Page 17 - AsianOil Week 15

AsianOil
NEWS IN BRIEF
AsianOil
situation, as well as the flexibility with its investment plans to cope with the possible long-term downturn.
Sumrid Sumneing, Executive Vice President, Finance and Accounting Group of PTT Exploration and Production Public Company Limited (PTTEP), said that S&P, after having reviewed credit ratings of oil and gas companies globally including PTTEP, has confirmed the credit ratings of PTTEP at BBB+ with the outlook revised from “Positive” to “Stable”, both on par with Thailand’s sovereign credit rating.
S&P indicated that the key factors contributed to BBB+ rating affirmation were the lag time in the Company’s gas price adjustments, which is its main product, so its average gas price would not be significantly hit by the plummet in oil price. Therefore, PTTEP would still remain strong with its financial position
and liquidity profile by large cash-on-hand,
with no debt service obligation in the near term. Moreover, PTTEP has the flexibility to adjust the investment plans in response to oil price volatility situation, as it can be demonstrated from to the 2015-2017 oil price downturn.
“While the current oil price situation remains the significant factor that will impact to PTTEP’s earnings as well as other oil and gas companies globally, the affirmation of PTTEP’s BBB+ ratings with stable outlook by S&P has proven PTTEP’s ability to maintain solid financial position and strong liquidity, to foster the growth of the company within the next 2-3 years, even in during the prolonged oil price volatility.” said Sumrid.
PTTEP, April 15, 2020
EAST ASIA
SHI receives order for two LNG-fueled VLCC newbuilds
On April 14, Samsung Heavy Industries disclosed in its regulatory filing that it had
clinched a deal worth a total of USD 209.2 million (KRW 253.6 billion) with a Bermudan ship owner to bulid two LNG-fueled VLCCs, which will be delivered by April 2022.
Equipped with S-Fugas, an LNG fueling system independently developed by SHI, these vessels will comply with IMO 2020 which took effect early this year and reduce the emission of SOx by 99%, NOx by 85% and carbon dioxide by 25% compared to diesel fuel.
Other cutting-edge technologies of SHI, such as Energy Saving Devices (ESDs), which enhance fuel efficiency by improving rotational energy efficiency of propellers while operating, and SVESSEL, a smart ship solution, will be applied to the ships as well.
To preemptively respond to rising demand for cleaner ships in the wake of IMO 2020, SHI has developed a competitive edge in LNG-fueled vessels, adopting LNG fuel tanks and engines
in different forms and materials as ME-GI and X-DF since 2012.
“We see increasing demand for LNG-
fueled VLCCs on top of that for S-max and A-max tankers powered by LNG. SHI aims to take more opportunities to come as we have predominated the market with the advancement of technologies,” said an official of Samsung Heavy.
SAMSUNG HEAVY INDUSTRIES, April 15, 2020
OCEANIA
Caltex refiner margin update (March 2020)
Caltex Australia advises its Caltex Refiner Margin (CRM1) in respect of CRM sales from production for March 2020.
The March 2020 CRM was US$4.62/bbl, above the February 2020 CRM of US$4.14/ bbl but significantly below the prior year comparative. Ongoing reliable operations saw CRM sales from production in March 2020 of
515 ML, above February 2020, and the prior year comparative.
The March 2020 Caltex Singapore Weighted Average Margin (SWAM) was US$8.82/bbl, which was lower than the February 2020 SWAM of US$9.95/bbl. SWAM continued to be lower month on month with soft global demand for gasoline and middle distillates, largely due to responses to COVID-19.
As announced in our Trading Update on 6 April, in response to the unfolding COVID-19 crisis and the broader dynamics in the global fuel marketplace, Caltex will bring forward and extend the duration of the planned shutdown for the upcoming Lytton refinery T&I which will now commence in May 2020.
CALTEX AUSTRALIA, April 16, 2020
Senex delivers quarterly performance report
Senex Energy continues to record strong quarterly production growth as the execution phase of its transformational Surat Basin gas development projects nears completion.
Quarterly production up 31% to 589 kboe, with gas production up 61% to 422 kboe from continuing Surat Basin ramp-up and the first full quarter of production from the Gemba field in the Cooper Basin.
Surat Basin gas production outperformance, with Roma North producing above nameplate capacity at ~18 TJ/day; Surat Basin production now >29 TJ/day and tracking towards initial nameplate capacity of 48 TJ/day
Surat Basin drilling program reduced
to 85 wells (from 110) due to production outperformance. Roma North campaign reduced by 15 wells to 35 wells; Atlas campaign reduced by 10 wells to 50 wells.
A total of 67 wells of an 85 well campaign now drilled, 58 wells brought on production with the remainder online in coming weeks.
Senex to build, own and operate Atlas water management infrastructure, eliminating ongoing water processing tolls and increasing operational flexibility.
Broad ranging COVID-19 protocols implemented: Operations and work programs proceeding safely and with minimal disruption following swift implementation of broad ranging protocols.
FY20 guidance reiterated: Full year production guidance of 1.8-2.0 mmboe; full year EBITDA guidance of $40-50 million.
Managing director and CEO Ian Davies said: “Surat Basin gas production continues to ramp and has exceeded 29 TJ/day, with Roma North producing above nameplate capacity. Ramp-up is set to continue as new Atlas wells are brought online later this month.”
SENEX ENERGY, April 15, 2020
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