Under the 7-year contract, MVOT, a joint venture between PetroVietnam Technical Services and Malaysia’s MISC Berhad, will provide a FSO to the Japanese firm for the development of the Sao Vang-Dai Nguyet gas field, PetroVietnam said.
HANOI: Malaysia Vietnam Offshore Terminal (MVOT) has been awarded a $176 million contract to provide equipment for Idemitsu Kosan to develop a gas block off southern Vietnam, the Vietnam Oil and Gas Group, or PetroVietnam, said on Tuesday.
Under the 7-year contract, MVOT, a joint venture between PetroVietnam Technical Services Corp and Malaysia’s MISC Berhad, will provide a floating storage and offloading vessel (FSO) to the Japanese firm for the development of the Sao Vang-Dai Nguyet gas field, PetroVietnam said.
The FSO, due to start operating from July 2020, will have capacity to store 700,000 barrels of condensate, PetroVietnam said.
Sao Vang-Dai Nguyet, located at blocks 05-1b & 05-1c, 350 km (217 miles) southeast of Vietnam’s coast, is 43.08 percent owned by Idemitsu Kosan, 36.92 percent by Teikoku Oil (Con Son) Co. and 20 percent by PetroVietnam.
PetroVietnam said in August it had signed a gas sale-purchase agreement with the developers of the field.
JAKARTA, Nov 6 (Reuters) – Indonesia has decided to award 20-year contract extensions from 2022 to three existing oil and gas block operators, Deputy Energy Minister Arcandra Tahar said late on Monday.
These were:
* Tarakan block, awarded to operator Medco Energi Internasional unit Medco E&P Tarakan, with a 100 percent participating interest
* Coastal Plains and Pekanbaru (CPP) block, awarded to Bumi Siak Pusako with 100 percent participating interest
* Tungkal block, awarded to Mond’or Oil Tungkal (70 percent participating interest) and Fuel X Tungkal Ltd (30 percent participating interest)
The total signature bonus for the three blocks was $13.95 million, and all three contracts will use a gross split scheme.
Regulator and government officials were not immediately able to provide data on output from the above blocks.
Tarakan and Tungkal block operators will be required to divest a 10 percent participating interest to a regional enterprise, Tahar said, noting that CPP had already satisfied this requirement.
Sengkang block, whose contract is also due to expire in 2022, was still subject to discussion, he said.
Also on Monday, Arcandra said the government was opening the third oil and gas block bidding round for 2018. The four oil and gas blocks on offer through direct offers or joint studies are:
1. South Andaman block, offshore Andaman Aceh 2. South Sakakemang block, onshore South Sumatra 3. Anambas block, offshore West Natuna 4. Maratua block, onshore and offshore North and East Kalimantan (only offered to Pertamina)
Bidding documents for the above blocks will be available from Nov. 5 to Dec. 17, with bid submission due by Dec. 19. (Reporting by Wilda Asmarini Writing by Fergus Jensen; Editing by Gopakumar Warrier).
The offshore US dollar credit facility with 20 international banks, signed on Oct. 25, was the first of its kind for PLN, the company said in a statement issued on Monday
JAKARTA: Indonesia’s state-owned power utility Perusahaan Listrik Negara (PLN) said it has secured a $1.62 billion syndicated loan facility to support its role in the country’s ambitious 35 gigawatt power station development programme.
The offshore UN dollar credit facility with 20 international banks, signed on Oct. 25, was the first of its kind for PLN, the company said in a statement issued on Monday.
“We see this as strong proof that PLN and Indonesia’s credit profile is very good,” PLN finance director Sarwono Sudarto said.
Australia and New Zealand Banking Group Ltd, Bank of China (Hong Kong) Ltd, Citigroup Global Markets Singapore Pte. Ltd., Mizuho Bank Ltd, Oversea-Chinese Banking Corporation Ltd, Sumitomo Mitsui Banking Corp Singapore Branch, and United Overseas Bank Ltd were the lead arrangers and bookrunners.
The new loan facility follows the issuance of around $1.5 billion in 7, 10 and 30-year global bonds in U.N. dollar and euro denominations by PLN in mid-October.
