Page 6 - AsianOil Week 07 2021

AsianOil SOUTHEAST ASIA AsianOil

Petronas starts up second FLNG facility

PROJECTS & MALAYSIA’S state-owned Petronas has started
COMPANIES production at its second floating liquefied natu-
ral gas (FLNG) facility, which is moored offshore
Sabah State.
The major said on February 15 that PFLNG
DUA had produced and liquefied its first gas
from the deepwater Rotan field, which lies 140
km off Kota Kinabalu, on February 6.
PFLNG DUA is expected to deliver its first
LNG cargo to customers by mid-March. The
vessel is Petronas’ first FLNG unit capable of
operating in deep waters and can produce 1.5mn
tonnes per year (tpy) of LNG.
Petronas is developing the Rotan field’s
upstream component in partnership with Thai-
land’s state-run PTT Exploration and Produc-
tion (PPTEP).
Petronas’ vice-president of LNG, Zakaria
Kasah, said: “Despite operating in a challeng-
ing environment which is exacerbated by the
COVID-19 pandemic, we managed to com-
mission this megastructure and achieve first
LNG production in seven days upon the first Sabah into a regional deepwater hub.
gas in.” The start-up of the company’s second LNG
Petronas’ first FLNG vessel, PFLNG SATU, vessel comes as the global LNG industry looks
began producing LNG from the Kanowit field forward to more robust returns in 2021, after last
offshore Sarawak State in 2016 before it was year’s price collapse weighed on revenue.
relocated to the Kebabangan field offshore Petronas, for example, reported a MYR19.9bn
Sabah in 2019. ($4.94bn) net loss for the first nine months of last
The state major has hailed the FLNG process year, on the back of a 24% year-on-year slide in
as paving the way for the commercialisation revenue to MYR134.7bn ($33.43bn). The com-
of remote and stranded gas fields previously pany said the decline was predominantly driven
deemed to be uneconomical to develop. More- by both lower average realised prices for all prod-
over, Petronas said that the development and ucts and lower sales volume of processed gas,
deployment PFLNG DUA would help transform LNG and oil products.™

Phoenix downplays

company sale comments

FINANCE & PHILIPPINE fuel retailer Phoenix Petroleum with a ‘stronger balance sheet and higher EPS’ or
INVESTMENT has downplayed a report that its parent company, earnings per share.”
Udenna, is planning to sell the company. Phoenix’s clarification said: “Uy explained
Phoenix said in a February 15 filing to the that as in any business, the company or any of
Philippine stock exchange that no sale was its subsidiaries is open to any investors, major or
being discussed, and that comments by Udenna minority, willing to invest in its operations and
founder Dennis Uy in local media outlet Inquirer [that] can further add value to its business activ-
on the subject were a reflection of the company’s ities and be beneficial to its stakeholders.”
open door policy to interested investors. Phoenix described such offers as “nothing
Inquirer quoted Uy in a February 15 report as new” and that it remained open to investors
saying that he was “open” to selling a minority or who believed in the company’s core business and
controlling stake in the company. could “bring in value to its operations, finances
The Inquirer went on to say: “While no final and to its shareholders”.
decision has been made, Uy explained that “Like in the past, we are open to investors who
potential new investors would provide Phoenix can provide capital to accelerate our growth and

P6 www. NEWSBASE .com Week 757 18•February•2021