Page 13 - AsianOil Week 07 2021

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On these vessels, WinGD’s X-DF2.0 iCER OCEANIA of these wells. The Company is focused on
main engine will be utilized for the first time understanding the reasons for this prior to
in the world. This engine consumes less Impairment of Orbost gas deciding the optimum production strategy for
gas and reduces GHG by cutting methane these assets.
emissions from exhaust gas by approximately processing plant Beach Energy Managing Director Matt
50%. Further, the vessels will be equipped with Kay said that while the performance of the
battery hybrid technology, which will improve APA today announced it is expected to Western Flank oil fields were not as we had
fuel efficiency by mitigating main engine and recognise, subject to finalisation of the half expected, the Company’s first half was one
electrical generator load fluctuations through year accounts and review conducted by the that delivered key milestones across the
the support of batteries. The use of LNG fuel, external auditors, a non-cash impairment of portfolio.
together with these new technologies and approximately $249 million (pre-tax) to its “When you take stock of what has
other developments such as hull modification, Orbost Gas Processing Plant in its financial happened in the past six months, it’s extremely
will contribute to a reduction of sulfur oxide statements for the period ended 31 December pleasing to see we have well and truly set the
(SOx) emissions by 99% compared to ships 2020. The impairment reflects increased foundations for growth,” Mr Kay said.
fueled by heavy fuel oil. Likewise, nitrogen capital expenditure and reassessment of “It’s not every day you can look back at
oxide (NOx) emissions will be cut by 96%, the plant’s future cash flows following a half and say you reached FID at an LNG
and CO2 emissions by approximately 40% or commissioning work during the half year project the scale of Waitsia, delivered a
more (per unit of transportation). period. material liquids rich gas discovery in the
Concluding this ship-building contract The impairment charge reflects Otway Basin and executed two value-accretive
for these four vessels is in line with NYK’s the continuation of production levels acquisitions.”
plan to replace current vessels with around and expenditure based on the current “Most importantly, the first half of FY21
40 newly built LNG-fueled PCTCs over the performance of the asset since re- was our safest on record, with the Company
next decade to achieve NYK’s environment configuration and resumption of processing at achieving a record one-million hours injury
management target, which is to reduce CO2 the processing plant. free.”
emissions per ton-kilometer of transport by APA and Cooper Energy continue to work BEACH ENERGY, February 15, 2021
50% by 2050. NYK aims to further advance to together to improve the plant’s operation
zero-emission vessels utilizing low-emission and processing capacity, with the objective Cooper announces half-year
marine fuels such as hydrogen and ammonia to achieve nameplate capacity of 68 TJ/day.
from around the mid-2030s. APA and Cooper Energy have a Transition results 2021
On February 3, 2021, NYK announced Agreement in place and root cause analysis is
the NYK Group ESG Story, which aims to underway to address gas processing issues to Cooper Energy has announced record
further integrate ESG into the company’s support a reliable and sustainable production production, record sales volumes and lower
management strategy and promotes activities rate. underlying earnings for the half year period
that contribute to the achievement of the The impairment charge is a non-cash item ended 31 December 2020. Increased gas
SDGs (Sustainable Development Goals) by and is not expected to impact APA’s FY21 production from the Sole field underpinned
providing cleaner transportation services, underlying EBITDA, operating cash flow or an 82% increase in total production to
including the introduction of next-generation distributions to securityholders. 1.20 MMboe, while costs associated with
eco-friendly ships within the PCTC fleet. To APA’s 1H21 results will be released to the reconfiguration and commissioning of
strongly promote ESG management, NYK will market on Tuesday 23 February 2021. the Orbost Gas Processing Plant (OGPP)
encourage new value creation as a sustainable APA, February 18, 2021 contributed to a 40% decline in underlying
solution provider through a business strategy EBITDAX to $9.7 million. An underlying net
that responds to climate change. Beach delivers EBITDAX of loss after tax of $17.4 million was recorded
NYK, February 12, 2021 (H1 FY20: $2.0 million loss).
Managing Director David Maxwell said
Elixir to drill 13 more wells $466mn that 2020 was challenging but it has been
Beach Energy has today released its FY21 Half
an encouraging start to 2021 with a step-
in Mongolia Year results, in which the Company delivered change in production and sales volumes now
a sound NPAT of $129 million.
underway.
Mongolia-focused Elixir Energy plans to drill EBITDAX of $446 million generated a “Signing the Transition Agreement with
13 more wells in the country this year, the revenue sales margin of 63%, while EBITDA APA and subsequent reconfiguration of the
Sydney-listed company said in a February 15 of $407 million was impacted by a $39 million Orbost Gas Processing Plant were critical
statement. Elixir Energy will also undertake exploration expense, primarily relating to milestones during the first half of FY21.
a pilot production test this year at its Nomgon Ironbark, Wherry and Bonaparte assets. This enabled us to commence supply under
coalbed methane project in Mongolia. The test Despite NPAT falling 53 per cent on the our Sole gas sales agreements, providing
will start in the second half of 2021, assuming corresponding half, reflecting the 40 percent a material uplift in sales volumes, realised
approvals are on time, and may last several decline in realised oil price, production pricing and cash flow.
months, Elixir said. remained steady at 13.0 MMboe. “Current daily gas production rates of
The Nomgon production sharing contract is Western Flank oil production was up circa 60 TJ/day from our Gippsland and
located in the Gobi Desert on the Mongolia-China ~8% on the corresponding period following Otway Basin permits represent a roughly
border. Elixir late last year raised its prospective the FY20 drilling program, which saw 27 300% increase on average daily rates this
resource estimate from 7.6 trillion cubic feet to 14.6 horizontal oil wells drilled across the Western time last year. With production at Orbost
trillion cubic feet on a risked basis. Flank oil fields. However, we have seen higher stabilising, we have guided towards full year
BNE INTELLINEWS, February 16, 2021 than expected decline rates in a number FY21 production of 2.7 – 2.9 MMboe (FY20:

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