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  • Oil & Gas

Jadestone Energy Inc. Announces Montara Production Restart

11 January 2019

 – 

  • Singapore

SINGAPORE / ACCESSWIRE / January 11, 2019 / Jadestone Energy Inc. (AIM:JSE, TSXV:JSE) (“Jadestone” or the “Company”), an independent oil and gas production company focused on the Asia Pacific region, announces the restart of production from the Montara oil field, following its maintenance and inspection shutdown.

Production operations restarted at the Montara facilities on January 11, 2019, and production volumes will be ramped up while final checks are concluded. The entire facility will be restarted, including both the oil production system and the gas system, which enables gas-lift and gas re-injection so as to optimise production operations as rapidly as possible. The conclusion of this maintenance and inspection activity will result in improved facility reliability and uptime going forwards, resulting in no major planned shutdowns until at least H2 2020.

PTTEP Australasia (Ashmore Cartier) Pty Ltd (“PTTEP”), as seller of the Montara assets, has agreed to provide US$22 million to Jadestone in relation to this recent shutdown of the Montara facilities, including associated costs, of which approximately US$4 million was directly attributable to shutdown work scope.

Jadestone and PTTEP are continuing to manage the asset under the terms of the operator and transitional services agreement whereby PTTEP, as the duty holder under the currently in-force safety case, continues to operate the Montara assets, with all critical operations leadership positions now filled with Jadestone personnel who have been formally seconded into the PTTEP organisation. In the meantime, the regulator is reviewing Jadestone’s recently submitted Montara safety case and environment plan. Upon approval, the regulator will permit the transfer of operatorship to Jadestone.

Paul Blakeley, President and CEO commented:

“I’m delighted to see production operations safely resume at the Montara asset and pleased that the work we have completed alleviates the need for any further major planned outages until at least late 2020.

Catching up on Montara’s overdue inspection and maintenance tasks and resolving the regulatory non-compliance notices was a prudent step early in Jadestone’s experience with Montara, and serves to enhance the asset’s value.”

  • Oil & Gas

Local fuel prices likely to rise again

11 January 2019

 – 

  • Myanmar

After a drop in prices of K150 a litre, fuel prices are likely to rise again within a few days according to retailers.

Since December 20, local prices for fuel have been falling in line with a drop in the prices of crude oil on the international market.

“But the oil prices started rising again starting from January 3, so prices in Myanmar may rise too,” said U Sai Wun Hlaing, manager of the Yadana Kaung Kin filling station.

“Current prices reflect the international market. With global oil prices rising again last week, fuel prices in the local market have to follow, although I think the increase will not be significant,” he said.

The price of crude oil was US$49.77 a barrel on December 18, and it dropped to US$ 42.73 on December 26. The price bounced back on December 27 US$ 47.23 a barrel on January 3.

It reached a high of US$ 52.30 yesterday.

Retail prices of fuel in Yangon on December 3, stood at K855 for Ron 92 petrol, K925 for Ron 95 petrol, K1010 for diesel and K1,025 for premium diesel per litre.

Prices dropped on January 9, to K700 for Ron 92petrol, K790 for Ron95 petrol, K890 for diesel and K900 for premium diesel per litre, according to a statement from The Myanmar Petroleum Trade Association (MPTA).

“I was thinking of travelling for a holiday as fuel prices have dropped. It is not good if prices increase again. If prices increase significantly, it would cost a lot if I travel a long distance. I want prices to stabilise,” said U Zin Myo, a 30-year-old engineer.

Fuel retailers said fuel prices in Myanmar had fallen due to a strengthening of the kyat even as oil prices were low, adding that if the kyat continues strengthening it would offset the higher prices of crude.

They said if exchange rate keeps falling, fuel prices will not increase much and the situation will be fine.

Kyat-dollar exchange rate per dollar on January 9 was K1,535 in outside market and K1,534 fixed by Central Bank of Myanmar.

  • Energy Cooperation , 
  • Energy Economy

Indonesia slightly lowers target for investment in electricity

11 January 2019

 – 

  • Indonesia

The government is lowering its investment target for the electricity sector this year to US$12.04 billion, 1.3 percent less than last year’s target of $12.2 billion, after taking into account a recent slowdown in electricity consumption.

Only $11.28 billion was invested in 2018, but that was 24.5 percent more than the $9.06 billion invested in 2017.

