Page 13 - AsianOil Week 05

AsianOil
NEWS IN BRIEF
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strong with operating cash ow of USD 3,540 million (equivalent to THB 102,878 million) and Earnings before Interest, Tax, Depreciation, and Amortization (EBITDA margin) at 71%.
Phongsthorn also said that the “expand” strategy which includes both domestic and international acquisitions and winning bids, drove the average sales volume to reach the record high of 350,651 BOED. e success under this strategy also improved the company’s proved reserves (P1) from 677 million BOE (MMBOE) to 1,140 MMBOE, representing a 68% surge comparing to 2018. is also in uenced the R/P ratio to adjust upward from 5 to 7.5 years.
PTTEP, January 30, 2020
OCEANIA
New Zealand Energy Corp
updatesstatusofoperation
of Ahuroa Gas Storage
New Zealand Energy announced today that it had received 12 months notice of termination of the current Ahuroa Gas Storage Facility (AGSF) Operations Agreement.
NZEC holds a 50% working interest (with New Dawn Energy Limited) in, and
is operator of, the Waihapa Production Station and associated gathering and sales infrastructure (collectively the TWN Assets) which provide a range of services to third parties including operation of the AGSF,
oil handling and pipeline throughput, gas processing and transport, LPG storage and produced water handling and disposal.
NZEC Chairman James Willis said, “A notice of termination of the Operations Agreement has been expected since Flexgas took over the AGSF from the previous owner Contact Energy Limited 18 months ago. e nancial impact of this termination is hard to assess, as aspects of the current arrangements may be renegotiated. ere will also be opportunities to reduce manpower costs.”
NZEC also announces repair of the hole in the tubing in well Ngaere-1 identi ed
in October 2019 and return of the Electric Submersible Pump to service.
NEW ZEALAND ENERGY, February 3, 2020
MinisterCanavan resignation
e Australian Petroleum Production & Exploration Association today thanked Senator Matt Canavan for his strong commitment to the Australian oil and gas industry since his appointment as Minister for Resources in 2016.
APPEA Chief Executive Andrew McConville commended Senator Canavan, who resigned last night, on his drive and focus on the key issues facing the sector.
“Senator Canavan’s tireless and passionate role championing our industry over almost four years has been critical to its ongoing success.”
As Minister for Resources, Senator Canavan has urged the unlocking of domestic gas resources in the face of strong political opposition.
“Senator Canavan has been instrumental in providing the vision for the development of the Beetaloo Basin in the Northern Territory and has been a vocal advocate for Australia’s growing LNG export industry. It has been
on Matt’s watch that Australia assumed the mantle of world’s largest LNG producer,” Mr McConville said.
APPEA and its member companies wish Senator Canavan well in his ongoing role as deputy leader of the Nationals in the Senate.
APPEA looks forward to working with Minister David Littleproud as acting resources minister.
“ e oil and gas industry supports ongoing policy consistency. We look forward to working with Minister Littleproud to continue the good work undertaken by the Government.”
APPEA, February 4, 2020
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