Page 12 - AsianOil Week 07 2022

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ConocoPhillips completes purchase

of additional APLNG stake

INVESTMENT CONOCOPHILLIPS announced on February of distributions from APLNG in 2022, with
17 that its Australian subsidiary had completed around $500mn anticipated in the first quarter
its $1.645bn purchase of an additional 10% stake of the year.
in the Australia Pacific LNG (APLNG) project The transaction is the latest of several that
from Origin Energy. After customary adjust- ConocoPhillips has engaged in across the
ments, ConocoPhillips paid roughly AUD2.0bn Asia-Pacific region in recent years. The com-
($1.4bn) for the stake, which was funded by cash pany sold its Australia-West assets to Santos
from the company’s balance sheet. in May 2020. When it announced in Decem-
The transaction comes after ConocoPhillips ber that it would purchase the APLNG stake, it
opted to exercise its pre-emptive right to acquire also said it was selling its assets in Indonesia for
the stake on December 8, negating the previously $1.355bn.
announced purchase of the stake by institutional ConocoPhillips’ CEO, Ryan Lance, said at the
investor EIG Global Energy Partners. Chi- time that the two transactions were aimed at low-
na’s Sinopec, the third shareholder in APLNG, ering the company’s aggregate decline rate while
then had until December 17 to exercise its own diversifying its product mix.
pre-emptive right to buy the stake but opted not Origin disclosed a one-time impairment
to do so. charge of AUD131mn ($94mn) related to
Following the closure of the stake sale this the sale of the APLNG stake this week. It also
week, ConocoPhillips owns a 47.5% interest in noted that it had achieved higher earnings from
APLNG, while Origin and Sinopec have 27.5% APLNG in the second half of 2021, though it
and 25% stakes respectively. ConocoPhillips said added that these had been offset by lower earn-
that it would now expect roughly $1.8bn worth ings in energy markets.™

NEWS IN BRIEF

SOUTHEAST ASIA developed by GTT. awarded following the successful cooperation
Deliveries of the vessels are scheduled for and delivery of the mooring system and riser
GTT obtains tank design the third and fourth quarters of 2025. pull-in system for CNOOC’s Lingshui 17-2
project.
GTT, February 17, 2022
order for four new LNG fourth quarter order intake. The offloading
The order was booked into Cargotec’s 2021
carriers from Daewoo EAST ASIA systems are planned to be delivered to
Offshore Oil Engineering’s construction site
Shipbuilding & Marine MacGregor selected to located in Qingdao, China in January 2023.
This is China’s first 60,000T cylindrical
Engineering supply FPSO offloading FPSO, and MacGregor’s offloading systems
will play a critical role in ensuring the safe and
GTT announces that it has received an order systems for CNOOC’s Liuhua efficient discharge of oil from the FPSO to a
from its partner the Korean shipyard Daewoo shuttle tanker.
Shipbuilding & Marine Engineering (DSME) 11-1/4-1 redevelopment The offloading systems will be customized
for the tank design of four new LNGCs on to store either a 16-inch catenary hose or a
behalf of the Greek ship-owner Maran Gas project 16-inch floating hose that allows the operator
Maritime. flexibility with shuttle tanker selection. The
As part of this order, GTT will design the MacGregor, part of Cargotec, has been rated oil flow is up to 3600 m3/h for each
tanks of the vessels which will each offer a selected to supply two FPSO offloading offloading system. The two sets of offloading
capacity of 174,000 cubic metres. The tanks systems for the Liuhua 11-1/4-1 systems share a common hydraulic power
will be fitted with the GTT NO96 GW redevelopment project located in the east part unit, with this redundant solution providing
membrane containment system, a technology of South China Sea. The contract has been high-efficiency operation.

P12 www. NEWSBASE .com Week 07 18•February•2022