Page 11 - AsianOil Week 31

AsianOil
NEWS IN BRIEF
AsianOil
SOUTH ASIA
Sandeep Kumar Gupta takes
over as Director (Finance)
at IndianOil
Sandeep Kumar Gupta has taken over as Director (Finance) on the Board of Indian Oil Corporation (IndianOil) here today. Earlier, he was Executive Director (Corporate Finance) at IndianOil’s Corporate O ce and was also functioning as the Chief Financial O cer and Chief Risk O cer in-charge of Corporate Accounts, Treasury, Investment Appraisal and Risk Management.
A Commerce Graduate and Chartered Accountant by quali cation, Mr Gupta
has over 31 years of work experience in IndianOil. Besides handling a diverse gamut of nancial and accounting functions at IndianOil’s re nery units in north, west and north-east India for over two decades, his signi cant experience at IndianOil’s Re neries Headquarters and Corporate O ce includes hydrocarbon contracting, corporate accounts, planning & analysis, treasury functions, nancial concurrence, risk management, etc.
Mr Gupta’s tenure in various capacities during the last decade witnessed major events demanding his contribution, viz., two volatile global oil price cycles, depressed re nery margins, reviews of pricing mechanism, deregulation of petrol/diesel, transition to IndAS, unprecedented ECBs, maiden buy-back of shares, etc. He also
spearheaded several stakeholder-friendly voluntary initiatives like the rst Integrated Annual Report by a PSU and declaration of consolidated nancial results on a quarterly basis.
Mr Gupta also brings with him rich experience of being on the Boards of IndianOil’s wholly-owned overseas subsidiary, IOC Middle East FZE, and domestic joint venture company, IndianOil Petronas Pvt. Ltd. INDIAN OIL CORPORATION, August 3, 2019
ADNOC takes aim at Indian lubricant market
e retail arm of Abu Dhabi National Oil
Co. (ADNOC) has con rmed its intention
to enter India’s lubricant market during the third quarter, while also planning to add more domestic fuel stations.
Speaking the Emirates newspaper e National, ADNOC Distribution’s chief operating o cer Mohamed Al Hashimi said: “We might have some announcements this year, in terms of at least by the end of Q3,
we’d be able to give on the lubricants side.” He added: “We’re assessing all those options and we continue to nd and search for that one pathway into the Indian market,” he added. Hashimi noted the growing importance of lubricants to ADNOC Distribution and said that entering new lubricant markets presented an opportunity to increase sales overseas.
“It doesn’t take a massive amount of capital to take the base oils or lubes to market ... So these shelf spaces are quite saturated,
otherwise the ADNOC brand is well known, but the further and further you go from
the UAE, the strength of the brand starts to weaken and that’s a huge factor in expanding shelf space aggressively,” he said. Hashimi said that during the second half of 2019, the company intends to open 20-30 new fuel stations in the UAE, with around 100 stations getting a faceli courtesy of a revitalisation programme.
ADNOC Distribution was the second of the parent company’s subsidiaries in which overseas investment was granted following the realisation of the 2017 pledge to embark on “more pro-active management of its portfolio of assets”. is came in the form of Baker Hughes acquiring a 5% stake in ADNOC Drilling in October that year for $550mn.
SOUTHEAST ASIA
PHE ONWJ conducts YYA-1 well handling process
Pertamina Upstream Northwest Java
O shore Energy (PHE ONWJ) succeeded in accelerating the Relief Well YYA-1RW drilling plan in an e ort to stop gas bubbles a er one week of conducting surveys to determine the well points and rig placement.
Drilling of the well began at 14.00 West Indonesia Time on ursday (1/8), or 2 days ahead of the original schedule. Until 06.00 WIB this morning, Saturday (3/8), drilling had reached 136 meters depth and continued until the target depth of 2765 meters.
“ e Jack Up Soehanah rig was already around the YYA-1RW relief well location on July 27, 2019. e rig mobilization activity was carried out in conjunction with a geohazard and geotechnical survey, so there was no waiting time. e pre-load process can be carried out immediately once the Marine Survey Waranty is obtained. Meanwhile some preparatory work can be done simultaneously so as to accelerate the two-day voting period from the original plan,” said PHE VP relations I i Sukarya.
PHE ONWJ is cooperating with experienced companies in the eld of well control that have proven to be successful in handling the same things including events
in the Gulf of Mexico, despite the problems currently occurring at PHE ONWJ on a much smaller scale. Besides that PHE ONWJ is also working with other experienced companies
to help provide a joint view and study related to the optimization of handling situations like this.
PERTAMINA, August 3, 2019
Week 31 07•August•2019
w w w . N E W S B A S E . c o m
P11