The Energy and Mineral Resources Ministry’s electricity program supervision director, Jisman P. Hutajulu, said on Thursday that most of the investment would be used for the construction of power plants.

“We aim to have an additional electricity generation capacity of 3,976 megawatts [MW] by the end of 2019,” he said recently, adding that the company also needed to invest in the construction of transmission facilities and substations.

The ministry aims to have a total installed electricity generation capacity of 66,500 MW by the end of 2019, up from the current 62,500 MW.

The ministry also expects people’s electricity consumption to increase by 12.7 percent to 1,200 kWh per capita by the end of 2019. It plans to electrify all villages across the country by setting the target of 99.38 percent electrification.

This year, the government also wants to lower the contribution of fossil fuels to power grid to only 4.03 percent or 0.97 basis points lower than in 2018. (bbn)

  • Oil & Gas , 
  • Others

Phoenix-CNOOC JV to build Philippines’ first LNG termina

11 January 2019

 – 

  • Philippines

The Philippines’ energy ministry has approved the bid from local fuel retailer Phoenix Petroleum and China’s CNOOC to build the country’s first liquefied natural gas (LNG) import terminal.

The $2 billion regasification and imports terminal will be built south of the capital of Manila, featuring a capacity to handle 2.2 million tonnes per annum (Mtpa) of LNG. The plant is expected to start operations in 2023, Phoenix said Friday, in a regulatory filing.

The project will be developed and operated by a joint venture formed by Phoenix’s Tanglawan Philippine LNG and CNOOC Gas and Power Group. The companies signed a memorandum of understanding to develop the facility last June, Kallanish Energy notes.

The government’s approvals are crucial for the replacement of the declining indigenous gas production, estimated to run out as early as 2024.

Phoenix said long-term, the project will also feature a natural gas power plant with capacity to generate 2,000 megawatts (MW) of electricity.

“The (LNG) terminal is only Stage 1 of our plans for the facility. We will develop it to become an LNG hub, giving Filipinos access to low-cost and environmental-friendly energy supply,” said Phoenix’s chief operating officer, Henry Fadullon.

  • Oil & Gas , 
  • Others

444 gas stations found imposing higher tax

11 January 2019

 – 

  • Philippines

MANILA, Philippines — Over 400 gas stations have already imposed additional excise tax on fuel products as the Department of Energy (DOE) continues to monitor the industry for the Tax Reform for Acceleration and Inclusion (TRAIN) law’s proper implementation.

The DOE-Oil Industry Management Bureau (OIMB) said yesterday it has  received 444 reports on the retail stations implementing the second tranche of excise tax on oil.

Of the 444 stations, 369 outlets are from Petron Corp., 46 from Pilipinas Shell Petroleum Corp. and 29 from Flying V.

As part of its strict monitoring, the agency has issued show cause orders to these gas stations to explain why they already imposed the tax since they are required to exhaust existing inventories first before doing so even if the higher taxes were effective Jan. 1 under the TRAIN law.

The DOE-OIMB said only new inventories in 2019, directly imported or locally produced by refineries, are covered by the second tranche of excise tax.

Yesterday, two teams from DOE-OIMB have been deployed in various retail outlets in Caloocan, Quezon City and Malabon to serve the show-cause orders and validate documents relative to the imposition of excise tax and its corresponding additional value added tax.

In practice, the DOE requires oil companies to have a minimum inventory of 15 days. Depending on the location of the gas stations, this means some gas stations may have already used up their 2018 inventory while others still have old stocks available.

The DOE-OIMB also emphasized that the level of inventories varies depending on the status of individual depots and retail outlets and product turnover.

“We are ensuring that our consumers do not become subjects of profiteering,” Energy Secretary Alfonso Cusi said.

  • Renewables

40th Anniversary of geothermal power generation at Tiwi, Philippines

11 January 2019

 – 

  • Philippines

Commercial operation of the Tiwi geothermal power plant in the Philippines started in May 1979, so now 40 years ago.

The geothermal field of Tiwi is located at Mt. Malinao in the Province of Albay in the Philippines, ca 350 km southeast of Manila.

“On May 15, 1979 the first National Power Corporation (NPC) 55MWe unit was started and over the next three years, the installed capacity was increased to 330MWe. This was a very aggressive development schedule, dictated by the need of the Philippine Government to reduce dependence on imported oil at a time when oil prices were rising significantly.

