KUALA LUMPUR (April 2): Petroliam Nasional Bhd s (Petronas) subsidiary PSE Kinsale Energy Ltd is said to have awarded a multi-year contract to Hydra Well Intervention AS to support PSE Kinsale Energy’s major decommissioning project in Ireland.
Hydra Well said in a statement on its website yesterday that PSE Kinsale Energy operates Ireland’s first gas fields off the Country Cork coast, with the field in production from 1978 until 2020.
Hydra Well, which did not specify the value of the contract, said the fields were Ireland s only indigenous source of natural gas until 2015 . We will implement our Perforate, Wash and Cement (PWC®) system, designed for specialist wellbore applications, on approximately 15 wells across PSE Kinsale Energy’s Celtic Sea assets as part of the two-year campaign. Our PWC® system provides a revolutionary solution to replace traditional plug and abandonment (P&A) and downhole tooling techniques.
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(March 17): Malaysia’s state oil company started marketing a dollar bond offering yesterday at what’s likely to be its lowest coupon ever amid a rebound in resource prices.
Petroliam Nasional Bhd (Petronas) plans to sell a seven-year note to raise a maximum US$600 million (RM2.47 billion), according to people familiar with the deal.
It set an initial price of 125 basis points (bps) over the benchmark Treasury, they said. That worked out to a coupon of around 2.5%, which would be the least ever, and the spread could tighten further during marketing.
The bond deal comes at a volatile time in the debt market, but investors may cheer the recovery in energy, chemical and commodity prices. That’s partly boosting the outlook for these businesses as demand is depressed by Covid-19 returns.