LNG Tanker transports LNG other than that of the Tokyo Gas Group by utilizing its LNG eet that it owns and manages. is agreement is the third such case, but is the rst initiative to carry LNG of multiple owners at once, and enables further utilization of the LNG carriers that Tokyo LNG Tanker owns and manages.
Hiroshima Gas and Tokyo Gas will further deepen the partnership with the conclusion of this agreement, and the two companies will aim to realize a low-cost and stable supply of energy that will bene t customers of both companies. TOKYO GAS, February 18, 2020
OCEANIA
APA reports solid 1H FY2020 results
APA Group today announced results for
the 1H FY2020 reporting period in line
with market guidance. APA con rmed
that it remains on track to deliver FY2020 earnings before interest, tax, depreciation and amortisation (EBITDA) within the guidance range of $1,660 million to $1,690 million.
APA declared an interim distribution
of $0.23 per security, consistent with the estimate announced in December 2019. e distribution represents an increase of 7.0% or $0.0015 per security over the previous corresponding period.
APA reported that total revenue (excluding pass-through revenue) for the six months to 31 December 2019, increased by $64.9 million or 6.4% on the corresponding period to $1,077.8 million.
EBITDA for the six months to 31 December 2019, increased by 6.9% or $54.5 million to $842.2 million, compared to the previous corresponding period (1H FY2019) EBITDA of $787.7 million.
Net pro t a er income tax for the reporting period was $175.0 million, an increase of 11.2% or $17.6 million on the previous corresponding period. e results include six months of revenues owing from completed organic growth projects, including the Gruyere Power Station and Yamarna Gas Pipeline, the Darling Downs Solar Farm, and the Badgingarra Wind Farm.
During the reporting period, around $389 million of maturing debt was repaid with lower cost longer-term debt, reducing APA’s annual interest expense going forward.
APA GROUP, February 18, 2020
Heavy rains force Comet
Ridge to demobilise Galilee
equipment
Rain has continued to fall on the Albany drilling site, with more rain expected. Given the magnitude of this wet season, Comet Ridge, as Operator of the Albany Deeps Joint Venture, has taken the decision to demobilise equipment from the Galilee Basin to avoid lengthy standby charges over the wet season.
Comet Ridge intends to utilise the wet season, which historically will run through to April, to review the data obtained from Albany 2 to help re ne the stimulation of Albany 1ST.
e hiatus brought about by the weather will allow Comet Ridge to assess the information that has been gained from the programme to date and take what’s been learned and apply that to operations at Albany 1ST.
COMET RIDGE, February 18, 2020
Comet Ridge updates on Mahalo North plans
In late October 2019, Comet Ridge was appointed preferred tenderer for the natural gas acreage ATP 2048 (Mahalo North), in
the Southern Bowen Basin, as part of the Queensland Government’s ongoing gas tender process. Comet Ridge holds a 100% interest in, and is the operator of, the 450 km2 block which is located directly north and in the CSG fairway running up from the Mahalo
Gas Project (where Comet Ridge holds 40%, Santos 30%, APLNG 30%). Origin is upstream operator for APLNG.
Since being appointed preferred tenderer at Mahalo North, Comet Ridge has focused on completing the government procedural requirements for formally obtaining the tenure. Comet Ridge is working through the environmental requirements and is currently engaged in the Native Title process. It is expected that ATP 2048 will be formally awarded during Q2 2020.
Concurrently with the above, the Company has worked to expand its technical understanding of the CSG Fairway and is evaluating a variety of development options as well as completing preparations for the initial work programme. is additional subsurface analysis, combined with optimisation of well design and a review of additional third party seismic data (that runs through both Mahalo and Mahalo North), has allowed Comet Ridge to increase its con dence in the extension of the high production fairway from Mahalo into the Mahalo North acreage.
Once the ATP has been formally awarded, Comet Ridge will execute a work programme that focuses on two objectives: Pilot wells
in the southern portion to evaluate the
high production fairway (main coal seams) adjacent to Mahalo; and core holes further north to assess the northern extent of this fairway.
COMET RIDGE, February 12, 2020
Cooper Energy updates on Sole gas project
Cooper Energy announces the Sole Gas Project has passed a critical milestone with the entry of gas from the Eastern Gas Pipeline into the Orbost Gas Processing Plant.
e Orbost Gas Processing Plant is being upgraded by APA Group (APA) to process gas from the Sole gas eld. As previously advised, the development and commissioning of Sole has been completed and the eld is ready to supply gas. Commissioning of the Orbost plant is proceeding towards its second phase, which will include introduction of
gas from Sole and commissioning of raw gas processing facilities. Completion of second phase commissioning is to be followed by a plant production test and the commencement of rm gas supply from Sole.
First gas ow from the eld to the plant
is anticipated later in February. Full rate production and commercial operation for rm gas supply are anticipated in March 2020.
Achievement of further milestones will be announced on their completion.
COOPER ENERGY, February 18, 2020
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Week 07 19•February•2020