Latest news with #ProductionSharingContract
Borneo Post
21-05-2025
- Business
- Borneo Post
Rep proposes ‘Nelayan Park', O&G hub to boost Balingian's economy
Abdul Yakub suggests developing the coastal area at the estuary of Sungai Badengan into a new tourism attraction, with facilities such as access roads to the beach, and amenities supporting fishing and recreational sports. – Photo by Roystein Emmor KUCHING (May 21): Abdul Yakub Arbi (GPS-Balingian) has proposed the development of a 'Nelayan Park' project aimed at benefiting the fishing communities in the Seberang Mukah area, particularly in Kampung Litong, Kampung Tanjung, Kampung Bunut, and Kampung Sungai Alo. He presented the proposal during the Motion of Appreciation on the Speech by the Yang di-Pertua Negeri at the State Legislative Assembly (DUN) sitting today, emphasising efforts to strengthen the local economy through an inclusive and sustainable development approach. Abdul Yakub explained that the 'Nelayan Park' would incorporate elements of traditional village life, fishing activities, and the coastal ecosystem, leveraging these natural assets for sustainable development. 'This project will not only empower the fishing community through improved infrastructure, but can also serve as an interactive and educational centre focused on fisheries, recreation, and the preservation of local maritime culture,' he said. He suggested developing the coastal area at the estuary of Sungai Badengan into a new tourism attraction, with facilities such as access roads to the beach, and amenities supporting fishing and recreational sports. 'With this development, I believe Seberang Mukah and Mateding will not only become attractive tourism destinations, but also serve as catalysts for local economic growth. 'It is also expected to help preserve the heritage of the fishing communities, which form an important part of Sarawak's coastal identity,' he said. In addition, Abdul Yakub proposed establishing a landing facility for oil and gas resources in the Balingian constituency, following Petronas' announcement on March 30, 2021, regarding a major new oil and gas discovery at the Sirung-1 wildcat exploration well in Block SK405B under the Production Sharing Contract. He noted that the discovery, located in the shallow waters off Balingian, holds significant potential to boost economic development in the area. 'Mateding has been identified as the most strategic location for this activity. 'If realised, the project will create many new job opportunities, especially for youths and local residents of Balingian, and will help reduce the migration of the workforce to urban areas,' he said. To support the industry's growth, Abdul Yakub also called for the establishment of a technical training institute in the area. He stressed that such an institute is vital to develop skilled and competent human capital aligned with the needs of the oil and gas sector and related industries. 'I believe that with this dual approach – industry landing and skills development – Balingian can rise to become a sustainable and competitive new industrial development hub in central Sarawak,' he said. Abdul Yakub Arbi Balingian DUN Nelayan Park oil and gas
Dubai Eye
15-05-2025
- Business
- Dubai Eye
UAE, Turkmenistan seal partnerships in energy and infrastructure
The UAE and Turkmenistan have strengthened energy cooperation with two agreements on gas production and export. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC was a part of the UAE delegation visiting Turkmenistan to enhance cooperation with the country in key sectors including energy and infrastructure. The delegation included several representatives from the UAE government and private sector entities, including Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, and Ahmed Al Sayegh, Minister of State. They met with Gurbanguly Berdimuhamedov, the National Leader of the Turkmen people, Chairman of the People's Council of Turkmenistan, as well as Serdar Berdimuhamedow, President of Turkmenistan. ADNOC's XRG, PETRONAS and the Turkmenistan State Enterprise Hazarnebit signed the Production Sharing Contract (PSC) with the State Concern Turkmennebit, enabling joint exploration, development, and production of natural gas resources in the fields of Turkmenistan. XRG and PETRONAS also signed a long-term Gas Sales Agreement (GSA) with State Concern Turkmengas, ensuring a steady offtake and export of the produced gas. The visit reflects the commitment of both countries' leadership to advancing cooperation in economic and investment sectors for the mutual benefit of both nations and their people.
