Page 16 - AsianOil Week 16 2021

AsianOil NEWS IN BRIEF AsianOil

SOUTH ASIA SOUTHEAST ASIA East Asia through the acquisition of Global
Energy Partnership Limited in March 2021
Oilex arranges acquisition Coro Energy posts 2020 strengthened with appointment of CEO
Simultaneously, Board and executive team
funding results with highly relevant experience and regional
knowledge
The Board of Oilex is very pleased to Coro Energy, the South East Asian energy Raised net proceeds of $5.3m (£3.9m) in
announce that it has arranged the funding company focused on leading the regional March 2021 through share placing and open
required to complete the acquisition of transition to a low-carbon economy, offer to fund transition energy strategy in
GSPC’s 55% participating interest (PI) in announces its final results for the year ended South East Asia
the Cambay PSC (Cambay). This follows the 31 December 2020. CORO ENERGY, April 19, 2020
announcement on 6 April 2021, in which, Announced audited resource upgrade in
the Company announced that GSPC had May 2020 for the Mako gas field, Duyung PSC Pertamina builds
provided notification that it had approved the - 79% increase in 2C (contingent) recoverable
sale of its 55% PI in Cambay to Oilex for the resources to 495 Bcf (gross, full field) downstream facilities in
purchase price of US$2.2 million (Purchase Increased Mako resource estimates
Price) accepted by Indonesian regulator, updated Papua
Following completion of the Transaction, Plan of Development being prepared by the
Oilex will hold a 100% participating interest Operator Since 21 January 2021, Pertamina, through
in Cambay, and as previously announced, Initiated revised South East Asian strategy subholding Refining & Petrochemical, has
this will provide Oilex with the ability, in September 2020 to include renewables started a jetty facility construction project (a
subject to sourcing the necessary additional and other low-carbon energy sources and special petroleum port) at the Kasim refinery,
funding, to restart field work including a related technologies which support the energy Sorong Regency, West Papua. With a capacity
work programme, consisting of the drilling of transition of 50,000 DWT (deadweight tonnage), the
two vertical wells to appraise the Eocene gas Expanded our clean energy portfolio with jetty will open and expand access to crude oil
accumulation. acquisition of 20.3% interest in ion Ventures products from outside the region and even
Completion of the Transaction will in November 2020, a developer of clean, abroad to increase energy supply in eastern
require the finalisation of a binding sales flexible energy assets including energy storage. Indonesia.
and purchase agreement with GSPC, and Implemented significant cost saving In addition to the jetty, PT Kilang
the Government of India’s approval for the measures in response to COVID-19 pandemic Pertamina Internasional (KPI), which
transfer of GSPC’s PI to Oilex. The Company and challenging market conditions, reducing is entrusted with the processing and
is considering various funding options for the cash outflow from operations by $2.2m petrochemical subholding, will build 4 tanks
drilling program including potential farm-in compared to 2019 with a capacity of 110,000 barrels each which
partners. To this end, several parties have Continued divestment activities exploring will increase the resilience of the Kasim
expressed interest to the Company to farm options for non-core Italian portfolio, refinery supply to 40 days.
into Cambay and the Company will consider subsequent to previous disposal agreement The Corporate Secretary of Subholding
its options in the ordinary course with due with Zenith Energy Ltd having lapsed Refining & Petrochemical, KPI, Ifki Sukarya
regard to the best interests of its shareholders. Acquisition of a portfolio of early stage, explained, the project titled Open Access
OILEX, April 21, 2021 operated renewable energy projects in South Jetty III and Timbun Tank Development
is currently completing a number of initial
works. “In this early stage, the focus of work is
on detailed engineering design, land clearing,
topographic surveys, bathymetry, soil
investigation, and construction of temporary
facilities,” explained Ifki.
Ifki continued, this project was carried
out synergistically and collaboratively by a
consortium of PT Hutama Karya (Persero)
[HK] - PT Gerbang Sarana Baja [GSB]
as an EPC (Engineering, Procurement,
Construction) contractor and PT Inti Karya
Persada Tehnik as a project management
consultant.
“The appointment of the HK-GSB
consortium as the executing contractor shows
a good synergy between BUMN and between
BUMN and the national private sector. We
also make sure that the project has gone
through an open tender before determining
the winner, “explained Ifki.
PERTAMINA, April 19, 2020

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