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JX Nippon to Develop & Produce Oil and Gas from Beryl Gas Field

Source: www.gulfoilandgas.com 12/20/2017, Location: Asia

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Mr. Shunsaku Miyake, President and CEO of JX Nippon Oil & Gas Exploration Corporation is pleased to announce that PETROLIAM NASIONAL BERHAD (“PETRONAS”), the national oil company of Malaysia, has agreed for JX Nippon Oil & Gas Exploration (Malaysia) Limited (President and CEO, Hironori Wasada, “NOMA”) to be entitled to the oil and gas rights of Beryl Gas Field (“Beryl”), and approved the Field Development Plan (“FDP”) for Beryl on 27th October 2017.

Beryl, an already discovered but undeveloped gas field, lies in the shallower zone in the same location as the underlying Helang Gas Field (“Helang”) and Layang Oil and Gas Field (“Layang”) in Block SK10, Offshore Sarawak, for which NOMA has been conducting production operation as operator. NOMA, in accordance with the aforementioned approved FDP, will utilize existing Helang facilities to develop Beryl economically and within a short period of time, with Beryl first gas scheduled for November 2018.

The peak production of natural gas from Beryl is estimated to be around 140MMscf/d (equivalent to 23,000 boed). The produced gas from Beryl, together with natural gas from Helang and Layang, will be supplied through subsea pipelines to the MLNG Tiga Sdn. Bhd. liquefaction plant in Bintulu, Sarawak. JXTG Nippon Oil & Energy Corporation is one of the shareholders of MLNG Tiga Sdn. Bhd. The natural gas will be sold as LNG after liquefaction to its customers, including buyers in Japan.

As per the Medium-Term Management Plan released this year, we will allocate business resources to our focus regions such as Southeast Asia, where we can exercise our strength, pursuing strategy of selection and concentration. We intend to maintain and strengthen our long-term good relationships in Malaysia and enhance our capacity to increase revenue through our E&P business activities as Operator.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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