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2018-01-12 12:35:00

CHINA - INDONESIA DEVELOPMENT

CHINA - INDONESIA DEVELOPMENT

PLATTSPetroChina is positioning itself for an aggressive expansion of its Indonesian upstream and downstream assets in what a senior executive called an "unlimited" investment mandate for the state-run entity.

The plans come amid expectations of increased deal-making in the energy space by Chinese oil giants with deep pockets, particularly with Beijing's backing for overseas investments under the Belt and Road Initiative.

PetroChina, the main subsidiary of China National Petroleum Corp., is also pushing into Indonesia at a time when the Southeast Asian country is going through a prolonged phase of resource nationalization that has forced foreign investors to exit the country.

This has been problematic for Indonesia's upstream sector, as state-run Pertamina struggles to maintain its oil and gas production levels, and remains ill-equipped to exploit reserves without the participation and technology of international oil companies.

It remains to be seen how much breathing space PetroChina can find within this limited investment climate amid Jakarta's tightening grip on its resources, and where the likes of ExxonMobil and Chevron have pulled out.

When asked about the size of the war-chest that PetroChina has set aside for Indonesia, Gusminar, vice president for supply chain management and operation support at PetroChina's Indonesian arm, said there was no apparent threshold.

"It is unlimited as the Chinese government has given a green light [to invest] as much as possible in Asia Pacific," Gusminar said.

China's state-controlled oil giants are sitting on record-high cash pile of $35 billion and their free cash flow generation is close to double-digit yields, paving the way for more mergers and acquisitions along with higher oil prices over coming years, according to Sanford C Bernstein Research.

NEW LICENSING ROUND

In Indonesia, oil and gas production sharing contracts are being overhauled, expiring licenses are to be relaunched under revised terms and new contracts are being drafted.

Investor interest in its new licensing round will be closely watched as it will determine the attractiveness of its new fiscal terms. The fate of expiring licenses will also signal investor interest as Pertamina may not be able to absorb and develop all the acreage on its own.

Over the next decade, 35 PSCs worth an estimated $10 billion and accounted for over 1 million b/d of oil equivalent of production in 2016 will expire in Indonesia, according to Wood Mackenzie estimates.

Backed by "unlimited" investment, PetroChina's Indonesian arm intends to participate in the bidding rounds for 2018 and acquire stakes in at least three prolific oil and gas acreages -- the East Natuna gas field, the offshore Mahakam block and the East Kalimantan blocks, president of PetroChina International Companies in Indonesia Gong Bencai told reporters at a press conference.

"From 2020, PetroChina Indonesia will move forward at a high speed. We are ready for all opportunities, be it upstream and downstream, onshore and offshore, domestic or international cooperation," Gong said.

The development of the East Natuna gas field, considered one of the world's largest gas reserves, has been hampered by territorial disputes due to its location in the South China Sea, high offshore exploration costs, technical issues and the departure of oil majors like ExxonMobil.

PetroChina said it has the technology and the pockets to crack East Natuna.

"We are strongly supported by CNPC's research and innovation, especially in enhanced oil recovery technology. We hope to team up with other firms, including Pertamina, to boost the production of aging fields with such technology," Gong said.

Gusminar said the company is also conducting informal discussions with Pertamina to acquire a 15%-20% stake in the Mahakam exploration block. "The response is very positive. We have a chance but Pertamina is in talks with Total [as well]," Gusminar said.

Pertamina, through its indirect subsidiary Pertamina Hulu Mahakam, took over full ownership of the Mahakam block in offshore East Kalimantan on January 1, 2018 from France's Total and Japan's Inpex.

The block was surrendered to Pertamina after its PSC expired at the end of 2017, and Inpex and Total are still in talks to participate in a new PSC. Pertamina eventually plans to seek partners to develop the Mahakam block.

Besides Total and Inpex, the UAE's Mubadala Petroleum has also expressed its interest in the Mahakam block, S&P Global Platts reported previously.

Indonesia's largest natural gas fields are located in the Aceh region of South Sumatra and East Kalimantan, and the Mahakam block accounts for roughly a quarter of Indonesia's dry natural gas production, according to the US energy department.

PetroChina has indicated its interest in operating the East Kalimantan contracts and is awaiting the block tender from the government, Gusminar said. This comes after Chevron said in 2016 it would not extend the East Kalimantan PSC and return the assets to the government when the contract expires in 2018.

BOOSTING CAPEX PLANS

PetroChina Indonesia plans to spend $56.9 million to develop the Jabung block in Sumatra in 2018 compared with $43.9 million last year.

The Jabung block is the biggest contributor to PetroChina's output and is expected to produce 60,000 boe/d in 2018 compared with 55,000 b/d last year, Jabung's general manager Yu Guoyi said.

PetroChina's total production from all its working areas in Indonesia is expected to rise to 100,000 boe/d in 2018 from 95,000 boe/d in 2017, according to Gusminar. It expects to produce 600 MMcf/d of gas and 80,000 b/d of crude by 2020.

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Earlier:

 CHINA:

 

 

 INDONESIA:

 

 CHINA'S LNG IMPORTS UP 48.4%
2018, January, 3, 15:50:00

CHINA'S LNG IMPORTS UP 48.4%

PLATTS - Chinese imports of LNG in 2017 totaled 37.89 million mt, up 48.4% year on year, while imports by South Korea totaled 36.51 million mt, up 10.81% year on year.

 

 

   INDONESIA'S INVESTMENT UP BY 21%
2017, December, 27, 12:15:00

INDONESIA'S INVESTMENT UP BY 21%

PLATTS - Indonesia's state-owned Pertamina plans to spend $3.324 billion on its upstream business in 2018, a 21.16% jump year on year.

