Page 13 - AsianOil Week 35 2021

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Carnarvon secures rig for
Buffalo-10 well

Carnarvon Petroleum is pleased to advise
that the VALARIS JU-107 jack-up drilling
rig has been contracted for the Buffalo-10
drilling operations. The drilling operations
are expected to commence once the rig has
completed its current operations.
The rig is currently operating in the Timor
Sea, around 300km from the Buffalo location,
and is expected to be completing those
operations in around 8 to 10 weeks time. Once
these operations are complete, the rig will
mobilise to the Buffalo location to commence
drilling the Buffalo-10 well.
The final well timing will be subject to
securing the remaining drilling support services
and equipment, and joint venture and regulatory
approvals, all of which are well progressed.
Next, the Dekom and PHR Management The Group’s performance was supported by Carnarvon Managing Director and CEO,
group headed to the Minas area to see the the recovery in commodity prices following Mr Adrian Cook, said: “We are delighted to
Integrated Optimization Decision Support improved economic conditions coupled with have signed the contract with Valaris to drill
Center (IODSC) facility and the Minas 1 lower costs. the highly anticipated Buffalo-10 well later
Collecting Station. The IODSC facility is a For the first half of 2021, the Group posted this year. Having secured a rig that is currently
source of information or ‘big data’ related to a revenue of RM109.6 billion, a 17 per cent in operation is hugely beneficial in terms
well activities and existing equipment in the increase from RM93.6 billion in the first of the direct continuation of drilling and
field that is needed for quick and accurate half of 2020, mainly attributed to favourable associated services.
decision making. average realised prices for major products The Carnarvon team has previous
“This facility is like an airplane cockpit. and higher sales volume impact mainly for experience with this drilling unit as it drilled
From this facility, the activities of thousands liquefied natural gas (LNG) and sales gas. the transformational Dorado-1 discovery for
of wells and equipment that are spread Earnings Before Interest, Tax, Depreciation Carnarvon in 2018. Carnarvon is looking forward
out can be continuously monitored and and Amortisation (EBITDA) stood at RM46.1 to similar success for the Buffalo-10 well.
optimized so as to reduce the potential for oil billion, a jump of 57 per cent from RM29.4 The signing of the rig contract marks
production losses and increase the reliability billion, mainly attributable to higher revenue another significant milestone for the
of operations,” said Jaffee. coupled with lower operating expenditure. Company as we move towards drilling and
Jaffee explained, IODSC leverages digital Profit After Tax (PAT) rose more than 100 subsequent redevelopment of the Buffalo
transformation by storing knowledge from per cent at RM18.9 billion compared to the field. The Carnarvon team looks forward to
experts from various fields and implementing Loss After Tax (LAT) of RM16.5 billion in working closely with Valaris to deliver the
it for well and equipment performance. “The the corresponding period last year, in tandem Buffalo-10 well safely and efficiently.”
data collected every day in the data warehouse with higher EBITDA and lower impairment CARNARVON PETROLEUM, September 2, 2021
can be correlated with other data and loss following upward trending in prices.
converted into useful information,” he added. Cash Flows from Operating Activities Jadestone updates on
After Minas, the group headed to the Duri (CFFO) as at 30 June 2021 increased by 24
area to inspect the drilling location and the per cent to RM32.7 billion from RM26.3 Maari acquisition
Duri steam injection field. Since the transfer billion previously, mainly due to higher cash
of management of the Rokan Block on August operating profits. Jadestone Energy, an independent oil and
9, 2021, PHR has drilled 17 wells. Most of Total Assets strengthened to RM609.1 gas production company focused on the
them are able to produce production levels billion as at 30 June 2021 as compared to Asia Pacific region, provides an update on
that exceed the target. RM574.1 billion as at 31 December 2020, the planned completion of the acquisition of
PERTAMINA, September 2, 2021 mainly contributed by higher cash and fund the 69% operated interest in the Maari asset,
investments as well as receivables. shallow water offshore New Zealand.Further
Petronas delivers solid billion as compared to RM330.6 billion as to the Company’s announcement on 30 June
Shareholders’ Equity increased to RM331.1
2021, both Jadestone and OMV New Zealand
half-year results at 31 December 2020 mainly attributable to Limited continue to work towards completion
of the transaction, including an extension
profit recorded during the period.
Petronas today announced a solid Capital Investments (CAPEX) amounted to the current long stop date of 31 August
performance for the first half of 2021 to RM12.7 billion, mainly attributed to 2021. Further updates will be made when
driven by the Group’s continuous pursuit of Upstream projects. appropriate.
operational excellence and fiscal discipline. PETRONAS, August 27, 2021 JADESTONE ENERGY, August 31, 2021

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