Page 11 - AsianOil Week 33 2021

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SOUTHEAST ASIA AsianOil
60,000 cubic-metre full containment steel LNG tank along with geotechnical investigation, soil improvement, foundation and topside platform structure, pre-commissioning, purging and commissioning activities.
CB&I senior vice president Cesar Canals said: “Our fabrication facility in Thailand specialises in the production of prefabricated storage solu- tions and will build the LNG bullet for delivery to Batangas.”
The $315mn PLNG terminal, which will use a floating storage and regasification unit (FSRU), will have an initial import capacity of up to 3mn tonnes per year. It will also feature a scalable onshore regasification capacity of 420mn cubic feet per day and almost 200,000 cubicmetresofstorage.
AG&P’s proposed import facility received a notice to proceed from the Department of Energy (DOE) in March and aims to supply gas to the 1,200-MW Ilijan gas-fired thermal power plant (TPP). Ilijan is one of several TPPs on the island of Luzon to rely on gas supplies from the offshore Malampaya field, which is projected to run dry before the end of the decade.
CB&I said earlier this year that mechanical completion of the first LNG storage tank was slated for the third quarter of 2023, with purging and commissioning activities to follow.
Canals said in March that the full contain- ment steel design of both tanks is a first of a kind, which places his company in a position to serve the “growing small-scale LNG market in Asia andotherregionswithsimilardemands”.™
EAST ASIA
CNOOC Ltd’s first-half profit soars
PERFORMANCE
CHINA’S state-run offshore specialist CNOOC Ltd has seen its first-half profit more than tripled from the year earlier period on the back of this year’s oil price rally.
The company said on August 18 that its profit in the January-June period had climbed 221% year on year to CNY33.33bn ($5.13bn). The company’s first-half revenue, meanwhile, expanded by 48% on the year to CNY110.23bn ($16.97bn).
CNOOC Ltd noted that its all-in production costs had risen slightly in the first six months of the year to $28.98 per barrel, up from $26.34 in 2020. It attributed the increase to higher com- modity prices and “other factors”.
The company expects its capital expenditure to reach CNY90-100bn ($13.86-15.4bn) this year, with the goal of producing 528mn barrels of oil equivalent this year.
The developer’s first-half capex amounted to CNY36bn ($5.54bn), delivering a 7.9% year- on-year increase in oil and gas production at 278.1mn boe. Domestic production amounted to 192.8mn boe, up 10.8% year on year.
In the period, CNOOC Ltd made nine new discoveries, successfully appraised 14 structures and started production from six new projects.
Chairman Wang Dongjin highlighted several notable domestic developments in January-June, including the start-up of the deepwater Lingshui 17-2 gas field in June. The field, which is being exploited by the Deep Sea No.1 platform, is the country’s first self-operated deepwater project and is estimated to produce 3bn cubic metres per year of gas.
Other developments included the appraisal of Kenli 10-2’s, which has nearly 100mn tonnes of oil equivalent (733mn boe) of proved in-place volumes.
Wang added that the Luda 10-6 proved to be a medium-sized oil and gas field with a high out- put of oil and gas, while Wenchang 9-7 turned out to the largest oil discovery in the Wenchang Sag in the past decade. High levels of gas pro- duction from the Baodao 21-1 structure, mean- while, demonstrated prospective resources in the region of 100 bcm.™
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