Iraq Business
08-05-2025
- Business
- Iraq Business
Genel Energy issues Trading and Ops Update
By John Lee. Genel Energy has issued a trading and operations update relating to Q1 2025. Regarding the company's operations in Iraqi Kurdistan, it said: Kurdistan Region of Iraq Operations Gross production of 82,081 bopd in Q1 2025 (increased from 74,140 bopd in Q4 2024) from the Tawke license Working interest production of 20,520 bopd (up from 18,540 bopd in Q4 2024) Q1 2025 sales price remained consistent at around $35/bbl Exit from Sarta and Qara Dagh licenses has been approved by the Kurdistan Regional Government (KRG) Tawke PSC (Production Sharing Contract) continues to deliver consistent production and generate significant cash flow despite discounted domestic sales prices Tawke and Peshkabir fields demonstrate strong operational performance and cost efficiency compared to other fields in the region Financial Matters Related to Kurdistan Balances with KRG have changed: Gross reported nominal receivables decreased to $99 million (from $107 million at YE2024) Payables reduced to around $40 million (from around $50 million at YE2024) Arbitration costs award made by the Tribunal for amounts owed to the KRG by Genel Energy Miran Bina Bawi Limited is approximately $27 million (reduced from $36 million claimed by KRG) GEMBBL has appealed this costs award to the High Court Iraq-Turkey Pipeline Situation Talks between the Kurdistan Regional Government and Federal Government of Iraq and Ministry of Oil regarding the Iraq-Türkiye Pipeline are ongoing No material progress has been made since March 2025 The timing of the resumption of exports remains uncertain Full statement from Genel Energy: Genel Energy plc ('Genel' or 'the Company') issues the following trading and operations update relating to Q1 2025, ahead of the Company's Annual General Meeting, which is being held today. Paul Weir, Chief Executive of Genel, said: " In line with expectations, the Tawke PSC continues to deliver consistent, reliable production and generate significant cash flow even at the discounted domestic sales prices. The operational performance delivered from the Tawke and Peshkabir fields, together with the significant cost efficiency, continues to set these fields apart from others in the region. "Our entry into Block 54 in Oman is expected to complete in the coming weeks, with first substantial work programme activity commencing around the end of the year. "We continue to work towards diversifying our production, both through expansion of our footprint in Oman as well as the purchase of new assets in other preferred jurisdictions. We addressed the maturity of our bond debt by calling the old bond and issuing a new $100 million bond, thereby increasing available cash and putting in place a capital structure that can provide funding towards delivery on our strategic objectives, regardless of whatever uncertainties may face the business at the macro-economic level. " KURDISTAN Gross production of 82,081 bopd in Q1 2025 (Q4 2024: 74,140 bopd) from the Tawke licence where performance continues to be robust and domestic sales demand reliable Working interest production of 20,520 bopd (Q4 2024: 18,540 bopd) Q1 2025 sales price has been consistent with the previous quarter around $35/bbl Exit from the Sarta and Qara Dagh licences has now been approved by the KRG, in the form of relinquishment and termination agreements with minimal residual potential liabilities OMAN As previously announced, we are delighted to have entered Oman through the award of an interest in Block 54 Royal Decree is expected in the coming weeks and we are working with OQEP, the operator, on planned activity for the second half of the year SOMALILAND On SL10B13 in Somaliland, we continue to work towards achieving conditions that support drilling of the highly prospective Toosan-1 exploration well MOROCCO We have informed ONHYM that we will not be extending beyond the Initial Period of the Lagzira licence to the First Extension Period, and consequently will be abandoning the licence in June 2025 FINANCIAL Net cash of $135 million at 31 March 2025 (YE2024: $131 million) Q1 2025 free cash flow of $5 million (Q4 2024: $1 million free cash outflow) Ahead of guidance due to higher production and some timing differences on spend Tawke free cash flow expected to cover organisational costs this year No spend to date on Oman Cash of $201 million at 31 March 2025 (YE2024: $196 million) In April the Company called $66 million of bonds maturing October 2025 and issued a new $100 million bond maturing April 2030 Balances with KRG Both receivable and payables have reduced as a result of the exit from Sarta and Qara Dagh Gross reported nominal receivables of $99 million, reduced from $107 million at YE2024 Payables of around $40 million, reduced from around $50m million at YE2024 The arbitration costs award made by the Tribunal for amounts owed to the KRG by Genel Energy Miran Bina Bawi Limited ("GEMBBL") is circa $27 million, reduced from the circa $36 million claimed by the KRG GEMBBL has appealed this costs award to the High Court on the grounds that, because the KRG did not provide any breakdown of the amounts claimed by reference to any items of work, the Arbitration Tribunal was unable to assess the reasonableness and proportionality of the recoverable costs and consequently did not have jurisdiction to make an award OUTLOOK Tawke free cash flow at current production and prices is expected to continue to cover organisational costs, with net cash at year-end expected to be about the same as the start of the year Following our entry into Oman, there will be some direct capital investment this year as we work towards testing previously discovered resource Talks between the Kurdistan Regional Government and Federal Government of Iraq and Ministry of Oil regarding the Iraq-Türkiye Pipeline are ongoing, but no material progress has been made since March and the timing of the resumption of exports remains uncertain (Source: Genel Energy)