“This shows that overseas financial institutions are very interested in Indonesian infrastructure projects, especially in electricity,” PLN spokesman I Made Suprateka told Reuters by text message on Tuesday.
PLN has an investment-grade credit rating of Baa2 from Moody’s and BBB- from Standard & Poors ratings agencies, ratings that are equivalent to Indonesia’s sovereign credit ratings in each case and reflect the firm’s state-owned status.
According to the Organisation for Economic Cooperation and Development (OECD), however, debt taken on by PLN and other Indonesian state-owned companies to finance infrastructure projects could expose them to cash flow constraints, “particularly if interest rates increase or projects are delayed”.
This, in turn, could result in higher fiscal risks for the government, it said in a report last month.
PLN reported a net loss of 18.48 trillion rupiah ($1.24 billion) for the January-September period, compared to a profit of 3.04 trillion rupiah in the same period a year earlier, according to a financial statement published in late October.
The earnings showed a nearly 20 percent increase in fuel and lubricant costs in that period, a 13 percent increase in power purchase costs and a near seven-fold increase in foreign exchange losses.
PLN is expected to receive a 6.5 trillion rupiah injection from the government in 2019, part of government efforts to shield the company from the impact of a currency slide – the rupiah has weakened around 8.6 percent this year.
The government’s decision not to raise power tariffs until 2019 has also hurt PLN, as coal prices have climbed significantly this year.
The last year for which PLN reported a net loss was in 2013. That year it posted a 26.23 trillion rupiah loss that the company attributed to a 21 percent plunge in the rupiah’s value, according to its financial statements.
EXXONMOBIL has announced that it will be contributing US$10m to the Singapore Energy Centre. The announcement was made on 31 October at Singapore International Energy Week 2018.
The Singapore Energy Centre was created as a joint effort to transform the energy landscape and address future sustainability challenges. ExxonMobil will be the first founding industrial member of the centre which is co-led by the Nanyang Technological University (NTU), Singapore, and National University of Singapore (NUS).
ExxonMobil signed a memorandum of understanding to become a founding member in November 2017. The five-year commitment represents the company’s first such research and development partnership outside of the US. As part of the partnership ExxonMobil researchers and scientists, as well as other industry contributors, will collaborate with faculty and students at the universities.
ExxonMobil will support the centre’s wide range of early stage research projects. The centre will initially focus on areas such as bioscience; carbon capture, utilisation, and storage; and energy and water efficiency.
Vijay Swarup, vice-president of research and development at ExxonMobil Engineering and Research Company, said at a signing ceremony held during Singapore International Energy Week: “The Singapore Energy Center will serve as a focal point for close collaboration between universities and industry in exploring solutions for addressing the dual challenge of meeting society’s growing energy needs while addressing the risks of climate change. With projected energy demand growth across Asia-Pacific, it’s critical that the public and private sectors work together to advance scalable, next-generation energy technologies while reducing the environmental impact of energy production.”
Gan Seow Kee, chairman and managing director of ExxonMobil Asia Pacific Pte, said: “ExxonMobil’s participation in the Singapore Energy Center further enhances our technological capabilities in the country, and complements our already strong manufacturing and commercial presence. Our participation in the company’s first energy centre outside of the US builds on our long and thriving relationship with these two leading universities in Asia.”
NTU and NUS are extending invitations to other leading companies to join the centre. This will help to foster interdisciplinary research collaborations between academia and industry.
Nanyang Technological University
Subodh Mhaisalkar (NTU), Vijay Swarup (Exxon), and Philip Liu (NUS) at the Asia Clean Energy Summit
The Singapore Energy Centre participated in the Asia Clean Energy summit. The summit is a two-day event held as part of Singapore International Energy Week.
The Singapore Energy Centre
The Singapore Energy Centre was launched on 31 October 2018 by NTU, NUS, and ExxonMobil. The centre aims to tackle technological and socioeconomic issues in sustainable energy development, and to groom talent in related fields. Initially it will focus on developing next-generation technology. ExxonMobil will provide US$10m funding over the next five years. The topics being explored for funding by ExxonMobil include but are not limited to:
Bioscience: Discovering novel materials and process designs for making fuels and chemicals to help lower carbon dioxide emissions.
