Category: Oil & Gas

Pertamina explores energy cooperation in Africa, supports President’s visit

PT Pertamina (Persero) and its sub-holdings have initiated several potential strategic collaborations with several energy companies in Africa, including in the upstream oil and gas sector, infrastructure development, processing refineries, potential downstream product distribution collaborations, and the development of new and renewable geothermal energy.

Kenya: Pertamina Geothermal Energy (PGE) Tbk, signed an MoU with Africa Geothermal International Limited (AGIL) on August 20, for technology development and resource utilization in geothermal.
Several collaborations were launched by the Pertamina Group in Africa, along with the visit of the Indonesian President, Joko Widodo, on August 20 – 24, 2023. [Image: Pertamina]

In Kenya, Pertamina, through PT Pertamina Geothermal Energy (PGE) Tbk, signed a Memorandum of Understanding (MoU) with Africa Geothermal International Limited (AGIL) on Sunday, August 20, 2023, for technology development and resource utilization in geothermal. With this collaboration, PGE will have the opportunity to study infrastructure development, implement geothermal technology in Indonesia, and expand geothermal development in Kenya.

“Several collaborations that will be launched by the Pertamina Group in Africa, along with the visit of the President of the Republic of Indonesia, Joko Widodo, on August 20 – 24, 2023, will become one of the mainstays in the energy sector for the country. This collaboration can strengthen cooperation between African countries and globally,” President Director of Pertamina Nicke Widyawati said during her visit to Kenya, Africa, on Monday (21/8).

In the upstream business, the upstream sub-holding subsidiary, PT Pertamina Internasional EP (PIEP), is exploring the potential for cooperation with the National Oil Corporation of Kenya (NOCK). This exploration is the first step for Pertamina’s upstream footprint abroad, strengthening national energy security.

“Spirit brings the barrel home; Pertamina’s footprint in the upstream sector is to increase production so that it can be processed at Pertamina’s domestic refineries,” Nicke said.

Nicke revealed that Pertamina also has opportunities to expand in various energy fields with the government-to-government (G-to-G) collaboration between the Government of Indonesia and the Government of Kenya. This bilateral cooperation also opens investment opportunities and collaboration for Pertamina in the African region.

“We appreciate the role of the government, including the Coordinating Ministry for Maritime Affairs and Investment, the Ministry of Foreign Affairs, and the Ministry of Energy and Mineral Resources, in supporting Pertamina’s expansion efforts on the global stage,” she explained.

Before the visit, Pertamina had a Memorandum of Understanding with GUMA, an African energy company, regarding strategic alliances for potential upstream, midstream, and downstream business projects.

The collaboration includes the exploration and production of oil and gas fields, the development of oil and gas pipelines, and the development of oil and petrochemical refineries. Apart from that, Pertamina also trades petroleum products in Kenya. According to Nicke, cooperation beneficial to the Indonesian state will be prioritized in every collaboration carried out by the Pertamina Group.

“We bring the government’s spirit, the spirit of the 1955 Asian-African Conference. We are now working together on economic development. Pertamina opens opportunities for cooperation in the upstream and downstream sectors, including geothermal in Kenya,” Nicke said.

Meanwhile, Vice President of Pertamina, Fadjar Djoko Santoso, added that Pertamina had brought several sub-holdings to explore the potential for cooperation in Africa. These collaborations will further strengthen national energy security and realize the company’s role as a global energy company. “We are open to all business cooperation opportunities that positively impact Pertamina and the country,” Fadjar said.

Pertamina, as a leader in the field of energy transition, is committed to supporting the Net Zero Emissions 2060 target by continuing to encourage programs that have a direct impact on the achievement of the Sustainable Development Goals (SDGs). These efforts align with implementing environmental, social, and governance (ESG) in Pertamina’s business lines and operations.

Media Contact:
Fadjar Djoko Santoso
Vice President Corporate Communication
PT Pertamina (Persero)
M. : +62 813-2063-0765
E. : fadjar.santoso@pertamina.com

BayWa r.e. sells Karadoc Solar Farm and enters into Strategic Development Agreement with Atmos Renewables

Global renewable energy developer, service provider, and solar distributor BayWa r.e. announces the sale of the Karadoc solar farm and the strategic development partnership with Atmos Renewables (Atmos) for a series of wind projects, marking a significant milestone in the company’s commitment to renewable energy development in Australia. BayWa r.e. is committed to the redeployment of resources from the sales proceed and further investments in its existing pipeline of 5GW in the Australian renewables market.

The Karadoc solar farm represents BayWa r.e.’s first owned and built solar plant in Australia, and it stands as one of Australia National Electricity Market (NEM)’s largest operating solar projects in terms of capacity. Situated around 25 km south of Mildura, Victoria, Karadoc has a capacity of 112.5 MWp and became operational in 2019. Featuring over 346,000 solar panels, this facility generates sufficient energy to cater to 47,000 households.