In 1982, Tiwi became the world’s first water-dominated system to produce more than 160 MW. With the start of production, reservoir pressure declined and many production wells cooled. Brine production was increased and generation decreased from ca 280 MNWe in 1983 to 190 MW in 1986. While separated brine was first injected into the reservoir, steam production was effected and now injection is outside the field.

“The field has now provided steam to the NPC power plants for 40 years and in spite of many challenges and difficulties, gross generation has averaged 157 MWe.”

During 2008, NPC’s power plant assets at both Tiwi and Mak-Ban were privatized and the winning bidder was Aboitiz Power Renewables, Inc (APRI). The formal turnover of the power plants to APRI occurred on May 25, 2009.

There are now plans for the drilling of new production wells, as we reported in August 2018.

  • Bioenergy

Waste-to-electricity projects in big cities appeal to investors

11 January 2019

 – 

  • Vietnam

In November 2018, the HCM City Department of Natural Resources and the Environment joined forces with Tasco JSC to start construction of Tasco Cu Chi, a 500 ton per day solid recycling plant.

In Hanoi, the municipal authorities approved the Soc Son waste-to-electricity (WTE) plant project with capacity of 4,000 tons per day.

With huge volume of domestic waste of up to 9,300 tons per day, HCM City has released a set of criteria for investments in waste-to-electricity projects.

The city will accept projects with the daily capacity of 1,000 tons and treatment costs of no more than $21 per ton. The technology in the projects need to be capable of treating unclassified waste, and all the equipment must be new.

Hanoi, Da Nang and Hai Phong have also called for investment from different economic sectors.

WTE technology has a lot of advantages. It reduces 90-95 percent of waste volume, takes full advantage of heat, occupies less land area, mitigates water pollution and bad odors and reduces greenhouse emissions.

The government, prioritizing usage of electricity from waste, has set a high electricity purchase price of up to 10.05 cent per kwh, which is even higher than prices from wind and solar power.

Electricity of Vietnam (EVN), the only wholesale electricity buyer, has committed to use electricity generated by waste-to-electricity plants.

In large urban areas, the volume of waste is big enough to incinerate waste to generate electricity. However, in order to use wind and solar power, EVN needs to develop transmission networks because solar power projects are located in provinces far from electricity consumption centers.

EVN prefers electricity from waste treatment plants because production can be implemented in all weather conditions.

In principle, waste-to-electricity projects are attractive to investors because they do not take too much time to take back investment capital.

Dong Minh Toan, chair and CEO of Binh Phuoc Import/Export, the investor of a project, estimates that it takes waste-to-electricity investors five years to recover investment capital instead of 10 years from wind and solar power projects.

However, waste-to-electricity projects are not reserved for all. Analysts said only 5-6 localities in Vietnam can provide enough waste to bring profits to waste-to-electricity plants. It is estimated that Vietnam will have no more than 200 MW of electricity from waste.

  • Bioenergy , 
  • Energy Cooperation

Vietnam, Japan cooperate in solid waste treatment

11 January 2019

 – 

  • Vietnam

Workers sort waste at a waste treatment factory

Speaking at the first meeting of the committee in Hanoi on January 11 as part of the Vietnam-Japan Environment Week, Deputy Minister of Natural Resources and Environment Vo Tuan Nhan said Japan has effectively managed solid waste, recycling it for energy generation.

However, this is a headache for Vietnam as domestic solid waste is mostly dumped in landfills, of which only about 30 percent meet sanitation standards.

The country has only some 300 incinerations, most of which are small scale, Nhan added.

He highlighted the growing cooperative ties between Vietnam and Japan in the field of environmental work through technical cooperation activities and technological transfers.

Vietnam’s Ministry of Natural Resources and Environment (MoNRE) hopes to continue cooperating with Japan to learn of its experience in solid waste management and seek suitable models.

The MoNRE called on Japanese firms to invest in waste-to-energy projects in Vietnam.

Japanese Vice Minister of the Environment Takaaiki Katsumata said the establishment in 2018 of the Vietnam-Japan joint committee on solid waste management aims to improve the public sanitation and environmental conservation system in Vietnam.

He suggested putting forth policies to establish an effective solid waste management system in Vietnam applying “Reduce, Reuse, and Recycle” (3Rs) technology.

Vietnam needs urgent solutions in waste treatment as the Vietnamese Government wants to develop the economy in harmony with environmental protection, he said, adding that with its experience, Japan is able to help Vietnam in this field. –VNA

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