Page 12 - Asia oil

AsianOil
NEWS IN BRIEF
AsianOil
SOUTH ASIA
GAIL clocks revenue of
INR37,572 crore (up 116%)
in Q1 FY23
GAIL (India) Ltd recorded 116% increase in revenue from operations to INR37,572 crore in Q1 FY23 as against INR17,387 crore in the corresponding quarter of previous financial year. The company’s profit before tax (PBT) increased 90% to INR3,894 crore in Q1 FY23 as against INR2,054 crore in Q1 FY22 while profit after tax (PAT) rose 91% to INR2,915 crore in Q1 FY23 as against INR1,530 crore in the corresponding quarter of last fiscal. The positive results were mainly on account of increased gas marketing and transmission volumes, better marketing spread and higher product prices.
On a quarter-on-quarter basis, the revenue from operations increased 39% to INR37,572 crore in Q1 FY23 as against INR26,968 crore in Q4 FY22, Profit before Tax (PBT) increased 10% to INR3,894 crore from INR3,546
crore while profit after tax (PAT) rose 9% to INR2,915 crore as against INR2,683 crore, primarily because of the same reasons.
On a consolidated basis, the revenue from operations increased 116% to INR37,942 crore in Q1 FY23 as against INR17,589 crore in corresponding quarter in previous year, PBT in Q1 FY23 stood at INR4,230 crore as against INR2,540 while PAT was INR3,253 crore as against INR2,138 crore.
On a quarter-on-quarter basis, the revenue from operations rose 39% to INR37,942 crore in Q1 FY23 as against INR27,328 crore in Q4 FY22, PBT stood at INR4,230 crore as against INR4,375 while PAT was INR3,253 crore as against INR3,454 crore.
Shri Manoj Jain, chairman and managing director, GAIL said the company has successfully registered a healthy growth in
the overall performance despite turbulent times in the gas business. GAIL has incurred a capital expenditure of about INR1,975 crore during the quarter mainly on Pipelines, Petrochemicals, Equity to JVs, etc., he added. GAIL (INDIA) LTD, August 04, 2022
EngroandExcelerateEnergy
sign MoU to develop private
RLNG sector in Pakistan
Engro Eximp, a subsidiary of Engro Corporation, announced today that it has entered a memorandum of understanding (MoU) with Excelerate Energy, a leading provider of flexible LNG infrastructure solutions around the world, related to the development of a private sector gas marketing business in Pakistan.
Under this MoU, both partners will jointly evaluate the possibility of establishing a regasified LNG (RLNG) marketing business with maximum participation from the country’s private sector. This initiative has
the potential to increase private company participation in Pakistan’s LNG sector and enhance Pakistan’s energy security by opening up new RLNG supply avenues for businesses and consumers. This endeavor comes at a point when the need for energy security
has become a critical issue globally, and particularly for Pakistan, against the backdrop of current geopolitical dynamics.
Ghias Khan, president and CEO –
Engro Corporation stated: “I am delighted that Engro’s collaboration with Excelerate Energy has been strengthened through this agreement, which will help Pakistan meet
its energy needs. As a pioneer in Pakistan’s LNG sector, we understand the importance
of enhancing energy security; an imperative for Pakistan to ensure economic growth while providing consumers access to adequate, reliable, and affordable supplies of energy.”
“We value our collaboration with Engro and take great pride in having partnered
with them to build Pakistan’s first LNG import terminal in 2015,” said Mr. Steven Kobos, president and chief executive officer of Excelerate. “This agreement builds on the momentumwehaveestablishedbyextending our reach downstream of our existing terminal to key regasified LNG markets in Pakistan. We remain committed to meeting Pakistan’s growing energy security needs and look forward to expanding our collaboration with Engro in this pivotal market.”
Since 2015, Engro and Excelerate together have played a key role in strengthening energy security of Pakistan through continuous operations of Pakistan’s first LNG import terminal which utilizes a floating storage and regasification unit provided under a long-term charter by Excelerate. The terminal currently fulfils as much as 15% of Pakistan’s natural gas requirements and is recognized as the most utilised FSRU worldwide.
ENGRO EXIMP AND EXCELERATE ENERGY, August 03, 2022
SOUTHEAST ASIA
Keppel O&M awarded floating production contracts worth around SGD75mn
Keppel Offshore & Marine (Keppel O&M)’s wholly owned subsidiaries, Keppel AmFELS and Keppel Shipyard, have been awarded contracts worth around SGD75mn for the refurbishment and completion of two floating production units (FPU).
The first contract is by Keppel AmFELS with Salamanca FPS Infra for the refurbishment of a floating production unit to be operated by LLOG Exploration Offshore, a private exploration and production company in the US.
Keppel AmFELS’ scope of work on the production facility includes demolition, hull modifications, and upgrades to key systems. Expected to be completed in 2Q 2024, the Salamanca FPU will have a capacity of 60,000 barrels of oil per day and 40mn cubic feet of natural gas per day. It will be deployed in the deepwaters of the Gulf of Mexico to service the Leon field and the Castile field.
As the Salamanca FPU is being
upgraded and modified from a previously decommissioned production facility, the time, cost and materials to be used are greatly reduced compared with the construction
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Week 31 05•August•2022