Page 13 - AsianOil Week 13 2022

AsianOil NEWS IN BRIEF AsianOil

Petronas completes sale of economic efficiency, and flexibility.
SOUTHEAST ASIA portfolio that takes into account stability,
TGS announces Tarakan E&P O&M Services country in the world to start commercial
About 50 years ago, Japan became the first
3D reprocessing project in Petronas Carigali Sdn Bhd (PCSB) today use of LNG. Today, LNG is positioned as an
announced the completion of the transaction
indispensable energy source worldwide. The
Indonesia for the transfer of its entire ownership in E&P LNG environment has changed drastically
O&M Services (EPOMS) to Janamurni.
over the past 10 years as LNG use has
TGS, a global provider of energy data and EPOMS is wholly owned by E&P expanded, with increased complexity due to
intelligence, today announced its third seismic Venture Solutions (EPVS), a subsidiary more intense competition, diversification of
data reprocessing project of 2022 in Indonesia, of PCSB. Incorporated in 2012, EPOMS contract terms and price indices, increased
delivering new insights into the prospective provides integrated frontline operations and commoditisation, improved spot market
Tarakan Basin. This project applies a modern maintenance services for all floating facilities, liquidity, and greater market price volatility.
comprehensive broadband processing including associated flowlines and pipelines, In line with this trend, many global LNG
workflow to 3,363 square kilometers of 3D in Malaysia. players are moving into Singapore, the
data to better understand the hydrocarbon EPVS signed the sale and purchase emerging centre of LNG trading in Asia where
prospectivity of the basin, which has seen agreement (SPA) on December 29, 2021 with human resources and information gather.
successes in the significant Parang and Badik Janamurni, which includes the transfer of all As market complexity has increased, some
oil discoveries. EPOMS staff’s employment contracts to the terms and conditions in long-term LNG sales
TGS will apply a high-end broadband new owner. and purchase agreements (SPAs) that JERA
PreSTM and PreSDM workflow with dynamic The exercise follows Petronas’ continuous concluded in the past are no longer in line
matching FWI, tomography and modern review of its business portfolio to ensure with actual conditions for either party. In
demultiple methods to address key imaging a better fit in its growth strategy in the addition, negotiating the revision of prices
challenges associated with the complex increasingly evolving energy landscape. stipulated in long-term LNG SPAs requires
shallow overburden. Petronas remains focused on maintaining a the latest knowledge of and expertise in the
Will Ashby, executive vice president, robust portfolio with a healthy and sustainable LNG market.
Eastern Hemisphere at TGS, commented: risk and return profile as it expands into non- To address these challenges, JERA has
“Applying the modern imaging expertise traditional businesses, including new energy established JERA LPS in Singapore as a new
of TGS to the Tarakan Basin dataset will and renewables, to improve its low carbon company with expertise and experience in
play a crucial role in unraveling the full profile and advance its sustainability agenda. both LNG market analysis and the fields of
offshore potential of this area. Through PETRONAS, March 30, 2022 commerce, law, and negotiation. JERA LPS
close collaboration with our clients, we have will be responsible for negotiating revisions
developed this important project, building JERA establishes a to terms and conditions and prices in JERA’s
upon recent exploration success in the area.” existing long-term LNG SPAs, analysing the
The survey is the latest of a series of strategic base to maximise LNG market based on the latest information,
multi-client seismic data projects TGS has and formulating JERA’s LNG portfolio
announced in Indonesia to assist in driving the value of its LNG portfolio strategy.
exploration in the country. Through JERA LPS, JERA will strive to
This project is supported by industry JERA established JERA LNG Portfolio maximise the value of its LNG portfolio while
funding. Final pre-stack time and depth Strategy (JERA LPS), which started operations contributing to the development of a healthy
products will be available during Q4 2022 and today, in Singapore as a strategic base to LNG market and to the stable supply of
Q1 2023, respectively. maximise the value of JERA’s LNG portfolio. affordable energy.
TGS, March 30, 2022 To achieve a stable supply of affordable JERA, April 01, 2022
energy, JERA aims to maximise the value of
its LNG portfolio by building an optimal LNG
EAST ASIA

GTT obtains an approval in

principle from ClassNK for a
new design of LNG fuel tank

with 2 bar gauge design

pressure for pure car and
truck carriers and cruise

ships

GTT has received an approval in principle

Week 13 01•April•2022 www. NEWSBASE .com P13