The partnership between BayWa r.e. and Atmos, a prominent player in the Australian renewable energy landscape, underscores BayWa r.e.’s dedication to fostering sustainable growth in Australia. It leverages Atmos’ local expertise and BayWa r.e.’s global experience, creating a formidable force for developing a series of wind projects across the country.

Daniel Gaefke, Director of Projects APAC, BayWa r.e. AG., said, “At BayWa r.e., we are committed to advancing the global transition towards clean energy. The sale of Karadoc combined with the strategic development partnership with Atmos as well as our growing renewable pipeline are a testament to this commitment. Our strategic partnership for a series of wind development projects with Atmos exemplifies our efforts to synergize local insight and international expertise for the betterment of Australia’s renewable energy landscape.”

BayWa r.e. sees Australia as an important market and is committed to growing the renewable energy sector in the region. The renewable energy developer continues to contribute to Australia’s future of clean energy with a strong pipeline of projects.

The transaction stands as a remarkable achievement in BayWa r.e.’s portfolio, which has completed more than 300 MW of installed capacity in the country and symbolizes the company’s progress in the renewable energy domain.

BayWa r.e. AG (BayWa r.e.)

At BayWa r.e. we r.e.think energy – how it is produced, stored and can be best used to enable the global renewable energy transition that is essential to the future of our planet.

We are a leading global developer, service supplier, distributor and solutions provider and have brought over 5.5 GW of energy online and manage over 10 GW of assets. We are also an Independent Power Producer with an expanding energy trading business.

BayWa r.e. works with businesses worldwide to provide tailored renewable solutions. Operating 100% carbon neutral, we are also committed to our own sustainability journey.

Every day, we are working hard to actively shape the future of energy in a diverse, equitable and inclusive workplace.

Our shareholders are BayWa AG, a EUR27.1 billion global business, and Energy Infrastructure Partners, a leader in energy infrastructure investment.

Contact information:

Mark Cooper
Head of Global Communications
Tel: +49 89 383932 3611
E-mail: mark.cooper@baywa-re.com

Salim Pathan
Marketing Manager, APAC
Tel: +66 62 698 7162
E-mail: salim.pathan@baywa-re.com

PRecious Communications for BayWa r.e. APAC
Tel: +65 6303 0567
E-Mail: baywa-re@preciouscomms.com

Wintermar Offshore (WINS:JK) Reports 1H2023 Results

PT Wintermar Offshore Marine Tbk (WINS:JK) has announced results for 1H2023. Wintermar’s Gross Profit from Owned Vessels jumps to US$3.1 million for 1H2023 from US$0.2 million in 1H2022 on the back of 32.6%YOY increase in Owned Vessels revenue to US$ 19.2 million.

Total Gross Profit increased 140%YOY to US$5.4 million for 1H2023, while total revenues were 24.4% higher at US$31 million, largely driven by higher charter rates and additional fleet commencing operations.

Owned Vessel Division
In the first half of 2023, Owned Vessel gross profit experienced an exceptional increase to US$3.1 million, generated from revenues of US$19.2 million. This was achieved as a result of securing higher charter rates, in spite of a decrease in fleet utilization from 66% in 1H2022 to 61% in 1H2023. The lower utilization was due to a transitionary period where some vessels came off longer term contracts and were undergoing necessary maintenance before being deployed to new contracts.

As a result, maintenance costs increased by 80.0% YoY, with the majority of the increase focused on the higher value vessels. Bunker costs also rose by 23% to US$1.3 million due to a higher number of vessels being out of contract. In expectation of higher rates in the second half of the year, management was more selective in tendering for work during the period, which contributed to the lower utilization.

The Company currently owns a fleet of 42 vessels, including 9 additional higher value vessels that were acquired since 2021, including 1 mid-tier vessel acquired in 2Q2023. Of the 9 additional vessels, 6 were operational in 2Q2023, 2 more commenced work in June and July, with 1 expected to be deployed in the second semester of 2023, leaving only 1 left in the process of reactivation.

Chartering and Other Services
For the first half of 2023, Chartering Revenue was nearly flat at US$8.1million compared to US$7.9million in 1H2022. Due to lower margins the gross profit from Chartering Division fell by 26.5%YOY to US$0.7million. This was also due to one of the chartered vessels being acquired in 2Q2023 as the Company had secured a long-term contract for it. Other Services Revenue and Gross Profit increased significantly to US$3.8million (+47.2% YoY) and US$ 1.6 million (+40.7% YoY), respectively.

Indirect Expenses and Operating Profit
Management continued to exercise tight cost control in the first half of 2023. There was a one-off reversal to employee pension liabilities from the change in the omnibus law which resulted in a 4.5% YOY decrease in indirect expenses to US$3million.

Due to the much-improved industry conditions and controlled expenses, the Company booked an operating profit of US$2.4million for 1H2023 compared to a loss of US$0.9million in 1H2022.