Carbon capture, utilisation, and storage: Exploring a broad range of technologies to capture, store and utilise carbon from industrial applications. This could help reduce carbon emissions in line with Singapore’s national goals.
Energy and water efficiency: Exploring technologies to reduce plastic waste, water, and energy consumption during manufacturing whilst still providing for the needs of a growing population and economy.
These research projects embody the concept of a “green economy” which is a key focus of the Sustainable Singapore Blueprint. The blueprint aims to transform Singapore into a hub for sustainable development that encourages businesses to adopt greener practices.
Professor Chen Tsuhan, deputy president of research and technology at NUS, said: “This strategic partnership will enable consortium members to identify issues of common interest to the industry and co-develop solutions with the two universities. This approach will bridge the gap between early-stage research and economic-centric applied research, both of which are needed for development of long-term sustainable energy solutions.”
Professor Lam Khin Yong, vice president of research at NTU, said: “This joint centre will take ideas nurtured at the lab into industry, and also study the environmental impact of innovations, as well as business and economic models for its research projects.”
The Singapore Energy Centre is jointly led by NUS and NTU. NTU will hold the directorship for the first two years starting in 2019, and NUS will lead for the following two years.
Emerald Resources will start their first large-scale gold project in Cambodia in early 2020. Ananth Baliga
Emerald Resources, the Australian-listed mining firm behind Cambodia’s Okvau gold project in Mondulkiri province, will start its first large-scale gold project in the Kingdom in early 2020.
Ministry of Mines and Energy spokesman Yos Monirath who said this, added that the firm obtained an industrial mining licence in July and actively raised funding to develop the project.
Emerald Resources, which is listed on the Australian Securities Exchange (ASX), said in an ASX filling last Thursday that it has raised A$27 million ($19.5 million) to fund development activities at its Okvau operations.
Monirath said on Sunday that Emerald Resources received an industrial mining licence in July. The firm is actively raising funding to develop its production infrastructure, and that it will presumably extract its first gold nuggets in early 2020.
Revenue for the government
He said the project would provide jobs, generate economic activities and revenue for the government. “We will earn revenue from royalties, taxes, and rental fees from the land needed for this project,” he said.
Emerald Resources, Monirath said, is the first large-scale company to obtain an industrial mining licence from the ministry. So far, he said the ministry had provided 50 exploring licenses for mining.
The company released its definitive feasibility study (DFS) in May last year and revealed that the Okvau gold project could produce 106,000 ounces of gold a year on average.
It estimated that the mine will initially be active for seven years, while capital investment amounted to $98 million.
Emerald’s managing director Morgan Hart said in the filling that the A$27 million funding will be used to start development activities at Okvau, repay unsecured loans, and finance ongoing working capital requirements and costs of the placement.
“We are delighted with the support received from our current and new institutional shareholders.
“The support demonstrates the robust nature of the Okvau gold project and the support for the company’s strategy of becoming the first modern large-scale Cambodian gold producer,” he said.
Transparency International (Cambodia) senior programme director Pech Pisey said on Sunday it is a good move for Cambodia to have a gold producing company as it will help to boost the government’s revenue.
‘Avoiding corruption’
However, he said ensuring transparency in managing revenue from gold mining is very important and the public had raised concerns on the issue since the ministry had not released sufficient information about the project’s potential.
Because there is insufficient information, observers have to rely on announcements from the firms, especially the ones listed at the stock exchange abroad, according to Pisey.
“We urge the government to ensure that the companies will reveal actual revenues regardless if it is a gold mining business and an oil extraction,” he said.
He said a mechanism to follow up the actual development of the company is needed.
“The ministry itself should need to monitor its own financial management system to avoid any corruption when collecting revenue from the firm,” he said.
HIS Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam yesterday reminded the people to use technology wisely for the purposes of strengthening their religious faith, instead of allowing themselves to be controlled by technology.
