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SOUTHEAST ASIA The Company made good progress on was being carried out by UOP had started on
the Duyung PSC during the first half of March 27, 2020 and would be completed at
Coro Energy posts interim 2020, including reporting a significant the end of September 2020.
resource upgrade following an updated
In addition, the construction of 5 tanks is
results resource audit performed by Gaffney, Cline currently under construction. It is estimated
and Associates (GCA). 2C (contingent)
that in total the tanks will be completed in
Coro Energy, the Southeast Asian focused recoverable resource estimates increased mid-December 2021. Yulian added that this
energy company, announces a revised regional to 495 Bcf (gross, full field), an increase revamping work will be carried out in early
strategy, including renewables, and releases its of approximately 79% compared with the 2022 in conjunction with the implementation
unaudited interim results for the six month previous audit undertaken by GCA in 2019. of Turn Around, so that in the first quarter
period ended 30 June 2020. In the upside case, the 3C (contingent) of 2022 it is expected the refinery is fully
The first half of 2020 saw unprecedented resources increased by approximately 108% operational.
challenges for junior exploration & to 817 Bcf compared with the previous PERTAMINA, September 24, 2020
production companies, with the COVID-19 audited figures.
pandemic and other factors causing a CORO ENERGY, September 22, 2020
significant and rapid fall in oil prices. In EAST ASIA
response, the Board acted quickly and Pertamina updates on TPPI
decisively to reduce overheads and preserve CNOOC starts up new
cash, including reducing executive staffing, refinery revamp
with Andrew Dennan stepping aside as the oilfield
Company’s CFO but remaining as a Non- After being acquired by PT Pertamina
Executive Director and the Company’s former (Persero) at the end of 2019, PT Trans-Pacific CNOOC Ltd announced today that Liuhua
CEO leaving the Company. I am pleased to Petrochemical Indotama (TPPI) immediately 16-2 oilfield/ 20-2 oilfield joint development
report that as a consequence the Company stepped on the gas to develop the Platforming project has commenced production.
now runs on an annualised corporate and Aromatic Revamping Project worth USD Liuhua 16-2 oilfield / 20-2 oilfield joint
overhead cost budget of $1.3m, a fraction of 180 million. development project is located in Eastern
its 2019 level of $4.0m. “The project aims to increase the South China Sea. The average water depth of
While commodity prices have partially Platforming Unit capacity from 50,000 the joint development project is approximately
rebounded from the lows seen in April 2020, barrels per day to 55,000 barrels per day and 410 meters. One 150,000 DWT FPSO and
headwinds remain and the Company is not Paraxylene production capacity 600,000 tons three underwater production systems are
immune from the challenges that continue to per year to 780,000 tons per year,” said the newly built. A total of 26 development wells
be felt across the sector and the overarching President Commissioner of TPPI, Ardhy N. are planned to be put into production and
macroeconomic picture. Notwithstanding Mokobombang, Wednesday (23/9 ) when development. The project is expected to reach
those challenges, the Company has a 15% together with the TPPI Directors reported its peak production of approximately 72,800
interest in the now proven Duyung PSC, the progress of the project to the Minister of barrels of crude oil per day in 2022.
which contains the Mako gas field, and Industry, Agus Gumiwang. CNOOC Limited holds 100% interest
provides an excellent platform for renewed TPPI President Director Yulian Dekri of Liuhua 16-2 oilfield/ 20-2 oilfield joint
growth in South East Asia now that at least the reported that the work on the Basic development project.
initial phase of the pandemic is behind us. Engineering Design Package (BEDP) that CNOOC LTD, September 20, 2020

Week 38 24•September•2020 www. NEWSBASE .com P17