Other Income, Expenses and Net Attributable Profit
Interest expenses fell by 26.1% YOY to US$0.5 million, as the group continued to reduce its outstanding bank debt. This resulted in a net debt-to-equity ratio of just 6.5% at the end of the first half of 2023.

The strong performance of the business resulted in a net income attributable to shareholders of US$1.1million for the first half of 2023, compared to a loss of US$1.0million in the same period of 2022.

The group’s EBITDA also jumped by 64% YOY to US$8.7 million.

Outlook for O&G and the OSV Industry
The International Energy Agency (IEA) released its May Oil Market Report, projecting global oil demand to reach 103m b/d in 2024 from the previous estimate below 103m b/d provided in July 2022. This represents an upward revision from the red to the blue demand curve in Figure 1. Oil supply as we know has been constrained by several years of underinvestment due to lackluster oil prices since 2015.

The more positive oil demand forecast combined with global concerns over energy security triggered by embargos on Russian oil has caused a strong upturn in oil and gas investment. Rystad projects a recovery in oil and gas investments to reach US$ 600 billion by 2025. For South East Asia alone, there are US$ 135 billion worth of investments which have been approved, but the biggest jump in investment is in the offshore deepwater segment, as can be seen in the dark blue part of the bar chart in Figure 2 below. Deepwater investments typically require more technologically advanced OSVs with Dynamic Positioning systems of DP2 certification, like Platform Supply Vessels (PSV) and larger Anchor Handling Tug Supply (AHTS).

The supply of OSVs in SE Asia has been getting tighter in the past six months as the commencement of drilling projects in the Middle East, Africa and Latin America has attracted available and operationally ready OSVs to those geographical locations. Charter rates in SE Asia have lagged those markets but have started to improve in 2Q2023. With the current rise in approved projects in the coming years, we expect even tighter conditions in the OSV market in Asia for the next few years.

Company Business Outlook
Wintermar expects a stronger performance throughout the remainder of the year, driven by the successful award of several contracts for high-tier vessels. These contracts feature charter rates that are much higher than previous contracted rates, with commencements expected in Q3 and Q4 of 2023. This positive development aligns with the overall improvement in OSV market conditions followed by the rising global OSV utilization and increasing charter rates.

As at end of June 2023, the Company’s Contracts on hand amounted to US$ 79 million.

About Wintermar Offshore Marine Group
Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.

Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd’s Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel +62-21 530 5201 Ext 401
Email: investor_relations@wintermar.com

Signing Contracts for US$49.3M, PIS (Pertamina) Now Sails across 26 International Routes

PT Pertamina International Shipping (PIS), through its branch office in Dubai, PIS Middle East (PIS ME), has achieved another success by simultaneously signing four business cooperation agreements with global players.

PIS Pte Ltd (DMCC Branch) – PIS Middle East has signed business cooperation agreements with global players, namely with Gas Walio, Gas Widuri, Gas Arjuna and Gas Ambalat, for 4 vessels owned by PIS.
Erwin Paulian Sihombing, Commercial, PIS Pte Ltd (DMCC Branch) – PIS ME; Ugo Romano, Managing Director, Scorpio MENA DMCC (Neptune Pool); Andra Otmansyah Pelawi, Country Manager & Middle East Representative, PIS Pte Ltd (DMCC Branch) – PIS ME [L-R]

PIS ME signed the deals for 4 vessels owned by PIS – namely the Gas Walio vessel, Gas Widuri vessel, Gas Arjuna and Gas Ambalat vessels. The Gas Arjuna and Ambalat vessels are chartered by SHV Gas Supply & Risk Management, the Gas Walio vessel is chartered by Geogas Trading S.A, and the Gas Widuri vessel is chartered by Vitol S.A.

“The signing of this cooperation signifies the success of PIS ME’s aggressiveness in increasing revenue in the international market, as well as proving the reliability of PIS’s fleet which is qualified to sail in global scale waters,” said PIS CEO Yoki Firnandi at the signing ceremony on Tuesday, July 25.

The total transaction value for the four ship deal reached US$49.34 million, or the equivalent to Rp740.15 billion (dollar exchange rate of Rp15,000) with different contract durations ranging from 6 months to 3 years. The contracts also provided for new international routes and countries for the PIS fleet, including Chile (South America), Puerto Rico (USA), Dominican Republic (Caribbean), Tanzania, Poland, and Portugal.

Country Manager of PIS ME Andra Pelawi added that in addition to the successful commercialization of the four vessels, PIS ME has broken new business ground which will add to the company’s revenue potential. “Pertamina has, through PIS ME, entered Tankers International Pool, and a TC Syndication scheme with Scorpio for a Neptune VLGC vessel in the pool. PIS will have the potential for vessel rental at international market rates,” he said.

