Page 12 - AsianOil Week 09 2022

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Australian court dismisses challenges

against Woodside gas projects

PROJECTS & THE Supreme Court of Western Australia has While the CCWA has expressed disappoint-
COMPANIES dismissed two challenges brought against gas ment over the court’s decision, the group has
projects operated by Woodside. also filed a separate challenge against Woodside’s
The challenges had been brought by the planned expansion of Pluto LNG. The Pluto
Conservation Council of Western Australia Train 2 expansion is tied to the company’s final
(CCWA), an environmental group, in a bid investment decision (FID) on the Scarborough
to overturn certain approvals granted in 2019 gas project, taken last year. That challenge was
by the Western Australia Environmental Pro- filed in November 2021 and Woodside said in
tection Authority. The approvals relate to the a filing this week that a hearing date had yet to
Pluto LNG terminal and the Karratha gas be set.
plant. The company is continuing to work on the
The CCWA had challenged the approvals on development of Scarborough and Pluto Train 2
the grounds that they would result in significant and the start-up of the Pluto-KGP interconnec-
additional impacts on the environment, spe- tor in the meantime, it added in the filing.
cifically in the form of additional carbon diox- Woodside’s shares surged to AUD30, their
ide (CO2) emissions. Justice Jeremy Allanson highest level in two years, on news of the court’s
rejected the group’s challenges, saying it had not dismissal of the two challenges. They subse-
established that the EPA’s then-chair had not quently continued to rise over the remainder of
considered the possible impacts before granting the week, replicating a trend seeing across much
the approvals in question. Allanson also refused of the global oil and gas industry as crude prices,
leave for judicial review because the application elevated by the war in Ukraine, have bolstered
had been filed too late. energy stocks.™

NEWS IN BRIEF

SOUTHEAST ASIA and had year-end 2021 proved reserves of Now the price per barrel is above 100 US
approximately 70mn barrels of oil equivalent. dollars, which previously was only 50-60 (US
ConocoPhillips completes CONOCOPHILLIPS, March 02, 2022 dollars),” said Jokowi.
Vice president of corporate
sale of Indonesia assets Despite increase in global communication of Pertamina, Fajriyah
Usman, said Pertamina would continue to
ConocoPhillips announced today that it oil prices, Pertamina monitor the increase in world crude oil prices
has completed the sale of the subsidiary and its strategic impacts. However, what is
that indirectly owns its 54% interest in the ensures sufficient certain is that Pertamina seeks to maintain the
Indonesia Corridor Block production-sharing national supply of fuel and LPG, ensure the
contract (PSC) and a 35% shareholding Indonesia energy supply distribution to all Indonesians, and ensure the
interest in the Transasia Pipeline Company to sustainability of the national energy ecosystem
MedcoEnergi for $1.355bn, with an effective The increase in global crude oil prices has amid the global crude oil prices challenge that
date of January 1, 2021. After customary penetrated $110 per barrel per day following continue to soar.
closing adjustments, net cash from the sale the increasingly heated Russia-Ukraine “Pertamina’s operational activities from
is approximately $0.8bn, which accounts conflict. World crude oil price is the highest upstream, refinery to downstream, continue
for $0.1bn restricted cash transferred to since 2014, which averaged $93.17 per barrel. to run well to maintain national energy
MedcoEnergi at closing. It corresponds to what President Joko security,” said Fajriyah.
“We are proud of our half-century history Widodo remarked on Tuesday, March 1, 2022, According to Fajriyah, with this effort,
in Indonesia and pleased that MedcoEnergi on the rise in global crude oil prices driven Pertamina ensures that the national oil and
recognises the value of this business,” said by the Russian-Ukraine conflict. President gas ecosystem can also run well so that it
Ryan Lance, ConocoPhillips chairman and Jokowi emphasised that this increase in oil continues to be a driver of national economic
chief executive officer. “This disposition is part prices must be watched out for to prevent growth.
of our ongoing effort to focus our investments energy shortages. “With the support of stakeholders,
across low cost of supply opportunities.” “There is energy scarcity. Even before the Pertamina will continue to improve its
The assets sold produced 51,000 barrels of war, the price went up because of scarcity. performance in facing the challenges of global
oil equivalent per day (boepd) during 2021 Because of the war, the price went up again. energy dynamics and the world’s energy

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