Malay Mail
04-05-2025
- Business
- Malay Mail
On the 51st anniversary of PDA and Petronas, let's relive and revive the spirit of ‘74 — Hafiz Hassan
MAY 4 — The Petroleum Development Bill 1974 was moved in Parliament by none other than Abdul Taib Mahmud, then Minister for Primary Industries. At the second reading of the Bill, the minister spoke at length the purport, intent and objective of the Bill. Before he went on to explain the concept of 'Production Sharing Contract" that was introduced by neighbouring oil producing country, Indonesia, and the challenges to be faced by a national oil company proposed under the Bill, the minister duly expressed the Federal Government's gratitude to the State Governments of Sarawak and Sabah. He said: 'On behalf of the Federal Government, I would like to express my gratitude to the State Governments of Sarawak and Sabah for their willingness, in the national interest, to cooperate with the Central Government in resolving the impasse and also for their understanding in tabling this Bill in Parliament. I think all Honourable Members will agree that the success of this Bill has proven the ability and competence of the leaders of the two states.' It was no coincidence that the first to participate in the ensuing debate was Abdul Rahman Ya'kub (Payang, Sarawak) who began as follows: 'The time has come for our country Malaysia to take a very important step that can ensure that the petroleum industry will not only be controlled, regulated, but also given the highest attention by the Government. 'Petroleum, which is so important to the country, should not be a matter of dispute between the states in the Federation, it should be a matter of national interest. 'Therefore, the Sarawak and Sabah State Governments have agreed with the Federal Government of Malaysia to table this Bill in the House this time. Even though the tabling of this Bill is late, [it is better late than never].' The Petroleum Development Bill 1974 was moved in Parliament by none other than Abdul Taib Mahmud, then Minister for Primary Industries. — Bernama pic He continued: 'I welcome this Bill and give my full support to the Sarawak State Government which wants to see that... efforts to explore oil materials in our country are accelerated and expedited, especially... liquefied natural gas in Sarawak. 'The delay has occurred because until the establishment of the Ministry of Primary Industries, there was no Department in the Federal Government that understood oil issues, gas issues and others, unlike the Sarawak State Government because oil in the state has been produced since 1910 with the cooperation of Shell Sendirian Berhad. 'With the establishment of Petronas, we will be able to move like those established in Kuwait, Iran, Arab Saudi and other countries.' On July 25, 1974, the Bill was read for the third time and passed. With the passing of the Bill, Petronas was established on August 17. The rest, as the saying goes, is history. This year is the 51st anniversary of PDA and Petronas. Let's relive and revive the spirit of '74. * This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.
Yahoo
17-02-2025
- Business
- Yahoo
Cyprus, Chevron consortium approve updated Aphrodite gas field development plan
Cyprus' Ministry of Energy, Commerce and Industry, along with Chevron and joint venture partners Shell and NewMed, has approved proposed modifications to the Aphrodite gas field development offshore Cyprus. The updated development and production plan (DPP) aims to expedite the technical and engineering phases, leading to the front-end engineering and design, and ultimately, the final investment decision (FID) for the Aphrodite field. The revised DPP includes infrastructure such as a floating production unit and a pipeline to facilitate gas exports to Egypt. Cypriot Energy Minister George Papanastasiou said: 'The Republic of Cyprus has approved today the Development and Production Plan of the Aphrodite Field, following the official submission by the Aphrodite Consortium, Chevron Cyprus Limited, BG Cyprus Limited (Shell) and NewMed Energy LP. 'We will be monitoring closely the fulfilment of the obligations of Chevron and its partners, on the basis of the approved Development and Production Plan and the Production Sharing Contract.' The Aphrodite field is located approximately 160km south of Limassol and 30km north-west of the Leviathan field at a water depth of 1,700m. It was discovered in September 2011 via the A-1 well. In November 2019, the Cypriot Government granted the Block 12 partners a 25-year production licence, with an option for a ten-year extension. This licence included the initial approval for a framework for the reservoir's development. Chevron international exploration & production vice-president Frank Cassulo added: 'We welcome this major development and our productive engagements with the Cypriot Government. 'Chevron values its partnership with the Republic of Cyprus and we believe it is important that Aphrodite is developed for the benefit of the Republic of Cyprus, and the eastern Mediterranean region. This is also aligned with our strategy to deliver affordable, reliable and ever-cleaner energy.' In September 2024, a Chevron-led consortium submitted a revised $4bn (€3.62bn) development plan for the Aphrodite gas field to the Cypriot Government, aligning with its directives for natural gas production and processing. "Cyprus, Chevron consortium approve updated Aphrodite gas field development plan" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
