Gulf Oil and Gas accountACCOUNT

LS36-1 Gas Field Development Receives Final Government Approval

Source: www.gulfoilandgas.com 5/16/2014, Location: Asia

Primeline Energy Holdings Inc. announced that the overall development programme for its LS36-1 gas field development ("Development") has received final approval from the Chinese Government.

China National Offshore Oil Corporation (CNOOC) notified Primeline today that the National Development and Reform Commission (NDRC) has approved the Development. This approval allows the project Operator, CNOOC, which holds a 51% interest in the Development, to finalise plans for the commencement of gas production. During the last 3 years CNOOC has completed the majority of the development work, including the production platform, development wells, subsea pipeline, gas processing terminal and the offshore section of the gas sales pipeline.

The remaining development work includes the laying of the last 3 km of the gas sales pipeline, connection to the provincial gas grid and final commissioning. Construction of the final 3 km of gas sales pipeline commenced in April 2014 and is expected to be completed in June. CNOOC currently envisages that the gas production will commence in Q3 2014, subject to final coordination with the downstream buyer, Zhejiang Provincial Gas Development Co. A separate announcement will be made when the first gas date is fixed and gas production commences.

This approval also allows Primeline and Primeline Petroleum Corporation (PPC), who hold 36.75% and 12.25% interests respectively in the Development, to finalise the financing arrangements for their share of the costs of the Development. Under agreements entered into with CNOOC in relation to the Development, Primeline and PPC would have no obligation to fund cash calls in relation to their share of the costs of the Development until 3 months from the date of the government approval.

Primeline and PPC have previously entered into a non-binding Loan Memorandum with China Development Bank ("CDB") relating to funding for their share of the cost of the Development, which received an in principle approval from CDB's Credit Committee in January 2013, subject to final approval of the NDRC and finalisation of the loan documentation and security arrangements. Primeline and PPC are negotiating and finalising the formal loan agreement and security arrangements with CDB. A separate announcement will be made when the finance arrangements have been finalised.

Development News in China >>

Congo >>  8/10/2020 - Zenith Energy Ltd. has incorporated Zenith Energy Congo SA (“Zenith Congo”), a fully owned subsidiary of the Company, created under the laws of the Re...
Iran >>  8/8/2020 - The third generation of sucker-rod pump (SRP) was installed for the first time in ??West Karoun oil fields at well No. 14 of North Yaran field and inc...

Australia >>  8/4/2020 - The National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) has accepted an Offshore Project Proposal (OPP) from Shell Aus...
Australia >>  8/4/2020 - The National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) has accepted an Offshore Project Proposal (OPP) from Shell Aus...

Vietnam >>  8/4/2020 - Pharos Energy plc, an independent oil and gas exploration and production company, has announced that the Joint Operating Company's (JOC) request for a...
Canada >>  8/3/2020 - Calima Energy Ltd’s core assets are the Calima lands that lie within the liquids-rich gas sweet-spot of the Montney Formation in British Columbia, Can...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


China Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 |

Oil & Gas Projects in China >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.