2 weeks Ago
KUALA LUMPUR: Genting Bhd ’s 95%-owned subsidiary, PT Layar Nusantara Gas (PTLNG), has signed a definitive agreement with China National Machinery Import & Export Corporation and Shandong Kerui Energy Development Co. Ltd. The agreement covers the design, engineering, and procurement of the onshore gas processing plant, connecting pipelines, and supporting facilities for the Genting floating liquefied natural gas project in West Papua, Indonesia.
In a statement, Genting said the fixed lump sum for the contract is US$182.9mil, excluding a reimbursable amount of US$2.57mil.
On Oct 28, PTLNG also entered into a separate contract for the construction, installation and commissioning of the Midstream Infrastructure with a local Indonesian company called PT China Construction Yangtze River Indonesia (PT CCYRI) for a fixed lump sum contract price of 2.05 trillion rupiah excluding reimbursable sum of 213.6 billion rupiah.
Genting stated that the midstream infrastructure is expected to be completed in 25 months. Once completed, it will be ready to receive raw gas from the Asap, Merah, and Kido structures within the concession area of the Kasuri Block in West Papua, Indonesia. This area was awarded to Genting Oil Kasuri Pte Ltd (GOKPL), another 95% indirect subsidiary of Genting, under a production sharing contract signed in May 2008 with BP MIGAS, the Indonesian oil and gas regulator.
The upstream development by GOKPL under the Kasuri PSC is progressing well, with reentry activities carried out at the Asap 4X well, successfully spudded in August 2024, and the Asap 2X well, spudded in October 2024. To date, GOKPL has procured several long lead items for the upstream development. Additionally, the pre-qualification review process for both the early production facility contract and the engineering, procurement, and construction contract has been completed.
In respect of the downstream development, the FLNG vessel which is being constructed by Wison New Energies Co Ltd. pursuant to the engineering, procurement, construction, installation and commissioning contract executed on June 20, 2024, is 32.83% completed as at Sept 26, 2024.
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