Through this breakthrough scheme by PIS, carried out initially during the second quarter of 2023 (since the VLGC vessel entered the pool in early May, through to the end of the quarter), PIS ME managed to realize a profit of around US$865 thousand, or the equivalent to Rp12.97 billion (dollar exchange rate of Rp15,000).

About PT Pertamina International Shipping (PIS) Pte Ltd
PT Pertamina International Shipping (PIS) as an Integrated Marine Logistics Subholding, has a total of 750 ships. Besides the owned ships, PIS also manages time charter and spot charter that can be rented through e-chartering. PIS ME is the second representative branch office of PIS located abroad, being established December 23, 2022. See https://pertamina-pis.com/.

Media Contact:
Muh. Aryomekka Firdaus
Corporate Secretary
M: +62 0811-872-272
E: aryomekka@pertamina.com

Apeiron Bioenergy Raises S$50 million through an Investment Grade Green Bond, the First Bioenergy-Focused SGD Bond Issuance in Asia

Apeiron Bioenergy (“Apeiron“), a leading integrated global player in bioenergy, raised S$50 million on Friday, 23rd June 2023, through the landmark issuance of a 5-year senior unsecured green bond guaranteed by Credit Guarantee & Investment Facility, a trust fund of the Asian Development Bank (“CGIF“), and an ASEAN+3 initiative to develop local currency bond markets.

Rated AA by S&P Global Ratings, the privately placed bond was well-received by investors and was oversubscribed despite a challenging macro environment. The green bond was issued at par and bears a coupon rate of 4.487% with HSBC as the sole lead manager.

The proceeds will be applied towards capital expenditure and asset improvement for collection points and pre-treatment facilities of waste-based feedstocks like used cooking oil (“UCO“) in the Philippines, Thailand, and Vietnam. The remainder will be used for general working capital requirements. The utilisation of proceeds will be guided by Apeiron’s Green Finance Framework endorsed by Sustainalytics, demonstrating the company’s commitment to integrating environmental, social, and governance factors into its operations.

UCO, one of Apeiron’s primary products, is one of the cleanest waste-based feedstocks for biofuel production offering the highest greenhouse gas emissions savings. It is a major feedstock for renewable biodiesel products like sustainable aviation fuel (“SAF“). As the SAF market is expected to grow at a compound annual growth rate (“CAGR“) of 42% in the next decade, the availability of feedstock emerges as a crucial bottleneck. Leveraging Apeiron’s robust network of suppliers across Asia, where the collection of waste-based feedstocks remains relatively untapped, the company is well-positioned to serve as the hub for the mass consolidation of waste-based biofuel feedstocks in the region.

Chris Chen, Co-founder of Apeiron Bioenergy said, “We are delighted by the overwhelming response to our green bond issuance supported by CGIF, which demonstrates strong investor confidence and our shared mission with the Asian Development Bank. This will allow Apeiron to expand our operations and maintain our position as a leader in the bioenergy sector. Building upon our operational and financial track record, we are fully committed to reducing reliance on fossil fuels and accelerating the growth of green energy.”

Mr. Hongwei Wang, Chief Executive Officer of CGIF stated, “We are pleased to support Apeiron in its inaugural green bond issuance which will certainly benefit them in diversifying funding sources to support its sustainable growth. The transaction showcases our commitment in promoting debut issuers and green bond issuances in ASEAN+3 region. The successful issuance of this bond also demonstrates market participants’ confidence in CGIF and its guarantee product.”

Sean Henderson, Co-Head of Debt Capital Markets, Asia-Pacific at HSBC said, “We are pleased to have supported this landmark transaction for Apeiron, the first ever SGD bond issuance from the bioenergy industry in Asia. This transaction highlights our commitment to support growth-stage companies that can facilitate the transition to a carbon-sustainable economy through increasing the availability of low-carbon alternative biofuels. The strong reception by investors also affirms the markets’ support for companies that can deliver solutions for the new economy.”

About Apeiron Bioenergy

Founded in 2007, Apeiron Bioenergy is an integrated global player in bioenergy products, spanning from feedstocks to end- and by-products. Headquartered in Singapore, the company operates refineries and collection points across 10 countries.

For more information, visitwww.apeironbioenergy.com.

For all media queries, please contact:
Kamal Samuel
Financial PR
T: 6438-2990
E: kamal@financialpr.com.sg

Wintermar Offshore (WINS:JK) Public Expose 2023

PT Wintermar Offshore Marine Tbk (WINS:JK) invested US$3.15 million out of capex plan of US$18 million in 2023, and expects higher demand for OSVs driven by a jump in approved deepwater oil and gas investments and tight OSV supply. During the Public Expose on 16 June 2023, PT Wintermar Offshore Marine Tbk unveiled its strategic plans to enhance fleet composition and profitability, positioning itself to capitalize on the anticipated upturn in the oil and gas industry.

