Page 17 - AsianOil Week 16 2021

AsianOil NEWS IN BRIEF AsianOil

gas supply agreements executed from January
2018 to February 2020.
Beach Energy’s Managing Director and
Chief Executive Officer, Matt Kay, said that
this is a pleasing outcome for the business and
is consistent with our expectation, based on
the wording of gas sales contract.
“The decision is a key milestone for Beach
as we, and our JV participants, continue
to invest more than $1 billion to develop
locally supplied gas to Australian homes and
businesses,” Mr Kay said. “Beach is pleased
with the outcome of the price review process,
which has been independently conducted
and, as required by the contract, determined
a price consistent with the market price of
comparable contracts.
“This pricing range is necessary to ensure
continued development of supply within
the East Coast gas market, which is facing
significant supply shortfalls in the coming
years.”
PetroVietnam discuss 2021 outlets in the whole system to 602 stores. BEACH ENERGY, April 16, 2021
PVOIL also started producing gasoline
business agenda based on RON 91 and DO from condensate Buffalo farm-out completion
supplied by PV GAS.
On April 16th, 2021, a delegation led by In second quarter and the remaining Carnarvon Petroleum is pleased to update
PetroVietnam President and CEO Le Manh quarters of the year, PVOIL will maintain shareholders on the farm-out of the Buffalo
Hung had a meeting with PVOIL leaders on its operational orientation of following project to Advance Energy.
the implementation of the 2021 business and market developments and the Government’s Advance Energy and Carnarvon have
production plan. instruction while maintaining reasonable satisfied all of the conditions precedent and all
The delegation also received the inventories to minimize negative impacts on completion requirements have been met.
participation of PetroVietnam Vice President business performance when the world oil On 17 December 2020, Carnarvon
Le Xuan Huyen and Nguyen Van Mau, and price falls. announced that Advance Energy will acquire
representatives of the Group’s professional PETROVIETNAM, April 17, 2020 50% of the Buffalo project by funding the
divisions. drilling of the Buffalo-10 well up to US$20m
From PVOIL’s side, the meeting were on a free carry basis. Advance has met this
attended by PVOIL Chairman of Board OCEANIA funding requirement and now has a 50%
of Management and Secretary of Party interest in the project.
Committee Cao Hoai Duong, PVOIL Otway Gas Project price The Buffalo-10 well is on track to be drilled
President & CEO Doan Van Nhuom, in late 2021, subject to securing a drilling
members of the Board of Management, Board review update rig, where the tendering process is already
of Directors, and director of divisions, offices underway.
of the Corporation. Beach Energy welcomes the partial award Following the well, the joint venture will
At the meeting, PVOIL’s leaders reported by the independent arbitrator in relation to acquire development funding from third
the implementation of 2021 business plan of re-pricing of Otway Gas Project gas volumes party lenders and any additional funding
the Corporation. In the first 3 months of the contracted to Origin Energy, effective 1 July requirements (in addition to that provided
year, the production and business situation 2020. by third party lenders) will be provided by
became much better than a year earlier, The arbitration outcome (as assessed by Advance as an interest free loan.
exceeding the assigned plan. Beach, based on the partial award) follows Carnarvon Managing Director and CEO,
Consolidated pre-tax profit was estimated a thorough and well-conducted arbitration Adrian Cook, said: “The completion of this
at VND178 billion, equal to 178% of the process by an experienced international transaction is fantastic news for Carnarvon
quarter’s plan, equivalent to 45% of the whole- arbitrator and is consistent with the price and Advance Energy and now we look
year goal. Sales from the non-cash payment review process prescribed by the gas sales forward to drilling the Buffalo-10 well later
program - PVOIL Easy improved with an agreement. This process is intended to this year.
average output at more than 6,200 cubic reflect prices of as many relevant comparable The joint venture will move to develop
meters per month, equivalent to output of contracts as possible, under which gas is the field quickly to take advantage of the
59 petroleum stations, up 14% over the same supplied over the period subject to the price strengthening oil markets. This will be
period of 2020. review. achieved by suspending the well as a future
Besides, the Corporation’s investment has The partial award reflects this intent and is production well and commencing early
been actively implemented well. In the first approximately consistent with the midpoint of development studies during 2021
quarter, PVOIL opened 12 new petroleum the 2020 southern states’ wholesale gas prices CARNARVON PETROLEUM, April 20, 2021
stations, bringing the total number of retail of $7.86 - $10.82 as reported by the ACCC, for

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