Page 11 - AsianOil Week 22 2021

AsianOil NEWS IN BRIEF AsianOil

SOUTH ASIA boost availability of more affordable transport are being set up across Gujarat(2), Uttar
fuels, better use of agricultural residue, cattle Pradesh(2) and Punjab(1) by CNM Energy
Indian Energy Minister dung and municipal solid waste, the 5000 Solution Pvt Ltd, Carboneu Pvt Ltd, Cities
Innovative Biofuels Private Limited and CEF
CBG plants will provide an investment of 1.75
presides over compressed lakh crore, an additional revenue source to Budhana Energy Private Ltd.
farmers, and 75,000 direct job opportunities
INDIAN OIL, June 1, 2021
biogas initiatives and lakhs of indirect jobs.
The Cooperation agreement provides for
Union Minister of Petroleum and Natural establishing a strong network for marketing SOUTHEAST ASIA
Gas & Steel Shri Dharmendra Pradhan today the entire produced quantity of CBG Plants
presided over a virtual ceremony in which through various channels. The agreement MedcoEnergi announces
a number of initiatives were launched to also has provision for associate implementers
provide major fillip to the SATAT initiative, to join the SATAT movement. As per the its audited full year 2020
and help India leap ahead towards a greener agreement, IndianOil shall act as coordinator
tomorrow. under the SATAT scheme and liaison with the results
This included signing of a Cooperation Government and other agencies on behalf of
Agreement by Oil and Gas majors including Industry members. GAIL shall serve as the PT Medco Energi Internasional Tbk1
IndianOil, HPCL, BPCL, GAIL and IGL, coordinator for the implementation of the announces its 2020 full-year financial results.
for the promotion and development of the CBG-CGD synchronization scheme. Roberto Lorato, CEO said: “Clearly the
SATAT (Sustainable Alternative Towards During the event, the Ministry of low energy demand caused by the pandemic
Affordable Transportation) scheme. The Petroleum & Natural Gas also signed MoUs significantly impacted our performance
SATAT scheme aims to set up Compressed with Essar Capital Limited, XEMX Projects, last year. We had to adapt quickly to
Bio-Gas production plants and make CBG Knowledge Integration Services, and Global extraordinary circumstances in order to
available in the market for use as a green fuel. Green Growth Institute, Seoul to set up new secure the health and safety of our employees,
‘SATAT’, launched on 1.10.2018, envisages to CBG Plants across the country. support local communities and manage our
target production of 15 MMT of CBG from Shri Pradhan laid the foundation stones liquidity. Commodity prices have improved
5000 plants by 2023.Besides the potential to of 5 upcoming CBG Plants. These plants in 2021 but the pandemic is not over and gas
volumes in some of our key markets remain
subdued. We need to remain disciplined, but
retain the flexibility to take advantage of the
expected recovery.”
EBITDA was $502 million, 20% below
2019 due to lower gas demand and liquids
prices.
Oil prices were $40.3/bbl, 36% below
2019 (US$62.5/bbl) and gas prices were $5.2/
mmbtu, 23% below 2019 (US$6.7/mmbtu).
Full year 2020 was a $189 million loss,
including Q4-2020 one-time non-cash write-
downs of $93 million. Q4-2020 reported a Net
Profit of $9 million, before impairments as
liquids prices began to recover.
AMNT2 reported a $25 million profit
with mine ore from the Phase 7 development
benefiting from higher copper and gold prices.
Oil and gas capex was $144 million to
complete the Meliwis project in East Java and
four successful exploration wells in Natuna.
Power capex was $63 million, to progress the
Riau CCPP development and Ijen geothermal
exploration drilling.
Cash from Operations after capex was
positive despite the low energy demand, with
focused expenditure reductions and Ophir
synergies. Cash and cash equivalents were
$446 million. Supportive shareholders and
proactive Liability Management allowed
continued deleveraging.
Debt was $2.7 billion, down 15% from
2019. Restricted group debt3 was $2.3 billion,
down 6% and Net Debt3 was $2.0 billion,
down 4% from 2019. Net Debt to EBITDA3
Indian Minister of Petroleum and Natural Gas Dharmendra Pradhan. was 4.2x.

Week 22 03•June•2021 www. NEWSBASE .com P11