Page 18 - AsianOil Week 48 2020

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gas industry can play in supporting the NT’s
economic recovery.
APPEA’s NT Director Keld Knudsen said
the report outlined key recommendations
to improve the investment environment for
the Northern Territory, focusing on smart,
fit-for-purpose regulations and ambitious
approaches for collaboration to encourage
economic growth.
“It’s clear the oil and gas industry is a
central pillar to the TERC plan as the sector
can play a key stabilising role in the Territory’s
economic recovery by providing jobs and
investment along with taxation revenue to
the Northern Territory Government,” Mr
Knudsen said.
Mr Knudsen said successful exploration,
appraisal and development of natural
resources could provide significant benefits
of jobs, local business opportunities
aspiration of achieving net zero carbon Expenditure (OPEX). The key business infrastructure and community investment for
emissions by 2050. objectives are as follows; decades to come.
He said: “PETRONAS’ strategy is to Maintaining production plateau of the “With abundant natural resources,
continue minimising the impact of our existing projects including the S1 Project, access to key markets in Asia and a skilled
carbon footprint in existing and future the Bongkot Project, the Arthit Project, the workforce, the Territory is well positioned to
operations and deploy more low carbon Malaysia Project, the Zawtika Project, as rebound from the COVID-19 pandemic and
solutions technologies. We need to have a well as preparing for planned operations of to capitalise on the emerging opportunities
full understanding of market readiness and the G1/61 (Erawan field) and G2/61 Projects created by increasing global energy demand,
changes in consumer behaviour in order to (Bongkot field). CAPEX allocation for this particularly in Asia,” Mr Knudsen said.
determine the required capital investments. plan is totaled USD 1,943 Million (equivalent Importantly, the report highlighted mining
“We believe there are opportunities to THB 61,204 million). and energy will have the biggest contribution
in growing our low-carbon portfolio and Increasing future production volume by towards increasing economic growth at 27.5
increasing circularity in our resource advancing the development of major projects per cent.
consumption to optimise costs. We are including the Mozambique Area 1 Project and “We have a tremendous opportunity to
already seeing positive results through efforts the Algeria Hassi Bir Rekaiz Project to start continue to turn the Territory’s existing and
that we have put in two decades ago to the production as planned. The company will prospective natural resources – including in
reduce emissions. Over the same period, our also accelerate development plans of Sarawak the Beetaloo Basin – into long-term wealth
technology strategy also delivered improved SK410B in Malaysia, which made a successful and increase economic growth,” Mr Knudsen
efficiencies.” petroleum discovery, in order to reach the said.
PETRONAS, December 1, 2020 Final Investment Decision (FID). CAPEX APPEA, December 2, 2020
worth USD 493 million (equivalent to THB
PTTEP sets 5-year 15,530 million) is allocated to support such Santos to be net-zero
activities.
investment budget enhance contingent resources for supporting emissions by 2040
Accelerating exploration activities to
PTT Exploration and Production Public long term growth. Total CAPEX set to Santos has today announced ambitious new
Company Limited (PTTEP) announces 2021 expedite these activities is USD 152 million emissions reduction targets that include:
investment plan and 5-year investment plan (equivalent to THB 4,788 million), which 2030: Reduce Scope 1 and 2 absolute
(2021-2025) aimed to maintain production main activities include the drilling of emissions by 26-30 per cent on 2020 baseline
volumes from major assets, accelerate key exploration and appraisal wells in Malaysia 2030: Actively work with customers to
development projects as well as capture new and Mexico. reduce their Scope 1 and 2 emissions by
business opportunities for long-term growth, PTTEP, December 2, 2020 >1mtCO2e per year by 2030
targeting a 5-year Compounded Annual 2040: Scope 1 and 2 absolute emissions
Growth Rate (CAGR) for sales volume of 6%. net-zero.
Mr. Phongsthorn Thavisin, Chief Executive OCEANIA Santos Managing Director and Chief
Officer of PTTEP, said the company has set Executive Officer Kevin Gallagher said the
aside total expenditure for PTTEP and its Gas sector will help drive company is already on track to exceed its
subsidiaries for 2021 at USD 4,196 million existing 2025 emission targets and achieve
(equivalent to THB 132,174 million), of which the NT’s economic recovery net-zero emissions by 2050.
USD 2,588 million (equivalent to THB 81,522 “Our focus over the last three years on step
million) is allocated for Capital Expenditure The release of the Territory Economic change technologies such as carbon capture
(CAPEX) and USD 1,608 million (equivalent Reconstruction Commission (TERC) final and storage has enabled a pathway that allows
to THB 50,652 million) is for Operating report has highlighted the key role the oil and us to go further faster when it comes to

P18 www. NEWSBASE .com Week 48 03•December•2020