The Company expressed a bullish outlook on O&G as a jump in approved investments in deepwater projects is expected to raise the demand for high-value Offshore Supply Vessels (OSVs) in the coming years. Wintermar aims to ride on the upturn, having added high tier fleet capacity, and stands to benefit from rising charter rates.

In 2021, the Company successfully acquired 2 vessels, followed by an additional 6 vessels in 2022, and acquired 1 more vessel in 2023. Out of the total of 9 vessels, 5 are currently operational. Meanwhile, out of the remaining 4 vessels, it is expected that 2 vessels will start operating in June 2023, 1 vessel to be ready to work in July, leaving only 1 vessel still in the process of reactivation.

Fleet utilization in the first quarter of 2023 was 67%, an increase from 61% in the first quarter of 2022, but still lower compared to the high utilization rate of 82% in the fourth quarter of 2022. The decrease in utilization is due to several vessels undergoing a transition after the completion of contracts. Some vessels were undergoing maintenance for preparation of long term contract engagements.

Management revealed that average vessel charter rates so far in 2023 are 35% higher than the average rental rates in 2022 for high tier vessels and 8% for mid tier vessels.

With the improvement in the oil and gas and OSV sector, the Company is expecting an increase in charter rates and utilization in the second half of 2023. This reflects the success in securing several longer-term contracts that will commence in the third and fourth quarters of 2023.

Finance Director Janto Lili reported that the Company succeeded in maintaining strong financial performance and solid debt management. The Company’s Gross Profit for 1Q2023 reached US$1.6 million, reflecting a significant improvement compared to the previous year. With a low net gearing of 10.0%, Wintermar is well-positioned to fund its growth initiatives and market opportunities.

Managing Director of Wintermar, Sugiman Layanto expressed confidence in the coming years, as Wintermar anticipates a strong increase in demand for offshore support vessels driven by increasing investment in new projects in the deepwater oil and gas sector. This positive outlook comes at a time when the supply for OSVs remains tight due to the industry downturn over the past years.

For the future, Wintermar will continue to focus on selective acquisition of higher value vessels to improve the profitability of the overall fleet.

As at end of April 2023, the Company’s Contracts on hand amounted to US$66 million.

About Wintermar Offshore Marine Group
Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.

Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd’s Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com

Matahio Energy completes acquisition of onshore assets in New Zealand

Matahio Energy has completed the acquisition of a portfolio of six onshore oil and gas licenses in the Taranaki Basin, North Island, New Zealand.

Matahio will be the operator of these licenses, holding 100% participating interest in four licenses, and 70% interest in the remaining two licenses. Of the six licenses, three are currently producing. The sale and purchase agreement between the parties was signed in March 2022. All required approvals for the relevant New Zealand regulatory authorities have been obtained to complete this transaction

Key highlights of the transaction:

– Operatorship of two fields, namely Cheal and Sidewinder, which are currently producing a total of 1.4 Kboepd (thousand barrels of oil equivalent per day), net to Matahio. Cheal and Sidewinder are well-established, prolific fields, which have produced over 5 MM bbls (million barrels of oil) to date, since the first oil in 2008.

– Matahio is adding 2 MM boe (million barrels of oil equivalent) 2P reserves (Net, effective date 1st January 2023). At prevailing oil prices and contemporary OPEX rates, the Cheal and Sidewinder fields are expected to generate positive cash flow until 2030. The New Zealand business’s EBITDA for the calendar year 2022 was NZD$29 MM

– The transaction also includes full technical and operational teams, based in New Plymouth, who have a track record in delivering strong health, safety & environment (HSE) and production performance. Most notably, recent production optimisation efforts have resulted in production rates returning to 2015 levels without drilling any new wells.

– Matahio has crafted a multi-year development programme consisting of infill and step-out drilling as well as the appraisal of newer fields in the Puka license (which was 100% acquired by Matahio) to be tied back to existing operated infrastructure. This organic growth programme targets an additional 3.8 MM boe and, if successful, will ensure more than 100% replacement of reserves across Matahio’s portfolio. Coincident with this transaction, the first Cheal infill well as part of this programme is currently being completed.

– Matahio has constructed a bottom-up greenhouse gas reduction plan that projects the New Zealand business to be “net-zero” by 2030. A significant component of this plan is a deep decarbonization of the operation, for which a number of projects have been initiated in 2023, targeting an immediate impact on Matahio New Zealand’s carbon footprint.

– Under Matahio ownership, cash contributions will continue to be made to an escrow fund that ultimately covers future abandonment liabilities.

– Matahio Energy New Zealand has already committed to several Taranaki partnerships and sponsorships. This transaction now opens the door to other opportunities to collaborate with the Taranaki community.

Dr Wai-Lid Wong, CEO of Matahio Energy, says, “We are excited to progress the multi-dimensional plans we have laid out for this portfolio of assets in New Zealand.

