Page 8 - AsianOil Week 08

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PTTEP, Total awarded Omani block
PROJECTS & COMPANIES
OMAN has awarded an exploration and produc- tion-sharing agreement (EPSA) for the onshore Block 12 to Thailand’s state-owned PTT Explo- ration and Production (PTTEP) and French major Total.
PTTEP said on February 19 that the partners had committed to carrying out geological and geophysical studies and 3D seismic surveys as well as drilling an unspecified number of explo- ration wells during the initial three-year explo- ration phase.
Total operates the block with an 80% stake, while PTTEP owns the remaining interest. Block 12 is located in the northern part of cen- tral Oman’s Block 6 and covers around 10,000 square km.
PTTEP said the licence had high gas poten- tial and the focus of the Omani government for exploration, development and production.
PTTEP president and CEO Phongsthorn Thavisin said: “The deal will also widen oppor- tunity for PTTEP to further expand investment in the region for long-term growth and to part- ner with a prudent operator that has extensive experience in Oman.”
The French major originally signed a heads of agreement (HoA) with the Omani Oil Ministry in April 2019 to take a 100% stake in Block 12. Total said at the time that the agreement came after Total, the oil ministry and Oman Oil Co. (OOC) had reached a new milestone in implementing their integrated gas project.
The project entails the development of Greater Barik area’s gas resources, as well as building and operating a liquefied natural gas (LNG) terminal. The Greater Barik area spans Blocks 10 and 11, which also lie within the boundaries of Block 6.
“After the government reached [agreement] on the integrated gas project of the Greater Barik area, the entry into exploration Block 12 repre- sents a new exploration opportunity to unlock
additional gas potential and to contribute to income growth and job creation in the country,” Total chairman and CEO Patrick Pouyanne said at the time.
PTTEP’s entry into Block 12 builds on its presence in the Middle Eastern country follow- ing the Thai company’s 100% acquisition last year of Partex Holding for around $622mn.
Partex holds a 2% stake in the Block 6 project, which is Oman’s largest onshore producing oil asset and has considerable petroleum potential. The company also owns a 1% interest in Oman’s Block 53 as well as a 2% interest in the Oman LNG Project (OLNG).™
Coronavirus hampers Shandong teapots’ efforts to secure credit
EAST ASIA
FINANCE & INVESTMENT
A number of independent refiners in China’s Shandong Province have had their credit lines suspended over concerns about shrinking domestc fuel demand.
DBS Group, Natixis, BNP Paribas and ING have suspended $600mn in credit lines to at least
three of the province’s teapots, Reuters reported on February 25, quoting unnamed executives from the companies involved. The newswire said the three companies had quotas allowing them to import 12mn tonnes (240,000 barrels per day) of oil this year.
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w w w. N E W S B A S E . c o m Week 08 26•February•2020