Page 6 - AsianOil Week 07
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Petronas’ PFLNG Dua launches from South Korean yard
PIPELINES & TRANSPORT
MALAYSIA’S state-owned Petronas has said its second oating lique ed natural gas (FLNG) unit – PFLNG Dua – is two weeks away from arriving at the deepwater Rotan gas eld.
e company said this week that the vessel had set sail from Samsung Heavy Industries’ (SHI) yard in South Korea and that the journey of around 1,840 nautical miles (3,408 km) would take around two weeks to complete.
PFLNG CEO Abang Yusuf Abang Puteh said in December 2019 that the 1.5mn tonne per year (tpy) PFLNG Dua was anticipated to start com- mercial operations in November 2020. e unit is expected to process gas from Rotan, which lies in 1,300 metres of water, for at least 15 years.
e company’s rst FLNG vessel, the 1.2mn tpy PFLNG Satu, is installed at the Kebabangan gas eld in 70-200 metres of water. It also lies o - shore Kota Kinabalu.
In separate news, Petronas subsidiary Pet- ronas LNG has signed a 12-year charter agree- ment with Japana’s Kawasaki Kisen Kaisha (K
Line) for two mid-sized new build LNG vessels. e agreement for the two vessels comes with a 12-year extension option.
In a statement, Petronas said K Line had contracted Hudong-Zhonghua Shipbuilding to construct the vessels in Shanghai, China, with delivery slated for the second quarter of 2022. Each vessel will have 79,960 cubic metres of capacity.
“ ese identical vessels will be dedicated to serving Petronas’ long-term LNG delivery com- mitment to Shanghai under the new LNG supply agreement with Shenergy Group,” the Malaysian company said. e two new vessels are known as Wuhaogou-Max (W-Max).
Petronas said in January that it had agreed to supply about 1.5mn tpy of LNG Shenergy’s Wuhaogou receiving terminal in Shanghai for 12 years from 22. e agreement also involved a “shipping collaboration to construct and charter new mid-sized LNG vessels for the cargo delivery.”
KrisEnergy to exit Vietnamese block
FINANCE & INVESTMENT
FINANCIALLY troubled Singaporean devel- oper KrisEnergy continued to rationalise its upstream portfolio last week with the news that it had agreed to sell a block o shore Vietnam.
e company said on February 14 that it had entered into a farm-out agreement with an inter- national oil major, which it did not name, for its entire 100% working interest in Block 115/09.
KrisEnergy said the price had been set a er taking into account that the transfer reduces the company’s liabilities and mandatory work commitments, which include an 850-square km 3D seismic survey, data processing and a single exploration well.
The long-stop date for the deal, which remains subject to a number of conditions including relevant government approvals, is June 30.
KrisEnergy acquired Block 115/09, which cov- ers 7,382 square km of the southern Song Hong Basin, from state-owned Petrovietnam in 2014.
KrisEnergy is in the midst of a financial restructuring and has already agreed to sell its 30% stake in Indonesia’s Andaman II deepwater PSC to super-major BP.
e debt-laden company revealed in Octo- ber 2019 that it would not redeem its notes in order to conserve cash during the restructuring
process. e company received a three-month court protection order against its creditors in Singapore in September 2019 and was granted a three-month extension on November 27.
The company’s struggles convinced UK-listed junior Coro Energy to walk away from its planned acquisition of a 42.5% interest in the Bulu production-sharing contract (PSC) offshore Indonesia. KrisEnergy operates the licence with a 42.5% stake, while locally owned Satria Energindo and Satria Wijaya Kusuma own 10% and 5% respectively.
Coro said it had nixed the deal because of a signi cant increase in risk, including concerns around the future of the block’s operating part- ner, potential partnership changes in the PSC and the possibility of new licence requirements being introduced.
KrisEnergy said last week that the board believed it wise to allocate its “limited capital to funding near-term development” and pointed to the development of the Apsara oil eld in Cam- bodia’s o shore Block A.
e Singaporean company has been develop- ing Apsara, which lies in the Khmer Basin, since late 2017. KrisEnergy said on December 6 that it had begun cutting rst steel for the oil eld’s min- imum facilities wellhead platform.
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w w w. N E W S B A S E . c o m Week 07 19•February•2020
