Page 13 - AsianOil Week 50

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NEWS IN BRIEF
AsianOil
utilisation, minimizing global transit cost and lowering emissions,” Irene Waage Basili, continued.
SHEARWATER GEOSERVICES, December 18, 2019
Woodside builds
momentum at Myanmar
development
Woodside is pleased to advise that the A-6 Development offshore Myanmar has moved from the exploration and appraisal phase to the pre-front-end engineering design (pre- FEED) phase. The development, located in Block A-6 within Woodside’s Southern Hub, is being progressed alongside joint venture participants MPRL E&P Pte Ltd and Total E&P Myanmar.
Woodside, together with the Block A-6
joint venture partners and Myanma Oil &
Gas Enterprise (MOGE), has successfully executed two agreements comprising the Fourth Amendment and Supplementary Agreement
to the Production Sharing Contract and the Agreement on Upstream and Midstream Ratio.
In enabling the A-6 Development to move forward, the Government has demonstrated that it is open for business, commercially- minded and disciplined in its approach to attracting investment.
Woodside Executive Vice President Development Meg O’Neill thanked the Government of Myanmar for its ongoing support.
“We appreciate the Government of Myanmar’s ongoing support and willingness to work with the joint venture to ensure the A-6 Development is progressed in a timely manner. The Block A-6 Joint Venture and the Government of Myanmar have agreed a fiscal framework that will enable commercialisation of Myanmar’s first ultra-deep-water resource. The A-6 Development will generate a significant long-term revenue stream for the country and pay taxes and royalties to the Government of Myanmar. We are also proud that this development has been structured
to benefit the people of Myanmar through training, development and capability build for Myanmar nationals,” she said.
The A-6 Development concept includes the drilling of up to 10 ultra-deep-water wells (six wells in Phase 1 and up to four additional wells in Phase 2) in 2,000-2,300 metre water depth. The wells would be linked to a subsea gathering system routed up the continental shelf slope to a shallow-water processing platform. The gas would then be exported via a 240-kilometre pipeline to a riser platform located near the existing Yadana platform
complex. The riser platform would distribute gas via the existing pipeline infrastructure to Myanmar and Thailand.
The A-6 Development is targeting FEED entry in the second half of 2020. WOODSIDE ENERGY, December 18, 2019
EAST ASIA
Subsea 7 wins offshore China contract
Subsea 7 today announced the award of
a sizeable(1) contract by Offshore Oil Engineering Co. (COOEC), for CNOOC’s Lingshui 17-2 Gas Field Development Project - Steel Catenary Risers Installation Services. The field is located in the South China Sea approximately 150km offshore Sanya, Hainan province.
The contract scope includes transportation and installation of five steel catenary risers with diameters ranging from 10” to 18”. Lingshui 17-2 field water depth ranges from 1450m to 1560m. Project management and engineering will commence immediately at Subsea 7’s offices in Kuala Lumpur, Malaysia, with offshore operations taking place in the first half of 2021.
Christopher Ratajczak, Vice President Asia said: “We recognise the importance of this project to both COOEC and the operator, CNOOC. We are delighted that they have selected Subsea 7 as their partner. It further demonstrates the trust that clients put in
our ability to deliver technically challenging projects in deep water.”
Subsea 7 defines a sizeable contract as being between USD 50 million and USD 150 million.
SUBSEA 7, December 17, 2019
OCEANIA
Beach farms in to NZ licence
Beach Energy advises that it has reached agreement with OMV to acquire a 30% participating interest in exploration permit PEP50119 in the Great South Basin, offshore New Zealand.
Under the agreement, Beach will acquire a 30% participating interest in the permit in exchange for funding a 30% share of the Tawhaki-1 well cost and the associated work program and budget. The estimated capital exposure is approximately $25 million net to Beach.
The transaction is subject to New Zealand
government and regulator approval. Following completion, Beach’s interest in PEP50119 will be 30%, with operator OMV holding a 52.93% interest and Mitsui E&P Australia Pty Ltd holding 17.07%.
The PEP50119 exploration permit contains the large Tawhaki prospect and other leads. Tawhaki is a basement drape structural trap with up to 470 km2 under structural closure. The prospect is defined by modern, high-quality 3D seismic data and interpreted to have Cretaceous reservoirs of similar age and quality to the excellent sandstones encountered in Caravel-1, approximately 130 km to the north in PEP38264 (Beach 37.5% and operator).
The Tawhaki-1 well is planned to be drilled in early calendar 2020 by the COSL Prospector rig as part of a larger OMV-led drilling campaign.
BEACH ENERGY, December 19, 2019
Oilex secures extension
for Cooper-Eromanga
acquisitions
Oilex Ltd is pleased to announce that the date for the satisfaction of the conditions precedent in regard to the acquisition of 27 Petroleum Retention Licenses (PRLs) in the Cooper- Eromanga Basins from Senex Energy Limited and certain of its related entities (collectively “Senex”) has been extended by two months
to 29 February 2019. The Company advises that it is well advanced in the negotiations to secure the completion of the acquisition of the PRLs with the extension providing further time to finalise these negotiations and obtain the applicable regulatory approvals.
On 27 September 2019 , the Company announced that it entered into a legally binding term sheet with Senex in 27 PRLs in the Northern Oil and West Gas Fairway in the world class Cooper-Eromanga Basins in South Australia, subject to satisfaction of conditions including government approvals by 31 December 2019, now extended to 29 February 2019.
The Senex acquisition, comprising the Northern Fairway PRLs, cover 2,445 km2 (~604,000 acres) and include permits covered by the 792 km2 Cordillo 3D seismic survey acquired by Senex in 2012. Senex is the operator of each of the Northern PRLs and has agreed to transfer 100% of its interest
in the permits subject to satisfaction of conditions (including government approvals). The PRLs are part of the 15-year tenure retention agreement between the South Australian Government and Senex announced in August 2013.
OILEX, December 16, 2019
Week 50 19•December•2019
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