His Majesty said this in a titah at the 8th Convocation of the Religious Teachers University College of Seri Begawan (KUPU SB), at the International Convention Centre (ICC) in Berakas.
His Majesty, who is also the Chancellor of KUPU SB, said, “At present, people are earnestly talking about 21st Century skills and the 4th Industrial Revolution. The advancement of digital knowledge has become a platform for improving the value of our achievements. It is undoubtedly an incredible advancement in the field of technology. It also makes life much easier and more instantaneous.
“In this regard, may I suggest that academicians, teachers and graduates avail themselves of these advances in technology to be more creative, innovative and productive in providing more accessible, quick and easy teaching aids which can also be used to improve the quality of Dakwah activities.
“The combination of knowledge, faith and virtue with technological progress is one of the ways towards a prosperous life in this world and in the hereafter.
His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam and Chancellor of Religious Teachers University College of Seri Begawan (KUPU SB) delivers a titah during the convocation ceremony. – BAHYIAH BAKIR
“This is consistent with verse 77 from Surah Al-Qasas: ‘But seek, through that which Allah has given you, the home of the hereafter; and [yet], do not forget your share of the world. And do good as Allah has done good to you. And desire not mischief in the land. Indeed, Allah does not like those who carry out mischief.’”
His Majesty also reiterated the need to learn Islamic History. “I would like all the involved parties not to be indifferent in their responses to this, as I would not want our present and future generations to be ignorant of Islamic History.
“Islamic History is part of the legacy of human civilisation. It should not be marginalised, because otherwise it means that we have lost our sense of identity. Those lacking in self-identity are often disconnected and confused, as they have forgotten their roots.”
His Majesty also congratulated the graduates for the successful completion of their studies at KUPU SB: “I also congratulate the parents and guardians, and all the lecturers of KUPU SB, for their support and prayers for the success of the graduates.
“The experience gained by KUPU SB graduates, both academically and in co-curricular activities, is very important for a prospective educator or a person specialising in religious services.
“This experience is important enough to be sustained as a way of developing individuals with potential, whether it be in a formal or informal manner,” said the monarch. The graduates are required to contribute sincerely towards charitable causes, whether in terms of energy or moral guidance. This is the dedication required of the graduates for our society. It is also an act of magnanimity, as commanded by Allah the Almighty in Surah Al-Ankabut, verse 69: ‘As for those who strive in Our cause, We shall surely guide them to Our ways. Indeed, Allah is with those who do good.’”
His Majesty also noted with pleasure the progress achieved by KUPU SB through its annual report, in addition to its success in strengthening the curriculum in alignment with the school system.
Similarly, the institution has also succeeded in expanding its intellectual, social, Dakwah, health and welfare activities.
“During Universiti Islam Sultan Sharif Ali’s (UNISSA) recent Hafl Al-Takharruj (convocation ceremony), I alluded to the ranking of higher education institutions. I meant this actually as a stimulus, in order for each institution to have its own vision and determination in striving towards excellence,” said the monarch.
“I did not mean to put pressure regarding this matter on our centres of higher education, such as UNISSA and KUPU SB. I understand that each of these centres is in a different setting. The pace towards which they reach the rankings is also determined by their respective settings.”
In concluding the titah, His Majesty expressed appreciation and gratitude towards the faculty of KUPU SB, particularly the Chairman and members of the KUPU SB Council, Ra’es, senate members, core officers, academicians and staff members.
“Let us continually pray to Allah the Almighty with the hope that KUPU SB will be a centre of studies that is blessed by Allah the Almighty, and capable of serving the country and Muslims in general,” said His Majesty.
His Majesty later presented 233 graduating students with their degrees and diplomas.
Out of 233 students, 24 graduated with a Masters in Religious Teaching, 19 with a Postgraduate Diploma in Religious Teaching, three with a Postgraduate Diploma in Religious Teaching (Arabic), 35 with a Bachelors in Religious Teaching (Usuluddin), 75 with a Bachelors in Religious Teaching (Syariah), 12 with a Higher Diploma in Religious Teaching (Usuluddin), and 65 with a Higher Diploma in Religious Teaching (Syariah).
