Page 13 - AsianOil Week 25

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NEWS IN BRIEF
AsianOil
Guangzhou Wenchong
delivers LNG-powered
containership
China’s Guangzhou Wenchong Shipyard has delivered an LNG-powered containership to CMA CGM unit Containerships.
e 1,380-teu, dual-fuel Containerships Polar ship will carry out its rst LNG bunkering in Rotterdam port, taking on around 200 tonnes of LNG via ship-to-ship transfers.
Containerships intends to operate 20 LNG- powered vessels by 2022.
DSIC delivers smart oil tanker
Dalian Shipbuilding Industry (DSIC) has delivered the world’s rst “intelligent” oil tanker to China Merchants Energy Shipping.
e ship, which has a total capacity of 308,000 tonnes, was delivered to the coastal city of Dalian on June 22.
e tanker has assisted autopilot navigation, intelligent liquid cargo management and integrated energy e ciency management.
“At present, countries around the world are actively promoting intelligent navigation and developing intelligent technologies for ships, which plays an important role in improving maritime tra c safety, energy conservation, emission reduction and economic e ciency”, China News Service quoted DSIC’s vice chief engineer, Guan Yinghua, as saying.
AUSTRALASIA
Inpex Australia boss calls
for greater LNG industry
co-operation
e new head of Inpex’s Australian operations, Hitoshi Okawa, has told the West Australian that he plans to focus on industry collaboration on future LNG projects to bring costs down.
“In the past we didn’t have a strong relationship with other peers,” Okawa said on June 22. “From now on, as we have started production as an operator, each operator has to collaborate with each other to reduce the total cost of op-ex. at is what we need to do. I really want to engage with other company CEOs.”
He added: “Sharing of supply bases is one of many ways we can collaborate to reduce our op-ex and I think the Australian Government is really expecting that will happen.”
East West to sell New Zealand assets
East West Petroleum announces that it has entered into a heads of agreement dated
June 24, 2019 with a private arm’s length New Zealand company pursuant to which the company has agreed to sell its interest
in Petroleum Exploration Permit 54877
and Petroleum Mining Permit 60291 which comprise the entirety of the Company’s assets in New Zealand.
e Permits are the subject of a Joint Operating Agreement between a wholly owned subsidiary of East West and Cheal Petroleum Limited (CPL). e disposition of East West’s interest in the Permits will be conditional upon the waiver of CPL of its rights under the Joint Operating Agreement to acquire East West’s interest in the Permits, and the waiver or satisfaction of any other obligations as may exist to CPL.
Pursuant to the terms of the HOA, and in consideration of the Transaction, the Buyer will pay East West US$1,900,000 in cash. e e ective date for the sale is April 1 2019 and payments are staged over 12 months of closing with initial payment of $1m with normal closing adjustments, due on closing.
e Transaction would represent a “Reviewable Disposition” as de ned in Policy 5.3 - Acquisitions and Dispositions of Non-Cash Assets of the TSX Venture Exchange (TSXV). As such, completion of the Transaction is subject to approval by the TSXV. It is not anticipated that approval
of the Transaction by the Company’s shareholders will be required.
Completion of the Transaction is subject to, among other things, obtaining necessary approvals and consents dependant on the structure of the Transaction as agreed to by the parties. ere are no nder’s fees payables in connection with this Transaction.
EAST WEST PETROLEUM, June 24, 2019
NZ proposes new oil spill insurance rules
e New Zealand government has proposed new rules requiring o shore operators to increase their oil spill insurance cover from NZ$27m ($18.3m) to NZ$1.2bn ($791m).
New Zealand’s cabinet has agreed to consult on increasing the amount of cover operators require.
New Zealand Associate Transport Minister Julie Anne Genter said: “It’s only fair that operators are able to cover the clean-up cost of a worst-case scenario oil spill. While the likelihood of an oil spill is low, if one occurs it could have signi cant environmental, nancial and cultural impacts and cost tens or even hundreds of millions to clean-up.”
Genter added: “ e proposed upper limit has been set at NZ$1.2bn to future-proof the regime in the event that a future installation proceeds in a higher-risk, deep water location. For existing operators, the amount of nancial insurance required would be well below the upper limit of NZ$1.2bn.”
Week 25 26•June•2019
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