Page 8 - AsianOil Week 18 2022

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Sacgasco, PSA form Philippines

production alliance

PROJECTS & AUSTRALIA-BASED Sacgasco announced this production facility, the company added.
COMPANIES week that it had formed an alliance with Pro- Sacgasco, through its Nido Petroleum sub-
duction Solutions Asia (PSA) covering extended sidiary, operates two service contracts offshore
well testing and early production systems in the the Philippines and is the technical operator for
Palawan Basin offshore the Philippines. a third.
PSA is an Asia-based oilfield service company “The agreement to work together for mutual
that specialises in a variety of areas including sur- benefit in the offshore Philippines is an impor-
face well testing and early production systems, tant step for Sacgasco/Nido,” stated Sacgasco’s
according to Sacgasco’s statement. The company managing director, Gary Jeffery. “PSA and their
already has a history of operating in the Philip- personnel have been involved in the testing of
pines, as well as in several other Asian countries many of the wells offshore Palawan and bring
and Saudi Arabia. It has the capability to design experience and access to equipment, which is
and install modular, fit-for-purpose early pro- expected to facilitate the early production of
duction facilities (EPFs) ranging in size from the oil already discovered in the Nido (Sac-
less than 10,000 barrels per day up to 100,000 gasco) service contracts. Early development
bpd and 50-100mn cubic feet (1.4-2.8mn cubic of these discoveries and any discovery at the
metres) per day. proposed Nandino well will be very valuable
Sacgasco noted that owing to the rapid rise in in the current and anticipated high oil price
oil prices, companies had a strong incentive to environment.”
begin production as early as possible, while still Nido is planning a two-well drilling pro-
carrying out full-field development, and that gramme this year in the Palawan Basin, includ-
EPFs can help achieve this. EPFs can be used for ing the Nandino well in Block SC54 and an
small reserves that would be financially risky extended well test at the Cadlao oil redevelop-
or uneconomical to produce with a permanent ment project in Block SC6B.™

Vietnam’s Sovico partners with

JERA for LNG supply opportunities

PROJECTS & VIETNAM’S investment conglomerate Sovico on coal as a power source, the government is
COMPANIES announced on May 3 that it had signed a reported to be drawing up plans to build around
co-operation agreement with Japan’s JERA. 22 LNG-to-power plants.
The agreement is designed to explore business Earlier this year, South Korea’s Samsung
opportunities for the supply of LNG to planned C&T and Vietnam’s Lilama won a $940mn engi-
power generation facilities in Vietnam. neering, procurement and construction (EPC)
A statement released by Sovico said the contract to build the country’s first LNG-based
agreement marks “strategic collaboration” power plants. The joint venture will build power
between the two companies. “Sovico and JERA stations Nhon Trach 3 and Nhon Trach 4 in
will explore partnership opportunities to supply Dong Nai Province. The plants will have a com-
clean, reliable and efficient energy at a reasona- bined power capacity of 1,500 MW.
ble price to meet the growing energy demands Japan’s Marubeni and Tokyo gas are also
in Vietnam and across the region,” the statement planning to build a 1,500-MW power plant sited
said. roughly 200 km from Hanoi. The $1.9bn project
The agreement was witnessed by Vietnamese will consist of an LNG regasification terminal
Prime Minister Pham Minh Chinh and Japanese and a gas-fired electricity generation facility at
Prime Minister Kishida Fumio, who was in the Quang Ninh industrial zone.
country for a state visit. Furthermore, JERA is also thought to be
Vietnam meets much of its electricity demand planning an LNG-to-power plant in Vietnam.
by burning coal, but the country intends to take A joint venture between Japanese utilities Tepco
part in the global energy transition to cleaner and Chubu Electric, JERA set up a Vietnamese
fuels and use LNG to that end. Chinh pledged subsidiary last year called Jera Energy Vietnam
last year that Vietnam would attain net-zero that will be examining possible LNG projects
emissions targets by 2050. To reduce its reliance and also projects involving renewable energy.™

P8 www. NEWSBASE .com Week 18 06•May•2022