Page 4 - AsianOil Week 22 2021
P. 4
AsianOil SOUTH ASIA AsianOil
HPCL expects Indian oil
demand recovery soon
PERFORMANCE AS India’s coronavirus (COVID-19) infections
ease from record highs just a few weeks ago,
hopes are growing that a recovery in oil demand
is just around the corner.
State-run Hindustan Petroleum Corpora-
tion Ltd’s (HPCL) chairman, M K Surana, said
this week that he was confident that he expected
demand to recover from next month amid fall-
ing case numbers and the government’s efforts to
increase availability of the vaccine.
The government revealed on June 3 that there
had been 134,154 new infections recorded in
the past 24 hours, down from a high of 414,188
reported on May 7.
New Delhi signed on June 3 its first order for
300mn doses of an unapproved vaccine from
local firm Biological-E, following the apparent He added: “I believe we should be able to pick
stall in the country’s vaccination programme. up most of the demand in the second half of the
Only 4.7% of the country’s 950mn adults have year. As the system is not completely shut, my
received two vaccine doses. guess is recovery will be even sharper than last
Sales of diesel, gasoline and jet fuel slumped by a time.”
respective 20%, 19% and 28% month on month in Some state governments have already started
May, industry news outlet Argus reported on June preparing to ease restrictions, with Maharashtra
2 citing data from state-run refiners. State gearing up to lift most restrictions across 18
Surana, however, told Argus that he expected districts later this month.
demand to recover quickly when the country The executive is upbeat about demand, point-
started to open up once more. ing to global oil demand forecasts that put India
“Things should recover quickly and there will at the centre of growth projections. He added:
be a festive season coming from August onwards, “Considering the size of the country, vast growth
which is normally the demand pick-up period, potential and the upswing in the economy, in
followed by the agricultural season,” Surana said. spite of COVID, the momentum is there.”
SOUTHEAST ASIA
ConocoPhillips to exit
Indonesia’s Corridor block
PROJECTS & US super-major ConocoPhillips is reportedly a data room for investors interested in taking
COMPANIES gearing up to walk away from the Corridor nat- over the block, Abdurrahman told local news
ural gas block onshore Indonesia. outlet Katadata on May 27. The official noted
The deputy head of upstream regula- that the major had not revealed its reasons for
tor SKK Migas, Fatar Yani Abdurrahman, leaving the field, which is the country’s sec-
revealed last week that the company had told ond-largest producer of gas.
the agency that it wanted to relinquish its stake Abdurrahman reiterated ConocoPhillip’s
in the licence. lack of explanation for the departure in com-
ConocoPhillips operates the field with a 54% ments to Kontan on June 1, noting: “Verbally it
stake, while Spanish major Repsol owns 36% has been conveyed like that.”
and Indonesia’s state-owned Pertamina holds The official added that SKK Migas was still
the remaining 10%. waiting for ConocoPhillips to submit a written
The US developer has asked the Ministry of proposal on its planned exit.
Energy and Mineral Resources (ESDM) to open The existing production-sharing contract
P4 www. NEWSBASE .com Week 22 03•June•2021