“First and foremost, the execution of an expansive production optimisation and development programme, which has already borne fruit, will continue to exhibit Matahio’s mature field management credentials. This includes maintaining the portfolio’s OPEX per barrel at levels lower than 40 USD/bbl. Second, the proving-up of prospects in the Puka license area, and utilising existing infrastructure for its development, will enhance the longevity of our New Zealand business. And finally, to undertake a complex decarbonisation plan, which underpins our New Zealand net zero strategy and aims to demonstrate that this growth does not need to be at the expense of the environment.”

He added, “We are also keen to continue discussions with our industry peers, investors, government, and other key stakeholders to ensure that the oil and gas industry is effectively participating in an orderly energy transition in New Zealand, which supports the country achieving its overall net zero ambitions.”

Visit www.matahio.com for updates.

ABOUT MATAHIO ENERGY

Matahio Energy is an independent energy company establishing a presence across Southeast Asia and Australasia. The company is founded and led by a dynamic team of experienced professionals, whose resilience is borne out of successfully steering other oil and gas companies through unique challenges.

Matahio Energy is the 78.8% owner and operator of the Galoc Joint field, situated 60km offshore Palawan, Republic of the Philippines, and 100% owner of the FPSO Intrepid Balanghai, which is currently stationed on the Galoc field. Matahio is also the owner and operator of a portfolio of onshore assets in Taranaki, New Zealand.

Matahio Energy believes in integrity and pragmatism, alongside a spirit of collaboration and partnership. As a grounded and responsible operator in a sector that is rapidly evolving through an energy transition, Matahio Energy has an unrelenting focus on delivering operational efficiencies and developments, makes decisions based on sound technical knowledge, embraces technology and novel commercial perspectives, and takes accountability for the safety of its people, the environment, and wellbeing of the communities in which it operates.

It is this ethos that defines Matahio Energy and anchors on its promise of “Progressive Energy”.

For more information, please contact:
Matahio headquarters contact information: pr@matahio.com
Sue D’Cruz l +60 19 321 3607
Angeline Chandran l +60 1691 66461
Hakim Ishak, PINPOINT PR | +65 8949 3040

Loop Industries signs LOI with On AG to secure volumes from planned Infinite Loop(TM) manufacturing facility in Ulsan, South Korea

Loop’s breakthrough technology enables fiber-to-fiber recycling, offering the textile industry a closed-loop supply chain solution

Loop Industries, Inc. (Nasdaq: LOOP), a clean technology company whose mission is to accelerate a circular plastics economy by manufacturing 100% recycled polyethylene terephthalate (PET) plastic and polyester fiber, and On AG, a sportswear brand and subsidiary of On Holding AG, today announced a Letter of Intent (LOI) signed by On to secure volumes of 100% recycled virgin quality Loop(TM) PET resin from the upcoming Asian Infinite Loop(TM) manufacturing facility in Ulsan, South Korea, which Loop is planning with its strategic partner SK Geo Centric. The Ulsan manufacturing facility is anticipated to break ground by end of this year.

The signed LOI follows a two-year period of collaboration between Loop and On, throughout which time a technical due diligence was completed validating Loop’s technology, while Loop(TM) PET resin was tested in On’s products. This partnership will provide On the ability to produce sustainable footwear and apparel using recycled materials, without the need for polyester fiber created from fossil fuels, which helps to reduce PET waste and the manufacturing footprint for On.

“Circularity is a main pillar in On’s sustainability process. We are happy to see that Loop is bringing their technology to commercial scale,” said Ilmarin Heitz, Head of Innovation at On. “This marks another huge step towards closing the fiber-to-fiber loop within the textile industry.”

“Loop’s technology enables fiber-to-fiber recycling, providing brands like On with a closed-loop solution to their supply chain,” said Giovanni Catino, Vice President of Sales and Business Development. “We anticipate that 60% of the feedstock utilized at our planned commercial manufacturing facility in Ulsan to come from polyester fibers which presents a significant opportunity for circularity for this material.”

Loop Industries is leading the way in sustainable and circular solutions for PET waste, allowing materials to be infinitely recycled without loss of quality or performance. Loop’s breakthrough technology enables low value PET waste to be upcycled into 100% recycled virgin-quality Loop(TM) PET resin which can be used in plastic products and food-grade packaging as well as polyester fiber applications. In addition to low value PET plastic waste, Loop also utilizes polyester fiber waste as feedstock in its process. By upcycling these materials, Loop’s technology helps supply brands with sustainable, recycled polyester fabric and offers a closed loop solution to the textile industry. This unique fiber to fiber recycling process is achieved through Loop’s patented depolymerization technology.

By leveraging Loop’s technology and securing volume at the upcoming Ulsan, South Korea manufacturing facility, On is implementing a bold and sustainable footwear strategy in the industry, taking a giant step forward in circularity. The partnership between Loop Industries and On showcases how brands can transition to a sustainable, environmentally friendly solution where materials can be recycled infinitely.

