Page 14 - AsianOil Week 44 2022

AsianOil NEWS IN BRIEF AsianOil

oil supertanker grounded in for the January-September period at 267.4 Development Co (SODECO), a consortium
of Japanese firms, held a 30% stake each
billion yen.
Indonesia will take a month to weakness were positive factors, but stable in the project. Russian oil major Rosneft
"Stronger oil and gas prices and the yen's
through Sakhalinmorneftegaz-shelf and R N
free, warns navy operation at the Ichthys LNG project (in Astra owned the remaining 20% share.
Foreign shareholders were given a month
Australia) also contributed to our solid
Indonesian authorities said on November performance," Daisuke Yamada, Inpex's to Nov. 12 to decide about their stakes. Last
7 it could take up to a month to free a managing executive officer, told a news week, the Japanese consortium also decided
crude oil tanker stuck in its waters, while conference. to stay in the project in a move welcomed
the United States slapped sanctions on the The one-off gain of 33.3 billion yen from by Tokyo. Sakhalin-1 has turned out to be
vessel for alleged links to Hezbollah and a selling its stake in the Lucius and Hadrian a money spinner for ONGC Videsh, and
branch of Iran's Revolutionary Guards. North Fields oil project in the U.S. Gulf accounted for about a quarter of its proved
The Indonesian navy has been trying to of Mexico boosted its earnings, offsetting reserves of 124.7 million tonnes in the year
free the Djibouti-registered vessel, Young an impairment loss of 18.3 billion yen it ended March 31, 2022.
Yong, which ran aground off Indonesia's booked in the July-September quarter on its Sakhalin-1 was producing 220,000 bpd
Riau Islands on Oct. 26. stake in the U.S. Eagle Ford shale oil project. before Russia invaded Ukraine in February.
The US last week issued sanctions against The impairment loss was due to lower- Its output collapsed, however, after Exxon
an international oil smuggling network than-expected output and reserves and the refused to accept Russian insurance cover
it said supports Hezbollah and Iran's Japanese company may withdraw from the for the tankers as Western insurers pulled
Quds Force, targeting dozens of people, project, Yamada said. out due to the sanctions, according to
companies, and tankers as Washington "We may consider selling the project," industry sources.
sought to mount pressure on Tehran. Yamada said, adding that Inpex had already Production from Sakhalin has appeared
The Young Yong was among the vessels posted a similar loss of about $300 million to have recovered after a change in its
sanctioned. US embassy officials in on the stake in 2020 after buying the 100% operator and industry sources have said
Singapore and Jakarta did not immediately stake in the project in 2019. the new Russian entity plans to restore oil
respond to requests for comment. The sale of the Lucius stake and the output levels on Sakhalin-1 shortly.
Capable of carrying 2 million barrels possible exit from the Eagle Ford are part
of crude oil, the stranded tanker is almost of Inpex's portfolio reshuffle, shifting
full, according to shipping data on Refinitiv away from North America to focus on its Hess hires Velesto for drilling
Eikon. Rear Admiral Arsyad Abdullah of core geographic areas such as Australia,
the Indonesian navy said an operation was Indonesia, the Middle East, Norway, and services in Malaysia
underway to free the ship. Japan, he said.
"We need to be careful with the process Malaysia's Velesto Energy has secured a
because there are (natural gas) pipes, so it $135 million integrated rig, drilling, and
may take about a month," he told Reuters India's ONGC applies to retain completion services deal with Hess Corp. in
on Monday. The ship ran aground in the Malaysia.
Singapore Strait near a key pipeline that 20% in Russia's Sakhalin-1, The i-RDC is a concept in which
supplies natural gas to Singapore. No integration of drilling rig services,
injuries or leaks have been reported. It says Reuters equipment and in some cases procurement
typically loads crude oil bound for China of materials for drilling & completion
from floating storage at the Singapore- India's Oil and Natural Gas Corp has services are covered under a single contract
Malaysia Straits. applied to the new Russian operator of the between the operator or oil company, as
The ship is owned by Technology Bright Sakhalin-1 to retain its stake in the oil and the owner of the project, and one service
International Co Ltd and managed by East gas project in the Far East, a person familiar company as an i-RDC contractor.
Wind Ship Management Ltd. The companies with the development said. The I-RDC services deal is for Hess’
could not be reached for comment. Russia has established a new entity, 2022 to 2024 North Malay Basin Full Field
managed by a Rosneft subsidiary, that owns Development Campaign. Velesto will deploy
investor's rights in Sakhalin 1 after the exit NAGA 5 jack-up rig.
Japan's Inpex lifts profit of previous operator ExxonMobil. Abdul Rahim said, “The i-RDC services
President of Velesto, Megat Zariman
Moscow gave the state-run company
forecast on higher energy prices the authority to decide whether foreign contract is the first jack-up rig drilling
shareholders can retain their participation.
contract to be awarded through an i-RDC
Japan's biggest oil and gas explorer, Inpex "Yes," said the person when asked if arrangement in Malaysia."
Corp, lifted its full-year profit forecast ONGC has applied to retain its stake in “We are partnering with Halliburton
by 14% to a record 400 billion yen ($2.7 the project. ONGC holds a 20% stake as our technical partner to provide these
billion) thanks to higher-than-expected oil through its overseas investment arm ONGC services to drill and complete 14 offshore
and gas prices and the yen's plunge against Videsh. ONGC Videsh and Rosneft did not wells."
the US dollar. immediately respond to a Reuters request
The company raised the forecast for for comment.
2022 from its August estimate of 350 billion Prior to formation of the new entity,
yen after reporting a 94% jump in its profit Exxon and Sakhalin Oil and Gas

P14 www. NEWSBASE .com Week 44 08•November•2022