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AsianOil NEWS IN BRIEF AsianOil

S O UTH ASIA Refineries division of IndianOil has 622 ongoing commercial operation today at 0:00 AM. The
new projects with a total outlay of Rs.1,18,141 power plant has been under construction by
HOEC updates on arbitration crores. In the current financial year, already over Fukushima Gas Power (FGP), which is a project
company to promote the project of natural gas-
Rs.818.35 crores have been disbursed to the
Pursuant to Regulation 30 of SEBI (Listing workers engaged in these ongoing projects. fired power generation at Soma Port in Shinchi
Obligations and Disclosure Requirements) IOC, August 26, 2020 Town, Fukushima Prefecture, which JAPEX
Regulations, 2015, we wish to make the participate as the project partner.
following disclosure. As the basement of the project, the power
“In the matter of an adhoc arbitration SOUTHEAST ASIA plant had been under construction at Soma
related to PY-3 offshore field in east coast (that Port No.4 Warf, since the investment decision
remains shut down since July 2011) between KrisEnergy hits milestone in in October 2016 by FGP and its shareholders:
Hardy Exploration & Production (India) JAPEX, Mitsui & Co., Osaka Gas Co., Mitsubishi
Inc. (Claimant) and the Non- Operators Cambodia block Gas Chemical Co., Hokkaido Electric Power Co.
(Respondents) including HOEC (Participating Together with the No.1 Unit commenced
Interest 21%), ONGC (40%) and Tata KrisEnergy, an independent upstream oil commercial operation on April 30, 2020, the
Petrodyne Limited (21%), the Tribunal has and gas company, is pleased to announce that power plant’s generation capacity is a total of
upheld certain claims of the Claimant in its fabrication of the minimum facilities wellhead 1.18 million kW (two units of 0.59 million kW).
Award. The place of Arbitration being Kuala platform for the Apsara oil development The power plant uses regasified LNG (Liquefied
Lumpur, Malaysia, the Company will be filing offshore Cambodia Block A is completed and Natural Gas) for fuel, as the lowest emission of
an appeal against the Award within the due date. the topsides and jacket are being transported Green House Gas (GHG) and air pollutants
Meanwhile, the Claimant has sought to to Cambodian waters in the Gulf of Thailand among fossil fuels*1 and adopts GTCC
enforce the award through a petition before the for installation. (Gas Turbine Combined-Cycle) with highly
Honourable High Court of Gujarat at Ahmedabad. Fabrication of the Mini-Platform for generation efficiency of 61%*2 by utilizing the
The Gujarat High Court passed an interim Cambodia’s maiden oil field development latest technologies to the proven model.
relief (ex parte) and the hearing is scheduled on commenced in early December 2019 at NOV’s The No.2 LNG tank with 230,000 kL capacity
September 11, 2020. The financial implication of PT Profab1 facility on Batam Island, Indonesia. and additional regasification equipment of the
the Award on the Company is about ₹ 10 crores Load out and sail away of the structures were second constriction phase in Soma LNG terminal
(Rupees Ten Crores only). The Company would be completed on 25 August 2020. was transferred to full-scale operation in the time
contesting the case in appropriate legal forums both The Mini Phase 1A development comprises with the commercial operation of No.2 Unit of the
in India and in Malaysia.” the Mini-Platform and five initial development power plant. Under the contract with FGP, JAPEX
HOEC, August 25, 2020 wells connected to the Ingenium II production conducts management of the facilities constructed in
barge for oil, gas and water processing. The Mini the second construction phase, as well as storage and
IOC currently executing Phase 1A Apsara development is expected to regasification of LNG fuel used for power generation,
reach a peak rate of 7,500 barrels of oil per day.
and supply of re-gasified gas to the power plant based
2,814 projects KRISENERGY, August 26, 2020 on the tolling method*3 this project applies.
JAPEX, August 24, 2020
Reiterating its focus on ‘Atmanirbhar Bharat’,
Indian Oil Corporation Ltd. (IndianOil) has EAST ASIA
ramped up activities across all its project sites OCEANIA
while strictly following the COVID-19 health JAPEX starts up Fukushima
advisories. These megaprojects will ensure Cooper reviews asset
the nation’s energy security as the Indian TPP
economy prepares to bounce back. values
IndianOil is currently executing 2814 projects Japan Petroleum Exploration (JAPEX)
spread across the country with a cumulative announced that the No.2 unit of Fukushima Cooper Energy advises it anticipates non-cash
cost of Rs.2,05,100 Crores. Out of these, the Natural Gas Power Plant commenced impairment charges in its financial statements
for the year ending 30 June 2020 following a
review of asset values.
The review assessed carrying values and
abandonment provisions in light of lower
current gas and oil prices in post-COVID-19
markets, the US dollar exchange rate, lower
interest costs and intelligence acquired since
31 December 2019 on drilling, development,
restoration and abandonment costs.
The final quantum of the charges is subject to
finalisation and approval of Cooper Energy’s full
year audited financial statements and is expected
to be approximately $108 million before tax ($76
million after tax). This charge has no impact
on underlying EBITDAX or cash flow and is
excluded from underlying results.
COOPER ENERGY, August 25, 2020

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