About On
On was born in the Swiss Alps with one goal: to revolutionize the sensation of running by empowering all to run on clouds. Thirteen years after market launch, On delivers industry-disrupting innovation in premium footwear, apparel, and accessories for high-performance running, outdoor, and all-day activities. Fueled by customer-recommendation, On’s award-winning CloudTec(R) innovation, purposeful design and groundbreaking strides in sportswear’s circular economy have attracted a fast-growing global fanbase – inspiring humans to explore, discover and dream on. On is present in more than 60 countries globally and engages with a digital community on www.on.com.

About Loop Industries
Loop Industries is a technology company whose mission is to accelerate the world’s shift toward sustainable PET plastic and polyester fiber and away from our dependence on fossil fuels. Loop Industries owns patented and proprietary technology that depolymerizes no and low-value waste PET plastic and polyester fiber, including plastic bottles and packaging, carpets and textiles of any color, transparency or condition and even ocean plastics that have been degraded by the sun and salt, to its base building blocks (monomers). The monomers are filtered, purified and polymerized to create virgin-quality Loop(TM) branded PET resin suitable for use in food-grade packaging and polyester fiber, thus enabling our customers to meet their sustainability objectives. Loop(TM) PET plastic and polyester fiber can be recycled infinitely without degradation of quality, successfully closing the plastic loop. Loop Industries is contributing to the global movement towards a circular economy by reducing plastic waste and recovering waste plastic for a sustainable future.

Common shares of the Company are listed on the NASDAQ Global Market under the symbol “LOOP.” For more information, please visit www.loopindustries.com. Follow Loop on Twitter: @loopindustries, Instagram: loopindustries, Facebook: Loop Industries and LinkedIn: Loop Industries.

Investor Relations:
Kevin C. O’Dowd, kodowd@loopindustries.com
Vice-President Communications & Investor Relations, Loop Industries, Inc.

Media Inquiries:
Andrea Kostiuk, akostiuk@loopindustries.com
VP Marketing & Communications, Loop Industries, Inc.

SOURCE: Loop Industries, Inc., Quebec, Canada.

Wintermar Offshore (WINS:JK) Reports 1Q2023 Results

PT Wintermar Offshore Marine Tbk (WINS:JK) has announced results for 1Q2023. Operating Profit rebound to US$1.6 million from a loss of US$1.4 million in 1Q2022 after strong increase in Revenues. Stronger charter rates contributed to the 51%YOY increase in total revenue to US$15.9 million and gross profit of US$3.0 million for 1Q2023.

Owned Vessel Division
During the first quarter of 2023, charter rates were higher, boosting Owned Vessel revenue by 46%YOY to US$9.7 million, and generating a turnaround in the division with a positive gross profit of US$1.7 million for 1Q2023 compared to a loss of US$0.6 million for 1Q2022. Quarterly utilization for 1Q2023 was 67%, higher than 61% in 1Q2022, but lower than the high utilization of 82% in 4Q2022, as several longer-term contracts completed in 1Q2023 and vessels underwent interim maintenance while being prepared for new contracts.

Direct Expenses were 10.6% higher, mainly due to higher maintenance (+154.4%YOY) and operations (+30.6% YOY) costs for parts and consumables. Depreciation was slightly lower at US$3 million (-2.5%YOY) as some of the additional vessels were not yet activated. Crewing costs rose by 2.6%YOY to US$2.1 million for 1Q2023.

Chartering and Other Services
Gross Profit from the Chartering Division rose by 16.6% YOY to US$0.4 million while Gross Profit from Other Services rose by 124.9% to US$0.9 million as demand for ancillary services also improved.

Total Gross Profit jumped to US$3.0 million for 1Q2023, compared to only US$0.2 million in 1Q2022, reflecting more robust conditions in the industry.

Indirect Expenses and Operating Profit
During 1Q2023, total Indirect Expenses fell by 9.4%YOY to US$1.4 million. Staff salaries increased by 5.1%YOY due to new hires during 2022 after a hiring freeze ended during the COVID-19 pandemic. However, this was offset by lower employee benefit expenses as actuarial liabilities were adjusted to comply with the new Omnibus law. Office utilities rose 39%YOY to US$0.1 million as most employees returned to work in the office compared to 1Q2022 where employees were still working from home.

Operating Profit saw a convincing turnaround for 1Q2023 at US$1.6 million, compared to a loss of US$1.4 million in 1Q2022.

Other Income, Expenses and Net Attributable Profit
The better operating conditions has contributed to higher cash flow as EBITDA saw a sharp increase to US$4.6 million in 1Q2023 from US$1.7 million in 1Q2022.

As the Company’s borrowings fell to US$16.1 million by 31 March 2023 compared to US$24.3 million at end March 2022, net interest expenses continued to fall by 28.6%YOY to US$0.26 million.

