Page 14 - AsianOil Week 48 2022

AsianOil NEWS IN BRIEF AsianOil

Philippines must exploit South Agreement. Washington has proposed Woodside Rees Withers LNG carrier from
adding more sites to the current five under
Australia’s North West Shelf.
China Sea resources, says EDCA, which allows for the rotation of tonnes of LNG (100 million cubic meters
The cargo of approximately 75,000
U.S. military ships and aircraft at mutually
President Marcos agreed bases. of natural gas) was delivered on November
27, 2022, to Uniper Global Commodities SE
Philippine firm PXP Energy Corp, which
The Philippines must find a way to explore holds an exploration permit in the Reed (Uniper) at the Gate Terminal located on
for oil and gas in the South China Sea Bank, a disputed area, has had talks with Maasvlakte in Rotterdam, the Netherladns.
even without a deal with China, President China National Offshore Oil Corp on a joint Woodside said the cargo would contribute
Ferdinand Marcos Jr said on Thursday, venture. to natural gas supply in Northwest and
emphasizing his country's right to exploit But Manila and Beijing's conflicting Central Europe.
energy reserves in the contested waterway. claims have prevented it from undertaking Woodside Executive Vice President
"That's a big thing for us, that is why we further drilling and reaching a deal with Marketing & Trading Mark Abbotsford
need to fight (for what is ours) and take CNOOC. said the company was "pleased to have
advantage if there really is oil there," Marcos concluded the trade at a time when Europe
told reporters. is in urgent need of alternative sources of
Talks over joint energy exploration Malaysia's Petronas posts gas to replace Russian pipeline supplies."
between Manila and Beijing in the South “Events over the course of 2022
China Sea had been terminated, the Q3 profit, warns of continuing have shown that the world cannot take
previous government said in June, citing reliable and affordable supplies of energy
constitutional constraints and issues of market volatility for granted, particularly as we strive to
sovereignty. decarbonize."
"That's the roadblock, it is hard to see Malaysia's state energy firm Petroliam “At such times it is more important than
how we can resolve that. I think there Nasional Berhad, or Petronas, on ever that buyers and sellers work together to
might be other ways, so it does not have to Wednesday posted a near doubling of flexibly respond to market dynamics. Our
be G-to-G (government-to-government)," its third quarter profit and warned of relationship with Uniper is an example of
Marcos said. continuing volatility in oil and gas prices. such cooperation."
The Chinese embassy in Manila did The company reported a profit of 30.8 “The delivery of a North West Shelf LNG
not immediately respond to a request for billion ringgit in the July-September period, cargo to Europe also highlights the role
comment. compared with a profit of 16.3 billion that Australian LNG can play in supporting
Marcos' remarks came after his foreign ringgit in the same quarter a year ago. global energy security,” he said.
affairs secretary said in August Manila was Revenue rose 61% to 99.2 billion ringgit, Uniper’s Director LNG Andreas
open to new talks with China on oil and thanks to favourable prices for major Gemballa said: “We continue to work on
gas exploration and that a deal with China products and the impact of the exchange securing the much needed gas supply into
or any other country must comply with rate. Europe from reliable sources like Australia
Philippine laws. "Oil and gas prices will remain volatile, and thus helping to strengthen security of
The Philippines relies heavily on influenced by intensifying geopolitical and supply during the ongoing crisis triggered
imported fuel for its energy needs, making economic headwinds," Petronas said in its by the Russian war.
it vulnerable to supply shocks and rising oil financial report. “In addition to bringing online floating
prices, which have helped push up inflation Chief executive Tengku Muhammad storage and regasification units in Germany,
to a near 14-year high. Taufik said the firm is taking deliberate we are contracting LNG from diversified
During a three-day visit last week, U.S. steps to unlock new value from its core sources into existing and new regasification
Vice President Kamala Harris affirmed portfolio with a focus on decarbonisation. capacity in Europe. Woodside as a reliable
American defense commitments to the Petronas will also pursue attractive supplier is helping us to bring additional
Philippines and reiterated support for a opportunities in cleaner energy solutions, LNG to Europe."
2016 arbitration ruling that invalidated he added.
Beijing's expansive South China Sea claims.
The ruling, which China refused to
recognize, states that the Philippines has Woodside ships LNG from
sovereign rights to exploit energy reserves
inside its 200-mile Exclusive Economic Australia's North West Shelf to
Zone.
Marcos said on Thursday, "we will have Europe
something more concrete" to announce
by early next year about U.S. proposals Australian oil and gas company Woodside
to access Philippine military bases under Energy said Monday it had delivered
the 2014 Enhanced Defence Cooperation an LNG cargo to Europe on board the

P14 www. NEWSBASE .com Week 48 05•December•2022