Page 13 - AsianOil Week 48

AsianOil
NEWS IN BRIEF
AsianOil
SOUTH ASIA
ONGC raises $300mn 10- year bond
Oil and Natural Gas Corporation Ltd. (ONGC) has priced its maiden offering of USD bonds in the aggregate principal amount of USD 300 million for meeting capital expenditure in accordance with the External Commercial Borrowing guidelines issued by the Reserve Bank of India and successfully achieved its objective to set a fresh benchmark for the Group Companies.
The bonds will bear a coupon of 3.375% and will mature in 2029. This is the tightest coupon for 10 year or longer tenor offering from India ever achieved by any Indian Corporate.
The mix of investors is diverse, from across Singapore, HK, London, Taiwan, Japan and Middle East which includes 77% bid from Asian investors and 23% from EMEA investors. The Bankers to the deal were – Citi, DBS Bank Ltd, MUFG, SBICAP and Standard Chartered.
ONGC CMD Mr. Shashi Shanker said that ONGC funds its operations from internal accruals and it has capacity to do the same in future also; the offering of USD bond however was important to set a benchmark for ONGC group which has become one of the most integrated energy major post acquisition of
HPCL. It is anticipated that once the benchmark is set, it will facilitate group entities to raise funds at a competitive price.
ONGC Director (Finance) Mr. Subhash Kumar added that the yield achieved in the exercise was one of the best which further reinforces the credentials of ONGC as an integrated energy major. It is also expected that this issuance will enhance the group visibility in international market which will also pave way for upgraded corporate governance.
ONGC, November 28, 2019
SOUTHEAST ASIA
Eni completes East Sepinggan sale
Eni, through its subsidiary Eni East Sepinggan Limited and Neptune Energy Group Limited, through its subsidiary Neptune Energy East Sepinggan BV, have completed the transfer
of a 20% participating interest in the East Sepinggan area out of Eni’s share to Neptune Energy Group Limited.
Eni, with 65% participating interest, will continue to be the Operator of the area which is located in the East Sepinggan area, offshore East Kalimantan in Indonesia, and includes Merakes development and Merakes East discovery.
The remaining participating interests will now be held by PT Pertamina Hulu Energi East Sepinggan and Neptune Energy East Sepinggan BV with 15% and 20% respectively.
The completion of this transaction with Neptune Energy strengthens the cooperation in Indonesia, where both companies are partners in several upstream projects, such as Muara Bakau area, which includes the Jangkrik field in the Kutei Basin, offshore East Kalimantan, where Eni is the joint venture Operator with 55% participating interest share.
The Merakes development project, in the East Sepinggan area, consists in the drilling and construction of subsea wells with a dedicated transportation system in 1500m water depth and connected to the Jangkrik Floating Production Unit (FPU), located 35 km North East. The gas production will be shipped to the Bontang LNG plant using also all the other existing facilities
of Jangkrik field as well as the East Kalimantan transportation network. This new production will also contribute to the life extension of the plant.
ENI, December 4, 2019
Premier announces first gas from BIG-P, Indonesia
Premier is pleased to announce that it has achieved First Gas from its operated Bison, Iguana and Gajah Puteri (BIG-P) project in the Natuna Sea Block A offshore Indonesia. The two-year project was delivered on schedule and significantly below budget.
Premier expects BIG-P’s recoverable reserves to be in excess of the 93 BCF (gross) estimated at sanction as a result of the successful three-well drilling campaign which encountered additional productive sands.
BIG-P production ties into the existing Natuna Sea Block A infrastructure, also operated by Premier, and supports the Company’s long- term gas sales contracts into Singapore. PREMIER OIL, December 4, 2019
EAST ASIA
Total, MOL charter France’s 1st LNG bunker vessel
Total Marine Fuels Global Solutions (TMFGS) and Mitsui O.S.K. Lines, Ltd. (MOL) have signed a long-term charter contract for
a second large LNG bunker vessel, to be delivered in 2021. She will be positioned in the Marseille-Fos area in France.
This bunker vessel will be built by Hudong- Zhonghua Shipbuilding in China. She will have a capacity of 18,600 m3 for a length of about
Week 48 04•December•2019
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