Page 7 - AsianOil Week 08 2022

AsianOil SOUTHEAST ASIA AsianOil

Cue reports on progress in Indonesia

PROJECTS & CUE Energy said in its results for the first half underway have been finalised.
COMPANIES of the fiscal year, which runs from July 1 to June The company also provided an update on
30, that a final investment decision (FID) on the the Mahato PSC, in which it has a 12.5% stake.
Paus Biru gas development offshore Indonesia Cue said the operator of the PSC – TexCal – had
was on track for 2022. brought forward plans to continue with develop-
Cue has a 15% interest in the Sampang pro- ment drilling in the PB oilfield. The move follows
duction-sharing contract (PSC), which is oper- the successful drilling of development wells in
ated by Indonesia’s MedcoEnergi with a 45% the Mahato PSC in 2021.
interest. Singapore Petroleum, a subsidiary of Five wells are planned to be drilled within the
PetroChina, owns the remaining 40% interest in next six months, Cue said, including PB-09, on
the PSC. which drilling already started in early February.
Paus Biru – or Blue Whale – will entail a single Cue said that owing to the pending Paus Biru
horizontal development well with an unmanned FID and the “significant” amount of activity it
wellhead platform, which will be tied back to the has planned, it was reviewing its near-term cap-
existing Oyong platform. From Oyong, the gas ital requirements. Its other plans for this year
will be transported to the onshore Grati facility include exploration drilling in Australia’s Ama-
for processing. deus Basin. The company said the Palm Valley
Cue said it expects Paus Biru to be sanc- Deep and Dingo Deep wells would be drilled
tioned in the third quarter of the year, after starting in late March, and that they had “signifi-
the commercial discussions that are currently cant gas targets” in producing reservoirs.™

ADNOC, AG&P sign FSU agreement

for Philippines LNG project

PROJECTS & A unit of Abu Dhabi National Oil Company
COMPANIES (ADNOC) has signed a charter agreement with
Singapore-based Atlantic Gulf & Pacific Interna-
tional Holdings (AG&P) for use of the former’s
Ish LNG carrier. Under the agreement, the car-
rier will be used as a floating storage unit (FSU)
for the planned Philippines LNG (PHLNG)
import terminal in Batangas Bay.
ADNOC said in a February 23 statement that
the charter agreement is valid for 11 years, with
the option to extend it by a further four years.
The deal also builds on a previous agreement
between the two companies, covering the provi-
sion of another FSU in India, which was signed
in 2021.
ADNOC Logistics & Services (L&S) will be
in charge of supply, operations and maintenance be a roughly equal balance between onshore and
of the FSU, while AG&P subsidiary GAS Entec floating storage, and that’s important as well,
will be responsible for converting the LNG car- because that ensures availability of the terminal
rier to FSU operations. in the event of a storm for example and because
The announcement comes after AG&P said this is such a critical piece of infrastructure...we
earlier this month that it was on track to bring have built it to be very resilient,” AG&P’s chair-
PHLNG into service in July. The facility could man and CEO, Joseph Sigelman, told the Philip-
be the Philippines’ first LNG import terminal pine Star in mid-February.
and will have an initial regasification capacity Other companies are also developing LNG
of 3mn tonnes per year (tpy). It is set to supply import capacity in the Philippines. Utilities First
gas to power plant, industrial and commercial Gen and Tokyo Gas are developing a floating
customers. storage and regasification unit (FSRU) that is
“When the terminal is fully done, there will due to enter service in the second half of 2022.™

Week 08 25•February•2022 www. NEWSBASE .com P7