Page 12 - AsianOil Week 40 2022

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supporting new standalone project hubs. the civilians’ needs. barrels per day.
Several prospects are now being high- In March 2022, Puma Energy agreed to Saudi Energy Minister Abdulaziz bin
graded as potential near-term drilling divest a significant part of its infrastructure Salman had said the real supply cut would
campaigns. Discussions are ongoing within and storage business to Impala Terminals be about 1 million to 1.1 million bpd.
the joint venture to determine where we Group . Analysts expect Saudi Arabia, the United
focus our drilling, and we look forward to The sale forms part of Puma Energy’s Arab Emirates and Kuwait to shoulder
sharing those plans as they unfold. efforts to simplify and reinvigorate its much of the production cuts because other
All this exciting potential is underpinned core business, focus on high potential OPEC+ members are falling behind output
by the Dorado and Pavo discovered downstream markets, and reduce debt. targets.
resources of over 200 million barrels of Puma Energy’s downstream business
oil and associated gas, with the liquids segments include fuels, lubricants, aviation,
development the first step in unlocking the and bitumen, while its infrastructure DORIS, MMCOG form oil and gas-
significant potential of the Bedout Sub- business comprises a network of storage
basin.” terminals with a capacity of 6.7 million focused JV in Malaysia
cubic metres.
Earlier this year, Trafigura divested its DORIS Engineering and MMCOG have
Trafigura’s Puma Energy to exit 10% stake in Russia’s Vostok Oil to Hong established a joint venture (JV) in Malaysia,
DORIS MMC, offering engineering services
Kong-based independent trader Nord Axis.
Myanmar business operational and passive shareholding in for oil and gas, low-carbon and new energy
The sale included Trafigura ’s 10% non-
projects.
Puma Energy, a Swiss mid- and downstream Vostok Oil , a massive Arctic oil project in This JV will operate as a global
oil company majority-owned by Trafigura, Russia, and the associated non-recourse engineering center and represents a long-
has agreed to divest its Myanmar business bank debt. term commitment by the two companies to
to a local private company. the Asia-Pacific region.
The deal follows a decision made by MMCOG CEO Ts. Sharifah Zaida
Puma Energy’s board to fully exit Myanmar Saudi Aramco to keep full Nurlisha said, “Since 1984 MMCOG has
earlier this year. Financial terms of the deal been involved in most of the 300 platforms
were not disclosed. oil supplies to N. Asia in Nov in Malaysian waters offshore and 30 plants
Under the deal, Puma Energy will sell its onshore in the capacity of designing
stake in Puma Energy Asia Sun (PEAS) and despite OPEC+ cuts new facilities as well as modifying,
a minority stake in National Energy Puma debottlenecking and rejuvenating.”
Aviation Services (NEPAS). Saudi Aramco has told at least five The prime focus of the JV will be FEED
PEAS, which is a joint venture between customers in North Asia they will receive and detailed design of offshore and onshore
Puma Energy and local company Asia full contract volumes of crude oil in oil and gas facilities.
Sun Energy (ASE ), owns the petroleum November, several sources with knowledge This year the two companies have
products terminal at the Thilawa port, of the matter said on Monday. delivered various projects together.
southeast of Yangon. The full supply allocation comes
Following the military coup in February despite a decision by the Organization of
2021, Puma initially suspended its the Petroleum Exporting Countries and
operations in the Asian country. Despite allies including Russia, known as OPEC+,
this, the firm resumed distribution to meet to lower their output target by 2 million

P12 www. NEWSBASE .com Week 40 10•October•2022