31 October: Singapore’s Economic Development Board (EDB) has consulted the industry to explore the possibility of a 100MW floating PV system for private sector consumption at Kranji Reservoir.
The Kranji Reservoir is suitable due to its larger water surface area, according to the issued Request for Information (RFI),
Just a small portion of Kranji’s surface could yield up to 100MW of floating solar, however the reservoir is also considered an important ecological biodiversity site so the viability of the project will be subject to the results of environmental studies.
PUB, Singapore’s National Water Agency, will also be deploying a 50MW floating solar PV system at Tengeh Reservoir by 2021.
2 November: The Asian Development Bank (ADB) is provide US$40 million in loans to the Government of Mongolia for a 41MW distributed solar PV, wind, battery storage and thermal heat pump system – said to be the first-of-its-kind in the Asian country.
The project will include energy management systems and will supply electricity to about 260,000 people in remote and less-developed towns in western Mongolia, who currently rely on high-cost and high-polluting carbon-intensive electricity.
ADB’s funding of $40 million is supplemented by grant cofinancing; US$14.6 million from the Strategic Climate Fund under the Scaling Up Renewable Energy Program in Low-Income Countries; and US$6 million from the Japan Fund for the Joint Crediting Mechanism. The Government of Mongolia is contributing US$5.6 million to the project.
ADB country director for Mongolia Yolanda Fernandez Lommen said: “These projects will support the government’s efforts to raise the share of renewable energy, decrease carbon dioxide emissions, and improve public financial resource mobilization and management. They are also closely aligned with ADB’s Country Partnership Strategy for Mongolia to foster inclusive growth, improve people’s access to services, and strengthen environmental sustainability.”
Solarcentury to install solar panels at Moi International Airport in Kenya
30 October: UK-based solar developer Solarcentury will install a ground-mounted 500kW solar system at Kenya’s Moi International Airport, Mombasa, that will generate 820,000 kWh per year.
The system will be interconnected to the airport terminal grid, and will prioritise consumption of the solar power over the grid. Solarcentury will also install airport gate electrification equipment consisting of a mobile electric-powered pre-conditioned air (PCA) unit and an electric 400 Hz Ground Power Unit (GPU) converter and a large battery storage that will provide uninterrupted power to the PCA and GPU whilst in use.
This marks the first airport to have a solar PV system installed in East Africa.
Indonesian Ambassador to the United Kingdom Rizal Sukma speaks at the Indonesian Briefing forum in London on Nov. 1. (Courtesy of/Indonesian Embassy to the UK)
Indonesia and the United Kingdom have expressed a wish to strengthen bilateral relations between the two countries amid rising global protectionism sparked by the trade war between the United States and China.
Speaking at the Indonesian Briefing forum in London recently, Indonesian Ambassador to the UK Rizal Sukma stressed the importance for both countries of exploring more detailed information about various sectors to boost trade, investment and tourism.
“The Indonesia Briefing is part of the efforts to monitor the interesting progress in Britain of the Brexit process. For Indonesia it is an opportunity to strengthen bilateral ties,” he said in a press release issued by the Indonesian Embassy to Britain.
Rizal said Indonesia sought to increase bilateral trade from around US$2.5 billion currently to between $5 billion and $7 billion annually.
Similar sentiments were expressed by the UK prime minister’s special envoy for trade for Indonesia and the ASEAN Economic Community Richard Graham, who stressed the importance for UK businesses of exploring business opportunities in Indonesia, the largest country in Southeast Asia.
Gaham underlined opportunities that could be pursued in Indonesia, including financial cooperation, financial technology (fintech), infrastructure, the digital economy and renewable energy.
Meanwhile, Bank Indonesia (BI) deputy governor Rosmaya Hadi explained the solid growth of the Indonesian economy amid the global economic uncertainty. “BI is trying to respond to the global economic fluctuation through introducing mixed policies, covering the monetary, macro prudential and payment systems,” he added
Also speaking during the panel session at the event were Sarah Hewin, chief economist at Standard Chartered Bank, Nezar Patria, editor in chief of The Jakarta Post and Chris Wren, executive director Britcham Indonesia. (bbn)
