Page 14 - AsianOil Week 11 2021

AsianOil NEWS IN BRIEF AsianOil

PVOIL appoints new head of Jadestone is proposing an internal for both Lemang and Maari are substantially
As announced on 1 February 2021,
unchanged from the Company’s previous
project management reorganisation (the “Reorganisation”) of its disclosures.
corporate structure, such that the ultimate
JADESTONE ENERGY, March 17, 2021
On March 11th, 2021, PVOIL organized a parent holding company of the Jadestone
Ceremony to announce a decision to appoint Group will be a new company, incorporated in Petronas, CNOOC to Pursue
Mr. Nguyen Duy Long, former Director of England and Wales.
Petromekong as Director of the PVOIL’s The Reorganisation will not result in a Energy Security, Cleaner
Project Management Division. Mr. Nguyen change in control in the ultimate holding
Duy Long will replace Mr. Nguyen Ngoc company of the Jadestone Group and, Energy Solutions
Phuc, who is set for retirement according to accordingly, it will also not result in a
the State regulation. change in the ultimate shareholding in any Petroliam Nasional (PETRONAS) has
The ceremony was attended by PVOIL of the Company’s assets, nor will it result signed a Memorandum of Understanding
President & CEO Doan Van Nhuom, in a change in the management of any of its (MoU) with China National Offshore Oil
representatives of the corporation’s assets. Corporation (CNOOC) to pursue mutual
professional boards, and members of the The Reorganisation is expected to reduce growth through closer collaboration. The
Project Management Division. regulatory compliance burdens, resulting MoU elevates the long-standing relationship
Addressing the ceremony, PVOIL in estimated annual cost savings of between between the two parties from primarily
President & CEO thanked Mr. Nguyen US$0.5 million and US$1.0 million, when liquefied natural gas (LNG) and upstream
Ngoc Phuc for his dedication during taken in connection with savings from last projects towards a shared ambition in energy
his years working at PVOIL. He also year’s delisting from Canada’s TSX Venture security and cleaner energy solutions.
highly appreciated the contributions of Exchange. The scope of collaboration opens up
the newly-appointed executive Nguyen As part of the Reorganisation, the opportunities across PETRONAS’ integrated
Duy Long for his contributions at Company commissioned ERC Equipoise Pty value chain and across the globe whereby both
Petromekong. Ltd (“ERCE”) to produce competent person’s parties will intensify collaboration in LNG,
Mr. Doan Van Nhuom said 2021 is a year reports (“CPRs”) covering the Lemang asset upstream exploration & development projects,
with several investment items including acquired in December 2020 and the Maari refining, oilfield & engineering services,
petroleum depot, storage expansion... He asset, which is to be acquired by the Company specialty chemicals, lubricants as well as
suggested Mr. Long lay utmost effort, learn pending satisfaction of regulatory consents. renewable energy.
from their predecessors and strive to complete The Company also commissioned its PETRONAS’ partnership with China’s
assignments when accepting the new tasks. He annual statement of reserves and resources largest offshore oil and gas producer was
also requested the entire Project Management comprising its producing Stag and Montara signed by PETRONAS Senior Vice President
Division to coordinate and support Mr. assets, offshore Western Australia, and which of Corporate Strategy, Mazuin Ismail and
Nguyen Duy Long to complete the assigned was prepared in accordance with Canada’s CNOOC Vice President, Huo Jian, in a virtual
tasks. national instrument 51-101. ceremony. The signing was witnessed by
Accepting the assignment, Mr. Nguyen As of 31 December 2020, the Company PETRONAS’ Executive Vice President and
Duy Long said he was very happy when he had proved plus probable oil reserves (“2P Chief Executive Officer of Gas + New Energy,
received the new assignment. He thanked reserves”) of 37.1 mm bbls at 31 December Adnan Zainal Abidin and CNOOC Group
PVOIL’s Board of Directors for creating 2020, decreased by 4.7 mm bbls from 31 President, Li Yong.
favorable conditions during his time working December 2019. The decrease primarily PETRONAS, March 15, 2021
at Petromekong. reflects the impact of oil production during
In this new position, Mr. Nguyen Duy the year.Reserves and resources estimates
Long pledged to do his best, promote his
ability, learn from his predecessor’s experience
to fulfill the assigned tasks. To do that, he
expected to receive support from staff in the
Project Management Division for completing
the tasks assigned by the leaders of the
Corporation.
PVOIL, March 12, 2021
Jadestone Energy provides

reorganisation, reserves
update

Jadestone Energy, an independent oil and
gas production company focused on the
Asia Pacific region, is pleased to provide an
update on the Company’s proposed internal
reorganisation, and on its reserves estimates
for the year ended 31 December 2020.

P14 www. NEWSBASE .com Week 11 18•March•2021