BP Gets Tangguh Expansion Approval - Analyst Blog
05 11월 2012 - 11:30PM
Zacks
British oil and gas giant
BP plc’s (BP) Plan for Further Development (POFD)
has received approval in principle from the Ministry of Energy and
Mineral Resources of Indonesia as well as the country’s upstream
regulator - BPMIGAS.
The plan aims at expanding the BP-operated Tangguh liquefied
natural gas (LNG) project in Teluk Bintuni Regency, Papua Barat
province in eastern Indonesia. The project is estimated to cost
around $12 billion (£7.5 billion) and involves the development of a
third LNG liquefaction train for Tangguh.
The approval for this plan is likely to facilitate the process for
the final investment decision for this expansion anticipated to
commence by 2014. This will also allow the new train to start
operations by the end of 2018.
The new expansion will deploy two operational liquefaction trains
at the Tangguh LNG site. The addition of the third train will take
the total liquefaction capacity at Tangguh to 11.4 million tons per
annum (mtpa), an increase of 3.8 mtpa.
Per the expansion plans, around 15 million standard cubic feet per
day of piped gas, generated from the Tangguh fields and capable of
supplying about 50 megawatt of local power, would be apportioned
for sale from the date of the start of Train 3. The allocated gas
would assist - with special emphasis on the North Shore villages of
Teluk Bintuni Regency and beyond - domestic infrastructure,
commercial business as well as encourage light industrial
development.
Tangguh forms a vital asset in BP’s portfolio of Indonesian
operations. The expansion plans will likely help the company in
realizing the full potential of this important strategic asset. It
also goes to show BP’s commitment toward Indonesia and the
government support there.
BP has a 37.16% stake in the project. Other partners of the BP
operated Tangguh project are - MI Berau B.V., CNOOC
Ltd. (CEO), Nippon Oil Exploration (Berau), Ltd., KG
Berau/KG Wiriagar, LNG Japan Corporation, and Talisman
Energy Inc. (TLM) holding 16.30%, 13.9%, 12.23%, 10%,
7.35% and 3.06% stakes, respectively.
BP has a Zacks #3 Rank (short-term Hold rating). Longer term, we
maintain our Neutral recommendation.
BP PLC (BP): Free Stock Analysis Report
CNOOC LTD ADR (CEO): Free Stock Analysis Report
TALISMAN ENERGY (TLM): Free Stock Analysis Report
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