 

 

 РУССКИЙ ГАЗ ДЛЯ КИТАЯ
2017, December, 22, 22:30:00

RUSSIAN GAS FOR CHINA

GAZPROM - “Today, we laid the basis for another pipeline route of Russian gas supplies to China. The project will expand the range of options for satisfying the growing demand for gas in the Chinese market,” said Alexey Miller.

   РОСНЕФТЬ И PERTAMINA ДЛЯ ИНДОНЕЗИИ
2017, December, 4, 22:45:00

ROSNEFT & PETRAMINA FOR INDONESIA

ROSNEFT - Rosneft and Indonesian state-owned oil and gas company Pertamina completed the establishment of the joint venture for the development of Tuban grass root refinery and petrochemical complex (TGRR) in Tuban in the East Java province of Indonesia.

 CHINA STRENGTHENS FINANCE
2017, December, 8, 17:35:00

CHINA STRENGTHENS FINANCE

IMF - The system’s increasing complexity has sown financial stability risks. Given the centrality of banks to the financial system, the FSAP team recommended a gradual and targeted increase in bank capital. 

 

   INDONESIAN OIL UP 12%
2017, August, 17, 15:10:00

INDONESIAN OIL UP 12%

Indonesia's state-owned Pertamina has produced 343,000 b/d of crude oil in the first-half of 2017, up 12% year on year, upstream director Syamsu Alam said late Wednesday. 

 

 SOUTH CHINA SEA OIL
2017, November, 29, 09:40:00

SOUTH CHINA SEA OIL

OGJ - Phase II production from Weizhou 12-2 oil field has been brought on stream, CNOOC Ltd. said of its project in Beibu Gulf in the South China Sea.

 

 

   SOUTH CHINA SEA SOVEREIGNTY
2017, April, 6, 18:45:00

SOUTH CHINA SEA SOVEREIGNTY

China claims almost all of a large stretch of sea between Taiwan, Malaysia, Indonesia, the Philippines, Brunei, Vietnam and Japan. The trouble is, between them, these seven other states all do too.

 

 ADNOC & CNPC COLLABORATION
2017, November, 17, 19:35:00

ADNOC & CNPC COLLABORATION

OGJ - Abu Dhabi National Oil Co. (ADNOC) and China National Petroleum Corp. (CNPC) signed an agreement covering potential collaboration, including potential offshore opportunities and the sour gas development projects.

 

   INDONESIA NEEDS $80 BLN INVESTMENTS
2017, February, 10, 18:30:00

INDONESIA NEEDS $80 BLN INVESTMENTS

Indonesia needs to invest $70 billion to $80 billion in gas infrastructure through 2030 to avoid a potential gas shortage, as domestic consumption growth outpaces supply, state-owned energy business Pertamina said Tuesday.

 

 CHINA'S INVESTMENT TO U.S.
2017, November, 9, 13:40:00

CHINA'S INVESTMENT TO U.S.

President Donald Trump can return to the United States claiming to have snagged over $250 billion in deals from his maiden trip to Beijing. Whether those deals live up to the lofty price tag is another question altogether. Some huge deals were announced. 

 

 

   INDONESIA & BP: 10,000 JOBS
2016, July, 4, 18:05:00

INDONESIA & BP: 10,000 JOBS

The Tangguh Expansion Project will also bring a positive contribution to Indonesia and the Papua Barat Province starting in 2016, supporting economic growth and providing 10,000 valuable jobs spread over the project period.

 

 U.S. - CHINA LNG
2017, November, 9, 13:35:00

U.S. - CHINA LNG

China’s top state oil major Sinopec, one of the country’s top banks and its sovereign wealth fund have agreed to help develop Alaska’s liquefied natural gas sector as part of U.S. President Donald Trump’s visit, the U.S. government said on Thursday. 

 

 

   WBG WANTS INDONESIA
2016, June, 22, 18:20:00

WBG WANTS INDONESIA

“This is a critical opportunity for Indonesia to implement further reforms that will enhance the competitiveness of its manufacturing and services sectors, especially tourism.

 

 

Tags: CHINA, INDONESIA, OIL, GAS

Chronicle:

CHINA - INDONESIA DEVELOPMENT
2018, January, 22, 08:20:00

RUSSIAN NUCLEAR POWER - 2017

WNA - Apart from adding capacity, utilisation of existing plants has improved markedly since 2000. In the 1990s capacity factors averaged around 60%, but they have steadily improved since and in 2010, 2011 and 2014 were above 81%. Balakovo was the best plant in 2011 with 92.5%, and again in 2014 with 85.1%.

CHINA - INDONESIA DEVELOPMENT
2018, January, 22, 08:15:00

INDIA'S NUCLEAR POWER - 2017

WNA - India has a flourishing and largely indigenous nuclear power programme and expects to have 14.6 GWe nuclear capacity on line by 2024 and 63 GWe by 2032. It aims to supply 25% of electricity from nuclear power by 2050.

CHINA - INDONESIA DEVELOPMENT
2018, January, 22, 08:10:00

CHINA'S NUCLEAR POWER - 2017

WNA - Mainland China has 38 nuclear power reactors in operation, about 20 under construction, and more about to start construction. The reactors under construction include some of the world's most advanced, to give a 70% increase of nuclear capacity to 58 GWe by 2020-21. Plans are for up to 150 GWe by 2030, and much more by 2050.

CHINA - INDONESIA DEVELOPMENT
2018, January, 22, 08:05:00

U.S. - RUSSIA'S NUCLEAR

PLATTS - "The domestic uranium mining industry needs US government assistance to survive the foreign onslaught -- particularly from Russia and Kazakhstan -- that has undermined the US uranium industry while new players -- particularly China -- will soon make the situation worse," Energy Fuels and Ur-Energy said in a petition they jointly filed with the department.

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