Page 10 - AsianOil Week 06 2022

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Jadestone unveils 36% increase

in production guidance for 2022

PERFORMANCE INDEPENDENT producer Jadestone Energy, were updates on two Southeast Asia projects
which has operations across Southeast Asia and that Jadestone continues to advance. The com-
Oceania, unveiled its guidance for 2022 on Feb- pany affirmed that it was still anticipating a final
ruary 10. investment decision (FID) on the Akatara gas
The company said it expected to raise out- project in Indonesia in the first half of 2022. This
put by 36% year on year at the midpoint of its follows a gas sales agreement for the field that
guidance range of 15,500-18,500 barrels of oil was finalised in December 2021. Since then, the
equivalent per day (boepd). However, it noted company said it had been working on front-end
that this range excludes any production from the engineering and design (FEED) optimisation
Maari field offshore New Zealand, which it is set and preparing for the engineering, procurement
to acquire a 69% stake in. Jadestone cited changes and construction (EPC) tender.
to hydrocarbon legislation in the country, say- First gas from Akatara is still targeted for the
ing the schedule for completing this transaction first half of 2024.
depended on the New Zealand upstream regula- At the same time, Jadestone said it was con-
tor’s implementation of the recent changes. tinuing to work with the government of Viet-
Output from the Maari field is anticipated to nam to advance the proposed development of
average 4,500-4,700 barrels per day (bpd) on a the Nam Du/U Minh gas field. The company
gross basis this year. said it would be agreeing a production pro-
Jadestone said its guidance range also fac- file for the field prior to pursuing a gas sales
tored in planned maintenance shutdowns at its contract and government approval for the
Stag, Montara and Peninsular Malaysia opera- development.
tions. The company also reduced output at the “We are also encouraged by the M&A pipe-
Montara field offshore Australia over a 3-4 week line in the Asia-Pacific region, and are currently
period in early 2022 owing to an engine failure in assessing several opportunities, all subject to our
the gas reinjection compressor. strict investment criteria,” stated Jadestone’s pres-
Included in the guidance announcement ident and CEO, Paul Blakeley.™

Duterte defends Malampaya gas transaction

INVESTMENT PHILIPPINE President Rodrigo Duterte on the transaction. Last week, a Senate resolution
February 4 defended the sale of a 45% stake passed, green-lighting the filing of criminal
in the Malampaya gas project to Udenna, and administrative charges before the country’s
which is controlled by his ally, Dennis Uy. anti-graft body against Philippine Secretary of
His defence of the transaction came after a Energy Alfonso Cusi and 11 other energy offi-
Senate panel approved the filing of charges cials in relation to the sale.
against officials at the Philippine Department However, Duterte has defended both Cusi
of Energy (DoE). and the deal.
Malampaya provides “I am convinced that this was a private “I will not allow this valuable resource to be
natural gas for use as transaction between private entities that must jeopardised and embroiled in the political antics
fuel at power plants be respected,” media quoted Duterte as saying. of some members of the Senate,” Duterte said.
that account for He added that the national interest had been Malampaya provides natural gas for use as
around a fifth of the protected. fuel at power plants with a combined capacity of
Philippines’ electricity Udenna agreed to buy the Malampaya stake more than 3,000 MW that account for around a
demand. from Chevron for $565 in 2019. DoE officials fifth of the Philippines’ electricity demand. The
cleared the deal in April 2021, and dismissed a project had previously been anticipated to run
graft complaint in October as being groundless dry by 2027, but Udenna said in December that
and “malicious”. the field’s life can be extended by several more
The deal had been subject to a Senate years.
inquiry into Udenna’s technical and financial Uy was the biggest contributor to Duterte’s
ability to operate the project, and some sen- 2016 presidential campaign. Udenna has pre-
ators have expressed their concerns over the viously denied that his association with Duterte
soundness of the DoE’s financial evaluation of has given his businesses any unfair advantage.™

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