Associate companies recorded a loss of US$ 0.4 million, from the cost of preparing an additional vessel for operations. For 1Q2023, Total Net Income before tax and minorities stood at US$0.85 million compared to a loss of US$2.0 million for 1Q2022.

Net Attributable Profit to Parent Entity for 1Q2023 amounted to US$0.18 million compared to a loss of US$1.8 million for the same period in 2022.

Business Outlook
OPEC+ members announced a voluntary production cut beginning from May 2023 to the end of the year, indicating that oil prices should remain firm. This confirms the positive outlook for oil and gas exploration as more new projects are being announced.

There has been an increase in optimism in upstream activities in Asia where more drilling projects are being approved. During the first quarter there were several new requests for proposals in the region, including in Brunei, Thailand, Malaysia as well as Indonesia. Charter rates are rising as demand for OSVs has picked up while supply has been stagnant.

Rystad Energy has estimated that South East Asian upstream investments will grow by 10% in 2023 and 15% in 2024, largely in offshore fields. This is positive for our fleet expansion strategy.

Fleet utilization fell in 1Q2023 because some vessels have come off longer term contracts when charter rates were lower. The Company will be looking to deploy these in contracts with higher charter rates in the coming months.

Contracts on hand as at end March 2023 amounted to US$72 million.

About Wintermar Offshore Marine Group
Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.

Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd’s Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com

The Future is Now: Prospect the Development of Downstream Industry in a Low-Carbon Economy

The Indonesian oil and gas downstream market is expected to register a CAGR of more than 4% during the forecast period 2022-2027. The COVID-19 outbreak in Q1 2020 led to declines in the refining and petrochemical production output. Factors such as increasing demand for petrochemical products, growing oil and gas consumption, surging investments in the refinery, and petrochemical projects are expected to drive the oil and gas downstream market during the forecast period. However, an increase in the adoption of electric vehicles is expected to hinder the growth of the oil and gas downstream market.

The refinery segment is expected to dominate the market during the forecast period, owing to increasing refining capacities across the country. Digitalization and modernization of the refining and petrochemical sectors are expected to reduce refining costs. This, in turn, is expected to create an opportunity for the market during the forecast period. Growing oil and gas consumption in the country is expected to be the major driver for the Indonesian oil and gas downstream market during the forecast period.

We are pleased to announce that the 5th Refining & Petrochemical Innovation Conference Indonesia 2023 will be held on June 28-29, 2023 in Jakarta, Indonesia, where senior refining and petrochemical professionals from Indonesia and beyond will meet to discuss the latest investment developments, regulation landscape and operational challenges facing the refining and petrochemical industry.It should be the ideal platform for refining and petrochemical companies/individuals to know the latest updates and explore partnership opportunities for staying ahead of the game. We look forward to meeting you there!

Key Topics

  • Outlook: Building Sustainable Downstream Future in Asia
  • The National Strategy on How to Secure Competitive Petrochemical Feedstock for the Next 10 Years
  • Decarbonization Strategies in NOCs and IOCs’ Downstream Business
  • Outlook of Indonesia R&P Industry: Prospects, Policy Restraints & Investment, Operating Environment
  • Chandra Asri Petrochemicals: Maintains Sustainable Growth
  • Panel Discussion: Roadmap for Decarbonisation and Way Forward for the Indonesia Downstream Sector
  • Project Updates: New Projects, Modernization and Re-configuration of Refining and Petrochemical Plants
  • Catalyst Innovation and Feedstock Flexibility
  • Operational Excellence and Digitalization
  • Pivoting to High Value Chemicals, Plastics Recycling and Cleaner/bio Fuels
  • Asset Integrity, Reliability and Maintenance
  • Refinery & Petrochemical Integration and Technology Innovation
  • Reliability/Maintenance and Successful Project Management
  • Market Dynamics in APAC and Outlook for Indonesia
  • Petrochemical Industry in Indonesia–Upstream Perspectives
  • Digital twin, AI, ML, Big data: Digitalization and Operational Excellence in Downstream Business
  • Data Analytics: Unlocking the Full Value of Big Data Analytics: Unlocking the Full Value of Big Data
  • Digital Transformation: Moving from a Strategic Choice to an Imperative Task
  • Hydrogen Production as New Way to Decarbonization
  • Feedstock Competitiveness in South East Asian Petrochemical Industry
  • Hydrogen Production as New Way to Decarbonization
  • Decarbonization and Green Road of Refining and Petrochemical Industry
  • Developing World-Scale Diversified Refining Petrochemicals Projects
  • Operation Excellence and Maintenance, Turnaround and Overhaul Management
  • Energy Efficiency: Optimize Energy Conversion and Minimize Waste to Deliver Sustainable Competiveness
  • Biofuel & Clean Fuel: Producing Greener Fuels for Sustainable & Environment Energy Development

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