Page 17 - AsianOil Week 36

AsianOil
NEWS IN BRIEF
AsianOil
(MPA), and Lady Sponsor of the vessel, at
a ceremony that took place today in Keppel Nantong, China. Owned and operated by Sinanju Tankers Holdings Pte Ltd (Sinanju), the bunker tanker will deliver marine fuels to ocean- going vessels within Singapore port limits.
Built to the requirements of classification society, Bureau Veritas, the 7,990 DWT vessel will be Sinanju’s first dual-fuel bunker tanker. Measuring 103-metre long and 19-metre wide, it is equipped with a 55 cubic metre LNG tank with a fuel gas supply system on deck to supply gas to the engine. The vessel is also fitted with pipelines and tanks that enable it to carry multiple grades of marine fuel cargo.
KEPPEL O&M, September 3, 2019
EAST ASIA
Sinopec updates on Shengli heavy oil recovery
Shengli Oilfield’s has applied its heavy oil thermal recovery technology to improve
the efficiency for the past three years, incorporating more than 6,000 wells and generating more than CNY100mn. In the past three years, the cumulative steam injection rate of the technology has been 12mn tonnes, and the thermal efficiency of the steam injection system has increased by 8 percentage points. SINOPEC NEWS NETWORK, September 10, 2019
Fujian United
Petrochemical’s 300,000
tpy alkylation unit project
started
On September 6, Fujian United Petrochemical started work on its 300,000 tpy alkylation unit project and is scheduled to be completed by
the end of June 2020.
The project includes the alkylation unit, a
30,000 tpy waste acid regeneration unit, and
an out-of-boundary system associated with
the unit. The alkylation unit is designed to upgrade gasoline to VI quality. The completion of the installation can significantly improve the gasoline quality of the enterprise and increase the reconciliation capacity of high-grade motor gasoline. Increased sales channels and increased market competitiveness, while increasing the value of C4 liquefied gas. After the device enters production, the company can produce gasoline to meet the national VI standard.
SINOPEC NEWS NETWORK, September 10, 2019
NOVATEK and Saibu Gas sign HoA
Today, in the presence of the Minister of Economic Development of the Russian Federation Maxim Oreshkin and the Minister of Economy, Trade and Industry of Japan Hiroshige Seko, NOVATEK and Saibu Gas signed the heads of agreement (HoA).
According to the Agreement, the parties intend to establish a joint venture focused
on marketing LNG and natural gas to end customers and developing the business for bunkering and gas-fired power generation
in Japan and the Asian region, as well as constructing and operating a new LNG storage tank at the Hibiki LNG terminal.
“We have made another important step forward in implementing our strategy to enter the end customer market in key gas consuming countries, among which Japan is one the biggest markets and long-time consumer of LNG,” noted NOVATEK chairman Leonid Mikhelson. “The creation of our joint venture with Saibu Gas allows us to increase the marketing flexibility of natural gas supplies and create additional opportunities for LNG sales in this important gas consuming region”.
NOVATEK, September 5, 2019
OCEANIA
Tap Oil sells Australian, NZ portfolio
Tap has today signed a sale and purchase agreement (SPA) with Kensington Energy Pty Ltd. (Kensington Energy) a privately owned Australian oil and gas investment company
to sell its residual Australian and New Zealand portfolio. The transaction involves Tap selling the following assets through the sale of wholly-owned subsidiaries. A 20% participating interest in the BHP operated WA-72-R, which contains the Tallaganda gas discovery and for which Tap has booked 49 PJ of net 2C gas resources. A 15% participating interest in the ENI operated WA-25-L including the shut-in Woollybutt Oil Field where abandonment activities are tentatively scheduled between 2020 & 2021. Tap has a US$6.46 million provision for Woollybutt field abandonment (net of PRRT credits) in its 2019 half year accounts. A 5% oil, gas and condensate overriding royalty interest (ORRI) over 66.67% of NZ PMP 38748 that includes the producing Sidewinder oil and gas field. Tap recorded revenue in 2018 of $150,000.
The effective date of the sale is 31 March 2019 (Effective Date), with the economic benefit and burden passing as at that date.
The SPA includes terms and conditions normal for a transaction of this type, with the purchase price post Effective Date adjustments being negative $3.21mn. As a result of the sale, Tap has passed on any field abandonment costs associated with Woollybutt and will therefore no longer have that future liability.
The SPA does not contain any conditions precedent, no government approvals are required and no joint venture partners have exercised their pre-emptive rights over WA-72-R. Accordingly, it is anticipated that completion of the transaction will occur in the next few days.
The transaction will result in Tap booking
a profit on the sale of US$2.58 million after tax reflecting the difference in the consideration and fully written down value of WA-72-R and the WA-25-L provisions.
The transaction was the result of a competitive sales process run by Moyes and Co out of Singapore.
Tap Oil, September 9, 2019
Cooper hits gas at Annie
Cooper Energy as operator of VIC/P44 announces that the exploration well Annie-1 has made a new gas field discovery in the Otway Basin offshore Victoria. The well reached total depth (TD) of 2,442 metres
Week 36 11•September•2019
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